NORTHEAST INDIANA BANCORP, INC. ANNOUNCES THIRD QUARTER 2024 EARNINGS
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 (NIDB) ha riportato un reddito netto per il terzo trimestre del 2024 di $1,0 milioni ($0,43 per azione diluita), in calo rispetto ai $1,2 milioni ($0,51 per azione) del terzo trimestre del 2023. Nei nove mesi terminati il 30 settembre 2024, il reddito netto è stato di $3,3 milioni ($1,39 per azione) rispetto ai $3,5 milioni ($1,46 per azione) del 2023. La diminuzione è stata principalmente dovuta a un aumento delle spese per perdite su crediti. Gli attivi totali sono cresciuti fino a $519,9 milioni, con un incremento annualizzato del 5,7%, mentre i prestiti totali sono aumentati a $384,3 milioni e i depositi sono saliti a $419,8 milioni. Il valore contabile per azione è migliorato a $20,46.
Northeast Indiana Bancorp (NIDB) reportó un ingreso neto del tercer trimestre de 2024 de $1.0 millones ($0.43 por acción diluida), por debajo de $1.2 millones ($0.51 por acción) en el tercer trimestre de 2023. En los nueve meses que terminaron el 30 de septiembre de 2024, el ingreso neto fue de $3.3 millones ($1.39 por acción) en comparación con $3.5 millones ($1.46 por acción) en 2023. La disminución se debió principalmente a un aumento en la provisión para gastos por pérdidas crediticias. Los activos totales crecieron a $519.9 millones, un aumento del 5.7% anualizado, mientras que los préstamos totales aumentaron a $384.3 millones y los depósitos se elevaron a $419.8 millones. El valor en libros por acción mejoró a $20.46.
Northeast Indiana Bancorp (NIDB)는 2024년 3분기 순이익이 $1.0 백만 ($0.43 희석주당)으로, 2023년 3분기 $1.2 백만 ($0.51 주당)에서 감소했다고 보고했습니다. 2024년 9월 30일 종료된 9개월 동안 순이익은 $3.3 백만 ($1.39 주당)으로 2023년의 $3.5 백만 ($1.46 주당)과 비교되었습니다. 감소의 주요 원인은 신용 손실에 대한 대손충당금 증가 때문이었습니다. 총 자산은 $519.9 백만으로 연화 5.7% 상승하였으며, 총 대출은 $384.3 백만, 예금은 $419.8 백만으로 증가했습니다. 주당 장부 가치는 $20.46으로 개선되었습니다.
Northeast Indiana Bancorp (NIDB) a déclaré un revenu net de $1,0 million ($0,43 par action diluée) pour le troisième trimestre 2024, en baisse par rapport aux $1,2 million ($0,51 par action) du troisième trimestre 2023. Pour les neuf mois se terminant le 30 septembre 2024, le revenu net s'élevait à $3,3 millions ($1,39 par action) contre $3,5 millions ($1,46 par action) en 2023. La diminution est principalement due à une provision accrue pour pertes de crédit. Les actifs totaux ont augmenté à $519,9 millions, soit une hausse annualisée de 5,7 %, tandis que les prêts totaux ont augmenté à $384,3 millions et les dépôts à $419,8 millions. La valeur comptable par action s'est améliorée à $20,46.
Northeast Indiana Bancorp (NIDB) meldete für das dritte Quartal 2024 ein Nettoeinkommen von $1,0 Millionen ($0,43 pro verwässerter Aktie), ein Rückgang gegenüber $1,2 Millionen ($0,51 pro Aktie) im dritten Quartal 2023. Für die neun Monate bis zum 30. September 2024 betrug das Nettoeinkommen $3,3 Millionen ($1,39 pro Aktie) im Vergleich zu $3,5 Millionen ($1,46 pro Aktie) im Jahr 2023. Der Rückgang war hauptsächlich auf erhöhte Rückstellungen für Kreditverluste zurückzuführen. Die Gesamtsumme der Vermögenswerte stieg auf $519,9 Millionen, ein Anstieg von 5,7 % annualisiert, während die Gesamtdarlehen auf $384,3 Millionen und die Einlagen auf $419,8 Millionen stiegen. Der Buchwert pro Aktie verbesserte sich auf $20,46.
