July 19, 2024

NORTHEAST INDIANA BANCORP, INC. ANNOUNCES SECOND QUARTER 2024 EARNINGS

HUNTINGTON, Ind., July 19, 2024 /PRNewswire/ — Northeast Indiana Bancorp, Inc., (OTCQB:  NIDB), the parent company of First Federal Savings Bank, today announced net income of $1.6 million ($0.66 per diluted common share) for the second quarter ended June 30, 2024 compared to net income of $1.1 million ($0.46 per diluted common share) for the second quarter ended June 30, 2023.  The current quarter earnings equate to an annualized return on average assets (ROA) of 1.24% and an annualized return on average equity (ROE) of 13.80% compared to an annualized ROA of 0.96% and an annualized ROE of 10.16% for the second quarter ending June 30, 2023.  An increase in other non-interest income of $263,000 during the second quarter 2024 as compared to the same period in 2023 contributed to the increase of net income.

Net income for the six months ended June 30, 2024, was $2.3 million, or $0.96 per diluted common share, compared to net income of $2.3 million, or $0.95 per diluted common share for the six months ended June 30, 2023.  The current six months earnings equate to an annualized ROA of 0.91% and an annualized ROE of 10.01% compared to an annualized ROA of 1.00% and an annualized ROE of 10.46% for the six months ended June 30, 2023.  The bank has been able to maintain overhead expenses at a steady level, experiencing only a 3.33% increase during the first six months of 2024 as compared to the same time period in 2023.

Total assets increased $12.7 million, or 5.1% on an annualized basis, to $511.4 million at June 30, 2024 compared to total assets of $498.7 million at December 31, 2023.  Total loans increased $8.0 million, or 4.3% on an annualized basis, to $378.7 million at June 30, 2024 compared to total loans of $370.7 million at December 31, 2023.  Total deposits increased $11.2 million, or 5.6% on an annualized basis, to $412.3 million at June 30, 2024 compared to $401.1 million at December 31, 2023.    

Shareholders’ equity increased $800,000 to $47.2 million at June 30, 2024 compared to $46.4 million at December 31, 2023.  The book value of NIDB stock increased $0.48 to $19.53 per common share as of June 30, 2024, compared to $19.05 the previous quarter end.  The number of outstanding common shares was 2,417,283 as of June 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

June 30,

December 31,

June 30,

Balance Sheet (Unaudited)

2024

2023

2023

(Audited)

Assets

Non-interest earning cash and cash equivalents

$         4,440,307

$         4,304,296

$         5,035,444

Interest-earning cash and cash equivalents

5,021,811

1,166,180

2,600,052

Total cash and cash equivalents

9,462,118

5,470,476

7,635,496

Interest-earning time deposits

4,520,000

4,320,000

3,433,249

Securities available for sale

73,992,782

76,228,755

74,823,867

Securities held to maturity

12,639,812

12,754,763

12,776,430

Loans held for sale

409,800

–

528,600

Loans, gross

384,550,364

375,992,822

352,224,183

Allowance for credit losses

(5,885,564)

(5,335,305)

(4,508,446)

Loans, net

378,664,800

370,657,517

347,715,737

Accrued interest receivable

2,610,719

2,354,636

2,022,072

Premises and equipment

8,002,138

7,366,169

7,019,007

FHLB Stock

2,835,000

2,227,500

2,101,600

Investment in limited partnerships

778,334

928,334

1,078,334

Cash surrender value of life insurance

11,991,604

11,751,653

11,601,672

Other assets

5,453,041

4,624,206

4,892,556

Total Assets

$    511,360,148

$    498,684,009

$    475,628,620

Liabilities and Stockholders’ Equity

Non-interest bearing deposits

$      50,734,506

$      54,764,981

$      59,627,379

Interest bearing deposits

361,582,411

346,307,200

324,309,052

Borrowed funds

48,500,000

47,250,000

43,500,000

Accrued interest payable and other liabilities

3,323,250

3,941,438

4,024,152

Total Liabilities

464,140,167

452,263,619

431,460,583

Stockholders’ equity

47,219,981

46,420,390

44,168,037

Total Liabilities and Stockholders’ Equity

$    511,360,148

$    498,684,009

$    475,628,620

 Three months ended 

Six months ended

June 30,

March 31, 

June 30,

June 30,

June 30,

Income Statement (Unaudited)

2024

2024

2023

2024

2023

Net interest income

Total interest income

$         7,082,107

$         6,729,934

$         5,713,346

$   13,812,041

$   11,101,473

Total interest expense

3,318,155

3,105,342

2,260,069

6,423,497

4,021,964

Net interest income

3,763,952

3,624,592

3,453,277

7,388,544

7,079,509

Provision for credit loss expense

Loans

100,000

500,000

90,000

600,000

180,000

Off-balance sheet credit exposures

(25,000)

–

–

(25,000)

