NORTHEAST INDIANA BANCORP, INC. ANNOUNCES THIRD QUARTER 2024 EARNINGS
HUNTINGTON, Ind., Oct. 23, 2024 /PRNewswire/ -- Northeast Indiana Bancorp, Inc., (OTCQB:NIDB), the parent company of First Federal Savings Bank, today announced net income of $1.0 million ($0.43 per diluted common share) for the third quarter ended September 30, 2024 compared to net income of $1.2 million ($0.51 per diluted common share) for the third quarter ended September 30, 2023. The current quarter earnings equate to an annualized return on average assets (ROA) of 0.79% and an annualized return on average equity (ROE) of 8.46% compared to an annualized ROA of 1.02% and an annualized ROE of 11.16% for the third quarter ending September 30, 2023.
Net income for the nine months ended September 30, 2024, was $3.3 million, or $1.39 per diluted common share, compared to net income of $3.5 million, or $1.46 per diluted common share for the nine months ended September 30, 2023. The current nine months earnings equate to an annualized ROA of 0.87% and an annualized ROE of 9.49% compared to an annualized ROA of 1.01% and an annualized ROE of 10.72% for the nine months ended September 30, 2023.
For both the current quarter and nine months ended in 2024 as compared to the same periods in 2023, additional provision for credit loss expense contributed to the decrease of net income and was the result of increasing specific reserves on existing loans. An increase in other income during both periods in 2024 as compared to the same periods in 2023 helped to offset the increased expense.
Total assets increased $21.2 million, or 5.7% on an annualized basis, to $519.9 million at September 30, 2024 compared to total assets of $498.7 million at December 31, 2023. Total loans increased $13.6 million, or 4.9% on an annualized basis, to $384.3 million at September 30, 2024 compared to total loans of $370.7 million at December 31, 2023. Total deposits increased $18.7 million, or 6.2% on an annualized basis, to $419.8 million at September 30, 2024 compared to $401.1 million at December 31, 2023.
Shareholders' equity increased $2.8 million to $49.2 million at September 30, 2024 compared to $46.4 million at December 31, 2023. The book value of NIDB stock increased $0.93 to $20.46 per common share as of September 30, 2024, compared to $19.53 the previous quarter end. The number of outstanding common shares was 2,403,696 as of September 30, 2024.
*All share data has been adjusted to reflect Northeast Indiana Bancorp, Inc.'s two-for-one stock split effective July 14, 2023.
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.
This press release may contain forward-looking statements, which are based on management's current expectations regarding economic, legislative and regulatory issues. Factors which may cause future results to vary materially include, but are not limited to, general economic conditions, changes in interest rates, loan demand, and competition. Additional factors include changes in accounting principles, policies or guidelines; changes in legislation or regulation; and other economic, competitive, regulatory and technological factors affecting each company's operations, pricing, products and services.
NORTHEAST INDIANA BANCORP
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30,
December 31,
September 30,
Balance Sheet (Unaudited)
2024
2023
2023
(Audited)
Assets
Non-interest earning cash and cash equivalents
$ 6,541,441
$ 4,304,296
$ 4,452,087
Interest-earning cash and cash equivalents
5,501,247
1,166,180
1,170,142
Total cash and cash equivalents
12,042,688
5,470,476
5,622,229
Interest-earning time deposits
4,520,000
4,320,000
4,324,000
Securities available for sale
75,040,367
76,228,755
72,562,496
Securities held to maturity
12,628,794
12,754,763
12,765,697
Loans held for sale
477,000
-
286,205
Loans, gross
390,627,340
375,992,822
363,830,115
Allowance for loan losses
(6,326,783)
(5,335,305)
(4,529,632)
Loans, net
384,300,557
370,657,517
359,300,483
Accrued interest receivable
2,485,615
2,354,636
2,238,906
Premises and equipment
7,930,946
7,366,169
7,075,694
FHLB Stock
2,835,000
2,227,500
2,182,500
Investment in limited partnerships
703,334
928,334
1,003,334
Cash surrender value of life insurance
12,075,427
11,751,653
11,675,890
Other assets
4,811,913
4,624,206
5,389,135
Total Assets
$ 519,851,641
$ 498,684,009
$ 484,426,569
Liabilities and Stockholders' Equity
Non-interest bearing deposits
$ 48,860,067
$ 54,764,981
$ 56,131,800
Interest bearing deposits
370,951,769
346,307,200
335,395,992
Borrowed funds
45,500,000
47,250,000
45,000,000
Accrued interest payable and other liabilities
5,355,964
3,941,438
4,049,508
Total Liabilities
470,667,800
452,263,619
440,577,300
Stockholders' equity
49,183,841
46,420,390
43,849,269
Total Liabilities and Stockholders' Equity
$ 519,851,641
$ 498,684,009
$ 484,426,569
Three months ended
Nine months ended
