HUNTINGTON, Ind., Oct. 28, 2026 /PRNewswire/ -- Northeast Indiana Bancorp, Inc., (OTCQB: NIDB), the parent company of First Federal Savings Bank, today announced net income of $1,991,000 ($0.85 per diluted common share) for the quarter ended September 30, 2026 compared to earnings from the quarter ended September 30, 2025 of $1,793,000 ($0.76 per diluted common share). The current three months earnings equate to an annualized return on average assets (ROA) of 1.45% and a return on average equity (ROE) of 14.11% compared to an ROA of 1.29% and an ROE of 13.95% for the quarter ended September 30, 2025.
Net interest income increased $270,000 in the third quarter of 2026 compared to the same period in 2025. Provision for credit loss expense was $120,000 for the 3 months ended September 30, 2026 compared to a reversal of credit loss expense of $35,000 for the third quarter of 2025. Total non-interest income was $805,000 in the third quarter of 2026 compared to $660,000 the same period in 2025. Total non-interest expense was $3.3 million for the 3 months ended September 30, 2026 as compared to $3.3 million for the 3 months ended September 30, 2025.
Net income for the nine months ended September 30, 2026, was $5.5 million, or $2.33 per diluted common share, compared to net income of $4.5 million, or $1.89 per diluted common share for the nine months ended September 30, 2025. The current nine months earnings equate to an annualized ROA of 1.31% and an annualized ROE of 13.01% compared to an annualized ROA of 1.10% and an annualized ROE of 12.02% for the nine months ended September 30, 2025.
Total assets decreased $8.7 million, or -2.1% on an annualized basis, to $550.6 million at September 30, 2026 compared to total assets of $559.3 million at December 31, 2025. Total net loans decreased $19.3 million, or -6.0% on an annualized basis, to $406 million at September 30, 2026 compared to total net loans of $425.3 million at December 31, 2025. Total deposits increased $3.7 million, or 1.2% on an annualized basis, to $459.5 million at September 30, 2026 compared to $455.8 million at December 31, 2025.
Shareholders' equity increased $1.1 million to $56 million at September 30, 2026 compared to $54.9 million at December 31, 2025. The book value of NIDB stock decreased $0.29 to $23.82 per common share as of September 30, 2026 compared to $24.11 at June 30, 2026. The number of outstanding common shares was 2,349,909 as of September 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
September 30, December 31, September 30,
Balance Sheet (Unaudited) 2026 2025 2025
(Audited)
Assets
Non-interest earning cash and cash equivalents $5,375,010 $3,894,280 $6,289,092
Interest-earning cash and cash equivalents 11,856,514 3,185,624 1,266,982
Total cash and cash equivalents 17,231,524 7,079,904 7,556,074
Interest-earning time deposits 1,470,000 1,470,000 2,205,000
Securities available for sale 80,744,092 82,257,908 80,585,539
Securities held to maturity 11,241,348 11,545,964 11,555,659
Loans held for sale 200,000 81,200
Loans, gross 412,815,703 431,869,990 432,292,953
Allowance for credit losses (6,834,287) (6,593,425) (6,608,476)
Loans, net 405,981,416 425,276,565 425,684,477
Accrued interest receivable 2,391,270 2,574,430 2,362,834
Premises and equipment 8,604,711 8,669,720 8,643,854
FHLB Stock 2,835,000 2,835,000 2,835,000
Cash surrender value of life insurance 14,273,239 12,502,813 12,415,489
Other assets 5,677,066 5,040,484 5,222,345
Total Assets $550,649,666 $559,333,988 $559,066,271
Liabilities and Stockholders' Equity
Non-interest bearing deposits $64,979,874 $51,188,798 $51,808,470
Interest bearing deposits 394,540,651 404,656,646 403,117,646
Borrowed funds 30,500,000 44,400,000 46,500,000
Accrued interest payable and other liabilities 4,644,792 4,173,430 4,488,383
Total Liabilities 494,665,317 504,418,874 505,914,499
Stockholders' equity 55,984,349 54,915,114 53,151,772
Total Liabilities and Stockholders' Equity $550,649,666 $559,333,988 $559,066,271
Three months ended
Nine months ended
September 30,
June 30, September 30, September 30, September 30,
Income Statement (Unaudited) 2026 2026 2025 2026 2025
Net interest income
Total interest income $7,802,808 $7,834,410 $8,055,361 $23,346,688 $23,011,167
Total interest expense 2,789,780 2,864,801 3,311,854 8,611,918 9,667,407
