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NORTHEAST INDIANA BANCORP, INC. ANNOUNCES FOURTH QUARTER AND ANNUAL EARNINGS
HUNTINGTON, Ind., Jan. 27, 2026 /PRNewswire/ -- Northeast Indiana Bancorp, Inc., (OTCQB: NIDB), the parent company of First Federal Savings Bank, today announced net income of $1,774,000 ($0.75 per diluted common share) for the fourth quarter ended December 31, 2025 compared to net income of $972,000 ($0.41 per diluted common share) for the fourth quarter ended December 31, 2024. The current quarter earnings equate to an annualized return on average assets (ROA) of 1.27% and an annualized return on average equity (ROE) of 13.14% compared to an annualized ROA of 0.74% and an annualized ROE of 8.01% for the fourth quarter ending December 31, 2024.
Net interest income increased $838,000 in the fourth quarter of 2025 compared to the same period in 2024. Provision for credit loss expense decreased by $574,000 for the three months ended December 31, 2025 as compared to the same period in 2024. Total non-interest income was $611,000 in the fourth quarter of 2025 compared to $660,000 the same period in 2024. Total non-interest expense was $3,333,000 for the three months ended December 31, 2025 as compared to $3,126,000 for the three months ended December 31, 2024.
Net income for the year ended December 31, 2025, was $6.3 million, or $2.64 per diluted common share, compared to net income of $4.3 million, or $1.80 per diluted common share for the year ended December 31, 2024. The current year earnings equate to an annualized ROA of 1.14% and an annualized ROE of 12.32% compared to an annualized ROA of 0.84% and an annualized ROE of 9.13% for the year ended December 31, 2024.
Total assets increased $37 million, or 7%, to $559.3 million at December 31, 2025 compared to total assets of $522.3 million at December 31, 2024. Total net loans increased $34.7 million, or 8.9%, to $425.3 million at December 31, 2025 compared to total loans of $390.6 million at December 31, 2024. Total deposits increased $26.9 million, or 6.3% on an annualized basis, to $455.8 million at December 31, 2025 compared to $428.9 million at December 31, 2024.
Shareholders' equity increased $6.6 million to $54.9 million at December 31, 2025 compared to $48.3 million at December 31, 2024. The book value of NIDB stock increased $3.05 to $23.19 per common share as of December 31, 2025, compared to $20.14 the previous year-end. The number of outstanding common shares was 2,367,741 as of December 31, 2025.
Additionally, Northeast Indiana Bancorp, Inc. maintained its position on the Dividend Champions List. To achieve Champion status, a company must increase its dividend payments to its shareholders for 25 consecutive years. Northeast Indiana Bancorp, Inc. is one of 146 companies in the United States to achieve this status. With the latest dividend increase in the fourth quarter of 2025, Northeast Indiana Bancorp has increased dividends 31 years in a row.
Michael S. Zahn, President and CEO, commented, "I am very pleased with our financial performance in 2025. Our team does an amazing job serving our customers and our communities. I am optimistic that we will continue to meet the expectations of our customers and shareholders while helping to make the communities which we serve the best versions of themselves."
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 services.
