{"id":475608,"date":"2021-04-13T09:03:58","date_gmt":"2021-04-13T13:03:58","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/northeast-indiana-bancorp-inc-announces-record-quarterly-earnings\/"},"modified":"2021-04-13T09:03:58","modified_gmt":"2021-04-13T13:03:58","slug":"northeast-indiana-bancorp-inc-announces-record-quarterly-earnings","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/northeast-indiana-bancorp-inc-announces-record-quarterly-earnings\/","title":{"rendered":"Northeast Indiana Bancorp, Inc. Announces Record Quarterly Earnings"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n HUNTINGTON, Ind.<\/span>, April 13, 2021<\/span> \/PRNewswire\/ — Northeast Indiana Bancorp, Inc., (OTCQB:\u00a0NIDB), the parent company of First Federal Savings Bank, has announced net income of $1.89 million<\/span> ($1.58<\/span> per diluted common share) for the first quarter ended March 31<\/span>, 2021.\u00a0 This earnings level was an increase of $860,000<\/span> or 83.2% when compared to earnings from the quarter ended March 31, 2020<\/span> of $1.03 million<\/span> ($0.86<\/span> per diluted common share).\u00a0 The current three months earnings equate to an annualized return on average assets (ROA) of 1.88% and a return on average equity (ROE) of 14.87% compared to an ROA of 1.16% and an ROE of 9.86% for the prior year quarter ended March 31<\/span>, 2020.\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n

\n

\n
\n \"(PRNewsfoto\/Northeast
\n <\/a>\n <\/p>\n<\/p><\/div>\n

Total assets increased $15.0 million<\/span> or 3.8% to $406.3 million<\/span> at March 31, 2021<\/span> compared to total assets of $391.3 million<\/span> at December 31<\/span>, 2020.\u00a0 Total loans increased $5.1 million<\/span> or 1.9% to $269.3 million<\/span> at March 31, 2021<\/span> compared to total loans of $264.2 million<\/span> at December 31<\/span>, 2020.\u00a0 Total deposits increased $17.7 million<\/span> or 6.0% to $314.7 million<\/span> at March 31, 2021<\/span> compared to $297.0 million<\/span> at December 31<\/span>, 2020.\u00a0 \u00a0\u00a0<\/p>\n

Shareholders’ equity increased $300,000<\/span> to $46.0 million<\/span> at March 31, 2021<\/span> compared to $45.7 million<\/span> at December 31<\/span>, 2020.\u00a0 The book value of NIDB stock increased $0.49<\/span> to $38.22<\/span> per common share as of March 31, 2021<\/span> compared to $37.73<\/span> at December 31<\/span>, 2030.\u00a0 The number of outstanding common shares was 1,202,985.\u00a0 The last reported trade of the stock on April 12, 2021<\/span> was $42.00<\/span> per common share. <\/p>\n

First Federal Savings Bank continued to be a source of strength to small business clients and non-profits in Northeast Indiana<\/span> during the quarter ended March 31<\/span>, 2021.\u00a0 The Bank participated in the SBA’s 2021 Paycheck Protection Program (“PPP”) and helped over 300 clients secure roughly $25 million<\/span> in PPP funding.\u00a0 We also continue to work with clients, who received PPP loans in 2020, on forgiveness applications.<\/p>\n

Northeast Indiana Bancorp, Inc. is headquartered at 648 N. Jefferson Street<\/span>, Huntington<\/span>, Indiana.\u00a0 The company offers a full array of banking and financial brokerage services to its customers through its main office in Huntington<\/span> and five full-service Indiana<\/span> offices in Huntington<\/span> (2), Warsaw<\/span> and Fort Wayne<\/span> (2).\u00a0 The Company is traded on the OTC Markets Group, Inc. (www.otcmarkets.com<\/a>) utilizing the OTCQB platform under the symbol “NIDB”.\u00a0 Our web site address is www.firstfedindiana.bank<\/a>. <\/p>\n

This press release may contain forward-looking statements, which are based on management’s current expectations regarding economic, legislative and regulatory issues.\u00a0 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.\u00a0 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.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n NORTHEAST INDIANA BANCORP<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n CONDENSED CONSOLIDATED FINANCIAL STATEMENTS<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n CONSOLIDATED STATEMENT OF FINANCIAL CONDITION<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n
\n ASSETS<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n

\n \u00a0<\/p>\n<\/td>\n

\n

\n
\n
\n March 31, <\/u>
\n <\/b>
\n <\/span>\n <\/p>\n

\n
\n
\n 2021<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n
\n December\u00a0 31,
2020<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest-earning cash and cash equivalents<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 14,118,528<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 12,397,471<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Noninterest earning cash and cash equivalents<\/span>\n <\/p>\n<\/td>\n

