NORTHEAST INDIANA BANCORP, INC. ANNOUNCES CASH DIVIDEND, SHARE REPURCHASE PLAN AND HOLDS TWENTY-EIGHTH ANNUAL SHAREHOLDER MEETING

HUNTINGTON, Ind., April 27, 2023 /PRNewswire/ -- Northeast Indiana Bancorp, Inc., (OTCQB:  NIDB), the parent company of First Federal Savings Bank, has announced that the Corporation will pay a cash dividend of $0.32 per common share.  The dividend will be payable on May 25, 2023 to shareholders of record on May 11, 2023.

The Corporation also announced that board approved a 5%, or approximately 61,000 share repurchase plan. 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."

Northeast Indiana Bancorp, Inc. held its twenty-eighth annual shareholders' meeting on April 25, 2023.  The shareholders elected J. David Carnes and William A. Zimmer as directors of the company for terms to expire in 2026.  The shareholders also approved the Certificate of Amendment and the Domestication in Indiana proposals.

The book value of NIDB's stock was $36.02 per common share as of March 31, 2023.  At the close of business on April 24, 2023, the stock price was $42.00 per common share and the number of outstanding shares was 1,216,335. The annualized dividend yield at the current stock price is 3.0%.

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 six full-service Indiana offices in Huntington (2), Warsaw (2) and Fort Wayne (2).  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.