NORTHEAST INDIANA BANCORP, INC. ANNOUNCES FIRST QUARTER 2026 EARNINGS

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Apr 28, 2026, 18:27 ET

HUNTINGTON, Ind., April 28, 2026 /PRNewswire/ -- Northeast Indiana Bancorp, Inc., (OTCQB: NIDB), the parent company of First Federal Savings Bank, today announced net income of $1,599,000 ($0.68 per diluted common share) for the first quarter ended March 31, 2026 compared to net income of $1,059,000 ($0.44 per diluted common share) for the first quarter ended March 31, 2025. The current quarter earnings equate to an annualized return on average assets (ROA) of 1.14% and an annualized return on average equity (ROE) of 11.51% compared to an annualized ROA of 0.80% and an annualized ROE of 8.71% for the first quarter ending March 31, 2025.

Net interest income increased $615,000 in the first quarter of 2026 compared to the same period in 2025. Provision for credit loss expense decreased by $440,000 for the three months ended March 31, 2026 as compared to the same period in 2025. Total non-interest income was $664,000 in the first quarter of 2026 compared to $712,000 the same period in 2025. Total non-interest expense was $3,314,000 for the three months ended March 31, 2026 as compared to $3,045,000 for the three months ended March 31, 2025.

Total assets decreased $1.6 million, or -1.1% on an annualized basis, to $557.8 million at March 31, 2026 compared to total assets of $559.3 million at December 31, 2025. Total net loans decreased $4 million, or -3.8% on an annualized basis, to $421.2 million at March 31, 2026 compared to total loans of $425.3 million at December 31, 2025. Total deposits increased $2.3 million, or 2% on an annualized basis, to $458.1 million at March 31, 2026 compared to $455.8 million at December 31, 2025.

Shareholders' equity increased $1 million to $55.9 million at March 31, 2026 compared to $54.9 million at December 31, 2025. The book value of NIDB stock increased $0.44 to $23.63 per common share as of March 31, 2026, compared to $23.19 at December 31, 2025. The number of outstanding common shares was 2,366,342 as of March 31, 2026.

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 nine full-service Indiana offices in Huntington (3), Warsaw (2), Fort Wayne (3) and Roanoke (1). The Company trades on the OTC Markets Group, Inc. (www.otcmarkets.com) utilizing the OTCQB platform under the symbol "NIDB". Our web site address is http://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, INC.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

	March 31,	December 31,	March 31,
Balance Sheet (Unaudited)	2026	2025	2025
		(Audited)
*Assets*
Non-interest earning cash and cash equivalents	$ 6,351,855	$ 3,894,280	$ 5,788,111
Interest-earning cash and cash equivalents	2,204,261	3,185,624	864,862
Total cash and cash equivalents	8,556,116	7,079,904	6,652,973
Interest-earning time deposits	1,470,000	1,470,000	3,410,000
Securities available for sale	82,859,596	82,257,908	76,415,124
Securities held to maturity	11,262,766	11,545,964	11,574,919
Loans held for sale	1,011,300	81,200	161,175
Loans, gross	428,007,169	431,869,990	420,051,989
Allowance for credit losses	(6,769,202)	(6,593,425)	(6,381,216)
Loans, net	421,237,967	425,276,565	413,670,773
Accrued interest receivable	2,518,677	2,574,430	2,367,992
Premises and equipment	8,559,892	8,669,720	7,884,632
FHLB Stock	2,835,000	2,835,000	2,835,000
Cash surrender value of life insurance	12,589,518	12,502,813	12,243,227
Other assets	4,878,245	5,040,484	5,420,798
Total Assets	$ 557,779,077	$ 559,333,988	$ 542,636,613

*Liabilities and Stockholders' Equity*
Non-interest bearing deposits	$ 57,470,437	$ 51,188,798	$ 50,913,707
Interest bearing deposits	400,631,576	404,656,646	391,154,920
Borrowed funds	39,500,000	44,400,000	46,300,000
Accrued interest payable and other liabilities	4,254,597	4,173,430	4,954,691
Total Liabilities	501,856,610	504,418,874	493,323,318
Stockholders' equity	55,922,467	54,915,114	49,313,295
Total Liabilities and Stockholders' Equity	$ 557,779,077	$ 559,333,988	$ 542,636,613


	Three months ended
	March 31,	December 31,	March 31,
Income Statement (Unaudited)	2026	2025	2025

