NORTHEAST INDIANA BANCORP, INC. ANNOUNCES SECOND QUARTER 2026 EARNINGS

NORTHEAST INDIANA BANCORP, INC. ANNOUNCES SECOND QUARTER 2026 EARNINGS

PR Newswire

HUNTINGTON, Ind., July 28, 2026

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 $23.63 at March 31, 2026. The number of outstanding common shares was 2,353,405 as of June 30, 2026. Northeast Indiana Bancorp, Inc. is headquartered at 648 N. Jefferson Street, Huntington, Indiana. The company offers a full array of banking and financial brokerage services to its customers through its nine full-service Indiana offices in Huntington (3), Warsaw (2), Fort Wayne (3) and Roanoke (1). The Company trades on the OTC Markets Group, Inc. (www.otcmarkets.com) utilizing the OTCQB platform under the symbol "NIDB". Our web site address is www.firstfedindiana.bank.This press release may contain forward-looking statements, which are based on management's current expectations regarding economic, legislative and regulatory issues. Factors which may cause future results to vary materially include, but are not limited to, general economic conditions, changes in interest rates, loan demand, and competition. Additional factors include changes in accounting principles, policies or guidelines; changes in legislation or regulation; and other economic, competitive, regulatory and technological factors affecting each company's operations, pricing, products and service.NORTHEAST INDIANA BANCORP, INC.CONDENSED CONSOLIDATED FINANCIAL STATEMENTSJune 30,December 31,June 30,Balance Sheet (Unaudited)202620252025(Audited)AssetsNon-interest earning cash and cash equivalents$ 6,311,180$ 3,894,280$ 8,145,996Interest-earning cash and cash equivalents8,142,1003,185,6241,635,221Total cash and cash equivalents14,453,2807,079,9049,781,217Interest-earning time deposits1,470,0001,470,0002,430,000Securities available for sale82,410,42182,257,90877,788,474Securities held to maturity11,252,08111,545,96411,565,312Loans held for sale385,70081,2001,427,550Loans, gross419,491,918431,869,990429,166,850Allowance for credit losses(6,899,216)(6,593,425)(6,595,962)Loans, net412,592,702425,276,565422,570,888Accrued interest receivable2,361,6532,574,4302,244,388Premises and equipment8,504,1648,669,7208,512,877FHLB Stock2,835,0002,835,0002,835,000Cash surrender value of life insurance12,677,10812,502,81312,328,409Other assets4,951,2325,040,4845,357,208Total Assets$ 553,893,341$ 559,333,988$ 556,841,323Liabilities and Stockholders' EquityNon-interest bearing deposits$ 60,050,106$ 51,188,798$ 52,914,448Interest bearing deposits397,780,405404,656,646401,819,546Borrowed funds35,000,00044,400,00047,000,000Accrued interest payable and other liabilities4,323,3034,173,4304,710,981Total Liabilities497,153,814504,418,874506,444,975Stockholders' equity56,739,52754,915,11450,396,348Total Liabilities and Stockholders' Equity$ 553,893,341$ 559,333,988$ 556,841,323 Three months ended Six months endedJune 30,March 31,June 30,June 30,June 30,Income Statement (Unaudited)20262026202520262025Net interest incomeTotal interest income$ 7,834,410$ 7,709,470$ 7,730,639$ 15,543,880$ 14,955,807Total interest expense2,864,8012,957,3373,267,9045,822,1386,355,553Net interest income4,969,6094,752,1334,462,7359,721,7428,600,254Provision for credit loss expenseLoans180,000180,000189,000360,000809,017Off-balance sheet credit exposures(25,000)-11,000(25,000)11,000Total provision for credit loss expense155,000180,000200,000335,000820,017Net interest income after provision for credit losses4,814,6094,572,1334,262,7359,386,7427,780,237Non-interest incomeService charges on deposit accounts174,390154,065163,581328,455321,219Interchange fees206,740191,099199,831397,839389,740Loan servicing fees78,89390,24984,352169,142200,398Net gain on sale of loans120,67072,002105,083192,672153,115Increase in cash surrender value of life insurance87,59186,70485,181174,295168,865Other income75,81269,41969,926145,231186,170Total non-interest income744,096663,538707,9541,407,6341,419,507Non-interest expenseSalaries and employee benefits1,749,4411,810,2421,710,3843,559,6833,356,688Occupancy454,697450,576413,228905,273845,418Data processing400,797421,678247,019822,475626,143Deposit insurance premiums84,50086,25077,500170,750160,000Professional fees169,654176,544163,484346,198297,978Advertising and marketing fees94,13186,06486,020180,195172,068Correspondent bank charges31,09431,52828,54162,62251,156Other expense293,052251,131292,324544,183554,447Total non-interest expense3,277,3663,314,0133,018,5006,591,3796,063,898Income before income taxes2,281,3391,921,6581,952,1894,202,9973,135,846Income tax expense408,038323,117311,483731,155436,179Net income$ 1,873,301$ 1,598,541$ 1,640,706$ 3,471,842$ 2,699,667 Three months ended Six months endedJune 30,March 31,June 30,June 30,June 30,Selected Financial Ratios and Other Financial Data (Unaudited)20262026202520262025Average shares outstanding - basic2,346,2072,355,0162,380,8962,350,5852,380,342Average shares outstanding - diluted2,347,0812,355,3702,380,8962,351,1992,380,342Basic earnings per share$ 0.80$ 0.68$ 0.69$ 1.48$ 1.13Diluted earnings per share$ 0.80$ 0.68$ 0.69$ 1.48$ 1.13Net 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 ratio57.36 %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$ 6,771,171Charge-offs:One-to-four family10,286--10,286-Commercial real estate-----Land/land development-----Commercial ----959,749Consumer55,28752,72934,696108,016118,834Gross charge-offs65,57352,72934,696118,3021,078,583Recoveries:One-to-four family----3,247Commercial real estate-----Land/land development-----Commercial 257--257-Consumer15,33048,50660,44263,83691,110Gross recoveries15,58748,50660,44264,09394,357Net charge-offs (recoveries)49,9864,223(25,746)54,209984,226Provision for credit losses180,000180,000189,000360,000809,017Balance, end of period$ 6,899,216$ 6,769,202$ 6,595,962$ 6,899,216$ 6,595,962Net loan charge-offs (recoveries) to average loans0.05 %0.00 %-0.02 %0.03 %0.47 %As ofJune 30,March 31,June 30,Non-performing assets202620262025Loans:Non-accrual$ 7,893,034$ 8,138,245$ 6,230,450Past 90 days or more and still accruing---Troubled debt modification2,505,6442,584,3422,551,651Total non-performing loans10,398,67810,722,5878,782,101Real estate owned---Other repossessed assets---Total non-performing assets$ 10,398,678$ 10,722,587$ 8,782,101Non-performing assets to total assets1.88 %1.92 %1.58 %Non-performing loans to gross loans2.48 %2.51 %2.05 %Allowance for credit losses to non-performing loans66.35 %63.13 %75.11 %Allowance for credit losses to gross loans1.64 %1.58 %1.54 %Other financial ratiosTangible common equity10.24 %10.03 %9.05 %Book value per share$ 24.11$ 23.63$ 21.03Common shares outstanding2,353,4052,366,3422,396,896(1) Ratios for three-month periods are annualized