NORTHEAST INDIANA BANCORP, INC. ANNOUNCES THIRD QUARTER 2024 EARNINGS

2024-10-23 04:36:02

(MENAFN- PR Newswire) HUNTINGTON, Ind., Oct. 23, 2024 /PRNewswire/ --
Northeast Indiana Bancorp, Inc., (OTCQB: NIDB ), the parent company of First Federal Savings Bank, today announced net income of $1.0 million ($0.43 per diluted common share) for the third quarter ended September 30, 2024 compared to net income of $1.2 million ($0.51 per diluted common share) for the third quarter ended September 30, 2023.
The current quarter earnings equate to an annualized return on average assets (ROA) of 0.79% and an annualized return on average equity (ROE) of 8.46% compared to an annualized ROA of 1.02% and an annualized ROE of 11.16% for the third quarter ending September 30, 2023.

Net income for the nine months ended September 30, 2024, was $3.3 million, or $1.39 per diluted common share, compared to net income of $3.5 million, or $1.46 per diluted common share for the nine months ended September 30, 2023.
The current nine months earnings equate to an annualized ROA of 0.87% and an annualized ROE of 9.49% compared to an annualized ROA of 1.01% and an annualized ROE of 10.72% for the nine months ended September 30, 2023.

For both the current quarter and nine months ended in 2024 as compared to the same periods in 2023, additional provision for credit loss expense contributed to the decrease of net income and was the result of increasing specific reserves on existing loans.
An increase in other income during both periods in 2024 as compared to the same periods in 2023 helped to offset the increased expense.

Total assets increased $21.2 million, or 5.7% on an annualized basis, to $519.9 million at September 30, 2024 compared to total assets of $498.7 million at December 31, 2023.
Total loans increased $13.6 million, or 4.9% on an annualized basis, to $384.3 million at September 30, 2024 compared to total loans of $370.7 million at December 31, 2023.
Total deposits increased $18.7 million, or 6.2% on an annualized basis, to $419.8 million at September 30, 2024 compared to $401.1 million at December 31, 2023.

Shareholders' equity increased $2.8 million to $49.2 million at September 30, 2024 compared to $46.4 million at December 31, 2023.
The book value of NIDB stock increased $0.93 to $20.46 per common share as of September 30, 2024, compared to $19.53 the previous quarter end.
The number of outstanding common shares was 2,403,696 as of September 30, 2024.

*All share data has been adjusted to reflect Northeast Indiana Bancorp, Inc.'s two-for-one stock split effective July 14, 2023.

Northeast Indiana Bancorp, Inc. is headquartered at 648 N. Jefferson Street, Huntington, Indiana.
The company offers a full array of banking and financial brokerage services to its customers through its main office in Huntington and seven full-service Indiana offices in Huntington (2), Warsaw (2) and Fort Wayne (3).
The Company is traded on the OTC Markets Group, Inc. ( ) utilizing the OTCQB platform under the symbol "NIDB".
Our web site address is .

This press release may contain forward-looking statements, which are based on management's current expectations regarding economic, legislative and regulatory issues.
Factors which may cause future results to vary materially include, but are not limited to, general economic conditions, changes in interest rates, loan demand, and competition.
Additional factors include changes in accounting principles, policies or guidelines; changes in legislation or regulation; and other economic, competitive, regulatory and technological factors affecting each company's operations, pricing, products and services.

NORTHEAST INDIANA BANCORP
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

		September 30,	December 31,	September 30,
Balance Sheet (Unaudited)	2024	2023	2023
			(Audited)
Assets
Non-interest earning cash and cash equivalents		$ 6,541,441	$ 4,304,296	$ 4,452,087
Interest-earning cash and cash equivalents		5,501,247	1,166,180	1,170,142
Total cash and cash equivalents		12,042,688	5,470,476	5,622,229
Interest-earning time deposits		4,520,000	4,320,000	4,324,000
Securities available for sale		75,040,367	76,228,755	72,562,496
Securities held to maturity		12,628,794	12,754,763	12,765,697
Loans held for sale		477,000	-	286,205
Loans, gross		390,627,340	375,992,822	363,830,115
Allowance for loan losses		(6,326,783)	(5,335,305)	(4,529,632)
Loans, net		384,300,557	370,657,517	359,300,483
Accrued interest receivable		2,485,615	2,354,636	2,238,906
Premises and equipment		7,930,946	7,366,169	7,075,694
FHLB Stock		2,835,000	2,227,500	2,182,500
Investment in limited partnerships		703,334	928,334	1,003,334
Cash surrender value of life insurance		12,075,427	11,751,653	11,675,890
Other assets		4,811,913	4,624,206	5,389,135
Total Assets		$ 519,851,641	$ 498,684,009	$ 484,426,569

Liabilities and Stockholders' Equity
Non-interest bearing deposits		$ 48,860,067	$ 54,764,981	$ 56,131,800
Interest bearing deposits		370,951,769	346,307,200	335,395,992
Borrowed funds		45,500,000	47,250,000	45,000,000
Accrued interest payable and other liabilities		5,355,964	3,941,438	4,049,508
Total Liabilities		470,667,800	452,263,619	440,577,300
Stockholders' equity		49,183,841	46,420,390	43,849,269
Total Liabilities and Stockholders' Equity		$ 519,851,641	$ 498,684,009	$ 484,426,569


		Three months ended		Nine months ended
		September 30,	June 30,	September 30,		September 30,	September 30,
Income Statement (Unaudited)	2024	2024	2023		2024	2023

