Northeast IndianaBancorp, 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.
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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 endedJune 30, 2025, was$2.7 million, or$1.13per diluted common share, compared to net income of$2.3 million, or$0.96per diluted common share for the six months endedJune 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 endedJune 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)AssetsNon-interest earning cash and cash equivalents $ 8,145,996 $ 3,754,395 $ 4,440,307Interest-earning cash and cash equivalents 1,635,221 6,452,143 5,021,811Total cash and cash equivalents 9,781,217 10,206,538 9,462,118Interest-earning time deposits 2,430,000 4,275,000 4,520,000Securities available for sale 77,788,474 74,789,791 73,992,782Securities held to maturity 11,565,312 11,602,482 12,639,812Loans held for sale 1,427,550 71,200 409,800Loans, gross 429,166,850 397,334,479 384,550,364Allowance for credit losses (6,595,962) (6,771,171) (5,885,564)Loans, net 422,570,888 390,563,308 378,664,800Accrued interest receivable 2,244,388 2,237,407 2,610,719Premises and equipment 8,512,877 7,907,303 8,002,138FHLB Stock 2,835,000 2,835,000 2,835,000Cash surrender value of life insurance 12,328,409 12,159,543 11,991,604Other assets 5,357,208 5,676,203 6,231,375Total Assets $ 556,841,323 $ 522,323,775 $ 511,360,148Liabilities and Stockholders' EquityNon-interest bearing deposits $ 52,914,448 $ 48,168,488 $ 50,734,506Interest bearing deposits 401,819,546 380,771,626 361,582,411Borrowed funds 47,000,000 41,000,000 48,500,000Accrued interest payable and other liabilities 4,710,981 4,106,965 3,323,250Total Liabilities 506,444,975 474,047,079 464,140,167Stockholders' equity 50,396,348 48,276,696 47,219,981Total 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 2024Net interest incomeTotal interest income $ 7,730,639 $ 7,225,168 $ 7,082,107 $ 14,955,807 $ 13,812,041Total interest expense 3,267,904 3,087,649 3,318,155 6,355,553 6,423,497Net interest income 4,462,735 4,137,519 3,763,952 8,600,254 7,388,544Provision for credit loss expenseLoans 189,000 620,017 100,000 809,017 600,000Off-balance sheet credit exposures 11,000 – (25,000) 11,000 (25,000)Total provision for credit loss expense 200,000 620,017 75,000 820,017 575,000Net interest income after provision for credit losses 4,262,735 3,517,502 3,688,952 7,780,237 6,813,544Non-interest incomeService charges on deposit accounts 163,581 157,638 175,044 321,219 353,714Interchange fees 199,831 189,909 208,124 389,740 408,142Loan servicing fees 84,352 116,046 98,161 200,398 207,869Net gain on sale of loans 105,083 48,032 109,679 153,115 145,703Increase in cash surrender value of life insurance 85,181 83,684 83,254 168,865 165,797Other income 69,926 116,244 540,074 186,170 627,899Total non-interest income 707,954 711,553 1,214,336 1,419,507 1,909,124Non-interest expenseSalaries and employee benefits 1,710,384 1,646,304 1,637,218 3,356,688 3,277,489Occupancy 413,228 432,190 363,586 845,418 718,637Data processing 247,019 379,124 397,025 626,143 835,857Deposit insurance premiums 77,500 82,500 88,000 160,000 162,000Professional fees 163,484 134,494 171,275 297,978 275,288Advertising and marketing fees 86,020 86,048 101,095 172,068 188,775Correspondent bank charges 28,541 22,615 44,094 51,156 83,690Other expense 292,324 262,123 332,658 554,447 674,153Total non-interest expense 3,018,500 3,045,398 3,134,951 6,063,898 6,215,889Income before income taxes 1,952,189 1,183,657 1,768,337 3,135,846 2,506,779Income tax expense 311,483 124,696 174,809 436,179 191,061Net 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 2024Average shares outstanding – basic 2,380,896 2,379,792 2,401,499 2,380,342 2,403,311Average shares outstanding – diluted 2,380,896 2,379,792 2,401,499 2,380,342 2,403,311Basic earnings per share $ 0.69 $ 0.44 $ 0.66 $ 1.13 $ 0.96Diluted earnings per share $ 0.69 $ 0.44 $ 0.66 $ 1.13 $ 0.96Net 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 $ 5,335,305Charge-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 94,678Gross charge-offs 34,696 1,043,887 24,953 1,078,583 94,678Recoveries:One-to-four family – 3,247 – 3,247 -Commercial real estate – – – – -Land/land development – – – – -Commercial – – – – -Consumer 60,442 30,668 20,216 91,110 44,937Gross recoveries 60,442 33,915 20,216 94,357 44,937Net charge-offs (recoveries) (25,746) 1,009,972 4,737 984,226 49,741Provision for credit losses 189,000 620,017 100,000 809,017 600,000Balance, end of period $ 6,595,962 $ 6,381,216 $ 5,885,564 $ 6,595,962 $ 5,885,564Net 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 2024Loans:Non-accrual $ 6,230,450 $ 2,636,083 $ 5,222,476Past 90 days or more and still accruing – – -Troubled debt modification 2,551,651 2,573,342 524,970Total non-performing loans 8,782,101 5,209,425 5,747,446Real estate owned – – -Other repossessed assets – – -Total non-performing assets $ 8,782,101 $ 5,209,425 $ 5,747,446Non-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 ratiosTangible common equity 9.05% 9.09% 9.23%Book value per share $ 21.03 $ 20.57 $ 19.53Common shares outstanding 2,396,896 2,397,496 2,417,283(1) Ratios for three-month periods are annualized
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SOURCE Northeast Indiana Bancorp, Inc.
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