Madison County Financial : Apr, 16 2024 - Madison County Financial Inc. Announces Annual Cash Dividend
April 16, 2024 at 11:52 am EDT
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Madison County Financial, Inc. Announces Annual Cash Dividend
Madison, Nebraska, April 16, 2024
Madison County Financial, Inc. (OTC Pink: MCBK) announced that on April 15, 2024, the Board of Directors of the Madison County Financial, Inc. (the "Company") declared an annual cash dividend on the Company's common stock of $0.30 per share. The dividend will be paid on or about May 10, 2024, to stockholders of record as of the close of business on May 1, 2024.
The Company has 2,731,395 shares of common stock outstanding. Based on the $0.30 per share cash dividend, the aggregate amount of the dividend to be paid is $819,000, which represents approximately 25% of the Company's 2023 consolidated net income of $3.2 million.
In April, 2013, the Company announced its adoption of an annual cash dividend policy, whereby it will target an annual cash dividend payout ratio of 25% of the Company's prior year consolidated net income, with any such annual dividends expected to be declared and paid during the second quarter of each calendar year. The Company will review each future proposed cash dividend, and any future cash dividends will be subject to the Company and the Bank continuing to satisfy all applicable statutory and regulatory capital and asset maintenance requirements, the continued financial strength of the Company and the Bank, and other factors to be considered by the Board of Directors.
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Madison County Financial, Inc. is the holding company for Madison County Bank (the Bank). The Bank is engaged in providing a range of banking and financial services to individual and corporate customers in the areas surrounding Madison, Nebraska. The Bank offers a range of business and agriculture-specific banking and lending services to help local farmers and business owners manage their finances and grow their operations. Its agriculture and business services include online banking, mobile banking, checking, merchant services, commercial loans, agricultural loans and various other services. The Bank offers various loans, including real estate, agricultural and commercial non-real estate and consumer loans. Its agricultural real estate loans are comprised of loans for the purchase of farmland. Its agricultural non-real estate loans are comprised of seasonal operating lines to cash grain farmers to plant and harvest corn and soybeans, and term loans to fund the purchase of equipment.
MADISON COUNTY FINANCIAL, INC. 