Net interest income 5,013,028 4,969,609 4,743,507 14,734,770 13,343,760
Provision for credit loss expense
Loans 180,000 360,000 809,017
Off-balance sheet credit exposures 120,000 (25,000) (35,000) 95,000 (24,000)
Total provision for credit loss expense 120,000 155,000 (35,000) 455,000 785,017
Net interest income after provision for credit losses 4,893,028 4,814,609 4,778,507 14,279,770 12,558,743
Non-interest income
Service charges on deposit accounts 196,563 174,390 177,533 525,018 498,752
Interchange fees 207,234 206,740 200,695 605,073 590,434
Loan servicing fees 79,147 78,893 83,947 248,289 284,345
Net gain on sale of loans 143,349 120,670 139,754 336,021 292,869
Increase in cash surrender value of life insurance 96,131 87,591 87,080 270,426 255,945
Net loss on sales of available-for-sale securities (119,062) (119,062)
Other income 82,481 75,812 89,595 227,712 275,789
Total non-interest income 804,905 744,096 659,542 2,212,539 2,079,072
Non-interest expense
Salaries and employee benefits 1,729,135 1,749,441 1,747,045 5,288,818 5,103,733
Occupancy 477,940 454,697 439,253 1,383,213 1,284,671
Data processing 420,213 400,797 385,504 1,242,688 1,011,648
Deposit insurance premiums 77,000 84,500 75,000 247,750 235,000
Professional fees 164,741 169,654 225,147 510,939 523,125
Advertising and marketing fees 92,627 94,131 94,741 272,822 266,809
Correspondent bank charges 26,729 31,094 29,436 89,351 80,592
Other expense 268,316 293,052 285,664 812,499 840,132
Total non-interest expense 3,256,701 3,277,366 3,281,790 9,848,080 9,345,710
Income before income taxes 2,441,232 2,281,339 2,156,259 6,644,229 5,292,105
Income tax expense 449,877 408,038 363,699 1,181,032 799,878
Net income $1,991,355 $1,873,301 $1,792,560 $5,463,197 $4,492,227
Three months ended
Nine months ended
September 30,
June 30, September 30, September 30, September 30,
Selected Financial Ratios and Other Financial Data (Unaudited) 2026 2026 2025 2026 2025
Average shares outstanding - basic 2,336,737 2,346,207 2,369,920 2,345,917 2,376,826
Average shares outstanding - diluted 2,337,938 2,347,081 2,369,920 2,346,727 2,376,826
Basic earnings per share $0.85 $0.80 $0.76 $2.33 $1.89
Diluted earnings per share $0.85 $0.80 $0.76 $2.33 $1.89
Net interest margin (1) 3.78 % 3.70 % 3.53 % 3.66 % 3.37 %
Return on average assets (1) 1.45 % 1.34 % 1.29 % 1.31 % 1.10 %
Return on average equity (1) 14.11 % 13.36 % 13.95 % 13.01 % 12.02 %
Efficiency ratio 55.98 % 57.36 % 60.74 % 58.11 % 60.60 %
Allowance for credit losses:
Balance, beginning of period $6,899,216 $6,769,202 $6,595,962 $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 99,401 55,287 21,485 207,417 140,319
Gross charge-offs 99,401 65,573 21,485 217,703 1,100,068
Recoveries:
One-to-four family 3,247
Commercial real estate
Land/land development
Commercial 786 257 1,705 1,043 1,705
Consumer 33,686 15,330 32,294 97,522 123,404
Gross recoveries 34,472 15,587 33,999 98,565 128,356
Net charge-offs (recoveries) 64,929 49,986 (12,514) 119,138 971,712
Provision for credit losses 180,000 360,000 809,017
Balance, end of period $6,834,287 $6,899,216 $6,608,476 $6,834,287 $6,608,476
Net loan charge-offs (recoveries) to average loans 0.06 % 0.05 % -0.01 % 0.06 % 0.46 %
As of
September 30,
June 30, September 30,
Non-performing assets 2026 2026 2025
Loans:
Non-accrual $11,152,565 $7,893,034 $5,082,212
Past 90 days or more and still accruing
Troubled debt modification 2,497,114 2,505,644 2,529,489
Total non-performing loans 13,649,679 10,398,678 7,611,701
Real estate owned
Other repossessed assets
Total non-performing assets $13,649,679 $10,398,678 $7,611,701
Non-performing assets to total assets 2.48 % 1.88 % 1.36 %
Non-performing loans to gross loans 3.31 % 2.48 % 1.76 %
Allowance for credit losses to non-performing loans 50.07 % 66.35 % 86.82 %
Allowance for credit losses to gross loans 1.66 % 1.64 % 1.53 %
Other financial ratios
Tangible common equity 10.17 % 10.24 % 9.51 %
Book value per share $23.82 $24.11 $22.37
Common shares outstanding 2,349,909 2,353,405 2,376,066
(1) Ratios for three-month periods are annualized
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SOURCE Northeast Indiana Bancorp, Inc.
FOR ADDITIONAL INFORMATION CONTACT: TRAVIS A. PENROD, SENIOR VICE PRESIDENT / CFO, (260) 454-0586