Northeast Indiana Bancorp Reports Q3 2024 Financial Results
Northeast Indiana Bancorp, Inc. (OTCQB: NIDB), the parent company of First Federal Savings Bank, has announced its financial performance for the third quarter of 2024. The reported net income stood at $1.0 million, translating to $0.43 per diluted common share. This shows a decrease from the previous year's net income of $1.2 million, or $0.51 per diluted common share, during the same quarter in 2023.
Quarterly Financial Overview
Throughout the third quarter ending September 30, 2024, the company's annualized return on average assets (ROA) decreased to 0.79% compared to 1.02% from the same quarter in 2023. Similarly, the annualized return on average equity (ROE) fell to 8.46%, down from 11.16%. For the nine months ending September 30, 2024, net income totaled $3.3 million, or $1.39 per diluted common share, reflecting a dip from $3.5 million or $1.46 from the corresponding period of the previous year. The nine months ROA and ROE were 0.87% and 9.49%, respectively.
Factors Affecting Income
One of the significant contributors to the decline in net income was the additional provision for credit loss expense. This was brought on by rising specific reserves on existing loans. However, the increase in other income in both periods of 2024 compared to the same periods in 2023 helped ease some of the pressure from increased expenses.
Balance Sheet Highlights
Total assets for the company rose by $21.2 million, equating to a 5.7% annualized increase, reaching $519.9 million at the end of September 2024. This is up from total assets of $498.7 million as of December 31, 2023. The total loans also increased by $13.6 million, or 4.9% annualized, achieving a total of $384.3 million. Total deposits climbed by $18.7 million, showing a 6.2% annualized growth to $419.8 million, compared to $401.1 million at the end of the previous year.
Equity and Share Information
Shareholders' equity witnessed an increase of $2.8 million, amounting to $49.2 million by September 30, 2024, up from $46.4 million at the end of last year. The book value of NIDB stock showed an upward trend as well, rising to $20.46 per common share, compared to $19.53 at the previous quarter-end. As of the last reporting date, there were 2,403,696 outstanding common shares.
Company Overview
Northeast Indiana Bancorp, Inc. is dedicated to providing its customers with a comprehensive range of banking and financial brokerage services. It operates its main office and seven full-service Indiana locations. Additionally, it trades on the OTC Markets Group, Inc. under the symbol "NIDB".
Frequently Asked Questions
What is the net income for Northeast Indiana Bancorp for Q3 2024?
The net income for Q3 2024 was reported at $1.0 million, or $0.43 per diluted common share.
What led to the decrease in net income compared to Q3 2023?
The decrease was primarily influenced by an additional provision for credit loss expense alongside other increased expenses, despite the rise in other income.
How have total assets changed in 2024?
Total assets increased by $21.2 million, reaching $519.9 million by September 30, 2024.
What are the returns on assets and equity for the nine months ended in 2024?
The annualized returns were 0.87% for assets and 9.49% for equity for the nine-month period ending September 30, 2024.
How did the stock value of NIDB perform?
The book value of NIDB stock increased to $20.46 per common share as of September 30, 2024.