*Net interest income*
Total interest income	$ 7,709,470	$ 7,936,531	$ 7,225,168
Total interest expense	2,957,337	3,129,838	3,087,649
Net interest income	4,752,133	4,806,693	4,137,519
*Provision for credit loss expense*
Loans	180,000	-	620,017
Off-balance sheet credit exposures	-	(45,000)	-
Total provision for credit loss expense	180,000	(45,000)	620,017
*Net interest income after provision for credit losses*	4,572,133	4,851,693	3,517,502

*Non-interest income*
Service charges on deposit accounts	154,065	171,625	157,638
Interchange fees	191,099	192,598	189,909
Loan servicing fees	90,249	80,392	116,046
Net gain on sale of loans	72,002	116,150	48,032
Net loss on sale of repossessed assets	-	-	-
Increase in cash surrender value of life insurance	86,704	87,324	83,684
Net loss on sales of available-for-sale securities	-	(128,680)	-
Other income	69,419	91,726	116,244
Total non-interest income	663,538	611,135	711,553

*Non-interest expense*
Salaries and employee benefits	1,810,242	1,712,322	1,646,304
Occupancy	450,576	426,660	432,190
Data processing	421,678	474,230	379,124
Deposit insurance premiums	86,250	79,082	82,500
Professional fees	176,544	238,807	134,494
Advertising and marketing fees	86,064	102,299	86,048
Correspondent bank charges	31,528	27,605	22,615
Other expense	251,131	271,799	262,123
Total non-interest expense	3,314,013	3,332,804	3,045,398

Income before income taxes	1,921,658	2,130,024	1,183,657
Income tax expense	323,117	355,997	124,696
Net income	$ 1,598,541	$ 1,774,027	$ 1,058,961

	Three months ended
	March 31,	December 31,	March 31,
Selected Financial Ratios and Other Financial Data (Unaudited)	2026	2025	2025

Average shares outstanding - basic	2,355,016	2,358,273	2,379,792
Average shares outstanding - diluted	2,355,370	2,358,405	2,379,792
Basic earnings per share	$ 0.68	$ 0.75	$ 0.44
Diluted earnings per share	$ 0.68	$ 0.75	$ 0.44
Net interest margin	3.51 %	3.56 %	3.23 %
Return on average assets	1.14 %	1.27 %	0.80 %
Return on average equity	11.51 %	13.14 %	8.71 %
Efficiency ratio	61.19 %	61.52 %	62.80 %

*Allowance for credit losses:*
Balance, beginning of period	$ 6,593,425	$ 6,608,476	$ 6,771,171
Charge-offs:
One-to-four family	-	-	-
Commercial real estate	-	-	-
Land/land development	-	-	-
Commercial	-	-	959,749
Consumer	52,729	27,845	84,138
Gross charge-offs	52,729	27,845	1,043,887
Recoveries:
One-to-four family	-	-	3,247
Commercial real estate	-	-	-
Land/land development	-	-	-
Commercial	-	-	-
Consumer	48,506	12,794	30,668
Gross recoveries	48,506	12,794	33,915
Net charge-offs (recoveries)	4,223	15,051	1,009,972
Provision for credit losses	180,000	-	620,017
Balance, end of period	$ 6,769,202	$ 6,593,425	$ 6,381,216

Net loan charge-offs (recoveries) to average loans	0.00 %	0.01 %	0.99 %

	As of
	March 31,	December 31,	March 31,
*Non-performing assets*	2026	2025	2025
Loans:
Non-accrual	$ 8,138,245	$ 5,447,240	$ 2,636,083
Past 90 days or more and still accruing	-	-	-
Troubled debt modification	2,584,342	2,529,489	2,573,342
Total non-performing loans	10,722,587	7,976,729	5,209,425
Real estate owned	-	-	-
Other repossessed assets	-	-	-
Total non-performing assets	$ 10,722,587	$ 7,976,729	$ 5,209,425

Non-performing assets to total assets	1.92 %	1.43 %	0.96 %
Non-performing loans to gross loans	2.51 %	1.85 %	1.24 %
Allowance for credit losses to non-performing loans	63.13 %	82.66 %	122.49 %
Allowance for credit losses to gross loans	1.58 %	1.53 %	1.52 %

*Other financial ratios*
Tangible common equity	10.03 %	9.82 %	9.09 %
Book value per share	$ 23.63	$ 23.19	$ 20.57
Common shares outstanding	2,366,342	2,367,741	2,397,496

(1) Ratios for three-month periods are annualized