NORTHEAST INDIANA BANCORP, INC. ANNOUNCES SECOND QUARTER 2024 EARNINGS

Rhea-AI Summary

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.

Positive

• Net income increased 45.5% year-over-year in Q2 2024
• Annualized ROA improved from 0.96% to 1.24% in Q2 2024
• Annualized ROE increased from 10.16% to 13.80% in Q2 2024
• Total assets grew 5.1% annualized to $511.4 million
• Loans increased 4.3% annualized to $378.7 million
• Deposits rose 5.6% annualized to $412.3 million
• Book value per share increased to $19.53 from $19.05 in the previous quarter

Negative

• Six-month annualized ROA decreased from 1.00% to 0.91% compared to H1 2023
• Six-month annualized ROE declined from 10.46% to 10.01% compared to H1 2023

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.

FAQ

What was Northeast Indiana Bancorp's (NIDB) net income for Q2 2024?

Northeast Indiana Bancorp reported net income of $1.6 million ($0.66 per diluted share) for Q2 2024.

How did NIDB's Q2 2024 performance compare to Q2 2023?

NIDB's Q2 2024 net income of $1.6 million was higher than the $1.1 million reported in Q2 2023. The annualized ROA increased from 0.96% to 1.24%, and ROE rose from 10.16% to 13.80%.

What was NIDB's total asset growth as of June 30, 2024?

NIDB's total assets increased by $12.7 million, or 5.1% on an annualized basis, to $511.4 million as of June 30, 2024.

How much did NIDB's loan portfolio grow by June 30, 2024?

NIDB's total loans increased by $8.0 million, or 4.3% on an annualized basis, to $378.7 million as of June 30, 2024.

What was the book value per share of NIDB stock as of June 30, 2024?

The book value of NIDB stock increased to $19.53 per common share as of June 30, 2024, up from $19.05 at the end of the previous quarter.