HUNTINGTON, Ind., Jan. 28, 2025 /PRNewswire/ -- Northeast Indiana Bancorp, Inc., (OTCQB: NIDB), the parent company of First Federal Savings Bank, today announced net income of $972,000 ($0.41 per diluted common share) for the fourth quarter ended December 31, 2024 compared to net income of $741,000 ($0.31 per diluted common share) for the fourth quarter ended December 31, 2023. The current quarter earnings equate to an annualized return on average assets (ROA) of 0.74% and an annualized return on average equity (ROE) of 8.01% compared to an annualized ROA of 0.60% and an annualized ROE of 6.75% for the fourth quarter ending December 31, 2023.
(PRNewsfoto/Northeast Indiana Bancorp, Inc.)
Net income for the year ended December 31, 2024, was $4.3 million, or $1.80 per diluted common share, compared to net income of $4.3 million, or $1.77 per diluted common share for the year ended December 31, 2023. The current year earnings equate to an annualized ROA of 0.84% and an annualized ROE of 9.13% compared to an annualized ROA of 0.90% and an annualized ROE of 9.72% for the year ended December 31, 2023.
Net interest income increased by $593,000, or 4.1%, compared to the prior year. Total provision for credit losses increased by $504,000, or 48%, in 2024 as compared to 2023, primarily due to increased specific reserves on existing loans. Non-interest income increased 11.3% in 2024 as compared to the prior year. Non-interest expense grew by 4.5% in 2024.
Total assets increased $23.6 million, or 4.7%, to $522.3 million at December 31, 2024 compared to total assets of $498.7 million at December 31, 2023. Total loans increased $19.9 million, or 5.4% on an annualized basis, to $390.6 million at December 31, 2024 compared to total loans of $370.7 million at December 31, 2023. Total deposits increased $27.8 million, or 6.9% on an annualized basis, to $428.9 million at December 31, 2024 compared to $401.1 million at December 31, 2023.
Shareholders' equity increased $1.9 million to $48.3 million at December 31, 2024 compared to $46.4 million at December 31, 2023. The book value of NIDB stock increased $0.99 to $20.14 per common share as of December 31, 2024, compared to $19.15 the previous year-end. The number of outstanding common shares was 2,397,496 as of December 31, 2024.
In the current year, Northeast Indiana Bancorp and First Federal Savings Bank have been recognized for its performance. First Federal Savings Bank was named to American Banker Magazine's Top 100 Community Banks for the 13th consecutive year. The publication qualifies banks for this listing if they have less than $2 billion in total assets and are publicly traded. First Federal Savings Bank came in at #96 on this year's list of the top 100 publicly traded community banks. The magazine ranked the institutions based on the profitability metric, Return on Average Equity, over a 3-year period. First Federal Savings Bank was one of only 3 banks from the state of Indiana to make this elite list.
In addition, Northeast Indiana Bancorp, Inc., the holding company for First Federal Savings Bank, maintained its position on the Dividend Champions List. To achieve Champion status, a company must increase its dividend payments to its shareholders for 25 consecutive years. Northeast Indiana Bancorp is one of 146 companies in the United States to achieve this status. With the latest dividend increase in the fourth quarter of 2024, Northeast Indiana Bancorp has increased dividends 30 years in a row.
Michael S. Zahn, President and CEO, commented, "We are proud of our performance in 2024 and the recognitions we have received. Our employees make a difference every day for the benefit of our customers and our communities. Our goal is to continue to enhance shareholder value and benefit the communities we serve."
*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. (www.otcmarkets.com) utilizing the OTCQB platform under the symbol "NIDB". Our web site address is www.firstfedindiana.bank.
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
December 31,
December 31,
Balance Sheet (Unaudited)
2024
2023
(Audited)
Assets
Non-interest earning cash and cash equivalents
$ 5,606,642
$ 4,304,296
Interest-earning cash and cash equivalents
4,599,896
1,166,180
Total cash and cash equivalents
10,206,538
5,470,476
Interest-earning time deposits
4,275,000
4,320,000
Securities available for sale
73,774,650
76,228,755
Securities held to maturity
12,617,624
12,754,763
Loans held for sale
71,200
-
Loans, gross
397,334,479
375,992,822
Allowance for credit losses
(6,771,171)
(5,335,305)
Loans, net
390,563,308
370,657,517
Accrued interest receivable
2,237,407
2,354,636
Premises and equipment
7,907,303
7,366,169
FHLB Stock
2,835,000
2,227,500
Investment in limited partnerships
628,334
928,334
Cash surrender value of life insurance
12,159,543
11,751,653
Other assets
5,047,868
4,624,206
Total Assets
$ 522,323,775
$ 498,684,009
Liabilities and Stockholders' Equity
Non-interest bearing deposits
$ 48,168,488
$ 54,764,981
Interest bearing deposits
