NE Indiana Bancorp announces record earnings

Northeast Indiana Bancorp, Inc., (OTCQB: NIDB), the parent company of First Federal Savings Bank (FFSB), announced earnings increased $1.7 million, or 30.3% to $7.3 million ($6.08 per diluted common share) for the full year 2021 when compared to full year 2020 earnings of $5.6 million ($4.64 per diluted common share). The 2021 annual earnings represent the highest earnings level ever recorded for the company. The full year 2021 earnings equal a return on average assets of 1.77% and a return on average equity of 15.31% compared to an ROA of 1.44% and an ROE of 12.63% for the full year 2020.

Total assets increased $26.4 million, or 6.7% to $417.7 million at December 31, 2021 compared to December 31, 2020 assets of $391.3 million. Total net loans increased $10.0 million, or 3.8% to $274.3 million at December 31, 2021 from $264.2 million at December 31, 2020. Total deposits increased $45.0 million, or 15.2% to $341.9 million at December 31, 2021 from $297.0 million at December 31, 2020. Total borrowings decreased $22.8 million, or 49.8% to $23.0 million at December 31, 2021 compared to December 31, 2020 borrowings of $45.8 million.

The company paid out cash dividends of $2.9 million to shareholders during the year ended December 31, 2021 including roughly $1.5 million from a special cash dividend ($1.25 per common share) that was paid to shareholders in December 2021 for the 7th year in a row of special cash dividends. The book value of NIDB stock increased to $40.49 per common share as of December 31, 2021 from $37.73 per common share as of December 31, 2020. The company’s stock closed at $47.00 per common share on December 31, 2021.

First Federal Savings Bank president and CEO Michael S. Zahn stated, “2021 continued to be challenging as the pandemic lingers. I am proud to work side-by-side with our FFSB team who continues to step up to the challenges to serve our customers and our communities.” Zahn continues, “FFSB was able to achieve record earnings while helping commercial customers secure much needed relief, allowing homeowners to obtain low interest rate mortgages and providing financial services to help our communities.”

First Federal Savings Bank was a source of strength to small business clients and non-profits in Northeast Indiana during 2021 and 2020. The bank participated in the SBA’s Paycheck Protection Program (“PPP”) and helped over 800 clients receive roughly $68.7 million in PPP funding.

The company also announced quarterly earnings for the three months ended December 31, 2021 increased by $61,000, or 4.1% to $1.54 million ($1.28 per diluted common share) when compared to earnings for the three months ended December 31, 2020 of $1.48 million ($1.23 per diluted common shares). The current quarter’s earnings equal a ROA of 1.43% and an ROE of 12.57% compared to an ROA of 1.49% and an ROE of 12.90% for the prior year quarter ended December 31, 2020.

Their web site address is www.firstfedindiana.bank.