Net interest income
Total interest income		$ 7,178,589	$ 7,082,107	$ 6,354,262		$ 20,990,629	$ 17,455,735
Total interest expense		3,369,314	3,318,155	2,610,737		9,792,811	6,632,701
Net interest income		3,809,275	3,763,952	3,743,525		11,197,818	10,823,034
Provision for credit loss expense
Loans		495,000	100,000	90,000		1,095,000	270,000
Off-balance sheet credit exposures		(45,000)	(25,000)	-		(70,000)	-
Total provision for credit loss expense		450,000	75,000	90,000		1,025,000	270,000
Net interest income after provision for loan losses		3,359,275	3,688,952	3,653,525		10,172,818	10,553,034

Non-interest income
Service charges on deposit accounts		174,619	175,044	184,111		528,332	549,989
Interchange fees		208,053	208,124	199,248		616,195	591,772
Loan servicing fees		63,117	98,161	102,753		270,986	306,526
Net gain on sale of loans		137,577	109,679	115,722		283,281	261,195
Brokerage fees		624	988	44,957		2,794	155,240
Increase in cash surrender value of life insurance		83,603	83,254	74,217		249,399	221,226
Other income		332,725	539,086	37,652		958,455	384,883
Total non-interest income		1,000,318	1,214,336	758,660		2,909,442	2,470,832

Non-interest expense
Salaries and employee benefits		1,652,277	1,637,218	1,604,968		4,929,765	4,972,918
Occupancy		390,467	363,586	330,735		1,109,104	1,041,135
Data processing		435,356	397,025	397,132		1,271,213	1,185,772
Deposit insurance premiums		75,000	88,000	46,000		237,000	151,500
Professional fees		179,392	171,275	173,208		454,680	427,468
Advertising and marketing fees		85,424	101,095	13,909		274,199	182,139
Correspondent bank charges		36,337	44,094	35,395		120,027	109,468
Other expense		273,585	332,658	386,385		947,739	923,389
Total non-interest expense		3,127,838	3,134,951	2,987,732		9,343,727	8,993,789

Income before income taxes		1,231,755	1,768,337	1,424,453		3,738,533	4,030,077
Income tax expense		214,410	174,809	193,172		405,471	511,659
Net income		$ 1,017,345	$ 1,593,528	$ 1,231,281		$ 3,333,062	$ 3,518,418

		Three months ended		Nine months ended
		September 30,	June 30,	September 30,		September 30,	September 30,
Selected Financial Ratios and Other Financial Data (Unaudited)	2024	2024	2023		2024	2023

Average shares outstanding - basic		2,387,823	2,401,499	2,402,070		2,398,109	2,401,809
Average shares outstanding - diluted		2,387,823	2,401,499	2,402,094		2,398,109	2,401,846
Basic earnings per share		$ 0.43	$ 0.66	$ 0.51		$ 1.39	$ 1.46
Diluted earnings per share		$ 0.43	$ 0.66	$ 0.51		$ 1.39	$ 1.46
Net interest margin		3.06 %	3.05 %	3.21 %		3.04 %	3.22 %
Return on average assets		0.79 %	1.24 %	1.02 %		0.87 %	1.01 %
Return on average equity		8.46 %	13.80 %	11.16 %		9.49 %	10.72 %
Efficiency ratio		65.03 %	62.97 %	66.36 %		66.23 %	67.65 %

Allowance for loan losses:
Balance, beginning of period		$ 5,885,564	$ 5,790,301	$ 4,508,446		$ 5,335,305	$ 3,996,619
Charge-offs:
One-to-four family		39,022	-	21,457		39,022	27,466
Commercial real estate		-	-	-		-	-
Land/land development		-	-	-		-	-
Commercial		-	-	-		-	-
Consumer		52,872	24,953	73,324		147,549	130,265
Gross charge-offs		91,894	24,953	94,781		186,571	157,731
Recoveries:
One-to-four family		1,523	-	586		1,523	586
Commercial real estate		-	-	-		-	-
Land/land development		-	-	-		-	-
Commercial		-	-	600		-	3,730
Consumer		36,590	20,216	24,781		81,526	66,428
Gross recoveries		38,113	20,216	25,967		83,049	70,744
Net charge-offs (recoveries)		53,781	4,737	68,814		103,522	86,987
CECL adjustment		-	-	-		-	350,000
Provision for loan losses		495,000	100,000	90,000		1,095,000	270,000
Balance, end of period		$ 6,326,783	$ 5,885,564	$ 4,529,632		$ 6,326,783	$ 4,529,632

Net loan charge-offs (recoveries) to average loans		0.06 %	0.00 %	0.08 %		0.04 %	0.03 %

		As of
		September 30,	June 30,	September 30,
Non-performing assets		2024	2024	2023
Loans:
Non-accrual		$ 4,551,701	$ 5,222,476	$ 3,667,841
Past 90 days or more and still accruing		-	-	-
Troubled debt restructured		507,797	524,970	524,970
Total non-performing loans		5,059,498	5,747,446	4,192,811
Real estate owned		-	-	-
Other repossessed assets		-	-	-
Total non-performing assets		$ 5,059,498	$ 5,747,446	$ 4,192,811

Non-performing assets to total assets		0.97 %	1.12 %	0.87 %
Non-performing loans to gross loans		1.30 %	1.49 %	1.15 %
Allowance for loan losses to non-performing loans		125.05 %	102.40 %	108.03 %
Allowance for loan losses to gross loans		1.62 %	1.53 %	1.24 %

Other financial ratios
Tangible common equity		9.46 %	9.23 %	9.05 %
Book value per share		$ 20.46	$ 19.53	$ 18.08
Common shares outstanding		2,403,696	2,417,283	2,425,670

(1) Ratios for three and nine-month periods are annualized
(2) All share data has been adjusted for the 2:1 stock split on July 14, 2023

SOURCE Northeast Indiana Bancorp, Inc.

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