NORTHEAST INDIANA BANCORP, INC. ANNOUNCES FIRST QUARTER 2025 EARNINGS
PR Newswire
HUNTINGTON, Ind., April 22, 2025
HUNTINGTON, Ind., April 22, 2025 /PRNewswire/ -- Northeast Indiana Bancorp, Inc., (OTCQB: NIDB), the parent company of First Federal Savings Bank, today announced net income of $1,059,000 ($0.44 per diluted common share) for the quarter ended March 31, 2025 compared to earnings from the quarter ended March 31, 2024 of $722,000 ($0.30 per diluted common share). The current three months earnings equate to an annualized return on average assets (ROA) of 0.80% and a return on average equity $(ROE)$ of 8.71% compared to an ROA of 0.57% and an ROE of 6.26% for the quarter ended March 31, 2024.
Net interest income increased $512,000 in the first quarter of 2025 compared to the same period in 2024. Provision for credit loss expense was $620,000 for the 3 months ended March 31, 2025 compared to $500,000 for the 3 months ended March 31, 2024. Total non-interest income was $712,000 in the first quarter of 2025 compared $695,000 the same period in 2024. Total non-interest expense was $3 million for the 3 months ended March 31, 2025 as compared to $3.1 million for the 3 months ended March 31, 2024.
Total assets increased $20.3 million, or 15.6% on an annualized basis, to $542.6 million at March 31, 2025 compared to total assets of $522.3 million at December 31, 2024. Total loans increased $23.1 million, or 23.7% on an annualized basis, to $413.7 million at March 31, 2025 compared to total loans of $390.6 million at December 31, 2024. Total deposits increased $13.1 million, or 12.2% on an annualized basis, to $442.1 million at March 31, 2025 compared to $428.9 million at December 31, 2024.
Non-performing loans to gross loans were 1.24% as of March 31, 2025 compared to 1.84% as of March 31, 2024. The bank's allowance for credit losses to gross loans was 1.52% at the end of the first quarter of 2025 as compared to 1.50% at the end of the first quarter of 2024.
Shareholders' equity increased $1 million to $49.3 million at March 31, 2025 compared to $48.3 million at December 31, 2024. The book value of NIDB stock increased $0.43 to $20.57 per common share as of March 31, 2025 compared to $20.14 at December 31, 2024. The number of outstanding common shares was 2,397,496 as of March 31, 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
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March 31, December 31, March 31,
Balance Sheet
(Unaudited) 2025 2024 2024
------------------ ---------------------- ---------------------- ----------------------
(Audited)
Assets
Non-interest
earning cash and
cash equivalents $ 5,788,111 $ 3,754,395 $ 2,479,777
Interest-earning
cash and cash
equivalents 864,862 6,452,143 3,661,568
---------------------- ---------------------- ----------------------
Total cash and
cash equivalents 6,652,973 10,206,538 6,141,345
Interest-earning
time deposits 3,410,000 4,275,000 4,520,000
Securities
available for
sale 76,415,124 74,789,791 76,768,514
Securities held to
maturity 11,574,919 11,602,482 11,630,908
Loans held for
sale 161,175 71,200 74,900
Loans, gross 420,051,989 397,334,479 385,129,684
Allowance for
credit losses (6,381,216) (6,771,171) (5,790,301)
---------------------- ---------------------- ----------------------
Loans, net 413,670,773 390,563,308 379,339,383
Accrued interest
receivable 2,367,992 2,237,407 2,455,724
Premises and
equipment 7,884,632 7,907,303 7,752,161
FHLB Stock 2,835,000 2,835,000 2,835,000
Cash surrender
value of life
insurance 12,243,227 12,159,543 12,334,196
Other assets 5,420,798 5,676,203 5,508,735
---------------------- ---------------------- ----------------------
Total Assets $ 542,636,613 $ 522,323,775 $ 509,360,866
====================== ====================== ======================
Liabilities and
Stockholders'
Equity
Non-interest
bearing deposits $ 50,913,707 $ 48,168,488 $ 50,297,770
Interest bearing
deposits 391,154,920 380,771,626 353,098,422
Borrowed funds 46,300,000 41,000,000 56,000,000
Accrued interest
payable and other
liabilities 4,954,691 4,106,965 3,675,681
---------------------- ---------------------- ----------------------
Total Liabilities 493,323,318 474,047,079 463,071,873
Stockholders'
equity 49,313,295 48,276,696 46,288,993
Total Liabilities
and Stockholders'
Equity $ 542,636,613 $ 522,323,775 $ 509,360,866
====================== ====================== ======================
Three months ended
March 31, December 31, March 31,
Income Statement
(Unaudited) 2025 2024 2024
------------------ ---------------------- ---------------------- ----------------------
Net interest
income
Total interest
income $ 7,225,168 $ 7,243,589 $ 6,729,934
Total interest
expense 3,087,649 3,275,092 3,105,342
