NORTHEAST INDIANA BANCORP, INC. ANNOUNCES SECOND QUARTER 2025 EARNINGS

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Jul 22, 2025, 15:53 ET

HUNTINGTON, Ind., July 22, 2025 /PRNewswire/ -- Northeast Indiana Bancorp, Inc., (OTCQB: NIDB), the parent company of First Federal Savings Bank, today announced net income of $1,641,000 ($0.69 per diluted common share) for the quarter ended June 30, 2025 compared to earnings from the quarter ended June 30, 2024 of $1,594,000 ($0.66 per diluted common share). The current three months earnings equate to an annualized return on average assets (ROA) of 1.19% and a return on average equity (ROE) of 13.27% compared to an ROA of 1.24% and an ROE of 13.80% for the quarter ended June 30, 2024.

Net interest income increased $699,000 in the second quarter of 2025 compared to the same period in 2024. Provision for credit loss expense was $200,000 for the 3 months ended June 30, 2025 compared to $75,000 for the 3 months ended June 30, 2024. Total non-interest income was $708,000 in the second quarter of 2025 compared to $1.2 million the same period in 2024. Total non-interest expense was $3 million for the 3 months ended June 30, 2025 as compared to $3.1 million for the 3 months ended June 30, 2024.

Net income for the six months ended June 30, 2025, was $2.7 million, or $1.13 per diluted common share, compared to net income of $2.3 million, or $0.96 per diluted common share for the six months ended June 30, 2024. The current six months earnings equate to an annualized ROA of 1.00% and an annualized ROE of 11.02% compared to an annualized ROA of 0.91% and an annualized ROE of 10.01% for the six months ended June 30, 2024.

Total assets increased $34.5 million, or 13.3% on an annualized basis, to $556.8 million at June 30, 2025 compared to total assets of $522.3 million at December 31, 2024. Total gross loans increased $32 million, or 16.5% on an annualized basis, to $422.6 million at June 30, 2025 compared to total gross loans of $390.6 million at December 31, 2024. Total deposits increased $25.8 million, or 12.1% on an annualized basis, to $454.7 million at June 30, 2025 compared to $428.9 million at December 31, 2024.

Shareholders' equity increased $2.1 million to $50.4 million at June 30, 2025 compared to $48.3 million at December 31, 2024. The book value of NIDB stock increased $0.46 to $21.03 per common share as of June 30, 2025 compared to $20.57 at March 31, 2025. The number of outstanding common shares was 2,396,896 as of June 30, 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, INC.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

	June 30,	December 31,	June 30,
Balance Sheet (Unaudited)	2025	2024	2024
		(Audited)
*Assets*
Non-interest earning cash and cash equivalents	$ 8,145,996	$ 3,754,395	$ 4,440,307
Interest-earning cash and cash equivalents	1,635,221	6,452,143	5,021,811
Total cash and cash equivalents	9,781,217	10,206,538	9,462,118
Interest-earning time deposits	2,430,000	4,275,000	4,520,000
Securities available for sale	77,788,474	74,789,791	73,992,782
Securities held to maturity	11,565,312	11,602,482	12,639,812
Loans held for sale	1,427,550	71,200	409,800
Loans, gross	429,166,850	397,334,479	384,550,364
Allowance for credit losses	(6,595,962)	(6,771,171)	(5,885,564)
Loans, net	422,570,888	390,563,308	378,664,800
Accrued interest receivable	2,244,388	2,237,407	2,610,719
Premises and equipment	8,512,877	7,907,303	8,002,138
FHLB Stock	2,835,000	2,835,000	2,835,000
Cash surrender value of life insurance	12,328,409	12,159,543	11,991,604
Other assets	5,357,208	5,676,203	6,231,375
Total Assets	$ 556,841,323	$ 522,323,775	$ 511,360,148

*Liabilities and Stockholders' Equity*
Non-interest bearing deposits	$ 52,914,448	$ 48,168,488	$ 50,734,506
Interest bearing deposits	401,819,546	380,771,626	361,582,411
Borrowed funds	47,000,000	41,000,000	48,500,000
Accrued interest payable and other liabilities	4,710,981	4,106,965	3,323,250
Total Liabilities	506,444,975	474,047,079	464,140,167
Stockholders' equity	50,396,348	48,276,696	47,219,981
Total Liabilities and Stockholders' Equity	$ 556,841,323	$ 522,323,775	$ 511,360,148


	Three months ended			Six months ended
	June 30,	March 31,	June 30,	June 30,	June 30,
Income Statement (Unaudited)	2025	2025	2024	2025	2024

*Net interest income*
Total interest income	$ 7,730,639	$ 7,225,168	$ 7,082,107	$ 14,955,807	$ 13,812,041
Total interest expense	3,267,904	3,087,649	3,318,155	6,355,553	6,423,497
Net interest income	4,462,735	4,137,519	3,763,952	8,600,254	7,388,544
*Provision for credit loss expense*
Loans	189,000	620,017	100,000	809,017	600,000
Off-balance sheet credit exposures	11,000	-	(25,000)	11,000	(25,000)
Total provision for credit loss expense	200,000	620,017	75,000	820,017	575,000
*Net interest income after provision for credit losses*	4,262,735	3,517,502	3,688,952	7,780,237	6,813,544

