NORTHEAST INDIANA BANCORP, INC. ANNOUNCES SECOND QUARTER 2024 EARNINGS

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HUNTINGTON, Ind., July 19, 2024 /PRNewswire/ -- Northeast Indiana Bancorp, Inc., (OTCQB:  NIDB), the parent company of First Federal Savings Bank, today announced net income of $1.6 million ($0.66 per diluted common share) for the second quarter ended June 30, 2024 compared to net income of $1.1 million ($0.46 per diluted common share) for the second quarter ended June 30, 2023.  The current quarter earnings equate to an annualized return on average assets (ROA) of 1.24% and an annualized return on average equity (ROE) of 13.80% compared to an annualized ROA of 0.96% and an annualized ROE of 10.16% for the second quarter ending June 30, 2023.  An increase in other non-interest income of $263,000 during the second quarter 2024 as compared to the same period in 2023 contributed to the increase of net income.

(PRNewsfoto/Northeast Indiana Bancorp, Inc.)
(PRNewsfoto/Northeast Indiana Bancorp, Inc.)

Net income for the six months ended June 30, 2024, was $2.3 million, or $0.96 per diluted common share, compared to net income of $2.3 million, or $0.95 per diluted common share for the six months ended June 30, 2023.  The current six months earnings equate to an annualized ROA of 0.91% and an annualized ROE of 10.01% compared to an annualized ROA of 1.00% and an annualized ROE of 10.46% for the six months ended June 30, 2023.  The bank has been able to maintain overhead expenses at a steady level, experiencing only a 3.33% increase during the first six months of 2024 as compared to the same time period in 2023.

Total assets increased $12.7 million, or 5.1% on an annualized basis, to $511.4 million at June 30, 2024 compared to total assets of $498.7 million at December 31, 2023.  Total loans increased $8.0 million, or 4.3% on an annualized basis, to $378.7 million at June 30, 2024 compared to total loans of $370.7 million at December 31, 2023.  Total deposits increased $11.2 million, or 5.6% on an annualized basis, to $412.3 million at June 30, 2024 compared to $401.1 million at December 31, 2023. 

Shareholders' equity increased $800,000 to $47.2 million at June 30, 2024 compared to $46.4 million at December 31, 2023.  The book value of NIDB stock increased $0.48 to $19.53 per common share as of June 30, 2024, compared to $19.05 the previous quarter end.  The number of outstanding common shares was 2,417,283 as of June 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. (www.otcmarkets.com) utilizing the OTCQB platform under the symbol "NIDB".  Our web site address is www.firstfedindiana.bank.