Northeast Indiana Bancorp, Inc., (OTCQB: NIDB), the parent company of First Federal Savings Bank, today announced net income of $1,774,000 ($0.75 per diluted common share) for the fourth quarter ended December 31, 2025 compared to net income of $972,000 ($0.41 per diluted common share) for the fourth quarter ended December 31, 2024. The current quarter earnings equate to an annualized return on average assets (ROA) of 1.27% and an annualized return on average equity (ROE) of 13.14% compared to an annualized ROA of 0.74% and an annualized ROE of 8.01% for the fourth quarter ending December 31, 2024.
Net interest income increased $838,000 in the fourth quarter of 2025 compared to the same period in 2024. Provision for credit loss expense decreased by $574,000 for the three months ended December 31, 2025 as compared to the same period in 2024. Total non-interest income was $611,000 in the fourth quarter of 2025 compared to $660,000 the same period in 2024. Total non-interest expense was $3,333,000 for the three months ended December 31, 2025 as compared to $3,126,000 for the three months ended December 31, 2024.
Net income for the year ended December 31, 2025, was $6.3 million, or $2.64 per diluted common share, compared to net income of $4.3 million, or $1.80 per diluted common share for the year ended December 31, 2024. The current year earnings equate to an annualized ROA of 1.14% and an annualized ROE of 12.32% compared to an annualized ROA of 0.84% and an annualized ROE of 9.13% for the year ended December 31, 2024.
Total assets increased $37 million, or 7%, to $559.3 million at December 31, 2025 compared to total assets of $522.3 million at December 31, 2024. Total net loans increased $34.7 million, or 8.9%, to $425.3 million at December 31, 2025 compared to total loans of $390.6 million at December 31, 2024. Total deposits increased $26.9 million, or 6.3% on an annualized basis, to $455.8 million at December 31, 2025 compared to $428.9 million at December 31, 2024.
Shareholders’ equity increased $6.6 million to $54.9 million at December 31, 2025 compared to $48.3 million at December 31, 2024. The book value of NIDB stock increased $3.05 to $23.19 per common share as of December 31, 2025, compared to $20.14 the previous year-end. The number of outstanding common shares was 2,367,741 as of December 31, 2025.
Additionally, Northeast Indiana Bancorp, Inc. maintained its position on the Dividend Champions List. To achieve Champion status, a company must increase its dividend payments to its shareholders for 25 consecutive years. Northeast Indiana Bancorp, Inc. is one of 146 companies in the United States to achieve this status. With the latest dividend increase in the fourth quarter of 2025, Northeast Indiana Bancorp has increased dividends 31 years in a row.
Michael S. Zahn, President and CEO, commented, “I am very pleased with our financial performance in 2025. Our team does an amazing job serving our customers and our communities. I am optimistic that we will continue to meet the expectations of our customers and shareholders while helping to make the communities which we serve the best versions of themselves.”
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 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
December 31, December 31,
Balance Sheet (Unaudited) 2025 2024
(Audited)
Assets
Non-interest earning cash and cash equivalents $3,894,280 $3,754,395
Interest-earning cash and cash equivalents 3,185,624 6,452,143
Total cash and cash equivalents 7,079,904 10,206,538
Interest-earning time deposits 1,470,000 4,275,000
Securities available for sale 82,257,908 74,789,791
Securities held to maturity 11,545,964 11,602,482
Loans held for sale 81,200 71,200
Loans, gross 431,869,990 397,334,479
Allowance for credit losses (6,593,425) (6,771,171)
Loans, net 425,276,565 390,563,308
Accrued interest receivable 2,574,430 2,237,407
Premises and equipment 8,669,720 7,907,303
FHLB Stock 2,835,000 2,835,000
Cash surrender value of life insurance 12,502,813 12,159,543
Other assets 5,040,484 5,676,203
Total Assets $559,333,988 $522,323,775
Liabilities and Stockholders' Equity
Non-interest bearing deposits $51,188,798 $48,168,488
Interest bearing deposits 404,656,646 380,771,626
Borrowed funds 44,400,000 41,000,000
Accrued interest payable and other liabilities 4,173,430 4,106,965
Total Liabilities 504,418,874 474,047,079
Stockholders' equity 54,915,114 48,276,696
Total Liabilities and Stockholders' Equity $559,333,988 $522,323,775
Three months ended
Twelve months ended
December 31, September 30, December 31, December 31, December 31,
