NEIB announce 4th quarter earnings, dividends

Northeast Indiana Bancorp, Inc., (OTCQB: NIDB), the parent company of First Federal Savings Bank, announced net income of $972,000 ($0.41 per diluted common share) for the fourth quarter ended December 31, 2024 compared to net income of $741,000 ($0.31 per diluted common share) for the fourth quarter ended December 31, 2023. The current quarter earnings equate to an annualized return on average assets (ROA) of 0.74% and an annualized return on average equity (ROE) of 8.01% compared to an annualized ROA of 0.60% and an annualized ROE of 6.75% for the fourth quarter ending December 31, 2023.

Net income for the year ended December 31, 2024, was $4.3 million, or $1.80 per diluted common share, compared to net income of $4.3 million, or $1.77 per diluted common share for the year ended December 31, 2023. The current year earnings equate to an annualized ROA of 0.84% and an annualized ROE of 9.13% compared to an annualized ROA of 0.90% and an annualized ROE of 9.72% for the year ended December 31, 2023.

In the current year, Northeast Indiana Bancorp and First Federal Savings Bank have been recognized for its performance. First Federal Savings Bank was named to American Banker Magazine’s Top 100 Community Banks for the 13th consecutive year. The publication qualifies banks for this listing if they have less than $2 billion in total assets and are publicly traded. First Federal Savings Bank came in at #96 on this year’s list of the top 100 publicly traded community banks. The magazine ranked the institutions based on the profitability metric, Return on Average Equity, over a 3-year period. First Federal Savings Bank was one of only 3 banks from the state of Indiana to make this elite list.

The Company also announced a quarterly cash dividend of $0.18 per common share. This cash dividend will be payable on February 27, 2025, to common shareholders of record on February 13, 2025.

The book value of NIDB’s stock was $20.14 per common share as of December 31, 2024. The last reported trade of the Company’s stock at the close of business on January 28, 2025 was $18 per common share and the number of outstanding common shares was 2,397,496 as of the same date. The annualized dividend yield is currently 4.00% when annualizing the current quarter cash dividend of $0.18 per common share against the January 28, 2025 closing price of $18 per common share.

Michael S. Zahn, president and CEO, commented, “We are proud of our performance in 2024 and the recognitions we have received. Our employees make a difference every day for the benefit of our customers and our communities. Our goal is to continue to enhance shareholder value and benefit the communities we serve.”