\n

\n 3,639,359<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,311,822<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0 Total cash and cash equivalents<\/span>\n <\/p>\n<\/td>\n

\n

\n 17,757,887<\/span>\n <\/p>\n<\/td>\n

\n

\n 14,709,293<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest-earning time deposits<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,946,000<\/span>\n <\/p>\n<\/td>\n

\n

\n 3,681,000<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Securities available for sale<\/span>\n <\/p>\n<\/td>\n

\n

\n 82,483,945<\/span>\n <\/p>\n<\/td>\n

\n

\n 78,418,462<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Securities held to maturity<\/span>\n <\/p>\n<\/td>\n

\n

\n 11,298,326<\/span>\n <\/p>\n<\/td>\n

\n

\n 9,442,271<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Loans held for sale<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,457,450<\/span>\n <\/p>\n<\/td>\n

\n

\n 137,000<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Loans receivable, net of allowance for loan loss March 31, 2021 $3,974,475 and December 31, 2020 $3,851,897<\/span>\n <\/p>\n<\/td>\n

\n

\u00a0<\/p>\n

\n 269,293,761<\/span>\n <\/p>\n<\/td>\n

\n

\u00a0<\/p>\n

\n 264,220,486<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Accrued interest receivable<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,514,335<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,516,929<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Premises and equipment<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,591,737<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,282,884<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Investments in limited liability partnerships<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,753,334<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,828,334<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Cash surrender value of life insurance<\/span>\n <\/p>\n<\/td>\n

\n

\n 10,136,074<\/span>\n <\/p>\n<\/td>\n

\n

\n 10,071,443<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other assets<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,035,848<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,969,048<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n \u00a0\u00a0\u00a0 Total Assets<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 406,268,697<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 391,277,150<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n LIABILITIES AND STOCKHOLDERS’ EQUITY<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Non-interest bearing deposits<\/span>\n <\/p>\n<\/td>\n

\n

\n 60,323,371<\/span>\n <\/p>\n<\/td>\n

\n

\n 46,257,438<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest bearing deposits<\/span>\n <\/p>\n<\/td>\n

\n

\n 254,331,424<\/span>\n <\/p>\n<\/td>\n

\n

\n 250,700,577<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Borrowed Funds<\/span>\n <\/p>\n<\/td>\n

\n

\n 41,093,101<\/span>\n <\/p>\n<\/td>\n

\n

\n 45,805,419<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Accrued interest payable and other liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n 4,540,509<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,852,005<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n \u00a0\u00a0\u00a0 Total Liabilities<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 360,288,405<\/span>\n <\/p>\n<\/td>\n

\n

\n 345,615,439<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Retained earnings \u2013 substantially restricted<\/span>\n <\/p>\n<\/td>\n

\n

\n 45,980,292<\/span>\n <\/p>\n<\/td>\n

\n

\n 45,661,711<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n \u00a0\u00a0\u00a0 Total Liabilities and Shareholders’ Equity<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 406,268,697<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 391,277,150<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n<\/tr>\n
\n

\n
\n CONSOLIDATED STATEMENTS OF INCOME<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Three Months Ended<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n March 31,<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n 2021<\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2020<\/u>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total interest income<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 3,984,611<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 3,772,563<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total interest expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 515,909<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 944,368<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0\u00a0 <\/i>Net interest income<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 3,468,702<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,828,195<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Provision for loan losses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 120,000<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 220,000<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Net interest income after provision for loan losses<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 3,348,702<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,608,195<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0\u00a0 Service charges on deposit accounts<\/i><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 150,822<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 186,039<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0\u00a0\u00a0 <\/b>
\n Interchange fees<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 157,127<\/span>\n <\/p>\n<\/td>\n

\n

\n 146,906<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0\u00a0\u00a0 <\/b>
\n Net gain on sale of loans<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 629,489<\/span>\n <\/p>\n<\/td>\n

\n

\n 277,171<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0\u00a0\u00a0 <\/b>
\n Net loss on sale of repossessed assets<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n (18,186)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0\u00a0\u00a0 <\/b>
\n Brokerage fees<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 77,337<\/span>\n <\/p>\n<\/td>\n

\n

\n 56,760<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0\u00a0\u00a0 <\/b>
\n Increase in cash surrender value of life insurance<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 64,631<\/span>\n <\/p>\n<\/td>\n

\n

\n 57,350<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0\u00a0\u00a0 <\/b>
\n Other income<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 148,302<\/span>\n <\/p>\n<\/td>\n

\n

\n 144,388<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total noninterest income<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,227,708<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 850,428<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0\u00a0 Salaries and employee benefits<\/i><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,130,162<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,296,191<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0\u00a0\u00a0 Occupancy<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 271,275<\/span>\n <\/p>\n<\/td>\n

