HUNTINGTON, Ind., April 28, 2026 /PRNewswire/ -- Northeast Indiana Bancorp, Inc., (OTCQB: NIDB), the parent company of First Federal Savings Bank, today announced net income of $1,599,000 ($0.68 per diluted common share) for the first quarter ended March 31, 2026 compared to net income of $1,059,000 ($0.44 per diluted common share) for the first quarter ended March 31, 2025. The current quarter earnings equate to an annualized return on average assets (ROA) of 1.14% and an annualized return on average equity (ROE) of 11.51% compared to an annualized ROA of 0.80% and an annualized ROE of 8.71% for the first quarter ending March 31, 2025.
Net interest income increased $615,000 in the first quarter of 2026 compared to the same period in 2025. Provision for credit loss expense decreased by $440,000 for the three months ended March 31, 2026 as compared to the same period in 2025. Total non-interest income was $664,000 in the first quarter of 2026 compared to $712,000 the same period in 2025. Total non-interest expense was $3,314,000 for the three months ended March 31, 2026 as compared to $3,045,000 for the three months ended March 31, 2025.
Total assets decreased $1.6 million, or -1.1% on an annualized basis, to $557.8 million at March 31, 2026 compared to total assets of $559.3 million at December 31, 2025. Total net loans decreased $4 million, or -3.8% on an annualized basis, to $421.2 million at March 31, 2026 compared to total loans of $425.3 million at December 31, 2025. Total deposits increased $2.3 million, or 2% on an annualized basis, to $458.1 million at March 31, 2026 compared to $455.8 million at December 31, 2025.
Shareholders' equity increased $1 million to $55.9 million at March 31, 2026 compared to $54.9 million at December 31, 2025. The book value of NIDB stock increased $0.44 to $23.63 per common share as of March 31, 2026, compared to $23.19 at December 31, 2025. The number of outstanding common shares was 2,366,342 as of March 31, 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 http://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
March 31, December 31,
March 31,
Balance Sheet (Unaudited) 2026 2025 2025
(Audited)
Assets
Non-interest earning cash and cash equivalents $6,351,855 $3,894,280 $5,788,111
Interest-earning cash and cash equivalents 2,204,261 3,185,624 864,862
Total cash and cash equivalents 8,556,116 7,079,904 6,652,973
Interest-earning time deposits 1,470,000 1,470,000 3,410,000
Securities available for sale 82,859,596 82,257,908 76,415,124
Securities held to maturity 11,262,766 11,545,964 11,574,919
Loans held for sale 1,011,300 81,200 161,175
Loans, gross 428,007,169 431,869,990 420,051,989
Allowance for credit losses (6,769,202) (6,593,425) (6,381,216)
Loans, net 421,237,967 425,276,565 413,670,773
Accrued interest receivable 2,518,677 2,574,430 2,367,992
Premises and equipment 8,559,892 8,669,720 7,884,632
FHLB Stock 2,835,000 2,835,000 2,835,000
Cash surrender value of life insurance 12,589,518 12,502,813 12,243,227
Other assets 4,878,245 5,040,484 5,420,798
Total Assets $557,779,077 $559,333,988 $542,636,613
Liabilities and Stockholders' Equity
Non-interest bearing deposits $57,470,437 $51,188,798 $50,913,707
Interest bearing deposits 400,631,576 404,656,646 391,154,920
Borrowed funds 39,500,000 44,400,000 46,300,000
Accrued interest payable and other liabilities 4,254,597 4,173,430 4,954,691
Total Liabilities 501,856,610 504,418,874 493,323,318
Stockholders' equity 55,922,467 54,915,114 49,313,295
Total Liabilities and Stockholders' Equity $557,779,077 $559,333,988 $542,636,613
Three months ended
March 31, December 31,
March 31,
