NORTHEAST INDIANA BANCORP, INC. ANNOUNCES CASH DIVIDEND AND SHARE REPURCHASE PLAN

Rhea-AI Summary

Northeast Indiana Bancorp (OTCQB: NIDB), parent of First Federal Savings Bank, has announced a $0.17 per share cash dividend payable on August 22, 2024, to shareholders of record on August 8, 2024. The company also approved a 5% share repurchase plan (approximately 121,000 shares) during its Annual Meeting. As of July 23, 2024, 16,051 shares have been repurchased.

The stock's book value was $19.53 per share as of June 30, 2024, with the last reported trade at $15.75 per share on July 23, 2024. The company has 2,413,647 outstanding common shares and an annualized dividend yield of 4.32%. Northeast Indiana Bancorp operates through its main office in Huntington and seven full-service Indiana offices.

Positive

• Announcement of $0.17 per share cash dividend
• Approval of 5% share repurchase plan (approximately 121,000 shares)
• 16,051 shares already repurchased under the plan
• Annualized dividend yield of 4.32%

Negative

• Stock trading below book value ($15.75 vs $19.53)

HUNTINGTON, Ind., July 24, 2024 /PRNewswire/ -- Northeast Indiana Bancorp, Inc., (OTCQB: NIDB), the parent company of First Federal Savings Bank, has announced the Company will pay a cash dividend of $0.17 per common share.  This cash dividend will be payable on August 22, 2024, to common shareholders of record on August 8, 2024.

The Company also announced the Board approved a 5%, or approximately 121,000 share repurchase plan during the Annual Meeting on April 23, 2024. CEO Mike Zahn said, "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."  Through July 23, 2024, the Company has purchased 16,051 shares under the repurchase plan.   

The book value of NIDB's stock was $19.53 per common share as of June 30, 2024.  The last reported trade of the Company's stock at the close of business on July 23, 2024 was $15.75 per common share and the number of outstanding common shares was 2,413,647 as of the same date.  The annualized dividend yield is currently 4.32% when annualizing the current quarter cash dividend of $0.17 per common share against the July 23, 2024 closing price of $15.75 per common share. 

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 the dividend amount announced by Northeast Indiana Bancorp (NIDB)?

Northeast Indiana Bancorp (NIDB) announced a cash dividend of $0.17 per common share.

When will Northeast Indiana Bancorp (NIDB) pay its recently announced dividend?

The cash dividend will be payable on August 22, 2024, to common shareholders of record on August 8, 2024.

What share repurchase plan did Northeast Indiana Bancorp (NIDB) approve?

Northeast Indiana Bancorp (NIDB) approved a 5% share repurchase plan, which is approximately 121,000 shares.

How many shares has Northeast Indiana Bancorp (NIDB) repurchased under the new plan?

As of July 23, 2024, Northeast Indiana Bancorp (NIDB) has purchased 16,051 shares under the repurchase plan.

What is the current annualized dividend yield for Northeast Indiana Bancorp (NIDB)?

The annualized dividend yield for Northeast Indiana Bancorp (NIDB) is currently 4.32%, based on the July 23, 2024 closing price of $15.75 per share.