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Northeast Indiana Bancorp, Inc. (OTCQB: NIDB) operates as the bank holding company for First Federal Savings Bank. Headquartered in Huntington, Indiana, the company provides a comprehensive range of banking and financial advisory services to personal and commercial clients. Its personal products include checking accounts, savings accounts, certificates of deposit, retirement accounts, and health savings accounts. Additionally, the company offers various loan products such as mortgage loans for home purchases, refinances, new construction, and home equity/home improvement, along with installment loans like auto loans, personal loans, and RV, ATV, and boat loans.
For businesses, Northeast Indiana Bancorp provides commercial loans including lines of credit, letters of credit, equipment financing, and construction loans. Commercial revolving lines of credit, term loans, real estate loans, and Small Business Administration (SBA) loans are also available. The company supports digital banking with online banking services and offers debit and credit cards, safe deposit boxes, and direct deposit services.
In recent financial updates, the company reported net income of $3.5 million for the nine months ending September 30, 2023, compared to $5 million for the same period in 2022, reflecting a downward trend due to decreased net interest income and increased overhead expenses. Total assets rose to $484.4 million, while net loans and deposits saw significant growth.
The company has been recognized for its performance, featuring on American Banker Magazine's Top 200 Community Banks list for the 12th consecutive year. It also maintained its status on the Dividend Champions List by increasing dividends for 29 straight years.
In summary, Northeast Indiana Bancorp, Inc. is a well-established financial institution dedicated to serving its community with a variety of banking products and services, strong financial growth, and consistent shareholder value.
Northeast Indiana Bancorp (OTCQB: NIDB) has announced its 30th consecutive annual dividend increase. The quarterly cash dividend will increase by $0.01 per share (5.88%) to $0.18 per common share. The dividend will be paid on November 21, 2024, to shareholders of record as of November 7, 2024. Based on the last reported trading price of $17.60 per share on October 23, 2024, this represents an annualized dividend yield of 4.09%. The company's book value stands at $20.46 per common share as of September 30, 2024, with 2,403,696 shares outstanding.
Northeast Indiana Bancorp (NIDB) reported Q3 2024 net income of $1.0 million ($0.43 per diluted share), down from $1.2 million ($0.51 per share) in Q3 2023. For the nine months ended September 30, 2024, net income was $3.3 million ($1.39 per share) compared to $3.5 million ($1.46 per share) in 2023. The decrease was primarily due to increased provision for credit loss expense. Total assets grew to $519.9 million, up 5.7% annualized, while total loans increased to $384.3 million and deposits rose to $419.8 million. Book value per share improved to $20.46.
Northeast Indiana Bancorp (OTCQB: NIDB), parent of First Federal Savings Bank, has announced a $0.17 per share cash dividend payable on August 22, 2024, to shareholders of record on August 8, 2024. The company also approved a 5% share repurchase plan (approximately 121,000 shares) during its Annual Meeting. As of July 23, 2024, 16,051 shares have been repurchased.
The stock's book value was $19.53 per share as of June 30, 2024, with the last reported trade at $15.75 per share on July 23, 2024. The company has 2,413,647 outstanding common shares and an annualized dividend yield of 4.32%. Northeast Indiana Bancorp operates through its main office in Huntington and seven full-service Indiana offices.
Northeast Indiana Bancorp (OTCQB: NIDB) reported net income of $1.6 million ($0.66 per diluted share) for Q2 2024, up from $1.1 million ($0.46 per share) in Q2 2023. The company's annualized ROA increased to 1.24% from 0.96%, and ROE rose to 13.80% from 10.16% year-over-year. For the first half of 2024, net income was $2.3 million ($0.96 per share), compared to $2.3 million ($0.95 per share) in H1 2023.
The bank's total assets grew 5.1% annualized to $511.4 million, loans increased 4.3% to $378.7 million, and deposits rose 5.6% to $412.3 million. Shareholders' equity improved to $47.2 million, with book value per share increasing to $19.53. The company maintained steady overhead expenses, with only a 3.33% increase in the first six months of 2024 compared to 2023.
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