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SOURCE Heartland BancCorp
GAHANNA, Ohio, Feb. 21, 2014 /PRNewswire/ -- The Board of Directors of Heartland BancCorp increased the quarterly cash dividend on its common stock for the second time since October 2013. This most recent action to increase the first quarter 2014 quarterly cash dividend occurred during the January meeting of the Directors who approved and declared a 5% increase to $0.3547 per share. This first quarter 2014 cash dividend is payable to shareholders of record March 25, payable April 10, 2014. Preceding this most recent increase, during their meeting of October 2013, the Directors approved and declared a 5% dividend increase to $0.3378 per share. This fourth quarter 2013 dividend increase was payable to shareholders of record December 25th payable January 10, 2014.
"These dividend increases reflect our company's strong capital position and solid financial performance," said Scott McComb, Chairman and Chief Executive Officer. "As we have done in the past, we expect to continue to actively manage capital in a way that maximizes returns to shareholders while ensuring that we meet regulatory capital requirements." Since 2003, the Company has increased its quarterly cash dividend nine times, raising it from $0.1025 per share to its current $0.3547 per share resulting in a compounded annual growth rate of 11% over this 10 year period. Since the beginning of the recession that began in 2007, the weighted average yield of Heartland BancCorp's stock has averaged 4.50%. At the same time, Heartland BancCorp's dividend payout ratio has averaged 41%. "The recent increases in our dividend rate further underscores our commitment to our shareholders and reflects our appreciation for their continued support," noted McComb.
About Heartland Bank
Heartland BancCorp is a registered Ohio bank holding company and the parent of Heartland Bank, which operates eleven full service banking offices. Heartland Bank, founded in 1911, provides full service commercial, small business, and consumer banking services; alternative investment services; insurance services; and other financial products and services. Heartland Bank is a member of the Federal Reserve, a member of the FDIC and an Equal Housing Lender. Heartland BancCorp is currently quoted on the over-the-counter (OTC) Bulletin Board Service under the symbol HLAN. Learn more about Heartland Bank at HeartlandBank.com.
G. Scott McComb
Chairman, President and CEO
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