–

Total provision for credit loss expense

75,000

500,000

90,000

575,000

180,000

Net interest income after provision for loan losses

3,688,952

3,124,592

3,363,277

6,813,544

6,899,509

Non-interest income

Service charges on deposit accounts

175,044

178,670

177,656

353,714

365,878

Interchange fees

208,124

200,018

200,186

408,142

392,524

Loan servicing fees

98,161

109,708

101,199

207,869

203,773

Net gain on sale of loans

109,679

36,024

79,680

145,703

145,473

Brokerage fees

988

1,182

43,798

2,170

110,283

Increase in cash surrender value of life insurance

83,254

82,543

73,360

165,797

147,009

Other income

539,086

86,643

275,795

625,729

356,464

Total non-interest income

1,214,336

694,788

951,674

1,909,124

1,721,404

Non-interest expense

Salaries and employee benefits

1,637,218

1,640,271

1,680,705

3,277,489

3,367,950

Occupancy

363,586

355,051

369,466

718,637

710,401

Data processing

397,025

438,832

394,044

835,857

788,641

Deposit insurance premiums

88,000

74,000

56,000

162,000

105,500

Professional fees

171,275

104,013

143,224

275,288

254,260

Advertising and marketing fees

101,095

87,680

76,513

188,775

168,230

Correspondent bank charges

44,094

39,596

35,342

83,690

74,074

Other expense

332,658

341,495

292,984

674,153

546,235

Total non-interest expense

3,134,951

3,080,938

3,048,278

6,215,889

6,015,291

Income before income taxes

1,768,337

738,442

1,266,673

2,506,779

2,605,623

Income tax expense

174,809

16,252

149,993

191,061

318,487

Net income

$         1,593,528

$            722,190

$         1,116,680

$      2,315,718

$      2,287,136

 Three months ended 

Six months ended

June 30,

March 31,

June 30,

June 30,

June 30,

Selected Financial Ratios and Other Financial Data (Unaudited)

2024

2024

2023

2024

2023

Average shares outstanding – basic

2,401,499

2,405,122

2,402,070

2,403,311

2,401,702

Average shares outstanding – diluted

2,401,499

2,405,122

2,402,070

2,403,311

2,401,745

Basic earnings per share

$                   0.66

$                   0.30

$                   0.46

$                0.96

$                0.95

Diluted earnings per share

$                   0.66

$                   0.30

$                   0.46

$                0.96

$                0.95

Net interest margin

3.05 %

2.99 %

3.09 %

3.02 %

3.22 %

Return on average assets

1.24 %

0.57 %

0.96 %

0.91 %

1.00 %

Return on average equity

13.80 %

6.26 %

10.16 %

10.01 %

10.46 %

Efficiency ratio

62.97 %

71.33 %

69.20 %

66.85 %

68.35 %

Allowance for loan losses:

Balance, beginning of period

$         5,790,301

$         5,335,305

$         4,421,505

$      5,335,305

$      3,996,619

Charge-offs:

One-to-four family

–

–

6,009

–

6,009

Commercial real estate

–

–

–

–

–

Land/land development

–

–

–

–

–

Commercial  

–

–

–

–

–

Consumer

24,953

69,725

20,811

94,678

56,941

Gross charge-offs

24,953

69,725

26,820

94,678

62,950

Recoveries:

One-to-four family

–

–

–

–

–

Commercial real estate

–

–

–

–

–

Land/land development

–

–

–

–

–

Commercial  

–

–

2,207

–

3,130

Consumer

20,216

24,721

21,554

44,937

41,647

Gross recoveries

20,216

24,721

23,761

44,937

44,777

Net charge-offs (recoveries)

4,737

45,004

3,059

49,741

18,173

CECL adjustment

–

–

–

–

350,000

Provision for loan loss expense

100,000

500,000

90,000

600,000

180,000

Balance, end of period

$         5,885,564

$         5,790,301

$         4,508,446

$      5,885,564

$      4,508,446

Net loan charge-offs (recoveries) to average loans

0.00 %

0.05 %

0.00 %

0.03 %

0.01 %

 As of 

June 30,

March 31, 

June 30,

Non-performing assets

2024

2024

2023

Loans:

Non-accrual

$         5,222,476

$         6,547,940

$         6,302,505

Past 90 days or more and still accruing

–

–

–

Troubled debt restructured

524,970

524,970

525,020

Total non-performing loans

5,747,446

7,072,910

6,827,525

Real estate owned

–

–

–

Other repossessed assets

–

–

–

Total non-performing assets

$         5,747,446

$         7,072,910

$         6,827,525

Non-performing assets to total assets

1.12 %

1.39 %

1.44 %

Non-performing loans to gross loans

1.49 %

1.84 %

1.94 %

Allowance for loan losses to non-performing loans

102.40 %

81.87 %

66.03 %

Allowance for loan losses to gross loans

1.53 %

1.50 %

1.28 %

Other financial ratios

Tangible common equity

9.23 %

9.09 %

9.29 %

Book value per share

$                 19.53

$                 19.05

$                 18.21

Common shares outstanding

2,417,283

2,429,698

2,425,670

(1) Ratios for three and six-month periods are annualized

(2) All share data has been adjusted for the 2:1 stock split on July 14, 2023.

 

 

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SOURCE Northeast Indiana Bancorp, Inc.

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