Northeast Indiana Bancorp, Inc., (OTCQB: NIDB), the parent company of First Federal Savings Bank, today announced net income of $1,793,000 ($0.76 per diluted common share) for the quarter ended September 30, 2025 compared to earnings from the quarter ended September 30, 2024 of $1,017,000 ($0.43 per diluted common share). The current three months earnings equate to an annualized return on average assets (ROA) of 1.29% and a return on average equity (ROE) of 13.95% compared to an ROA of 0.79% and an ROE of 8.46% for the quarter ended September 30, 2024.
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Net interest income increased $934,000 in the third quarter of 2025 compared to the same period in 2024. Total non-interest income was $660,000 in the third quarter of 2025 compared to $1,000,000 the same period in 2024. Total non-interest expense was $3,282,000 for the three months ended September 30, 2025 as compared to $3,128,000 for the three months ended September 30, 2024.
Net income for the nine months endedSeptember 30, 2025, was$4,492,000, or$1.89per diluted common share, compared to net income of$3,333,000, or$1.39per diluted common share for the nine months endedSeptember 30, 2024. The current nine months earnings equate to an annualized ROA of 1.10% and an annualized ROE of 12.02% compared to an annualized ROA of 0.87% and an annualized ROE of 9.49% for the nine months endedSeptember 30, 2024. Provision for credit loss expense was $785,000 for the nine months ended September 30, 2025 compared to $1,025,000 for the nine months ended September 30, 2025.
Total assets increased $36.7 million, or 9.4% on an annualized basis, to $559.1 million at September 30, 2025 compared to total assets of $522.3 million at December 31, 2024. Total net loans increased $35.1 million, or 12% on an annualized basis, to $425.7 million at September 30, 2025 compared to total net loans of $390.6 million at December 31, 2024. Total deposits increased $25.8 million, or 8.1% on an annualized basis, to $454.9 million at September 30, 2025 compared to $428.9 million at December 31, 2024.
Shareholders' equity increased $4.9 million to $53.2 million at September 30, 2025 compared to $48.3 million at December 31, 2024. The book value of NIDB stock increased $1.34 to $22.37 per common share as of September 30, 2025 compared to $21.03 at June 30, 2025. The number of outstanding common shares was 2,376,066 as of September 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 nine full-service Indiana offices in Huntington (3), Warsaw (2), Fort Wayne (3) and Roanoke (1). 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 September 30, December 31, September 30,Balance Sheet (Unaudited) 2025 2024 2024 (Audited)AssetsNon-interest earning cash and cash equivalents $ 6,289,092 $ 3,754,395 $ 6,541,441Interest-earning cash and cash equivalents 1,266,982 6,452,143 5,501,247Total cash and cash equivalents 7,556,074 10,206,538 12,042,688Interest-earning time deposits 2,205,000 4,275,000 4,520,000Securities available for sale 80,585,539 74,789,791 75,040,367Securities held to maturity 11,555,659 11,602,482 12,628,794Loans held for sale – 71,200 477,000Loans, gross 432,292,953 397,334,479 390,627,340Allowance for credit losses (6,608,476) (6,771,171) (6,326,783)Loans, net 425,684,477 390,563,308 384,300,557Accrued interest receivable 2,362,834 2,237,407 2,485,615Premises and equipment 8,643,854 7,907,303 7,930,946FHLB Stock 2,835,000 2,835,000 2,835,000Cash surrender value of life insurance 12,415,489 12,159,543 12,075,427Other assets 5,222,345 5,676,203 4,811,913Total Assets $ 559,066,271 $ 522,323,775 $ 519,851,641Liabilities and Stockholders' EquityNon-interest bearing deposits $ 51,808,470 $ 48,168,488 $ 48,860,067Interest bearing deposits 403,117,646 380,771,626 370,951,769Borrowed funds 46,500,000 41,000,000 45,500,000Accrued interest payable and other liabilities 4,488,383 4,106,965 5,355,964Total Liabilities 505,914,499 474,047,079 470,667,800Stockholders' equity 53,151,772 48,276,696 49,183,841Total Liabilities and Stockholders' Equity $ 559,066,271 $ 522,323,775 $ 519,851,641 Three months ended Nine months ended September 30, June 30, September 30, September 30, September 30,Income Statement (Unaudited) 2025 2025 2024 2025 2024Net interest incomeTotal interest income $ 8,055,361 $ 7,730,639 $ 7,178,589 $ 23,011,167 $ 20,990,629Total interest