Friday, September 24th, 2021

NE Indiana Bancorp announces record earnings

Posted: Saturday, July 17, 2021

Northeast Indiana Bancorp, Inc. (OTCQB: NIDB), the parent company of First Federal Savings Bank, today announced net income for the six months ended June 30, 2021 increased by $1.34 million or 54.0% to $3.82 million ($3.19 per diluted common share) when compared to net income of $2.48 million ($2.06 per diluted common share) for the six months ended June 30, 2020.

The current six months earnings equate to an annualized ROA of 1.91% and a ROE of 15.70% compared to an annualized ROA of 1.31% and an annualized ROE of 11.58% for the six months ended June 30, 2020. The current earnings level represents record net income for any six-month period ended June 30 in the company’s history.

Net income also increased by $485,000 or 33.6% to $1.93 million ($1.61 per diluted common share) for the company’s second quarter ended June 30, 2021 when compared to net income of $1.44 million ($1.20 per diluted common share) for the second quarter ended June 30, 2020. 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 16.29% compared to an annualized ROA of 1.44% and a ROE of 13.24% for the three months ended June 30, 2020. The current quarterly earnings level represents record net income for any quarterly period in the company’s history.

Total assets increased $18.6 million or 4.8% to $409.9 million at June 30, 2021 compared to $391.3 million at December 31, 2020. Net loans increased $13.2 million or 5.0% to $277.4 million at June 30, 2021 compared to $264.2 million at December 31, 2020. Total deposits increased $13.1 million or 4.4% to $310.0 million at June 30, 2021 compared to $296.9 million at December 31, 2020. Shareholder’s equity increased $2.3 million or 5.0% to $48.0 million at June 30, 2021 compared to $45.7 million at December 31, 2020. The book value of NIDB’s stock was $39.87 per common share as of June 30, 2021. The number of outstanding common shares was 1,202,985 as of the same date. The last reported trade of the stock on July 13, 2021, was $43.00 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 six months ended June 30, 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 are now working with 2021 PPP clients on forgiveness applications.

Michael S. Zahn, president and CEO, commented “It gives me great pleasure to report record year to date and quarterly earnings to our shareholders. I’m incredibly proud to work with a talented team who continue to find ways to solve problems and deliver solutions to our clients with a personal touch. This is the essence of community banking.”