NORTHEAST INDIANA BANCORP, INC. ANNOUNCES FIRST QUARTER 2025 EARNINGS

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Apr 22, 2025, 17:54 ET

HUNTINGTON, Ind., April 22, 2025 /PRNewswire/ -- Northeast Indiana Bancorp, Inc., (OTCQB: NIDB), the parent company of First Federal Savings Bank, today announced net income of $1,059,000 ($0.44 per diluted common share) for the quarter ended March 31, 2025 compared to earnings from the quarter ended March 31, 2024 of $722,000 ($0.30 per diluted common share). The current three months earnings equate to an annualized return on average assets (ROA) of 0.80% and a return on average equity (ROE) of 8.71% compared to an ROA of 0.57% and an ROE of 6.26% for the quarter ended March 31, 2024.

Net interest income increased $512,000 in the first quarter of 2025 compared to the same period in 2024. Provision for credit loss expense was $620,000 for the 3 months ended March 31, 2025 compared to $500,000 for the 3 months ended March 31, 2024. Total non-interest income was $712,000 in the first quarter of 2025 compared $695,000 the same period in 2024. Total non-interest expense was $3 million for the 3 months ended March 31, 2025 as compared to $3.1 million for the 3 months ended March 31, 2024.

Total assets increased $20.3 million, or 15.6% on an annualized basis, to $542.6 million at March 31, 2025 compared to total assets of $522.3 million at December 31, 2024. Total loans increased $23.1 million, or 23.7% on an annualized basis, to $413.7 million at March 31, 2025 compared to total loans of $390.6 million at December 31, 2024. Total deposits increased $13.1 million, or 12.2% on an annualized basis, to $442.1 million at March 31, 2025 compared to $428.9 million at December 31, 2024.

Non-performing loans to gross loans were 1.24% as of March 31, 2025 compared to 1.84% as of March 31, 2024. The bank's allowance for credit losses to gross loans was 1.52% at the end of the first quarter of 2025 as compared to 1.50% at the end of the first quarter of 2024.

Shareholders' equity increased $1 million to $49.3 million at March 31, 2025 compared to $48.3 million at December 31, 2024. The book value of NIDB stock increased $0.43 to $20.57 per common share as of March 31, 2025 compared to $20.14 at December 31, 2024. The number of outstanding common shares was 2,397,496 as of March 31, 2025.

Northeast Indiana Bancorp, Inc. is headquartered at 648 N. Jefferson Street, Huntington, Indiana. The company offers a full array of banking and financial brokerage services to its customers through its main office in Huntington and seven full-service Indiana offices in Huntington (2), Warsaw (2) and Fort Wayne (3). The Company is traded on the OTC Markets Group, Inc. (www.otcmarkets.com) utilizing the OTCQB platform under the symbol "NIDB". Our web site address is www.firstfedindiana.bank.

This press release may contain forward-looking statements, which are based on management's current expectations regarding economic, legislative and regulatory issues. Factors which may cause future results to vary materially include, but are not limited to, general economic conditions, changes in interest rates, loan demand, and competition. Additional factors include changes in accounting principles, policies or guidelines; changes in legislation or regulation; and other economic, competitive, regulatory and technological factors affecting each company's operations, pricing, products and services.

NORTHEAST INDIANA BANCORP
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

	March 31,	December 31,	March 31,
Balance Sheet (Unaudited)	2025	2024	2024
		(Audited)
*Assets*
Non-interest earning cash and cash equivalents	$ 5,788,111	$ 3,754,395	$ 2,479,777
Interest-earning cash and cash equivalents	864,862	6,452,143	3,661,568
Total cash and cash equivalents	6,652,973	10,206,538	6,141,345
Interest-earning time deposits	3,410,000	4,275,000	4,520,000
Securities available for sale	76,415,124	74,789,791	76,768,514
Securities held to maturity	11,574,919	11,602,482	11,630,908
Loans held for sale	161,175	71,200	74,900
Loans, gross	420,051,989	397,334,479	385,129,684
Allowance for credit losses	(6,381,216)	(6,771,171)	(5,790,301)
Loans, net	413,670,773	390,563,308	379,339,383
Accrued interest receivable	2,367,992	2,237,407	2,455,724
Premises and equipment	7,884,632	7,907,303	7,752,161
FHLB Stock	2,835,000	2,835,000	2,835,000
Cash surrender value of life insurance	12,243,227	12,159,543	12,334,196
Other assets	5,420,798	5,676,203	5,508,735
Total Assets	$ 542,636,613	$ 522,323,775	$ 509,360,866

