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 2017, the Company declared a cash dividend of 23 cents per share, this is equal to the previous three dividends paid. 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 2017 was 53.49%. Based on the March 31, 2017 closing price of $27.25 per share, our annualized dividend yield is a respectful 3.38%.
The following table shows quarterly and annual historical information about The First Bancorp dividends: