NORTHEAST INDIANA BANCORP, INC. ANNOUNCES CASH DIVIDEND AND NAMES DR. JULIE UTENDORF TO BOARD OF DIRECTORS

HUNTINGTON, Ind., July 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 $0.16 per common share.  The dividend will be payable on August 24, 2023, to shareholders of record on August 11, 2023.

The book value of NIDB's stock was $36.42 per common share as of June 30, 2023.  At the close of business on July 26, 2023, post the stock split effective July 14, 2023, the stock price was $21.25 per common share and the number of outstanding shares was 2,425,670.  The annualized dividend yield at the current stock price is 3.0%.

Dr. Julie Utendorf was appointed to the Boards of Northeast Indiana Bancorp and First Federal Savings Bank in June of this year. She is a part of the Family Practice Associates at the Huntington Parkview Physicians Group.  Dr. Utendorf holds a Bachelor of Science degree from Miami University and her Doctorate of Medicine degree from Wright State University. She serves on the Boards of Parkview Physicians Group, Parkview Huntington Hospital, and Parkview Huntington YMCA. She also serves on the Parkview Huntington Hospital Medical Executive Committee as Vice President and volunteers for Boy Scouts Troop 637.  Dr. Utendorf and her husband have 3 sons and are members of SS. Peter and Paul Church. 

The Boards welcome Dr. Julie Utendorf.  Bank President, CEO, and fellow board member, Michael Zahn, states, "We are excited and fortunate to have Julie join the Board.  Her guidance and leadership will immediately add value."

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.