The First Bancorp’s stock closed at $26.30 per share on December 31, 2018, down from $27.23 a year ago. With dividends reinvested, shares of the First Bancorp provided shareholders with a total annualized return of 0.20% for the year ended December 31, 2018, 44.25% for the three years then ended, and 86.32% over the five years then ended. The Company’s total return compares favorably with the broad market over the same periods as measured by the S&P 500 with returns of -4.39%, 30.39% and 54.06% respectively, and the Russell 2000, in which we are included, with total returns of -11.03%, 23.69%, and 26.46% respectively. The First Bancorp’s stock performance also compared favorably to the banking industry over these same time horizons as measured by the KBW Regional Bank Index with total returns of -17.49%, 16.87%, and 28.70%% respectively, and the NASDAQ Bank Index with total returns of -16.17%, 21.96% and 41.23% respectively.
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 fourth quarter of 2018, the Company declared a cash dividend of 29 cents per share. 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 fourth quarter 2018 was 49.15%. Based on the December 31, 2018 closing price of $26.30 per share, our annualized dividend yield was an attractive 3.50%.
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 $10.5 million, from $13.0 million in 2009 to $23.5 million in 2018. The Company's total assets grew slightly over $0.6 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 2018.
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.