---------------------- ---------------------- ----------------------
Net interest
income 4,137,519 3,968,497 3,624,592
---------------------- ---------------------- ----------------------
Provision for
credit loss
expense
Loans 620,017 423,538 500,000
Off-balance sheet
credit exposures - 105,000 -
---------------------- ---------------------- ----------------------
Total provision
for credit loss
expense 620,017 528,538 500,000
Net interest
income after
provision for
credit losses 3,517,502 3,439,959 3,124,592
---------------------- ---------------------- ----------------------
Non-interest
income
Service charges on
deposit accounts 157,638 176,311 178,670
Interchange fees 189,909 195,040 200,018
Loan servicing
fees 116,046 69,887 109,708
Net gain on sale
of loans 48,032 57,991 36,024
Increase in cash
surrender value
of life
insurance 83,684 84,117 82,543
Other income 116,244 76,746 87,825
---------------------- ---------------------- ----------------------
Total non-interest
income 711,553 660,092 694,788
---------------------- ---------------------- ----------------------
Non-interest
expense
Salaries and
employee
benefits 1,646,304 1,529,333 1,640,271
Occupancy 432,190 365,647 355,051
Data processing 379,124 433,325 438,832
Deposit insurance
premiums 82,500 57,000 74,000
Professional fees 134,494 167,477 104,013
Advertising and
marketing fees 86,048 61,688 87,680
Correspondent bank
charges 22,615 53,454 39,596
Other expense 262,123 458,329 341,495
---------------------- ---------------------- ----------------------
Total non-interest
expense 3,045,398 3,126,253 3,080,938
---------------------- ---------------------- ----------------------
Income before
income taxes 1,183,657 973,798 738,442
Income tax expense 124,696 1,341 16,252
Net income $ 1,058,961 $ 972,457 $ 722,190
====================== ====================== ======================
Three months ended
March 31, December 31, March 31,
Selected Financial
Ratios and Other
Financial Data
(Unaudited) 2025 2024 2024
------------------ ---------------------- ---------------------- ----------------------
Average shares
outstanding -
basic 2,379,792 2,378,357 2,405,122
Average shares
outstanding -
diluted 2,379,792 2,378,357 2,405,122
Basic earnings per
share $ 0.44 $ 0.41 $ 0.30
Diluted earnings
per share $ 0.44 $ 0.41 $ 0.30
Net interest
margin (1) 3.23 % 3.13 % 2.99 %
Return on average
assets (1) 0.80 % 0.74 % 0.57 %
Return on average
equity (1) 8.71 % 8.01 % 6.26 %
Efficiency ratio 62.80 % 67.54 % 71.33 %
Allowance for
credit losses:
Balance, beginning
of period $ 6,771,171 $ 6,326,783 $ 5,335,305
Charge-offs:
One-to-four
family - - -
Commercial real
estate - - -
Land/land
development - - -
Commercial 959,749 20,441 -
Consumer 84,138 21,194 69,725
---------------------- ---------------------- ----------------------
Gross charge-offs 1,043,887 41,635 69,725
---------------------- ---------------------- ----------------------
Recoveries:
One-to-four family 3,247 39,022 -
Commercial real
estate - - -
Land/land
development - - -
Commercial - - -
Consumer 30,668 23,463 24,721
---------------------- ----------------------
Gross recoveries 33,915 62,485 24,721
---------------------- ---------------------- ----------------------
Net charge-offs
(recoveries) 1,009,972 (20,850) 45,004
Provision for
credit losses 620,017 423,538 500,000
Balance, end of
period $ 6,381,216 $ 6,771,171 $ 5,790,301
====================== ====================== ======================
Net loan
charge-offs
(recoveries) to
average loans 0.99 % -0.02 % 0.05 %
As of
March 31, December 31, March 31,
Non-performing
assets 2025 2024 2024
---------------------- ---------------------- ----------------------
Loans:
Non-accrual $ 2,636,083 $ 5,031,555 $ 6,547,940
Past 90 days or
more and still
accruing - - -
Troubled debt
modification 2,573,342 926,960 524,970
---------------------- ---------------------- ----------------------
Total
non-performing
loans 5,209,425 5,958,515 7,072,910
Real estate owned - - -
Other repossessed
assets - - -
Total
non-performing
assets $ 5,209,425 $ 5,958,515 $ 7,072,910
====================== ====================== ======================
Non-performing
assets to total
assets 0.96 % 1.14 % 1.39 %
Non-performing
loans to gross
loans 1.24 % 1.50 % 1.84 %
Allowance for
credit losses to
non-performing
loans 122.49 % 113.64 % 81.87 %
Allowance for
credit losses to
gross loans 1.52 % 1.70 % 1.50 %
Other financial
ratios
Tangible common
equity 9.09 % 9.24 % 9.09 %
Book value per
share $ 20.57 $ 20.14 $ 19.05
Common shares
outstanding 2,397,496 2,397,496 2,429,698
(1) Ratios for
three-month
periods are
annualized
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SOURCE Northeast Indiana Bancorp, Inc.
(END) Dow Jones Newswires
April 22, 2025 17:54 ET (21:54 GMT)