Welcome to our dedicated page for First Bancorp news (Ticker: FNLC), a resource for investors and traders seeking the latest updates and insights on First Bancorp stock.
The First Bancorp reports recurring developments as the Maine bank holding company for First National Bank, a community bank serving Mid-Coast and Down East Maine. News releases focus on quarterly and annual operating results, net interest income, net interest margin, loan and core deposit trends, asset quality, regulatory capital ratios, and tangible book value.
Company updates also cover quarterly cash dividends and the banking and wealth-management activities conducted through First National Bank and First National Wealth Management, including consumer and commercial banking products, investment management, and trust services.
The First Bancorp (NASDAQ: FNLC) has declared a quarterly cash dividend of 32 cents per share, payable on July 19, 2021, to shareholders of record as of July 8, 2021. This represents a 3.2% increase from the previous quarter, reflecting the company's strong performance following record annual earnings in 2020. The annualized dividend of $1.28 per share translates to a yield of 4.28%. The Bank, headquartered in Maine, offers various banking products and services, continuing to demonstrate commitment to shareholder value.
Tony C. McKim, CEO of The First Bancorp, Inc. (Nasdaq: FNLC), announced the election of Kimberly Swan as a Director for the Bank and the Company. Ms. Swan, a prominent real estate broker in Bar Harbor, Maine, joins the Company's Governance Committee and the Bank's Directors Loan and Trust Committees. With 39 years in the real estate industry, she brings substantial expertise. The First Bancorp, founded in 1864, manages $2.4 billion in assets and provides various banking services across 17 locations in Maine.
The First Bancorp (Nasdaq: FNLC) announced impressive operating results for Q1 2021, reporting a net income of $8.9 million, a 37.4% increase from Q1 2020. Earnings per share rose to $0.81, a 35.0% year-over-year growth. Strong performance across business lines drove gains in net interest income, which rose 6.4% year-over-year, and non-interest income, up 49.3%. Total assets reached $2.44 billion, and low-cost deposits grew by $68.1 million. The efficiency ratio improved to 45.52%, reflecting effective cost management.
The First Bancorp (NASDAQ: FNLC) declared a quarterly cash dividend of 31 cents per share, payable on April 16, 2021. Shareholders of record as of April 6, 2021 will receive this dividend. As of March 24, 2021, the annualized dividend of $1.24 per share yields 4.42%. The company's President & CEO, Tony C. McKim, emphasized that these dividends reflect the bank's record annual earnings in 2020, underlining the board's commitment to sharing success with shareholders.
The First Bancorp (Nasdaq: FNLC) reported a net income of $27.1 million for 2020, a 6.3% increase from 2019. Earnings per share rose to $2.48, up 6.0%. The company saw a 14.0% year-over-year increase in net interest income and a 21.5% rise in non-interest revenue, primarily from mortgage banking and wealth management. Total assets reached $2.36 billion, up $292.4 million, with total loans increasing by 13.9%. The efficiency ratio improved to 50.00% while capital ratios remained strong. The company actively supported borrowers during COVID-19, with significant PPP loan involvement.
The First Bancorp (NASDAQ: FNLC) declared a quarterly cash dividend of 31 cents per share, payable on January 19, 2021, to shareholders of record as of January 6, 2021. This signifies an annualized dividend of $1.24, equating to a yield of 4.88% based on the closing price of $25.41 on December 16, 2020. President & CEO Tony C. McKim reported strong earnings for the first three quarters of 2020, including record earnings for the third quarter, showing the company’s commitment to rewarding its shareholders.
The First Bancorp (Nasdaq: FNLC) reported record net income of $7.1 million for Q3 2020, up 12.8% from Q3 2019. Fully diluted earnings per share rose to $0.65, a 12.1% increase year-over-year. For the nine months ended September 30, net income totaled $20.2 million, an increase of 7.0%. Total assets reached $2.3 billion, with a significant boost in low-cost deposits. The company continues to support local businesses through $97 million in PPP loans. A strategic branch acquisition in Belfast is pending regulatory approval.