Friday, June 18th, 2021

NE Indiana Bancorp announces record earnings

Posted: Friday, April 16, 2021

Northeast Indiana Bancorp, Inc., (OTCQB: NIDB), 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. 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).

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. Total assets increased $15.0 million or 3.8% to $406.3 million at March 31, 2021 compared to total assets of $391.3 million at December 31, 2020.

Total loans increased $5.1 million or 1.9% to $269.3 million at March 31, 2021 compared to total loans of $264.2 million at December 31, 2020. Total deposits increased $17.7 million or 6.0% to $314.7 million at March 31, 2021 compared to $297.0 million at December 31, 2020.

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

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