First Bancorp (FNLC) will raise its quarterly dividend by 20.8 percent to $0.29 per share in 2018. Last year the dividend was hiked by one cent to $0.24 per share quarterly. Today's dividend hike marks the 5th consecutive year of higher dividends by FNLC.

The second quarter dividend is payable July 31, 2018, to shareholders of record as of July 9, 2018. Based on the June 27, 2018 closing price of $28.85 per share, the annualized dividend of $1.16 per share translates into a yield of 4.0%.

“Our strong performance in 2018 continued as growth on both sides of the balance sheet led to record operating results being reported for the first quarter of 2018,” noted President & Chief Executive Officer, Tony C. McKim. “The passage of tax reform in late 2017 has provided an opportunity for the Company to further enhance its already healthy dividend level. The Board of Directors views a generous dividend payout as a key component in the total valuation of our shares, and I am pleased to announce a 21% increase in cash dividends payable to our shareholders.”

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. First Advisors, a division of First National Bank, provides investment advisory, private banking and trust services from five offices in Lincoln, Knox, Penobscot and Hancock Counties.