| NORTHEAST INDIANA BANCORP, INC. | |||||||
| CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | |||||||
| | | | | | | | |
| | | December 31, | December 31, | | | | |
| Balance Sheet (Unaudited) | 2025 | 2024 | | | | | |
| | | | (Audited) | | | | |
| Assets | | | | | | | |
| Non-interest earning cash and cash equivalents | | $ 3,894,280 | $ 3,754,395 | | | | |
| Interest-earning cash and cash equivalents | | 3,185,624 | 6,452,143 | | | | |
| Total cash and cash equivalents | | 7,079,904 | 10,206,538 | | | | |
| Interest-earning time deposits | | 1,470,000 | 4,275,000 | | | | |
| Securities available for sale | | 82,257,908 | 74,789,791 | | | | |
| Securities held to maturity | | 11,545,964 | 11,602,482 | | | | |
| Loans held for sale | | 81,200 | 71,200 | | | | |
| Loans, gross | | 431,869,990 | 397,334,479 | | | | |
| Allowance for credit losses | | (6,593,425) | (6,771,171) | | | | |
| Loans, net | | 425,276,565 | 390,563,308 | | | | |
| Accrued interest receivable | | 2,574,430 | 2,237,407 | | | | |
| Premises and equipment | | 8,669,720 | 7,907,303 | | | | |
| FHLB Stock | | 2,835,000 | 2,835,000 | | | | |
| Cash surrender value of life insurance | | 12,502,813 | 12,159,543 | | | | |
| Other assets | | 5,040,484 | 5,676,203 | | | | |
| Total Assets | | $ 559,333,988 | $ 522,323,775 | | | | |
| | | | | | | | |
| Liabilities and Stockholders' Equity | | | | | | | |
| Non-interest bearing deposits | | $ 51,188,798 | $ 48,168,488 | | | | |
| Interest bearing deposits | | 404,656,646 | 380,771,626 | | | | |
| Borrowed funds | | 44,400,000 | 41,000,000 | | | | |
| Accrued interest payable and other liabilities | | 4,173,430 | 4,106,965 | | | | |
| Total Liabilities | | 504,418,874 | 474,047,079 | | | | |
| Stockholders' equity | | 54,915,114 | 48,276,696 | | | | |
| Total Liabilities and Stockholders' Equity | | $ 559,333,988 | $ 522,323,775 | | | | |
| | | | | | | | |
| | | | | | | | |
| | | Three months ended | | Twelve months ended | |||
| | | December 31, | September 30, | December 31, | | December 31, | December 31, |
| Income Statement (Unaudited) | 2025 | 2025 | 2024 | | 2025 | 2024 | |
| | | | | | | | |
| Net interest income | | | | | | | |
| Total interest income | | $ 7,936,531 | $ 8,055,361 | $ 7,243,589 | | $ 30,947,699 | $ 28,234,218 |
| Total interest expense | | 3,129,838 | 3,311,854 | 3,275,092 | | 12,797,245 | 13,067,903 |
| Net interest income | | 4,806,693 | 4,743,507 | 3,968,497 | | 18,150,454 | 15,166,315 |
| Provision for credit loss expense | | | | | | | |
| Loans | | - | - | 423,538 | | 809,017 | 1,518,538 |
| Off-balance sheet credit exposures | | (45,000) | (35,000) | 105,000 | | (69,000) | 35,000 |
| Total provision for credit loss expense | | (45,000) | (35,000) | 528,538 | | 740,017 | 1,553,538 |
| Net interest income after provision for credit losses | | 4,851,693 | 4,778,507 | 3,439,959 | | 17,410,437 | 13,612,777 |
| | | | | | | | |
| Non-interest income | | | | | | | |
| Service charges on deposit accounts | | 171,625 | 177,533 | 176,311 | | 670,377 | 704,644 |
| Interchange fees | | 192,598 | 200,695 | 195,040 | | 783,032 | 811,235 |
| Loan servicing fees | | 80,392 | 83,947 | 69,887 | | 364,737 | 340,874 |
| Net gain on sale of loans | | 116,150 | 139,754 | 57,991 | | 409,019 | 341,272 |
| Increase in cash surrender value of life insurance | | 87,324 | 87,080 | 84,117 | | 343,270 | 333,516 |
| Net loss on sales of available-for-sale securities | | (128,680) | (119,062) | - | | (247,720) | - |
| Other income | | 91,726 | 89,595 | 76,746 | | 367,468 | 1,038,031 |
| Total non-interest income | | 611,135 | 659,542 | 660,092 | | 2,690,183 | 3,569,572 |
| | | | | | | | |
| Non-interest expense | | | | | | | |
