NORTHEAST INDIANA BANCORP, INC. ANNOUNCES SECOND QUARTER 2025 EARNINGS
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.
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