*Liabilities and Stockholders' Equity*
Non-interest bearing deposits	$ 50,913,707	$ 48,168,488	$ 50,297,770
Interest bearing deposits	391,154,920	380,771,626	353,098,422
Borrowed funds	46,300,000	41,000,000	56,000,000
Accrued interest payable and other liabilities	4,954,691	4,106,965	3,675,681
Total Liabilities	493,323,318	474,047,079	463,071,873
Stockholders' equity	49,313,295	48,276,696	46,288,993
Total Liabilities and Stockholders' Equity	$ 542,636,613	$ 522,323,775	$ 509,360,866


	Three months ended
	March 31,	December 31,	March 31,
Income Statement (Unaudited)	2025	2024	2024

*Net interest income*
Total interest income	$ 7,225,168	$ 7,243,589	$ 6,729,934
Total interest expense	3,087,649	3,275,092	3,105,342
Net interest income	4,137,519	3,968,497	3,624,592
*Provision for credit loss expense*
Loans	620,017	423,538	500,000
Off-balance sheet credit exposures	-	105,000	-
Total provision for credit loss expense	620,017	528,538	500,000
*Net interest income after provision for credit losses*	3,517,502	3,439,959	3,124,592

*Non-interest income*
Service charges on deposit accounts	157,638	176,311	178,670
Interchange fees	189,909	195,040	200,018
Loan servicing fees	116,046	69,887	109,708
Net gain on sale of loans	48,032	57,991	36,024
Increase in cash surrender value of life insurance	83,684	84,117	82,543
Other income	116,244	76,746	87,825
Total non-interest income	711,553	660,092	694,788

*Non-interest expense*
Salaries and employee benefits	1,646,304	1,529,333	1,640,271
Occupancy	432,190	365,647	355,051
Data processing	379,124	433,325	438,832
Deposit insurance premiums	82,500	57,000	74,000
Professional fees	134,494	167,477	104,013
Advertising and marketing fees	86,048	61,688	87,680
Correspondent bank charges	22,615	53,454	39,596
Other expense	262,123	458,329	341,495
Total non-interest expense	3,045,398	3,126,253	3,080,938

Income before income taxes	1,183,657	973,798	738,442
Income tax expense	124,696	1,341	16,252
Net income	$ 1,058,961	$ 972,457	$ 722,190

	Three months ended
	March 31,	December 31,	March 31,
Selected Financial Ratios and Other Financial Data (Unaudited)	2025	2024	2024

Average shares outstanding - basic	2,379,792	2,378,357	2,405,122
Average shares outstanding - diluted	2,379,792	2,378,357	2,405,122
Basic earnings per share	$ 0.44	$ 0.41	$ 0.30
Diluted earnings per share	$ 0.44	$ 0.41	$ 0.30
Net interest margin (1)	3.23 %	3.13 %	2.99 %
Return on average assets (1)	0.80 %	0.74 %	0.57 %
Return on average equity (1)	8.71 %	8.01 %	6.26 %
Efficiency ratio	62.80 %	67.54 %	71.33 %

*Allowance for credit losses:*
Balance, beginning of period	$ 6,771,171	$ 6,326,783	$ 5,335,305
Charge-offs:
One-to-four family	-	-	-
Commercial real estate	-	-	-
Land/land development	-	-	-
Commercial	959,749	20,441	-
Consumer	84,138	21,194	69,725
Gross charge-offs	1,043,887	41,635	69,725
Recoveries:
One-to-four family	3,247	39,022	-
Commercial real estate	-	-	-
Land/land development	-	-	-
Commercial	-	-	-
Consumer	30,668	23,463	24,721
Gross recoveries	33,915	62,485	24,721
Net charge-offs (recoveries)	1,009,972	(20,850)	45,004
Provision for credit losses	620,017	423,538	500,000
Balance, end of period	$ 6,381,216	$ 6,771,171	$ 5,790,301

Net loan charge-offs (recoveries) to average loans	0.99 %	-0.02 %	0.05 %

	As of
	March 31,	December 31,	March 31,
*Non-performing assets*	2025	2024	2024
Loans:
Non-accrual	$ 2,636,083	$ 5,031,555	$ 6,547,940
Past 90 days or more and still accruing	-	-	-
Troubled debt modification	2,573,342	926,960	524,970
Total non-performing loans	5,209,425	5,958,515	7,072,910
Real estate owned	-	-	-
Other repossessed assets	-	-	-
Total non-performing assets	$ 5,209,425	$ 5,958,515	$ 7,072,910

Non-performing assets to total assets	0.96 %	1.14 %	1.39 %
Non-performing loans to gross loans	1.24 %	1.50 %	1.84 %
Allowance for credit losses to non-performing loans	122.49 %	113.64 %	81.87 %
Allowance for credit losses to gross loans	1.52 %	1.70 %	1.50 %

*Other financial ratios*
Tangible common equity	9.09 %	9.24 %	9.09 %
Book value per share	$ 20.57	$ 20.14	$ 19.05
Common shares outstanding	2,397,496	2,397,496	2,429,698

(1) Ratios for three-month periods are annualized