HUNTINGTON, Ind., July 28, 2026 /PRNewswire/ -- Northeast Indiana Bancorp, Inc., (OTCQB: NIDB), the parent company of First Federal Savings Bank, today announced net income of $1,873,000 ($0.80 per diluted common share) for the quarter ended June 30, 2026 compared to earnings from the quarter ended June 30, 2025 of $1,641,000 ($0.69 per diluted common share). The current three months earnings equate to an annualized return on average assets (ROA) of 1.34% and a return on average equity (ROE) of 13.36% compared to an ROA of 1.19% and an ROE of 13.27% for the quarter ended June 30, 2025.
Net interest income increased $507,000 in the second quarter of 2026 compared to the same period in 2025. Provision for credit loss expense was $155,000 for the 3 months ended June 30, 2026 compared to $200,000 for the 3 months ended June 30, 2025. Total non-interest income was $744,000 in the second quarter of 2026 compared to $708,000 the same period in 2025. Total non-interest expense was $3.3 million for the 3 months ended June 30, 2026 as compared to $3 million for the 3 months ended June 30, 2025.
Net income for the six months ended June 30, 2026, was $3.5 million, or $1.48 per diluted common share, compared to net income of $2.7 million, or $1.13 per diluted common share for the six months ended June 30, 2025. The current six months earnings equate to an annualized ROA of 1.24% and an annualized ROE of 12.44% compared to an annualized ROA of 1.00% and an annualized ROE of 11.02% for the six months ended June 30, 2025.
Total assets decreased $5.4 million, or -3.9% on an annualized basis, to $553.9 million at June 30, 2026 compared to total assets of $559.3 million at December 31, 2025. Total net loans decreased $12.7 million, or 11.9% on an annualized basis, to $412.6 million at June 30, 2026 compared to total net loans of $425.3 million at December 31, 2025. Total deposits increased $2 million, or 1.7% on an annualized basis, to $457.8 million at June 30, 2026 compared to $455.8 million at December 31, 2025.
Shareholders' equity increased $1.8 million to $56.7 million at June 30, 2026 compared to $50.4 million at December 31, 2025. The book value of NIDB stock increased $0.48 to $24.11 per common share as of June 30, 2026 compared to $23.63 at March 31, 2026. The number of outstanding common shares was 2,353,405 as of June 30, 2026.
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 service.
NORTHEAST INDIANA BANCORP, INC.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June 30,
December 31,
June 30,
Balance Sheet (Unaudited) 2026 2025 2025
(Audited)
Assets
Non-interest earning cash and cash equivalents $6,311,180 $3,894,280 $8,145,996
Interest-earning cash and cash equivalents 8,142,100 3,185,624 1,635,221
Total cash and cash equivalents 14,453,280 7,079,904 9,781,217
Interest-earning time deposits 1,470,000 1,470,000 2,430,000
Securities available for sale 82,410,421 82,257,908 77,788,474
Securities held to maturity 11,252,081 11,545,964 11,565,312
Loans held for sale 385,700 81,200 1,427,550
Loans, gross 419,491,918 431,869,990 429,166,850
Allowance for credit losses (6,899,216) (6,593,425) (6,595,962)
Loans, net 412,592,702 425,276,565 422,570,888
Accrued interest receivable 2,361,653 2,574,430 2,244,388
Premises and equipment 8,504,164 8,669,720 8,512,877
FHLB Stock 2,835,000 2,835,000 2,835,000
Cash surrender value of life insurance 12,677,108 12,502,813 12,328,409
Other assets 4,951,232 5,040,484 5,357,208
Total Assets $553,893,341 $559,333,988 $556,841,323
Liabilities and Stockholders' Equity
Non-interest bearing deposits $60,050,106 $51,188,798 $52,914,448
Interest bearing deposits 397,780,405 404,656,646 401,819,546
Borrowed funds 35,000,000 44,400,000 47,000,000
Accrued interest payable and other liabilities 4,323,303 4,173,430 4,710,981
Total Liabilities 497,153,814 504,418,874 506,444,975
Stockholders' equity 56,739,527 54,915,114 50,396,348
Total Liabilities and Stockholders' Equity $553,893,341 $559,333,988 $556,841,323
Three months ended
Six months ended
June 30,
March 31,
June 30,
June 30,
June 30,
Income Statement (Unaudited) 2026 2026 2025 2026 2025
Net interest income
Total interest income $7,834,410 $7,709,470 $7,730,639 $15,543,880 $14,955,807
