The First Bancorp’s stock closed at $28.22 per share on June 29, 2018, up from our year-end close at $27.23. With dividends reinvested, our 6-month total return was 5.45%, and total return over a three year period was 65.42%, outperforming the broad market during these periods, as measured by the S&P 500 which had a total return with dividends reinvested of 2.65% and 40.57% respectively, as well as the Russell 2000, in which we are included, with total returns of 7.67% and 36.58% respectively. We have also outperformed the banking industry where the 6-month total return was 3.77% and 3-year total return was 39.38% for the KBW Regional Bank Index, and total returns of 4.62% and 52.22% over the same periods for the Nasdaq Bank Index.
Click here for a table presenting historical information about The First Bancorp.
The First Bancorp not only has a strong earnings history, it also has a long-term record of sharing earnings with its shareholders. For many investors, cash dividends have become increasingly important given the mixed equity returns seen in the broad market during recent years and the favorable tax treatments that cash dividends receive.
During the second quarter of 2018, the Company declared a cash dividend of 29 cents per share, an increase of $0.05 or 21% from the dividend paid during the last four quarters. We continue to pay our quarterly dividend because of the importance of this to the majority of our shareholders. Our dividend payout ratio for the second quarter 2018 was 54.72%. Based on the June 30, 2018 closing price of $28.22 per share, our annualized dividend yield was an attractive 4.11%.
Click here for a table showing quarterly and annual historical information about The First Bancorp dividends.
Over the past ten years, net income for The First Bancorp has increased $9.1 million, from $14.0 million in 2008 to $19.6 million in 2017. The Company's total assets grew slightly over $0.5 million, during the period.
It is the result of a clear and focused strategy - opening new branches accompanied by organic growth within our established branch offices. In 2005, this growth was accelerated through the acquisition of FNB Bankshares of Bar Harbor, Maine, which added nearly $230 million of assets to The First Bancorp.
Click here for a table presenting historical information about The First Bancorp from 1966 to 2017.
Historical prices represent the year-end closing price, while Adjusted Prices reflect the effect of stock splits.
The information presented in this table has been compiled from historical resources and is believed to be accurate.
Past performance is no guarantee of future results.
Statistics prior to 1985 are for The First National Bank of Damariscotta, while 1985 and after are for The First Bancorp.