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
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SOURCE Northeast Indiana Bancorp, Inc.
(END) Dow Jones Newswires
July 22, 2025 15:53 ET (19:53 GMT)