expense 3,311,854 3,267,904 3,369,314 9,667,407 9,792,811Net interest income 4,743,507 4,462,735 3,809,275 13,343,760 11,197,818Provision for credit loss expenseLoans – 189,000 495,000 809,017 1,095,000Off-balance sheet credit exposures (35,000) 11,000 (45,000) (24,000) (70,000)Total provision for credit loss expense (35,000) 200,000 450,000 785,017 1,025,000Net interest income after provision for credit losses 4,778,507 4,262,735 3,359,275 12,558,743 10,172,818Non-interest incomeService charges on deposit accounts 177,533 163,581 174,619 498,752 528,332Interchange fees 200,695 199,831 208,053 590,434 616,195Loan servicing fees 83,947 84,352 63,117 284,345 270,986Net gain on sale of loans 139,754 105,083 137,577 292,869 283,281Increase in cash surrender value of life insurance 87,080 85,181 83,603 255,945 249,399Net loss on sales of available-for-sale securities (119,062) – – (119,062) -Other income 89,595 69,926 333,349 275,789 961,249Total non-interest income 659,542 707,954 1,000,318 2,079,072 2,909,442Non-interest expenseSalaries and employee benefits 1,747,045 1,710,384 1,652,277 5,103,733 4,929,765Occupancy 439,253 413,228 390,467 1,284,671 1,109,104Data processing 385,504 247,019 435,356 1,011,648 1,271,213Deposit insurance premiums 75,000 77,500 75,000 235,000 237,000Professional fees 225,147 163,484 179,392 523,125 454,680Advertising and marketing fees 94,741 86,020 85,424 266,809 274,199Correspondent bank charges 29,436 28,541 36,337 80,592 120,027Other expense 285,664 292,324 273,585 840,132 947,739Total non-interest expense 3,281,790 3,018,500 3,127,838 9,345,710 9,343,727Income before income taxes 2,156,259 1,952,189 1,231,755 5,292,105 3,738,533Income tax expense 363,699 311,483 214,410 799,878 405,471Net income $ 1,792,560 $ 1,640,706 $ 1,017,345 $ 4,492,227 $ 3,333,062 Three months ended Nine months ended September 30, June 30, September 30, September 30, September 30,Selected Financial Ratios and Other Financial Data (Unaudited) 2025 2025 2024 2025 2024Average shares outstanding – basic 2,369,920 2,380,896 2,387,823 2,376,826 2,398,109Average shares outstanding – diluted 2,369,920 2,380,896 2,387,823 2,376,826 2,398,109Basic earnings per share $ 0.76 $ 0.69 $ 0.43 $ 1.89 $ 1.39Diluted earnings per share $ 0.76 $ 0.69 $ 0.43 $ 1.89 $ 1.39Net interest margin (1) 3.53% 3.35% 3.06% 3.37% 3.04%Return on average assets (1) 1.29% 1.19% 0.79% 1.10% 0.87%Return on average equity (1) 13.95% 13.27% 8.46% 12.02% 9.49%Efficiency ratio 60.74% 58.38% 65.03% 60.60% 66.23%Allowance for credit losses:Balance, beginning of period $ 6,595,962 $ 6,381,216 $ 5,885,564 $ 6,771,171 $ 5,335,305Charge-offs:One-to-four family – – 39,022 – 39,022Commercial real estate – – – – -Land/land development – – – – -Commercial – – – 959,749 -Consumer 21,485 34,696 52,872 140,319 147,549Gross charge-offs 21,485 34,696 91,894 1,100,068 186,571Recoveries:One-to-four family – – 1,523 3,247 1,523Commercial real estate – – – – -Land/land development – – – – -Commercial 1,705 – – 1,705 -Consumer 32,294 60,442 36,590 123,404 81,526Gross recoveries 33,999 60,442 38,113 128,356 83,049Net charge-offs (recoveries) (12,514) (25,746) 53,781 971,712 103,522Provision for credit losses – 189,000 495,000 809,017 1,095,000Balance, end of period $ 6,608,476 $ 6,595,962 $ 6,326,783 $ 6,608,476 $ 6,326,783Net loan charge-offs (recoveries) to average loans -0.01% -0.02% 0.06% 0.46% 0.04% As of September 30, June 30, September 30,Non-performing assets 2025 2025 2024Loans:Non-accrual $ 5,082,212 $ 6,230,450 $ 4,551,701Past 90 days or more and still accruing – – -Troubled debt modification 2,529,489 2,551,651 507,797Total non-performing loans 7,611,701 8,782,101 5,059,498Real estate owned – – -Other repossessed assets – – -Total non-performing assets $ 7,611,701 $ 8,782,101 $ 5,059,498Non-performing assets to total assets 1.36% 1.58% 0.97%Non-performing loans to gross loans 1.76% 2.05% 1.30%Allowance for credit losses to non-performing loans 86.82% 75.11% 125.05%Allowance for credit losses to gross loans 1.53% 1.54% 1.62%Other financial ratiosTangible common equity 9.51% 9.05% 9.46%Book value per share $ 22.37 $ 21.03 $ 20.46Common shares outstanding 2,376,066 2,396,896 2,403,696
(1) Ratios for three-month periods are annualized
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SOURCE Northeast Indiana Bancorp, Inc.
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