Income Statement (Unaudited) 2025 2025 2024 2025 2024
Net interest income
Total interest income $7,936,531 $8,055,361 $7,243,589 $30,947,699 $28,234,218
Total interest expense 3,129,838 3,311,854 3,275,092 12,797,245 13,067,903
Net interest income 4,806,693 4,743,507 3,968,497 18,150,454 15,166,315
Provision for credit loss expense
Loans 423,538 809,017 1,518,538
Off-balance sheet credit exposures (45,000) (35,000) 105,000 (69,000) 35,000
Total provision for credit loss expense (45,000) (35,000) 528,538 740,017 1,553,538
Net interest income after provision for credit losses 4,851,693 4,778,507 3,439,959 17,410,437 13,612,777
Non-interest income
Service charges on deposit accounts 171,625 177,533 176,311 670,377 704,644
Interchange fees 192,598 200,695 195,040 783,032 811,235
Loan servicing fees 80,392 83,947 69,887 364,737 340,874
Net gain on sale of loans 116,150 139,754 57,991 409,019 341,272
Increase in cash surrender value of life insurance 87,324 87,080 84,117 343,270 333,516
Net loss on sales of available-for-sale securities (128,680) (119,062) (247,720)
Other income 91,726 89,595 76,746 367,468 1,038,031
Total non-interest income 611,135 659,542 660,092 2,690,183 3,569,572
Non-interest expense
Salaries and employee benefits 1,712,322 1,747,045 1,529,333 6,816,055 6,459,098
Occupancy 426,660 439,253 365,647 1,711,332 1,474,751
Data processing 474,230 385,504 433,325 1,485,877 1,704,538
Deposit insurance premiums 79,082 75,000 57,000 314,082 294,000
Professional fees 238,807 225,147 167,477 761,932 622,157
Advertising and marketing fees 102,299 94,741 61,688 369,108 335,887
Correspondent bank charges 27,605 29,436 53,454 108,197 173,480
Other expense 271,799 285,664 458,329 1,111,908 1,406,067
Total non-interest expense 3,332,804 3,281,790 3,126,253 12,678,491 12,469,978
Income before income taxes 2,130,024 2,156,259 973,798 7,422,129 4,712,371
Income tax expense 355,997 363,699 1,341 1,155,875 406,812
Net income $1,774,027 $1,792,560 $972,457 $6,266,254 $4,305,559
Three months ended
Twelve months ended
December 31, September 30, December 31, December 31, December 31,
Selected Financial Ratios and Other Financial Data (Unaudited) 2025 2025 2024 2025 2024
Average shares outstanding - basic 2,358,273 2,369,920 2,378,357 2,372,147 2,393,143
Average shares outstanding - diluted 2,358,405 2,369,920 2,378,357 2,372,180 2,393,143
Basic earnings per share $0.75 $0.76 $0.41 $2.64 $1.80
Diluted earnings per share $0.75 $0.76 $0.41 $2.64 $1.80
Net interest margin 3.56 % 3.53 % 3.13 % 3.42 % 3.06 %
Return on average assets 1.27 % 1.29 % 0.74 % 1.14 % 0.84 %
Return on average equity 13.14 % 13.95 % 8.01 % 12.32 % 9.13 %
Efficiency ratio 61.52 % 60.74 % 67.54 % 60.84 % 66.56 %
Allowance for credit losses:
Balance, beginning of period $6,608,476 $6,595,962 $6,326,783 $6,771,171 $5,335,305
Charge-offs:
One-to-four family 39,022
Commercial real estate
Land/land development
Commercial 20,441 959,749 20,441
Consumer 27,845 21,485 21,194 168,165 168,743
Gross charge-offs 27,845 21,485 41,635 1,127,914 228,206
Recoveries:
One-to-four family 39,022 3,247 40,544
Commercial real estate
Land/land development
Commercial 1,705 1,705
Consumer 12,794 32,294 23,463 136,199 104,990
Gross recoveries 12,794 33,999 62,485 141,151 145,534
Net charge-offs (recoveries) 15,051 (12,514) (20,850) 986,763 82,672
Provision for credit losses 423,538 809,017 1,518,538
Balance, end of period $6,593,425 $6,608,476 $6,771,171 $6,593,425 $6,771,171
Net loan charge-offs (recoveries) to average loans 0.01 % -0.01 % -0.02 % 0.23 % 0.02 %
As of
December 31, September 30, December 31,
Non-performing assets 2025 2025 2024
Loans:
Non-accrual $5,447,240 $5,082,212 $5,031,555
Past 90 days or more and still accruing
Troubled debt modification 2,529,489 2,529,489 926,960
Total non-performing loans 7,976,729 7,611,701 5,958,515
Real estate owned
Other repossessed assets
Total non-performing assets $7,976,729 $7,611,701 $5,958,515
Non-performing assets to total assets 1.43 % 1.36 % 1.14 %
Non-performing loans to gross loans 1.85 % 1.76 % 1.50 %
Allowance for credit losses to non-performing loans 82.66 % 86.82 % 113.64 %
Allowance for credit losses to gross loans 1.53 % 1.53 % 1.70 %
Other financial ratios
Tangible common equity 9.82 % 9.51 % 9.24 %
Book value per share $23.19 $22.37 $20.14
Common shares outstanding 2,367,741 2,376,066 2,397,496
(1) Ratios for three-month periods are annualized
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SOURCE Northeast Indiana Bancorp, Inc.
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