NORTHEAST INDIANA BANCORP, INC. INCREASES QUARTERLY CASH DIVIDEND

Rhea-AI Summary

Northeast Indiana Bancorp (OTCQB: NIDB) has announced its 30th consecutive annual dividend increase. The quarterly cash dividend will increase by $0.01 per share (5.88%) to $0.18 per common share. The dividend will be paid on November 21, 2024, to shareholders of record as of November 7, 2024. Based on the last reported trading price of $17.60 per share on October 23, 2024, this represents an annualized dividend yield of 4.09%. The company's book value stands at $20.46 per common share as of September 30, 2024, with 2,403,696 shares outstanding.

Positive

• 30th consecutive year of dividend increases demonstrates consistent financial strength
• 5.88% increase in quarterly dividend from previous amount
• Attractive 4.09% annualized dividend yield
• Book value ($20.46) exceeds current trading price ($17.60), suggesting potential undervaluation

Negative

• None.

HUNTINGTON, Ind., Oct. 24, 2024 /PRNewswire/ -- The Board of Directors of Northeast Indiana Bancorp, Inc., (OTCQB: NIDB), the parent company of First Federal Savings Bank, is proud to announce the Corporation has increased the cash dividend paid to shareholders for the 30th year in a row. 

The cash dividend of $0.18 per common share per quarter represents a $0.01 per share, or 5.88%, increase over the Company's previous quarterly dividend.  President and CEO Michael S. Zahn stated, "We are pleased to reward our shareholders with our 30^th consecutive year of increasing our cash dividend.  Due to our continued strong financial performance and capital levels, the Board of Directors feels the dividend increase is warranted."  The dividend will be payable on November 21, 2024 to shareholders of record on November 7, 2024.  This makes an annualized dividend yield of 4.09% based on a closing price of $17.60 per common share, which was the last reported trade on October 23, 2024.  The book value of NIDB's stock was $20.46 per common share as of September 30, 2024 with 2,403,696 shares outstanding.

Northeast Indiana Bancorp, Inc. is headquartered at 648 N. Jefferson Street, Huntington, Indiana.  The company offers a full array of banking and financial brokerage services to its customers through its main office in Huntington and seven full-service Indiana offices in Huntington (2), Warsaw (2) and Fort Wayne (3).  The Company is traded on the OTC Markets Group, Inc. (www.otcmarkets.com) utilizing the OTCQB platform under the symbol "NIDB".  Our web site address is www.firstfedindiana.bank.

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SOURCE Northeast Indiana Bancorp, Inc.

FAQ

What is Northeast Indiana Bancorp's (NIDB) new quarterly dividend amount for 2024?

Northeast Indiana Bancorp's new quarterly dividend is $0.18 per common share, representing a $0.01 increase (5.88%) from the previous quarter.

When will NIDB's latest dividend be paid?

The dividend will be paid on November 21, 2024, to shareholders of record as of November 7, 2024.

What is NIDB's current dividend yield based on the October 23, 2024 stock price?

Based on the closing price of $17.60 per share on October 23, 2024, the annualized dividend yield is 4.09%.

How many consecutive years has NIDB increased its dividend?

Northeast Indiana Bancorp has increased its dividend for 30 consecutive years as of 2024.