First Bancorp hikes dividend by 6.3%

First Bancorp (FNLC) on June 30, 2022 announced that it will raise its quarterly dividend by 6.3% to $0.34 per share. This marks the 9th consecutive year of annual dividend increases by the bank holding company. 

This second quarter dividend is payable July 22, 2022 to shareholders of record as of July 11, 2022. The quarterly cash dividend of 34 cents per share is an increase of 2 cents or 6.25% from the 32 cents per share paid in each of the prior four quarters. Based on the June 29, 2022 closing price of $29.92 per share, the annualized dividend of $1.36 per share translates to a yield of 4.55%.

"The First Bancorp performed very well in 2021 and has continued to do so in 2022 with record earnings reported for the first quarter," 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 increased cash dividend."

The First Bancorp, headquartered in Damariscotta, Maine, is the holding company for First National Bank. The Bank provides a full range of consumer and commercial banking products and services. 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.