380,771,626
346,307,200
Borrowed funds
41,000,000
47,250,000
Accrued interest payable and other liabilities
4,106,965
3,941,438
Total Liabilities
474,047,079
452,263,619
Stockholders' equity
48,276,696
46,420,390
Total Liabilities and Stockholders' Equity
$ 522,323,775
$ 498,684,009
Three months ended
Twelve months ended
December 31,
September 30,
December 31,
December 31,
December 31,
Income Statement (Unaudited)
2024
2024
2023
2024
2023
Net interest income
Total interest income
$ 7,243,589
$ 7,178,589
$ 6,702,608
$ 28,234,218
$ 24,158,344
Total interest expense
3,275,092
3,369,314
2,952,000
13,067,903
9,584,701
Net interest income
3,968,497
3,809,275
3,750,608
15,166,315
14,573,643
Provision for credit loss expense
Loans
423,538
495,000
825,000
1,518,538
1,095,000
Off-balance sheet credit exposures
105,000
(45,000)
(45,000)
35,000
(45,000)
Total provision for credit loss expense
528,538
450,000
780,000
1,553,538
1,050,000
Net interest income after provision for loan losses
3,439,959
3,359,275
2,970,608
13,612,777
13,523,643
Non-interest income
Service charges on deposit accounts
176,311
174,619
184,623
704,644
734,612
Interchange fees
195,040
208,053
195,918
811,235
787,690
Loan servicing fees
69,887
63,117
108,432
340,874
414,958
Net gain on sale of loans
57,991
137,577
67,979
341,272
329,174
Brokerage fees
298
624
29,086
3,091
184,326
Increase in cash surrender value of life insurance
84,117
83,603
75,763
333,516
296,990
Other income
76,448
332,725
73,390
1,034,940
458,274
Total non-interest income
660,092
1,000,318
735,191
3,569,572
3,206,024
Non-interest expense
Salaries and employee benefits
1,529,333
1,652,277
1,443,480
6,459,098
6,416,398
Occupancy
365,647
390,467
340,005
1,474,751
1,381,140
Data processing
433,325
435,356
387,894
1,704,538
1,573,667
Deposit insurance premiums
57,000
75,000
54,000
294,000
205,500
Professional fees
167,477
179,392
207,204
622,157
634,672
Advertising and marketing fees
61,688
85,424
129,495
335,887
311,634
Correspondent bank charges
53,454
36,337
39,288
173,480
148,756
Other expense
458,329
273,585
335,295
1,406,067
1,258,685
Total non-interest expense
3,126,253
3,127,838
2,936,661
12,469,978
11,930,452
Income before income taxes
973,798
1,231,755
769,138
4,712,371
4,799,215
Income tax expense
1,341
214,410
27,866
406,812
539,525
Net income
$ 972,457
$ 1,017,345
$ 741,272
$ 4,305,559
$ 4,259,690
Three months ended
Twelve months ended
December 31,
September 30,
December 31,
December 31,
December 31,
Selected Financial Ratios and Other Financial Data (Unaudited)
2024
2024
2023
2024
2023
Average shares outstanding - basic
2,378,357
2,387,823
2,401,584
2,393,143
2,401,745
Average shares outstanding - diluted
2,378,357
2,387,823
2,401,584
2,393,143
2,401,773
Basic earnings per share
$ 0.41
$ 0.43
$ 0.31
$ 1.80
$ 1.77
Diluted earnings per share
$ 0.41
$ 0.43
$ 0.31
$ 1.80
$ 1.77
Net interest margin
3.13 %
3.06 %
3.16 %
3.06 %
3.20 %
Return on average assets
0.74 %
0.79 %
0.60 %
0.84 %
0.90 %
Return on average equity
8.01 %
8.46 %
6.75 %
9.13 %
9.72 %
Efficiency ratio
67.54 %
65.03 %
65.47 %
66.56 %
67.10 %
Allowance for credit losses:
Balance, beginning of period
$ 6,326,783
$ 5,885,564
$ 4,529,631
$ 5,335,305
$ 3,996,619
Charge-offs:
One-to-four family
-
39,022
-
39,022
27,466
Commercial real estate
-
-
-
-
-
Land/land development
-
-
-
-
-
Commercial
20,441
-
-
20,441
-
Consumer
21,194
52,872
68,491
168,743
198,755
Gross charge-offs
41,635
91,894
68,491
228,206
226,221
Recoveries:
One-to-four family
39,022
1,523
10,664
40,544
11,249
Commercial real estate
-
-
-
-
-
Land/land development
-
-
-
-
-
Commercial
-
-
200
-
3,930
Consumer
23,463
36,590
38,301
104,990
104,728
Gross recoveries
62,485
38,113
49,165
145,534
119,907
Net charge-offs (recoveries)
(20,850)
53,781
19,326
82,672
106,314
CECL adjustment
-
-
-
-
350,000
Provision for loan losses
423,538
495,000
825,000
1,518,538
1,095,000
Balance, end of period
$ 6,771,171
$ 6,326,783
$ 5,335,305
$ 6,771,171
$ 5,335,305
Net loan charge-offs (recoveries) to average loans
-0.02 %
0.06 %
0.02 %
0.02 %
0.03 %
As of
December 31,
September 30,
December 31,
Non-performing assets
2024
2024
2023
Loans:
Non-accrual
$ 5,031,555
$ 4,551,701
$ 6,415,623
Past 90 days or more and still accruing
-
-
-
Troubled debt modification
926,960
507,797
524,970
Total non-performing loans
5,958,515
5,059,498
6,940,593
Real estate owned
-
-
-
Other repossessed assets
-
-
-
Total non-performing assets
$ 5,958,515
$ 5,059,498
$ 6,940,593
Non-performing assets to total assets
1.14 %
0.97 %
1.39 %
Non-performing loans to gross loans
1.50 %
1.30 %
1.85 %
Allowance for loan losses to non-performing loans
113.64 %
125.05 %
76.87 %
Allowance for loan losses to gross loans
1.70 %
1.62 %
1.42 %
Other financial ratios
Tangible common equity
9.24 %
9.46 %
9.31 %
Book value per share
$ 20.14
$ 20.46
$ 19.15
Common shares outstanding
2,397,496
2,403,696
2,423,698
(1) Ratios for three-month periods are annualized
(2) All share data has been adjusted for the 2:1 stock split on July 14, 2023.
