The board of directors of Northeast Indiana Bancorp, the parent company of First Federal Savings Bank, has announced an increase in the cash dividend paid to shareholders for the 18th year in row.
The cash dividend of 19 cents per common share represents a 5.6 percent increase over the company's previous quarterly dividend.
"As we celebrate our 100th year as a community bank, it's exciting to be able to reward our shareholders with an increase in the dividend," President and CEO Michael S. Zahn says. "We are able to provide a solid return to our shareholders due to the bank's ability to continue to generate strong earnings per share. Dedication from our employees and partnerships, with our customers and communities are the foundation to our financial success."
The dividend will be payable on Nov. 20 to shareholders of record on Nov. 6.
This makes an annualized dividend yield of 4.6 percent based on a closing price of $16.50 per common share, which was the last reported trade on Oct. 23.
The book value of NIDB's stock was $22.27 per common share as of Sept. 30, with 1,239,946 shares outstanding.
Northeast Indiana Bancorp is headquartered at 648 N. Jefferson St., Huntington. The company offers a full array of banking and financial brokerage services through its main office in Huntington and five full-service Indiana offices in Huntington, Warsaw and Fort Wayne.