NORTHEAST INDIANA BANCORP, INC. ANNOUNCES SECOND QUARTER 2025 EARNINGS

22.07.25 21:53 Uhr

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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.

(PRNewsfoto/Northeast Indiana Bancorp, Inc.)

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.

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