- Total assets increased by $21.2 million (5.7% annualized)
- Total loans grew by $13.6 million (4.9% annualized)
- Deposits increased by $18.7 million (6.2% annualized)
- Shareholders' equity improved by $2.8 million to $49.2 million
- Book value per share increased by $0.93 to $20.46
- Q3 2024 net income declined to $1.0 million from $1.2 million in Q3 2023
- Q3 ROA decreased to 0.79% from 1.02% year-over-year
- Q3 ROE dropped to 8.46% from 11.16% year-over-year
- Nine-month net income decreased to $3.3 million from $3.5 million
- Increased provision for credit loss expense due to higher specific reserves on existing loans
Net income for the nine months ended September 30, 2024, was
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
Shareholders' equity increased
*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 | |||||||||||
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 | ||||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | |||||||
Income Statement (Unaudited) | 2024 | 2024 | 2023 | 2024 | 2023 | ||||||
Net interest income | |||||||||||
Total interest income | $ 7,178,589 | $ 7,082,107 | $ 6,354,262 | $ 20,990,629 | $ 17,455,735 | ||||||
Total interest expense | 3,369,314 | 3,318,155 | 2,610,737 | 9,792,811 | 6,632,701 | ||||||
Net interest income | 3,809,275 | 3,763,952 | 3,743,525 | 11,197,818 | 10,823,034 | ||||||
Provision for credit loss expense | |||||||||||
Loans | 495,000 | 100,000 | 90,000 | 1,095,000 | 270,000 | ||||||
Off-balance sheet credit exposures | (45,000) | (25,000) | - | (70,000) | - | ||||||
Total provision for credit loss expense | 450,000 | 75,000 | 90,000 | 1,025,000 | 270,000 | ||||||
Net interest income after provision for loan losses | 3,359,275 | 3,688,952 | 3,653,525 | 10,172,818 | 10,553,034 | ||||||
Non-interest income | |||||||||||
Service charges on deposit accounts | 174,619 | 175,044 | 184,111 | 528,332 | 549,989 | ||||||
Interchange fees | 208,053 | 208,124 | 199,248 | 616,195 | 591,772 | ||||||
Loan servicing fees | 63,117 | 98,161 | 102,753 | 270,986 | 306,526 | ||||||
Net gain on sale of loans | 137,577 | 109,679 | 115,722 | 283,281 | 261,195 | ||||||
Brokerage fees | 624 | 988 | 44,957 | 2,794 | 155,240 | ||||||
Increase in cash surrender value of life insurance | 83,603 | 83,254 | 74,217 | 249,399 | 221,226 | ||||||
Other income | 332,725 | 539,086 | 37,652 | 958,455 | 384,883 | ||||||
Total non-interest income | 1,000,318 | 1,214,336 | 758,660 | 2,909,442 | 2,470,832 | ||||||
Non-interest expense | |||||||||||
Salaries and employee benefits | 1,652,277 | 1,637,218 | 1,604,968 | 4,929,765 | 4,972,918 | ||||||
Occupancy | 390,467 | 363,586 | 330,735 | 1,109,104 | 1,041,135 | ||||||
Data processing | 435,356 | 397,025 | 397,132 | 1,271,213 | 1,185,772 | ||||||
Deposit insurance premiums | 75,000 | 88,000 | 46,000 | 237,000 | 151,500 | ||||||
Professional fees | 179,392 | 171,275 | 173,208 | 454,680 | 427,468 | ||||||
Advertising and marketing fees | 85,424 | 101,095 | 13,909 | 274,199 | 182,139 | ||||||
Correspondent bank charges | 36,337 | 44,094 | 35,395 | 120,027 | 109,468 | ||||||
Other expense | 273,585 | 332,658 | 386,385 | 947,739 | 923,389 | ||||||
Total non-interest expense | 3,127,838 | 3,134,951 | 2,987,732 | 9,343,727 | 8,993,789 | ||||||
Income before income taxes | 1,231,755 | 1,768,337 | 1,424,453 | 3,738,533 | 4,030,077 | ||||||
Income tax expense | 214,410 | 174,809 | 193,172 | 405,471 | 511,659 | ||||||
Net income | $ 1,017,345 | $ 1,593,528 | $ 1,231,281 | $ 3,333,062 | $ 3,518,418 | ||||||
