NORTHEAST INDIANA BANCORP, INC. ANNOUNCES FIRST QUARTER 2024 EARNINGS
- Northeast Indiana Bancorp, Inc. reported a net income of $722,000 for Q1 2024, a decline from the previous year.
- Total assets increased by $10.7 million to $509.4 million at the end of Q1 2024 compared to the previous quarter.
- Total loans grew by $8.7 million to $379.3 million at the end of Q1 2024 compared to the previous quarter.
- Total deposits increased by $2.3 million to $403.4 million at the end of Q1 2024 compared to the previous quarter.
- Shareholders' equity decreased by $131,000 to $46.3 million at the end of Q1 2024 compared to the previous quarter.
- Net interest income decreased by $2,000 in Q1 2024 compared to the same period in 2023.
- Non-interest income declined by $75,000 in Q1 2024 compared to the same period in 2023.
- Non-interest expenses increased by $114,000 in Q1 2024 compared to the same period in 2023.
- Northeast Indiana Bancorp, Inc. implemented a two-for-one stock split effective July 14, 2023.
- The decrease in shareholders' equity was mainly due to a combination of factors, including a decrease in the fair value of the investment portfolio and dividends exceeding net income.
- Net interest income saw a decrease due to margin pressure from increased interest expenses.
- Non-interest income declined due to lower gain on sale of loans and brokerage fee income.
- Non-interest expenses increased primarily due to a growth in expenses related to a growing balance sheet and higher FDIC deposit insurance premiums.
Total assets increased
Shareholders' equity decreased
Net interest income decreased
Provision for loan loss expense of
Non-interest income declined
*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,
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 | |||
March 31, | December 31, | March 31, | |
Balance Sheet (Unaudited) | 2024 | 2023 | 2023 |
Assets | |||
Interest-earning cash and cash equivalents | $ 3,760,954 | $ 4,304,296 | $ 2,646,912 |
Non-interest earning cash and cash equivalents | 2,380,391 | 1,166,180 | 1,940,693 |
Total cash and cash equivalents | 6,141,345 | 5,470,476 | 4,587,606 |
Interest-earning time deposits | 4,520,000 | 4,320,000 | 1,230,000 |
Securities available for sale | 75,898,559 | 76,228,755 | 78,278,059 |
Securities held to maturity | 12,500,863 | 12,754,763 | 12,787,199 |
Loans held for sale | 74,900 | - | 403,600 |
Loans, gross | 385,129,684 | 375,992,822 | 330,160,388 |
Allowance for loan losses | (5,790,301) | (5,335,305) | (4,421,505) |
Loans, net | 379,339,383 | 370,657,517 | 325,738,883 |
Accrued interest receivable | 2,455,724 | 2,354,636 | 1,982,785 |
Premises and equipment | 7,752,161 | 7,366,169 | 7,376,693 |
FHLB Stock | 2,835,000 | 2,227,500 | 2,101,600 |
Investment in limited partnerships | 853,334 | 928,334 | 1,153,334 |
Cash surrender value of life insurance | 12,334,196 | 11,751,653 | 11,703,266 |
Other assets | 4,655,401 | 4,624,206 | 4,803,252 |
Total Assets | $ 509,360,866 | $ 498,684,009 | $ 452,146,276 |
Liabilities and Stockholders' Equity | |||
Non-interest bearing deposits | $ 50,297,770 | $ 54,764,981 | $ 54,547,736 |
Interest bearing deposits | 353,098,422 | 346,307,200 | 316,197,968 |
Borrowed funds | 56,000,000 | 47,250,000 | 34,000,000 |
Accrued interest payable and other liabilities | 3,675,681 | 3,941,438 | 3,582,889 |
Total Liabilities | 463,071,873 | 452,263,619 | 408,328,593 |
Stockholders' equity | 46,288,993 | 46,420,390 | 43,817,683 |
Total Liabilities and Stockholders' Equity | $ 509,360,866 | $ 498,684,009 | $ 452,146,276 |
Three months ended | |||
March 31, | December 31, | March 31, | |
Income Statement (Unaudited) | 2024 | 2023 | 2023 |
Net interest income | |||
Total interest income | $ 6,729,934 | $ 6,702,608 | $ 5,388,127 |
Total interest expense | 3,105,342 | 2,952,000 | 1,761,895 |
Net interest income | 3,624,592 | 3,750,608 | 3,626,232 |
