Welcome to our dedicated page for Northeast Indiana Bancorp news (Ticker: NIDB), a resource for investors and traders seeking the latest updates and insights on Northeast Indiana Bancorp stock.
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 (NIDB) reported net income of $1.17 million ($0.97 per diluted share) for Q1 2023, down from $1.78 million ($1.49 per diluted share) in Q1 2022. The annualized return on average assets (ROA) declined to 1.04% from 1.70%, while return on equity (ROE) dropped to 10.75% from 15.07%. This decline is attributed to increased interest expenses due to rising rates and provisions for loan losses under the CECL accounting standard. Total assets rose 5.9% to $452.1 million, driven by a $5.0 million increase in loans. However, net interest income decreased $116,000 due to a 45 basis point drop in net interest margin. Non-interest income also fell by $135,000, largely due to reduced gains on loan sales.
Northeast Indiana Bancorp (NIDB) announced its twenty-eighth annual shareholders' meeting scheduled for April 25, 2023. The record date for attendance is set for March 6, 2023.
Additionally, the company declared a quarterly cash dividend of
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