*Non-interest income*
Service charges on deposit accounts	163,581	157,638	175,044	321,219	353,714
Interchange fees	199,831	189,909	208,124	389,740	408,142
Loan servicing fees	84,352	116,046	98,161	200,398	207,869
Net gain on sale of loans	105,083	48,032	109,679	153,115	145,703
Increase in cash surrender value of life insurance	85,181	83,684	83,254	168,865	165,797
Other income	69,926	116,244	540,074	186,170	627,899
Total non-interest income	707,954	711,553	1,214,336	1,419,507	1,909,124

*Non-interest expense*
Salaries and employee benefits	1,710,384	1,646,304	1,637,218	3,356,688	3,277,489
Occupancy	413,228	432,190	363,586	845,418	718,637
Data processing	247,019	379,124	397,025	626,143	835,857
Deposit insurance premiums	77,500	82,500	88,000	160,000	162,000
Professional fees	163,484	134,494	171,275	297,978	275,288
Advertising and marketing fees	86,020	86,048	101,095	172,068	188,775
Correspondent bank charges	28,541	22,615	44,094	51,156	83,690
Other expense	292,324	262,123	332,658	554,447	674,153
Total non-interest expense	3,018,500	3,045,398	3,134,951	6,063,898	6,215,889

Income before income taxes	1,952,189	1,183,657	1,768,337	3,135,846	2,506,779
Income tax expense	311,483	124,696	174,809	436,179	191,061
Net income	$ 1,640,706	$ 1,058,961	$ 1,593,528	$ 2,699,667	$ 2,315,718

	Three months ended			Six months ended
	June 30,	March 31,	June 30,	June 30,	June 30,
Selected Financial Ratios and Other Financial Data (Unaudited)	2025	2025	2024	2025	2024

Average shares outstanding - basic	2,380,896	2,379,792	2,401,499	2,380,342	2,403,311
Average shares outstanding - diluted	2,380,896	2,379,792	2,401,499	2,380,342	2,403,311
Basic earnings per share	$ 0.69	$ 0.44	$ 0.66	$ 1.13	$ 0.96
Diluted earnings per share	$ 0.69	$ 0.44	$ 0.66	$ 1.13	$ 0.96
Net interest margin (1)	3.35 %	3.23 %	3.05 %	3.29 %	3.02 %
Return on average assets (1)	1.19 %	0.80 %	1.24 %	1.00 %	0.91 %
Return on average equity (1)	13.27 %	8.71 %	13.80 %	11.02 %	10.01 %
Efficiency ratio	58.38 %	62.80 %	62.97 %	60.52 %	66.85 %

*Allowance for credit losses:*
Balance, beginning of period	$ 6,381,216	$ 6,771,171	$ 5,790,301	$ 6,771,171	$ 5,335,305
Charge-offs:
One-to-four family	-	-	-	-	-
Commercial real estate	-	-	-	-	-
Land/land development	-	-	-	-	-
Commercial	-	959,749	-	959,749	-
Consumer	34,696	84,138	24,953	118,834	94,678
Gross charge-offs	34,696	1,043,887	24,953	1,078,583	94,678
Recoveries:
One-to-four family	-	3,247	-	3,247	-
Commercial real estate	-	-	-	-	-
Land/land development	-	-	-	-	-
Commercial	-	-	-	-	-
Consumer	60,442	30,668	20,216	91,110	44,937
Gross recoveries	60,442	33,915	20,216	94,357	44,937
Net charge-offs (recoveries)	(25,746)	1,009,972	4,737	984,226	49,741
Provision for credit losses	189,000	620,017	100,000	809,017	600,000
Balance, end of period	$ 6,595,962	$ 6,381,216	$ 5,885,564	$ 6,595,962	$ 5,885,564

Net loan charge-offs (recoveries) to average loans	-0.02 %	0.99 %	0.00 %	0.47 %	0.03 %

	As of
	June 30,	March 31,	June 30,
*Non-performing assets*	2025	2025	2024
Loans:
Non-accrual	$ 6,230,450	$ 2,636,083	$ 5,222,476
Past 90 days or more and still accruing	-	-	-
Troubled debt modification	2,551,651	2,573,342	524,970
Total non-performing loans	8,782,101	5,209,425	5,747,446
Real estate owned	-	-	-
Other repossessed assets	-	-	-
Total non-performing assets	$ 8,782,101	$ 5,209,425	$ 5,747,446

Non-performing assets to total assets	1.58 %	0.96 %	1.12 %
Non-performing loans to gross loans	2.05 %	1.24 %	1.49 %
Allowance for credit losses to non-performing loans	75.11 %	122.49 %	102.40 %
Allowance for credit losses to gross loans	1.54 %	1.52 %	1.53 %

*Other financial ratios*
Tangible common equity	9.05 %	9.09 %	9.23 %
Book value per share	$ 21.03	$ 20.57	$ 19.53
Common shares outstanding	2,396,896	2,397,496	2,417,283

(1) Ratios for three-month periods are annualized