NORTHEAST INDIANA BANCORP, INC. ANNOUNCES FIRST QUARTER 2023 EARNINGS

HUNTINGTON, Ind., April 21, 2023 /PRNewswire/ — Northeast Indiana Bancorp, Inc., (OTCQB:  NIDB), the parent company of First Federal Savings Bank, has announced net income of $1.17 million ($0.97 per diluted common share) for the first quarter ended March 31, 2023 compared to earnings from the quarter ended March 31, 2022 of $1.78 million ($1.49 per diluted common share).  The current three months earnings equate to an annualized return on average assets (ROA) of 1.04% and a return on average equity (ROE) of 10.75% compared to an ROA of 1.70% and an ROE of 15.07% for the prior year quarter ended March 31, 2022. The decline was related to the increase in interest expense compared to interest income due to the historic increase in interest rates, provision for loan loss expense due to the new CECL accounting standard and several investments made for the benefit of future growth.

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