First National Corporation, the Virginia-based parent of First Bank, raised its quarterly cash dividend by 11.8%, to 19 cents per share from 17 cents. The increase lifts the company’s regular cash return to shareholders.
The dividend is payable Dec. 11 to shareholders of record on Nov. 27. Chief Executive Scott Harvard said the increase reflects the company’s financial performance and marks the 11th consecutive year First National has raised its annual cash dividend payout.
- Dividend: 19 cents per share, up 2 cents, or 11.8%, from the previous quarterly payment.
- Key dates: Shareholders must be on record Nov. 27 to receive the dividend, which will be paid Dec. 11.
- Annualized rate: At the new quarterly rate, the dividend amounts to 76 cents per share annually, compared with 68 cents at the prior rate, assuming the quarterly payment remains unchanged.
The announcement increases the amount First National is returning to shareholders. The annualized figures are based on the new quarterly rate and are not a separate dividend commitment.