The Board of Directors of The First Bancorp (NASDAQ: FNLC), the parent company of First National Bank, today declared a quarterly dividend of 31 cents per share. This second quarter dividend is payable July 20, 2020, to shareholders of record as of July 7, 2020, and is up one cent from the 30 cents per share the Company paid in each of the past four quarters. Based on the June 24, 2020 closing price of $19.05 per share, the annualized dividend of $1.24 per share translates to a yield of 6.51%.
"The First Bancorp reported record earnings in 2019, and carried that momentum forward with a strong first quarter of 2020," remarked President & Chief Executive Officer, Tony C. McKim. "As we continue to assess and respond to the many challenges brought about by the COVID-19 pandemic, the Company's Board of Directors remains supportive of paying a generous cash dividend to our shareholders."
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 16 offices in Lincoln, Knox, Hancock, Penobscot 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.
Richard M. Elder, EVP & Chief Financial Officer
The First Bancorp