HUNTINGTON, IN - Northeast Indiana Bancorp (NASDAQ:NIDB) and WesBanco Inc. (NASDAQ:WSBC) have both reported a decrease in their annual earnings for 2023, highlighting challenges faced in the financial market. Northeast Indiana Bancorp disclosed annual earnings at $4.3 million with reduced earnings per diluted common share compared to $6.6 million in the prior year; this reflects a dip in both ROA to 0.90% and ROE to 9.72%.
Similarly, WesBanco announced lower revenues of $149.07 million—a decrease from the previous year by 5.4%—and an EPS of $0.55 against last year’s $0.84 but surpassed revenue estimates by +1.61%. The EPS was below expectations with a -3.51% surprise rate.
The downturn for NIDB has been attributed to margin pressures and increased provisions for loan losses, which they link to new accounting standards. WesBanco's stock performance has also sufferred, with the bank's shares experiencing a decline over the past month of -5.73%.
Despite these financial setbacks, Northeast Indiana Bancorp has found a silver lining. The bank was recognized by American Banker Magazine as one of the Top Community Banks. Additionally, NIDB has maintained its position on the Dividend Champions List, continuing its record of consecutive dividend increases, a sign of commitment to its shareholders even in challenging times.
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