NORTHEAST INDIANA BANCORP, INC. INCREASES QUARTERLY CASH DIVIDEND

Rhea-AI Summary

Northeast Indiana Bancorp (NIDB) has announced a cash dividend increase of $0.32 per common share, representing a 6.7% rise from the previous quarter. This marks the 28th consecutive year of dividend growth, reflecting the company's robust financial performance and capital levels. The dividend is set for payment on November 25, 2022, to shareholders recorded by November 10, 2022. With a closing price of $41.50, this results in an annualized yield of 3.1%. The book value per share was reported at $34.85 as of September 30, 2022, with 1,205,135 shares outstanding.

Positive

• 28th consecutive year of dividend increases showcases company stability.
• Quarterly dividend increased by 6.7%, indicating strong financial health.
• Annualized dividend yield of 3.1% provides value to shareholders.

Negative

• None.

HUNTINGTON, Ind., Oct. 27, 2022 /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 28th year in a row. 

The cash dividend of $0.32 per common share per quarter represents a $0.02 per share, or 6.7%, increase over the Company's previous quarterly dividend.  President and CEO Michael S. Zahn stated, "We are pleased to reward our shareholders with our 28^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 25, 2022 to shareholders of record on November 10, 2022.  This makes an annualized dividend yield of 3.1% based on a closing price of $41.50 per common share, which was the last reported trade on October 24, 2022.  The book value of NIDB's stock was $34.85 per common share as of September 30, 2022 with 1,205,135 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 six full-service Indiana offices in Huntington (2), Warsaw (2) and Fort Wayne (2).  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

When is the dividend payment date for NIDB?

The dividend for Northeast Indiana Bancorp will be payable on November 25, 2022.

What is the new dividend amount for NIDB?

The new cash dividend amount for Northeast Indiana Bancorp is $0.32 per common share.

What was the previous dividend amount for NIDB?

The previous dividend amount for Northeast Indiana Bancorp was $0.30 per common share.

What is the annualized dividend yield for NIDB?

The annualized dividend yield for Northeast Indiana Bancorp is 3.1% based on a closing price of $41.50.

How many consecutive years has NIDB increased its dividend?

Northeast Indiana Bancorp has increased its dividend for 28 consecutive years.