Northeast Indiana Bancorp, Inc. Declares Dividend and Buyback Plan
Northeast Indiana Bancorp, Inc. Declares Cash Dividend
Northeast Indiana Bancorp, Inc. (OTCQB: NIDB), the holding company for First Federal Savings Bank, recently made an announcement that is sure to resonate with its shareholders. The company declared a cash dividend of $0.18 per common share, a move that showcases their dedication to rewarding shareholders.
Details of the Cash Dividend
This dividend is set to be payable on a specific date to shareholders who are on record, demonstrating the company’s commitment to shareholder engagement. Receiving dividends is a vital aspect for many investors, as it provides a steady income stream and reflects the company’s ongoing financial health.
Share Repurchase Plan Approved
In addition to the cash dividend, the Board of Directors has approved a 5% share repurchase plan. Approximately 120,000 shares are included in this initiative, which came to light during the Company's recent Annual Meeting. CEO Mike Zahn expressed enthusiasm about these developments. He noted, "We are pleased to be in a position to continue to provide a strong dividend along with the opportunity to repurchase shares as part of our capital management plan to enhance shareholder value." This dual approach of dividends and buyback is a strategic move to bolster market confidence.
Progress on Share Repurchase
As of the last reporting date, Northeast Indiana Bancorp had successfully purchased 9,393 shares under the repurchase plan. The ability to repurchase shares indicates confidence in their operational performance and the perceived value of the company’s stock in current market conditions.
Understanding Book Value and Dividend Yield
As further context, the book value for shares of NIDB was recorded at $21.03 per common share recently. Comparatively, the last reported trade of the stock closed at $17.50 per common share, as per the market conditions. This valuation illustrates a favorable dividend yield that currently stands around 4.11%, calculated by annualizing the current quarter's cash dividend.
About Northeast Indiana Bancorp, Inc.
Northeast Indiana Bancorp, Inc. is known for its comprehensive range of banking and financial services. The company operates its main office and multiple full-service branches in the area, serving customers with various banking needs. Its significant presence in the region underscores its commitment to community banking.
Contact Information
For those interested in learning more about Northeast Indiana Bancorp and its offerings, their official website is available at www.firstfedindiana.bank. The company continues to demonstrate its dedication to its investors and the community.
Frequently Asked Questions
What is the amount of the declared cash dividend?
The cash dividend declared by Northeast Indiana Bancorp, Inc. is $0.18 per common share.
How many shares are included in the repurchase plan?
The repurchase plan includes approximately 120,000 shares.
Who is the CEO of Northeast Indiana Bancorp?
The CEO of Northeast Indiana Bancorp is Mike Zahn.
What is the book value of NIDB's stock?
The book value of NIDB's stock is $21.03 per common share.
What is the current dividend yield for the company?
The current annualized dividend yield is approximately 4.11%.
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