Provision for loan losses | 500,000 | 780,000 | 90,000 |
Net interest income after provision for loan losses | 3,124,592 | 2,970,608 | 3,536,232 |
Non-interest income | |||
Service charges on deposit accounts | 178,670 | 184,623 | 188,222 |
Interchange fees | 200,018 | 195,918 | 192,338 |
Loan servicing fees | 109,708 | 108,432 | 102,573 |
Net gain on sale of loans | 36,024 | 67,979 | 65,793 |
Brokerage fees | 1,182 | 29,086 | 66,485 |
Increase in cash surrender value of life insurance | 82,543 | 75,763 | 73,648 |
Other income | 86,643 | 73,390 | 80,671 |
Total non-interest income | 694,788 | 735,191 | 769,730 |
Non-interest expense | |||
Salaries and employee benefits | 1,640,271 | 1,443,480 | 1,687,245 |
Occupancy | 355,051 | 340,005 | 340,935 |
Data processing | 438,832 | 387,894 | 394,597 |
Deposit insurance premiums | 74,000 | 54,000 | 49,500 |
Professional fees | 104,013 | 207,204 | 111,035 |
Advertising and marketing fees | 87,680 | 129,495 | 91,717 |
Correspondent bank charges | 39,596 | 39,288 | 38,732 |
Other expense | 341,495 | 335,295 | 253,251 |
Total non-interest expense | 3,080,938 | 2,936,661 | 2,967,012 |
Income before income taxes | 738,442 | 769,138 | 1,338,950 |
Income tax expense | 16,252 | 27,866 | 168,494 |
Net income | $ 722,190 | $ 741,272 | $ 1,170,456 |
Three months ended | |||
March 31, | December 31, | March 31, | |
Selected Financial Ratios and Other Financial Data (Unaudited) | 2024 | 2023 | 2023 |
Average shares outstanding - basic | 2,405,122 | 2,401,584 | 2,401,319 |
Average shares outstanding - diluted | 2,405,122 | 2,401,584 | 2,401,406 |
Basic earnings per share | $ 0.30 | $ 0.31 | $ 0.49 |
Diluted earnings per share | $ 0.30 | $ 0.31 | $ 0.49 |
Net interest margin (1) | 2.99 % | 3.16 % | 3.35 % |
Return on average assets (1) | 0.57 % | 0.60 % | 1.04 % |
Return on average equity (1) | 6.26 % | 6.75 % | 10.75 % |
Efficiency ratio | 71.33 % | 65.47 % | 67.49 % |
Allowance for loan losses: | |||
Balance, beginning of period | $ 5,335,305 | $ 4,529,631 | $ 3,996,619 |
Charge-offs: | |||
One-to-four family | - | - | - |
Commercial real estate | - | - | - |
Land/land development | - | - | - |
Commercial | - | - | - |
Consumer | 69,725 | 68,491 | 36,130 |
Gross charge-offs | 69,725 | 68,491 | 36,130 |
Recoveries: | |||
One-to-four family | - | 10,664 | - |
Commercial real estate | - | - | - |
Land/land development | - | - | - |
Commercial | - | 200 | 923 |
Consumer | 24,721 | 38,301 | 20,093 |
Gross recoveries | 24,721 | 49,165 | 21,016 |
Net charge-offs (recoveries) | 45,004 | 19,326 | 15,114 |
CECL adjustment | - | - | 350,000 |
Provision for loan losses | 500,000 | 825,000 | 90,000 |
Balance, end of period | $ 5,790,301 | $ 5,335,305 | $ 4,421,505 |
Net loan charge-offs (recoveries) to average loans (1) | 0.05 % | 0.02 % | 0.02 % |
As of | |||
March 31, | December 31, | March 31, | |
Non-performing assets | 2024 | 2023 | 2023 |
Loans: | |||
Non-accrual | $ 6,547,940 | $ 6,415,623 | $ 4,137,597 |
Past 90 days or more and still accruing | - | - | - |
Troubled debt modification | 524,970 | 524,970 | 525,020 |
Total non-performing loans | 7,072,910 | 6,940,593 | 4,662,617 |
Real estate owned | - | - | - |
Other repossessed assets | - | - | - |
Total non-performing assets | $ 7,072,910 | $ 6,940,593 | $ 4,662,617 |
Non-performing assets to total assets | 1.39 % | 1.39 % | 1.03 % |
Non-performing loans to gross loans | 1.84 % | 1.85 % | 1.41 % |
Allowance for loan losses to non-performing loans | 81.87 % | 76.87 % | 94.83 % |
Allowance for loan losses to gross loans | 1.50 % | 1.42 % | 1.34 % |
Other financial ratios | |||
Stockholders' equity as a % of total assets | 9.09 % | 9.31 % | 9.69 % |
Book value per share | $ 19.05 | $ 19.15 | $ 18.01 |
Common shares outstanding | 2,429,698 | 2,423,698 | 2,432,670 |
(1) Ratios for three-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.
FAQ
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