HUNTINGTON, Ind., Oct. 27 /PRNewswire-FirstCall/ -- Northeast Indiana Bancorp, Inc., (OTC Bulletin Board: NIDB), the parent company of First Federal Savings Bank, has announced that the Corporation will pay a cash dividend of $0.175 per common share. This represents a 2.9% increase over the Company's previous quarter dividend of $0.17 per common share. The dividend will be payable on November 23, 2010 to shareholders of record on November 9, 2010.
Commenting on the increased cash dividend, Northeast Indiana Bancorp Chairman and CEO Stephen E. Zahn stated, "The Company continues to earn the dividend as evidenced by $1.50 earnings per common share over the past four quarters. The Board of Directors continues to have confidence in the Company's operating performance and elected to reward shareholders with an increased cash dividend."
The book value of NIDB's stock was $19.58 per common share as of September 30, 2010. The last reported trade of stock at the close of business on October 26, 2010 was $11.50 per common share and the number of outstanding shares was 1,239,946 as of the same date. The annualized dividend yield is currently 6.1% when annualizing the current quarter cash dividend of $0.175 per common share against the October 26, 2010 closing price of $11.50 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 four full-service Indiana offices in Huntington (2), Warsaw and Fort Wayne. The Company is traded on the Over the Counter Bulletin Board under the symbol "NIDB". Our web site address is www.firstfedindiana.com.
SOURCE Northeast Indiana Bancorp, Inc.