NORTHEAST INDIANA BANCORP, INC. INCREASES QUARTERLY CASH DIVIDEND

HUNTINGTON, Ind., Oct. 26, 2023 /PRNewswire/ -- The Board of Directors of Northeast Indiana Bancorp, Inc., (OTCQB:  NIDB), the parent company of First Federal Savings Bank, is proud to announce the Corporation has increased the cash dividend paid to shareholders for the 29th year in a row. 

The cash dividend of $0.17 per common share per quarter represents a $0.01 per share (adjusted to reflect Northeast Indiana Bancorp, Inc.'s two-for-one stock split effective July 14, 2023), or 6.25%, increase over the Company's previous quarterly dividend. President and CEO Michael S. Zahn stated, "We are pleased to reward our shareholders with our 29^th consecutive year of increasing our cash dividend. Due to our continued strong financial performance and capital levels, the Board of Directors feels the dividend increase is warranted." The dividend will be payable on November 24, 2023 to shareholders of record on November 9, 2023. This makes an annualized dividend yield of 3.43% based on a closing price of $19.80 per common share, which was the last reported trade on October 24, 2023. The book value of NIDB's stock was $18.08 per common share as of September 30, 2023 with 2,425,670 shares outstanding.

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.

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SOURCE Northeast Indiana Bancorp, Inc.