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) is the parent company of First Federal Savings Bank and operates in the savings institutions segment of the finance and insurance sector. The company is headquartered in Huntington, Indiana and reports that it offers banking and financial brokerage services through a network of full-service offices in Indiana communities such as Huntington, Warsaw, Fort Wayne and Roanoke.
This news page aggregates company-issued updates and market announcements about Northeast Indiana Bancorp and its banking subsidiary. Readers can review earnings releases that include condensed consolidated financial statements, covering items such as net interest income, provisions for credit losses, non-interest income, non-interest expense, and selected financial ratios. These reports also provide detail on total assets, loans, deposits, shareholders’ equity and measures like net interest margin, return on average assets and return on average equity.
In addition to earnings reports, the company regularly announces quarterly cash dividends and, at times, dividend increases. Public statements highlight a long record of consecutive annual dividend increases and note the company’s inclusion on the Dividend Champions List. Other news items describe share repurchase authorizations, annual shareholder meeting information, director elections and changes in board roles at First Federal Savings Bank.
Some releases also reference external recognition, such as First Federal Savings Bank’s inclusion in American Banker Magazine’s Top 100 Community Banks list, with the ranking based on return on average equity over a multi-year period. Investors and observers can use this news feed to follow how management communicates financial performance, capital management actions, governance developments and other corporate updates over time.
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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
Northeast Indiana Bancorp, Inc. (NIDB) reported a net income of $6.6 million for 2022, a decrease from $7.3 million in 2021, resulting in diluted earnings of $5.46 per share. The company's return on average assets (ROA) was 1.54%, and return on average equity (ROE) was 14.90%, down from 1.77% and 15.31% respectively in 2021. The decline is attributed to a $1.4 million reduction in gains from mortgage loan sales, amid rising interest rates impacting mortgage production. However, net interest income rose by $1.1 million. Total assets increased by $27.9 million to $445.5 million, with loans up 17% to $320.8 million. Despite this, stockholder equity fell to $43.1 million due to unrealized losses in the investment portfolio.
Northeast Indiana Bancorp (NIDB) has announced a cash dividend increase of $0.32 per common share, representing a 6.7% rise from the previous quarter. This marks the 28th consecutive year of dividend growth, reflecting the company's robust financial performance and capital levels. The dividend is set for payment on November 25, 2022, to shareholders recorded by November 10, 2022. With a closing price of $41.50, this results in an annualized yield of 3.1%. The book value per share was reported at $34.85 as of September 30, 2022, with 1,205,135 shares outstanding.
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