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MCBK > SEC Filings for MCBK > Form 8-K on 23-Apr-2014All Recent SEC Filings




Other Events, Financial Statements and Exhibits

Item 8.01. Other Events.

On April 21, 2014, the Board of Directors of Madison County Financial, Inc. (the "Company"), the holding company of Madison County Bank (the "Bank"), declared an annual cash dividend on the Company's common stock of $0.24 per share. The dividend will be payable to stockholders of record as of May 5, 2014 and is expected to be paid on or about May 15, 2014.

The Company has 3,067,482 shares of common stock outstanding. Based on the $0.24 per share cash dividend, the aggregate amount of the dividend to be paid is $736,196, which represents approximately 25% of the Company's 2013 consolidated net income of $3.02 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.

This Current Report on Form 8-K contains certain forward-looking statements which are based on management's current expectations regarding economic, legislative and regulatory issues that may impact the Company's and the Bank's earnings in future periods. Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, real estate values and competition, changes in accounting principles, policies or guidelines, changes in legislation or regulation and other economic, competitive governmental, regulatory and technological factors affecting the Company's and the Bank's operations, pricing, products and services.

Item 9.01. Financial Statements and Exhibits.

(a) Financial Statements of Businesses Acquired. Not Applicable.

(b) Pro Forma Financial Information. Not Applicable.

(c) Shell Company Transactions. Not Applicable.

(d) Exhibits. Not Applicable.

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