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Northeast Indiana Bancorp, Inc. (OTCQB: NIDB), headquartered in Huntington, Indiana, is the parent company of First Federal Savings Bank. The company offers a comprehensive range of banking and financial services through its main office and six full-service branches located across Huntington, Warsaw, and Fort Wayne, Indiana.
Founded with a commitment to customer service and financial stability, Northeast Indiana Bancorp has shown consistent growth and resilience. As of March 31, 2024, the company reported total assets of $509.4 million, reflecting an annualized increase of 8.6% from December 31, 2023. The loan portfolio saw an annualized growth of 9.4%, totalling $379.3 million, while deposits grew by 2.3% to reach $403.4 million.
Despite a challenging economic environment, Northeast Indiana Bancorp recorded net income of $722,000 ($0.30 per diluted common share) for the first quarter of 2024. This performance, though lower than the previous year's first quarter earnings, demonstrates the company's robust financial management. The annualized return on average assets (ROA) stood at 0.57%, while the return on average equity (ROE) was 6.26%.
Notable changes in the company's financial landscape included a slight decrease in shareholders' equity, from $46.4 million at the end of 2023 to $46.3 million by March 31, 2024. This was largely due to variations in the fair value of the investment portfolio and dividends paid out, which slightly exceeded net income for the first quarter.
While net interest income remained stable, the company experienced margin pressure, with gains in interest income being offset by rising interest expenses. The net interest margin decreased by 36 basis points to 2.99% in the first quarter of 2024, impacted by increased costs of interest-bearing liabilities.
Northeast Indiana Bancorp also navigated through a decrease in non-interest income, primarily due to lower mortgage volume and a transition in its investment advisory business. Concurrently, non-interest expenses increased, partly due to higher FDIC deposit insurance premiums.
With a strong foundation and strategic growth plans, Northeast Indiana Bancorp remains a significant player in the regional banking sector. The company's adaptability and forward-looking approach ensure it continues to meet the evolving needs of its customers while maintaining financial prudence.
Northeast Indiana Bancorp (OTCQB: NIDB) reported a net income of $3.4 million for the six months ending June 30, 2022, down from $3.8 million in 2021, reflecting a decrease in diluted earnings per share from $3.19 to $2.81. The annualized ROA and ROE also fell to 1.61% and 14.96%, respectively. The second quarter net income was $1.6 million, compared to $1.9 million in the same period last year. Key factors include an $800,000 drop in mortgage loan sales due to rising interest rates, although net interest income rose by $506,000. Total assets decreased to $413.4 million, while deposits grew by $15.5 million.
Aerkomm Inc. announced a joint venture agreement with Sakai Display Products Corporation and PanelSemi Corporation to develop a tile antenna for in-flight entertainment solutions. The Joint Venture will operate through a new California-based company, initially funded 100% by SDPJ. Aerkomm will license its intellectual property and receive 52% equity in the new company after successful proof of concept. SDPJ will contribute €7.5 million to Aerkomm following POC approval. If POC is not achieved in 11 months, the joint venture will terminate, and SDPJ will retain full ownership.
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