\n

\n 245,504<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0\u00a0\u00a0 Data processing<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 324,992<\/span>\n <\/p>\n<\/td>\n

\n

\n 270,101<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0\u00a0\u00a0 Deposit insurance premiums<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 24,500<\/span>\n <\/p>\n<\/td>\n

\n

\n 20,000<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0\u00a0\u00a0 Professional fees<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 94,284<\/span>\n <\/p>\n<\/td>\n

\n

\n 64,436<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0\u00a0\u00a0 Advertising and marketing fees<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 56,597<\/span>\n <\/p>\n<\/td>\n

\n

\n 55,603<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0\u00a0\u00a0 Correspondent bank charges<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 25,604<\/span>\n <\/p>\n<\/td>\n

\n

\n 32,735<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0\u00a0\u00a0 Other expense<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 310,424<\/span>\n <\/p>\n<\/td>\n

\n

\n 269,671<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total noninterest expenses<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,237,838<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,254,241<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Income before income tax expenses<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,338,572<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,204,382<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Income tax expense <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 445,664<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 171,083<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net Income<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,892,908<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,033,299<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n

\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n<\/tr>\n
\n

\n
\n NORTHEAST INDIANA BANCORP<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n CONDENSED CONSOLIDATED FINANCIAL STATEMENTS<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Three Months Ended
<\/span>
\n March 31,<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n 2021<\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2020<\/u>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Basic Earnings per common share<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.58<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.86<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Dilutive Earnings per share<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.57<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.86<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net interest margin<\/span>\n <\/p>\n<\/td>\n

\n

\n 3.72%<\/span>\n <\/p>\n<\/td>\n

\n

\n 3.40%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Return on average assets<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.88%<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.16%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Return on average equity<\/span>\n <\/p>\n<\/td>\n

\n

\n 14.87%<\/span>\n <\/p>\n<\/td>\n

\n

\n 9.86%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Efficiency ratio<\/span>\n <\/p>\n<\/td>\n

\n

\n 47.65%<\/span>\n <\/p>\n<\/td>\n

\n

\n 61.28%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Average shares outstanding- primary<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,200,351<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,201,805<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Average shares outstanding- diluted<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,200,618<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,201,805<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0<\/p>\n

\n Allowance for loan losses:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0 Balance at beginning of period<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 3,851,897<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 3,191,605<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0 Charge-offs:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0 One-to-four family<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n 17,952<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0 Commercial real estate<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0 Land\/land development<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0 Commercial<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0 Consumer<\/span>\n <\/p>\n<\/td>\n

\n

\n 50,261<\/span>\n <\/p>\n<\/td>\n

\n

\n 33,443<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Gross charge-offs<\/span>\n <\/p>\n<\/td>\n

\n

\n 50,261<\/span>\n <\/p>\n<\/td>\n

\n

\n 51,395<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0 Recoveries:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0 One-to-four family<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,479<\/span>\n <\/p>\n<\/td>\n

\n

\n 903<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0 Commercial real estate<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0 Land\/land development<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0 Commercial<\/span>\n <\/p>\n<\/td>\n

\n

\n 390<\/span>\n <\/p>\n<\/td>\n

\n

\n 54,000<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0 Consumer<\/span>\n <\/p>\n<\/td>\n

\n

\n 50,969<\/span>\n <\/p>\n<\/td>\n

\n

\n 28,473<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Gross recoveries<\/span>\n <\/p>\n<\/td>\n

\n

\n 52,839<\/span>\n <\/p>\n<\/td>\n

\n

\n 83,376<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0 Net charge-offs\/(recoveries)<\/span>\n <\/p>\n<\/td>\n

\n

\n (2,578)<\/span>\n <\/p>\n<\/td>\n

\n

\n (31,981)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0 Additions charged to operations<\/span>\n <\/p>\n<\/td>\n

\n

\n 120,000<\/span>\n <\/p>\n<\/td>\n

\n

\n 220,000<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0 Balance at end of period<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 3,974,475<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 3,443,586<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net loan charge-offs \/ (recoveries)to average loans (1)<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.00%)<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.05%)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Nonperforming assets (000’s)<\/span>\n <\/p>\n<\/td>\n

\n

\n At March 31,<\/span>\n <\/p>\n<\/td>\n

\n

\n At December 31,<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0 Loans:<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2021<\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2020<\/u>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0 Non-accrual<\/span>\n <\/p>\n<\/td>\n

\n

\u00a0<\/p>\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 4,538<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,034<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0 Past 90 days or more and still accruing<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0 Troubled debt restructured<\/span>\n <\/p>\n<\/td>\n

