PR Newswire
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 .
SOURCE Northeast Indiana Bancorp, Inc.