The First Bancorp’s stock closed at $29.19 per share on March 31, 2021 up from $25.40 at December 31, 2020. With dividends reinvested, shares of the First Bancorp provided shareholders with a total annualized year-to-date return of 16.33% as of March 31, 2021, and 85.02% over the five years then ended. This compares to the broad market over the same periods as measured by the S&P 500 with returns of 6.17% and 112.61% respectively, and the Russell 2000, in which we are included, with total returns of 12.69% and 113.03% respectively. The First Bancorp’s stock performance can also be compared to the banking industry over these same time horizons as measured by the KBW Regional Bank Index with total returns of 29.71% and 79.96% respectively, and the NASDAQ Bank Index with total returns of 28.59% and 91.91% 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 first quarter of 2021, the Company declared a cash dividend of 31 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 first quarter 2021 was 37.8%. Based on the March 31, 2021 closing price of $29.19 per share, our annualized dividend yield was an attractive 4.25%.
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 $14.7 million, from $12.4 million in 2011 to $27.1 million in 2020. The Company's total assets grew $1.0 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 2021.
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.