First Federal Savings Bank parent increases shareholders’ cash dividend for 23rd straight year

The board of directors of Northeast Indiana Bancorp Inc., (the parent company of First Federal Savings Bank, has announced that the corporation has increased the cash dividend paid to shareholders for the 23rd year in row.

The cash dividend of 24 cents per common share represents 2 cents per share, or 9.1 percent, increase over the company’s previous quarterly dividend.

“Due to our continued strong financial performance and capital levels, the board of directors feels the dividend increase is warranted,” says President and CEO Michael S. Zahn.

The dividend will be payable on Nov. 21, 2017, to shareholders of record on Nov. 7, 2017.

This makes an annualized dividend yield of 2.8 percent based on a closing price of $34.20 per common share, which was the last reported trade on Oct. 24, 2017.

The book value of NIDB’s stock was $29.97 per common share as of Sept. 30, with 1,214,879 shares outstanding.

Northeast Indiana Bancorp Inc. is headquartered at 648 N. Jefferson St., Huntington. The company offers a full array of banking and financial brokerage services to its customers through offices in Huntington, Warsaw and Fort Wayne.