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. reports news as the OTCQB-traded parent company of First Federal Savings Bank, a community banking organization offering banking and financial brokerage services through full-service offices in Indiana markets including Huntington, Warsaw, Fort Wayne and Roanoke.
Recurring company updates cover quarterly and annual earnings, net interest income, credit-loss provision activity, non-interest income and expense, returns on assets and equity, cash dividends, share repurchase activity, book value and common-share data. Corporate news also includes annual shareholder meetings, director elections and capital-management actions tied to the bank holding company's common stock.
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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 $0.32 per common share, payable on March 2, 2023 to shareholders on record by February 16, 2023. As of December 31, 2022, NIDB's book value per share was $35.80, with the last stock trade at $43.50. This translates to an annualized dividend yield of 2.9%.