Income Statement (Unaudited) 2026 2025 2025
Net interest income
Total interest income $7,709,470 $7,936,531 $7,225,168
Total interest expense 2,957,337 3,129,838 3,087,649
Net interest income 4,752,133 4,806,693 4,137,519
Provision for credit loss expense
Loans 180,000 620,017
Off-balance sheet credit exposures (45,000)
Total provision for credit loss expense 180,000 (45,000) 620,017
Net interest income after provision for credit losses 4,572,133 4,851,693 3,517,502
Non-interest income
Service charges on deposit accounts 154,065 171,625 157,638
Interchange fees 191,099 192,598 189,909
Loan servicing fees 90,249 80,392 116,046
Net gain on sale of loans 72,002 116,150 48,032
Net loss on sale of repossessed assets
Increase in cash surrender value of life insurance 86,704 87,324 83,684
Net loss on sales of available-for-sale securities (128,680)
Other income 69,419 91,726 116,244
Total non-interest income 663,538 611,135 711,553
Non-interest expense
Salaries and employee benefits 1,810,242 1,712,322 1,646,304
Occupancy 450,576 426,660 432,190
Data processing 421,678 474,230 379,124
Deposit insurance premiums 86,250 79,082 82,500
Professional fees 176,544 238,807 134,494
Advertising and marketing fees 86,064 102,299 86,048
Correspondent bank charges 31,528 27,605 22,615
Other expense 251,131 271,799 262,123
Total non-interest expense 3,314,013 3,332,804 3,045,398
Income before income taxes 1,921,658 2,130,024 1,183,657
Income tax expense 323,117 355,997 124,696
Net income $1,598,541 $1,774,027 $1,058,961
Three months ended
March 31, December 31,
March 31,
Selected Financial Ratios and Other Financial Data (Unaudited) 2026 2025 2025
Average shares outstanding - basic 2,355,016 2,358,273 2,379,792
Average shares outstanding - diluted 2,355,370 2,358,405 2,379,792
Basic earnings per share $0.68 $0.75 $0.44
Diluted earnings per share $0.68 $0.75 $0.44
Net interest margin 3.51 % 3.56 % 3.23 %
Return on average assets 1.14 % 1.27 % 0.80 %
Return on average equity 11.51 % 13.14 % 8.71 %
Efficiency ratio 61.19 % 61.52 % 62.80 %
Allowance for credit losses:
Balance, beginning of period $6,593,425 $6,608,476 $6,771,171
Charge-offs:
One-to-four family
Commercial real estate
Land/land development
Commercial 959,749
Consumer 52,729 27,845 84,138
Gross charge-offs 52,729 27,845 1,043,887
Recoveries:
One-to-four family 3,247
Commercial real estate
Land/land development
Commercial
Consumer 48,506 12,794 30,668
Gross recoveries 48,506 12,794 33,915
Net charge-offs (recoveries) 4,223 15,051 1,009,972
Provision for credit losses 180,000 620,017
Balance, end of period $6,769,202 $6,593,425 $6,381,216
Net loan charge-offs (recoveries) to average loans 0.00 % 0.01 % 0.99 %
As of
March 31, December 31,
March 31,
Non-performing assets 2026 2025 2025
Loans:
Non-accrual $8,138,245 $5,447,240 $2,636,083
Past 90 days or more and still accruing
Troubled debt modification 2,584,342 2,529,489 2,573,342
Total non-performing loans 10,722,587 7,976,729 5,209,425
Real estate owned
Other repossessed assets
Total non-performing assets $10,722,587 $7,976,729 $5,209,425
Non-performing assets to total assets 1.92 % 1.43 % 0.96 %
Non-performing loans to gross loans 2.51 % 1.85 % 1.24 %
Allowance for credit losses to non-performing loans 63.13 % 82.66 % 122.49 %
Allowance for credit losses to gross loans 1.58 % 1.53 % 1.52 %
Other financial ratios
Tangible common equity 10.03 % 9.82 % 9.09 %
Book value per share $23.63 $23.19 $20.57
Common shares outstanding 2,366,342 2,367,741 2,397,496
(1) Ratios for three-month periods are annualized
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SOURCE Northeast Indiana Bancorp, Inc.