Three months ended | Nine months ended | ||||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | |||||||
Selected Financial Ratios and Other Financial Data (Unaudited) | 2024 | 2024 | 2023 | 2024 | 2023 | ||||||
Average shares outstanding - basic | 2,387,823 | 2,401,499 | 2,402,070 | 2,398,109 | 2,401,809 | ||||||
Average shares outstanding - diluted | 2,387,823 | 2,401,499 | 2,402,094 | 2,398,109 | 2,401,846 | ||||||
Basic earnings per share | $ 0.43 | $ 0.66 | $ 0.51 | $ 1.39 | $ 1.46 | ||||||
Diluted earnings per share | $ 0.43 | $ 0.66 | $ 0.51 | $ 1.39 | $ 1.46 | ||||||
Net interest margin | 3.06 % | 3.05 % | 3.21 % | 3.04 % | 3.22 % | ||||||
Return on average assets | 0.79 % | 1.24 % | 1.02 % | 0.87 % | 1.01 % | ||||||
Return on average equity | 8.46 % | 13.80 % | 11.16 % | 9.49 % | 10.72 % | ||||||
Efficiency ratio | 65.03 % | 62.97 % | 66.36 % | 66.23 % | 67.65 % | ||||||
Allowance for loan losses: | |||||||||||
Balance, beginning of period | $ 5,885,564 | $ 5,790,301 | $ 4,508,446 | $ 5,335,305 | $ 3,996,619 | ||||||
Charge-offs: | |||||||||||
One-to-four family | 39,022 | - | 21,457 | 39,022 | 27,466 | ||||||
Commercial real estate | - | - | - | - | - | ||||||
Land/land development | - | - | - | - | - | ||||||
Commercial | - | - | - | - | - | ||||||
Consumer | 52,872 | 24,953 | 73,324 | 147,549 | 130,265 | ||||||
Gross charge-offs | 91,894 | 24,953 | 94,781 | 186,571 | 157,731 | ||||||
Recoveries: | |||||||||||
One-to-four family | 1,523 | - | 586 | 1,523 | 586 | ||||||
Commercial real estate | - | - | - | - | - | ||||||
Land/land development | - | - | - | - | - | ||||||
Commercial | - | - | 600 | - | 3,730 | ||||||
Consumer | 36,590 | 20,216 | 24,781 | 81,526 | 66,428 | ||||||
Gross recoveries | 38,113 | 20,216 | 25,967 | 83,049 | 70,744 | ||||||
Net charge-offs (recoveries) | 53,781 | 4,737 | 68,814 | 103,522 | 86,987 | ||||||
CECL adjustment | - | - | - | - | 350,000 | ||||||
Provision for loan losses | 495,000 | 100,000 | 90,000 | 1,095,000 | 270,000 | ||||||
Balance, end of period | $ 6,326,783 | $ 5,885,564 | $ 4,529,632 | $ 6,326,783 | $ 4,529,632 | ||||||
Net loan charge-offs (recoveries) to average loans | 0.06 % | 0.00 % | 0.08 % | 0.04 % | 0.03 % | ||||||
As of | |||||||||||
September 30, | June 30, | September 30, | |||||||||
Non-performing assets | 2024 | 2024 | 2023 | ||||||||
Loans: | |||||||||||
Non-accrual | $ 4,551,701 | $ 5,222,476 | $ 3,667,841 | ||||||||
Past 90 days or more and still accruing | - | - | - | ||||||||
Troubled debt restructured | 507,797 | 524,970 | 524,970 | ||||||||
Total non-performing loans | 5,059,498 | 5,747,446 | 4,192,811 | ||||||||
Real estate owned | - | - | - | ||||||||
Other repossessed assets | - | - | - | ||||||||
Total non-performing assets | $ 5,059,498 | $ 5,747,446 | $ 4,192,811 | ||||||||
Non-performing assets to total assets | 0.97 % | 1.12 % | 0.87 % | ||||||||
Non-performing loans to gross loans | 1.30 % | 1.49 % | 1.15 % | ||||||||
Allowance for loan losses to non-performing loans | 125.05 % | 102.40 % | 108.03 % | ||||||||
Allowance for loan losses to gross loans | 1.62 % | 1.53 % | 1.24 % | ||||||||
Other financial ratios | |||||||||||
Tangible common equity | 9.46 % | 9.23 % | 9.05 % | ||||||||
Book value per share | $ 20.46 | $ 19.53 | $ 18.08 | ||||||||
Common shares outstanding | 2,403,696 | 2,417,283 | 2,425,670 | ||||||||
(1) Ratios for three and nine-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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