\n

\n 364<\/span>\n <\/p>\n<\/td>\n

\n

\n 374<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Total nonperforming loans<\/span>\n <\/p>\n<\/td>\n

\n

\n 4,902<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,408<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0 Real estate owned<\/span>\n <\/p>\n<\/td>\n

\n

\n 5<\/span>\n <\/p>\n<\/td>\n

\n

\n 5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0 Other repossessed assets<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Total nonperforming assets<\/span>\n <\/p>\n<\/td>\n

\n

\u00a0<\/p>\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 4,907<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,413<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0Nonperforming assets to total assets<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.21%<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.38%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Nonperforming loans to total loans<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.79%<\/span>\n <\/p>\n<\/td>\n

\n

\n 2.02%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Allowance for loan losses to nonperforming loans<\/span>\n <\/p>\n<\/td>\n

\n

\n 81.07%<\/span>\n <\/p>\n<\/td>\n

\n

\n 71.23%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Allowance for loan losses to net loans receivable<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.48%<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.46%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n At March 31,<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n 2021<\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\u00a0<\/p>\n

\n
\n 2020<\/u>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Stockholders’ equity as a % of total assets<\/span>\n <\/p>\n<\/td>\n

\n

\n 11.32%<\/span>\n <\/p>\n<\/td>\n

\n

\n 11.81%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Book value per share<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a0 38.22<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a035.43<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Common shares outstanding- EOP<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,202,985<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,210,379<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

<\/p>\n

\n\n\n
\n

\n (1) Ratios for the three-month periods are annualized.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n

\u00a0<\/p>\n

<\/div>\n

\n \"Cision\" View original content to download multimedia:http:\/\/www.prnewswire.com\/news-releases\/northeast-indiana-bancorp-inc-announces-record-quarterly-earnings-301267542.html<\/a><\/p>\n

SOURCE Northeast Indiana Bancorp, Inc.<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire HUNTINGTON, Ind., April 13, 2021 \/PRNewswire\/ — Northeast Indiana Bancorp, Inc., (OTCQB:\u00a0NIDB), the parent company of First Federal Savings Bank, has announced net income of $1.89 million ($1.58 per diluted common share) for the first quarter ended March 31, 2021.\u00a0 This earnings level was an increase of $860,000 or 83.2% when compared to earnings from the quarter ended March 31, 2020 of $1.03 million ($0.86 per diluted common share).\u00a0 The current three months earnings equate to an annualized return on average assets (ROA) of 1.88% and a return on average equity (ROE) of 14.87% compared to an ROA of 1.16% and an ROE of 9.86% for the prior year quarter ended March 31, 2020.\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0 Total assets increased … <\/p>\n

Continue reading “Northeast Indiana Bancorp, Inc. Announces Record Quarterly Earnings”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-475608","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nNortheast Indiana Bancorp, Inc. Announces Record Quarterly Earnings - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/northeast-indiana-bancorp-inc-announces-record-quarterly-earnings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Northeast Indiana Bancorp, Inc. Announces Record Quarterly Earnings - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire HUNTINGTON, Ind., April 13, 2021 \/PRNewswire\/ — Northeast Indiana Bancorp, Inc., (OTCQB:\u00a0NIDB), the parent company of First Federal Savings Bank, has announced net income of $1.89 million ($1.58 per diluted common share) for the first quarter ended March 31, 2021.\u00a0 This earnings level was an increase of $860,000 or 83.2% when compared to earnings from the quarter ended March 31, 2020 of $1.03 million ($0.86 per diluted common share).\u00a0 The current three months earnings equate to an annualized return on average assets (ROA) of 1.88% and a return on average equity (ROE) of 14.87% compared to an ROA of 1.16% and an ROE of 9.86% for the prior year quarter ended March 31, 2020.\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0 Total assets increased … Continue reading "Northeast Indiana Bancorp, Inc. 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Announces Record Quarterly Earnings - Market Newsdesk","og_description":"PR Newswire HUNTINGTON, Ind., April 13, 2021 \/PRNewswire\/ — Northeast Indiana Bancorp, Inc., (OTCQB:\u00a0NIDB), the parent company of First Federal Savings Bank, has announced net income of $1.89 million ($1.58 per diluted common share) for the first quarter ended March 31, 2021.\u00a0 This earnings level was an increase of $860,000 or 83.2% when compared to earnings from the quarter ended March 31, 2020 of $1.03 million ($0.86 per diluted common share).\u00a0 The current three months earnings equate to an annualized return on average assets (ROA) of 1.88% and a return on average equity (ROE) of 14.87% compared to an ROA of 1.16% and an ROE of 9.86% for the prior year quarter ended March 31, 2020.\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0 Total assets increased … Continue reading \"Northeast Indiana Bancorp, Inc. 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