Northeast Indiana Bancorp Declares Dividend and Buyback Plan
Northeast Indiana Bancorp, Inc. Cash Dividend Announcement
Northeast Indiana Bancorp, Inc. (OTCQB: NIDB), the parent company of First Federal Savings Bank, is set to pay its shareholders a cash dividend of $0.18 per common share. This dividend reflects the company’s strong financial performance and commitment to returning value to its shareholders. The payment date is scheduled for a future time, benefiting common shareholders on record prior to the designated date.
Share Repurchase Plan to Boost Shareholder Value
Alongside the dividend announcement, the Board of Directors has approved a share repurchase plan amounting to approximately 120,000 shares, representing about 5% of the company’s outstanding shares. This decision underscores the company's proactive approach to capital management. CEO Mike Zahn expressed satisfaction with the company’s ability to maintain a solid dividend program while also implementing a strategy to repurchase shares, both aimed at enhancing overall shareholder value.
Current Stock Valuation and Dividend Yield
As of a recent date, the book value of NIDB's stock was reported at $21.03 per common share. The last recorded trade price was $17.50 per share, with a total of 2,387,503 common shares outstanding. This puts the annualized dividend yield at an attractive 4.11%, calculated based on the current cash dividend relative to the recent closing stock price. This yield reflects the company’s ongoing commitment to financial prudence while rewarding its loyal shareholder base.
About Northeast Indiana Bancorp, Inc.
Northeast Indiana Bancorp, Inc. operates primarily through its main office and seven additional full-service banking locations. The company provides a comprehensive range of banking and brokerage services tailored to meet the needs of its diverse customer base. The firm is strategically positioned in several Indiana cities, enhancing its outreach and service capabilities.
Corporate Offices and Trading Information
The headquarters of Northeast Indiana Bancorp, Inc. is located at a notable location in Huntington, Indiana. The company is publicly traded on the OTC Markets Group under the symbol 'NIDB' using the OTCQB platform, further emphasizing its accessibility to potential investors.
Frequently Asked Questions
What dividend has Northeast Indiana Bancorp, Inc. declared?
The company has declared a cash dividend of $0.18 per common share.
What is the share repurchase plan announced by the company?
The company approved a 5% share repurchase plan for approximately 120,000 shares.
What is the current annualized dividend yield for the stock?
The current annualized dividend yield is 4.11% based on the latest stock price.
How many shares have been repurchased under the plan?
As of the end of July, the company has repurchased 9,393 shares under the plan.
Where is Northeast Indiana Bancorp, Inc. headquartered?
The company is headquartered in Huntington, Indiana, offering banking services throughout the region.
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