NORTHEAST INDIANA BANCORP, INC. ANNOUNCES CASH DIVIDEND AND SHARE REPURCHASE PLAN

HUNTINGTON, Ind., July 24, 2024 /PRNewswire/ -- Northeast Indiana Bancorp, Inc., (OTCQB: NIDB), the parent company of First Federal Savings Bank, has announced the Company will pay a cash dividend of $0.17 per common share.  This cash dividend will be payable on August 22, 2024, to common shareholders of record on August 8, 2024.

The Company also announced the Board approved a 5%, or approximately 121,000 share repurchase plan during the Annual Meeting on April 23, 2024. 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."  Through July 23, 2024, the Company has purchased 16,051 shares under the repurchase plan.   

The book value of NIDB's stock was $19.53 per common share as of June 30, 2024.  The last reported trade of the Company's stock at the close of business on July 23, 2024 was $15.75 per common share and the number of outstanding common shares was 2,413,647 as of the same date.  The annualized dividend yield is currently 4.32% when annualizing the current quarter cash dividend of $0.17 per common share against the July 23, 2024 closing price of $15.75 per common share. 

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 seven full-service Indiana offices in Huntington (2), Warsaw (2) and Fort Wayne (3).  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.