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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.
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%.
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.
Northeast Indiana Bancorp (NIDB) announced a cash dividend of $0.30 per common share, payable on August 25, 2022, to shareholders of record by August 11, 2022. As of June 30, 2022, the book value of NIDB's stock was $34.88, and as of July 26, 2022, the stock price was $43.00, resulting in an annualized dividend yield of 2.8%.
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.
Northeast Indiana Bancorp, trading on OTCQB as NIDB, announced a cash dividend of $0.30 per common share, payable on May 26, 2022, to shareholders of record by May 12, 2022. The company's stock price closed at $46.40 on April 25, 2022, with a book value of $37.60 as of March 31, 2022, reflecting an annualized dividend yield of 2.6%. Additionally, during the annual shareholders' meeting on April 26, Stephen E. Zahn and Christopher D. Cook were re-elected as directors for terms expiring in 2025.
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Northeast Indiana Bancorp reported record earnings of $7.3 million for 2021, a 30.3% increase from 2020. Earnings per diluted share rose to $6.08, reflecting a strong return on average assets of 1.77% and average equity of 15.31%. Total assets grew to $417.7 million, while net loans and deposits increased by 3.8% and 15.2%, respectively. The company paid out $2.9 million in cash dividends, including a special cash dividend of $1.25 per share. Despite challenges from the pandemic, FFSB also facilitated over $68.7 million in PPP funding, supporting over 800 clients.
Northeast Indiana Bancorp (NIDB) has scheduled its twenty-seventh annual shareholders' meeting for April 26, 2022, at 1:00 PM in Huntington, Indiana. Shareholders of record as of March 7, 2022, will be eligible to vote. The company will also distribute a $0.30 quarterly cash dividend on February 24, 2022, payable to shareholders on record by February 10, 2022. As of December 31, 2021, NIDB's stock book value was $40.49, with the last trade closing at $43.76.