Total interest expense 2,864,801 2,957,337 3,267,904 5,822,138 6,355,553
Net interest income 4,969,609 4,752,133 4,462,735 9,721,742 8,600,254
Provision for credit loss expense
Loans 180,000 180,000 189,000 360,000 809,017
Off-balance sheet credit exposures (25,000) 11,000 (25,000) 11,000
Total provision for credit loss expense 155,000 180,000 200,000 335,000 820,017
Net interest income after provision for credit losses 4,814,609 4,572,133 4,262,735 9,386,742 7,780,237
Non-interest income
Service charges on deposit accounts 174,390 154,065 163,581 328,455 321,219
Interchange fees 206,740 191,099 199,831 397,839 389,740
Loan servicing fees 78,893 90,249 84,352 169,142 200,398
Net gain on sale of loans 120,670 72,002 105,083 192,672 153,115
Increase in cash surrender value of life insurance 87,591 86,704 85,181 174,295 168,865
Other income 75,812 69,419 69,926 145,231 186,170
Total non-interest income 744,096 663,538 707,954 1,407,634 1,419,507
Non-interest expense
Salaries and employee benefits 1,749,441 1,810,242 1,710,384 3,559,683 3,356,688
Occupancy 454,697 450,576 413,228 905,273 845,418
Data processing 400,797 421,678 247,019 822,475 626,143
Deposit insurance premiums 84,500 86,250 77,500 170,750 160,000
Professional fees 169,654 176,544 163,484 346,198 297,978
Advertising and marketing fees 94,131 86,064 86,020 180,195 172,068
Correspondent bank charges 31,094 31,528 28,541 62,622 51,156
Other expense 293,052 251,131 292,324 544,183 554,447
Total non-interest expense 3,277,366 3,314,013 3,018,500 6,591,379 6,063,898
Income before income taxes 2,281,339 1,921,658 1,952,189 4,202,997 3,135,846
Income tax expense 408,038 323,117 311,483 731,155 436,179
Net income $1,873,301 $1,598,541 $1,640,706 $3,471,842 $2,699,667
Three months ended
Six months ended
June 30,
March 31,
June 30,
June 30,
June 30,
Selected Financial Ratios and Other Financial Data (Unaudited) 2026 2026 2025 2026 2025
Average shares outstanding - basic 2,346,207 2,355,016 2,380,896 2,350,585 2,380,342
Average shares outstanding - diluted 2,347,081 2,355,370 2,380,896 2,351,199 2,380,342
Basic earnings per share $0.80 $0.68 $0.69 $1.48 $1.13
Diluted earnings per share $0.80 $0.68 $0.69 $1.48 $1.13
Net interest margin (1) 3.70 % 3.51 % 3.35 % 3.61 % 3.29 %
Return on average assets (1) 1.34 % 1.14 % 1.19 % 1.24 % 1.00 %
Return on average equity (1) 13.36 % 11.51 % 13.27 % 12.44 % 11.02 %
Efficiency ratio 57.36 % 61.19 % 58.38 % 59.23 % 60.52 %
Allowance for credit losses:
Balance, beginning of period $6,769,202 $6,593,425 $6,381,216 $6,593,425 $6,771,171
Charge-offs:
One-to-four family 10,286 10,286
Commercial real estate
Land/land development
Commercial 959,749
Consumer 55,287 52,729 34,696 108,016 118,834
Gross charge-offs 65,573 52,729 34,696 118,302 1,078,583
Recoveries:
One-to-four family 3,247
Commercial real estate
Land/land development
Commercial 257 257
Consumer 15,330 48,506 60,442 63,836 91,110
Gross recoveries 15,587 48,506 60,442 64,093 94,357
Net charge-offs (recoveries) 49,986 4,223 (25,746) 54,209 984,226
Provision for credit losses 180,000 180,000 189,000 360,000 809,017
Balance, end of period $6,899,216 $6,769,202 $6,595,962 $6,899,216 $6,595,962
Net loan charge-offs (recoveries) to average loans 0.05 % 0.00 % -0.02 % 0.03 % 0.47 %
As of
June 30,
March 31,
June 30,
Non-performing assets 2026 2026 2025
Loans:
Non-accrual $7,893,034 $8,138,245 $6,230,450
Past 90 days or more and still accruing
Troubled debt modification 2,505,644 2,584,342 2,551,651
Total non-performing loans 10,398,678 10,722,587 8,782,101
Real estate owned
Other repossessed assets
Total non-performing assets $10,398,678 $10,722,587 $8,782,101
Non-performing assets to total assets 1.88 % 1.92 % 1.58 %
Non-performing loans to gross loans 2.48 % 2.51 % 2.05 %
Allowance for credit losses to non-performing loans 66.35 % 63.13 % 75.11 %
Allowance for credit losses to gross loans 1.64 % 1.58 % 1.54 %
Other financial ratios
Tangible common equity 10.24 % 10.03 % 9.05 %
Book value per share $24.11 $23.63 $21.03
Common shares outstanding 2,353,405 2,366,342 2,396,896
(1) Ratios for three-month periods are annualized
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SOURCE Northeast Indiana Bancorp, Inc.
TRAVIS A. PENROD, SENIOR VICE PRESIDENT / CFO, (260) 454-0586