The First Bancorp Declares Third Quarter Dividend

Rhea-AI Summary

The First Bancorp (NASDAQ: FNLC) has announced a quarterly cash dividend of 34 cents per share, payable on October 21, 2022, to shareholders of record as of October 5, 2022. This dividend reflects an annual yield of 4.76%, based on the closing price of $28.58 per share on September 20, 2022. CEO Tony C. McKim highlighted the company’s strong performance, with record earnings reported in the first two quarters of 2022, demonstrating the Board’s commitment to shareholder returns.

Positive

• Quarterly cash dividend of 34 cents per share announced, demonstrating commitment to shareholders.
• Annualized dividend yield of 4.76% based on recent stock price.
• Record earnings reported for both Q1 and Q2 of 2022, indicating ongoing financial strength.

Negative

• None.

DAMARISCOTTA, Maine--(BUSINESS WIRE)-- The First Bancorp (NASDAQ: FNLC), the parent company of First National Bank, today declared a quarterly cash dividend of 34 cents per share. This third quarter dividend is payable October 21, 2022 to shareholders of record as of October 5, 2022. Based on the September 20, 2022 closing price of $28.58 per share, the annualized dividend of $1.36 per share translates to a yield of 4.76%.

"To date, The First Bancorp has enjoyed an excellent year with record earnings reported for the first and second quarters of 2022," remarked President & Chief Executive Officer, Tony C. McKim. "The Board of Directors is committed to sharing the Company's success with our shareholders, and I'm pleased to do so in the form of an attractive cash dividend."

The First Bancorp, headquartered in Damariscotta, Maine, is the holding company for First National Bank. Founded in 1864, the Bank serves Mid-Coast and Down East Maine with eighteen offices in Lincoln, Knox, Hancock, Penobscot, Waldo and Washington Counties. The Bank provides a full range of consumer and commercial banking products and services. First National Wealth Management, a division of First National Bank, provides investment management and trust services from five offices in Lincoln, Knox, Penobscot and Hancock Counties.

Forward-looking and cautionary statements: except for the historical information and discussions contained herein, statements contained in this release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results and events to differ materially, as discussed in the Company's filings with the Securities and Exchange Commission.

Category: Dividends

Source: The First Bancorp

View source version on businesswire.com: https://www.businesswire.com/news/home/20220921005922/en/

The First Bancorp

Richard M. Elder, EVP, Chief Financial Officer

207-563-3195

rick.elder@thefirst.com

Source: The First Bancorp

FAQ

What is the dividend amount declared by The First Bancorp (FNLC) for Q3 2022?

The First Bancorp declared a quarterly cash dividend of 34 cents per share.

When is the dividend for FNLC payable?

The dividend is payable on October 21, 2022.

What is the record date for the FNLC dividend?

The record date for the FNLC dividend is October 5, 2022.

What is the annualized dividend yield for FNLC based on the closing price?

The annualized dividend yield for FNLC is 4.76%.

How did FNLC perform in the first half of 2022?

FNLC reported record earnings for both the first and second quarters of 2022.