| Salaries and employee benefits | | 1,712,322 | 1,747,045 | 1,529,333 | | 6,816,055 | 6,459,098 |
| Occupancy | | 426,660 | 439,253 | 365,647 | | 1,711,332 | 1,474,751 |
| Data processing | | 474,230 | 385,504 | 433,325 | | 1,485,877 | 1,704,538 |
| Deposit insurance premiums | | 79,082 | 75,000 | 57,000 | | 314,082 | 294,000 |
| Professional fees | | 238,807 | 225,147 | 167,477 | | 761,932 | 622,157 |
| Advertising and marketing fees | | 102,299 | 94,741 | 61,688 | | 369,108 | 335,887 |
| Correspondent bank charges | | 27,605 | 29,436 | 53,454 | | 108,197 | 173,480 |
| Other expense | | 271,799 | 285,664 | 458,329 | | 1,111,908 | 1,406,067 |
| Total non-interest expense | | 3,332,804 | 3,281,790 | 3,126,253 | | 12,678,491 | 12,469,978 |
| | | | | | | | |
| Income before income taxes | | 2,130,024 | 2,156,259 | 973,798 | | 7,422,129 | 4,712,371 |
| Income tax expense | | 355,997 | 363,699 | 1,341 | | 1,155,875 | 406,812 |
| Net income | | $ 1,774,027 | $ 1,792,560 | $ 972,457 | | $ 6,266,254 | $ 4,305,559 |
| | | | | | | | |
| | | Three months ended | | Twelve months ended | |||
| | | December 31, | September 30, | December 31, | | December 31, | December 31, |
| Selected Financial Ratios and Other Financial Data (Unaudited) | 2025 | 2025 | 2024 | | 2025 | 2024 | |
| | | | | | | | |
| Average shares outstanding - basic | | 2,358,273 | 2,369,920 | 2,378,357 | | 2,372,147 | 2,393,143 |
| Average shares outstanding - diluted | | 2,358,405 | 2,369,920 | 2,378,357 | | 2,372,180 | 2,393,143 |
| Basic earnings per share | | $ 0.75 | $ 0.76 | $ 0.41 | | $ 2.64 | $ 1.80 |
| Diluted earnings per share | | $ 0.75 | $ 0.76 | $ 0.41 | | $ 2.64 | $ 1.80 |
| Net interest margin | | 3.56 % | 3.53 % | 3.13 % | | 3.42 % | 3.06 % |
| Return on average assets | | 1.27 % | 1.29 % | 0.74 % | | 1.14 % | 0.84 % |
| Return on average equity | | 13.14 % | 13.95 % | 8.01 % | | 12.32 % | 9.13 % |
| Efficiency ratio | | 61.52 % | 60.74 % | 67.54 % | | 60.84 % | 66.56 % |
| | | | | | | | |
| Allowance for credit losses: | | | | | | | |
| Balance, beginning of period | | $ 6,608,476 | $ 6,595,962 | $ 6,326,783 | | $ 6,771,171 | $ 5,335,305 |
| Charge-offs: | | | | | | | |
| One-to-four family | | - | - | - | | - | 39,022 |
| Commercial real estate | | - | - | - | | - | - |
| Land/land development | | - | - | - | | - | - |
| Commercial | | - | - | 20,441 | | 959,749 | 20,441 |
| Consumer | | 27,845 | 21,485 | 21,194 | | 168,165 | 168,743 |
| Gross charge-offs | | 27,845 | 21,485 | 41,635 | | 1,127,914 | 228,206 |
| Recoveries: | | | | | | | |
| One-to-four family | | - | - | 39,022 | | 3,247 | 40,544 |
| Commercial real estate | | - | - | - | | - | - |
| Land/land development | | - | - | - | | - | - |
| Commercial | | - | 1,705 | - | | 1,705 | - |
| Consumer | | 12,794 | 32,294 | 23,463 | | 136,199 | 104,990 |
| Gross recoveries | | 12,794 | 33,999 | 62,485 | | 141,151 | 145,534 |
| Net charge-offs (recoveries) | | 15,051 | (12,514) | (20,850) | | 986,763 | 82,672 |
| Provision for credit losses | | - | - | 423,538 | | 809,017 | 1,518,538 |
| Balance, end of period | | $ 6,593,425 | $ 6,608,476 | $ 6,771,171 | | $ 6,593,425 | $ 6,771,171 |
| | | | | | | | |
| Net loan charge-offs (recoveries) to average loans | | 0.01 % | -0.01 % | -0.02 % | | 0.23 % | 0.02 % |
| | | | | | | | |
| | | As of | | | | ||
| | | December 31, | September 30, | December 31, | | | |
| Non-performing assets | | 2025 | 2025 | 2024 | | | |
| Loans: | | | | | | | |
| Non-accrual | | $ 5,447,240 | $ 5,082,212 | $ 5,031,555 | | | |
| Past 90 days or more and still accruing | | - | - | - | | | |
| Troubled debt modification | | 2,529,489 | 2,529,489 | 926,960 | | | |
| Total non-performing loans | | 7,976,729 | 7,611,701 | 5,958,515 | | | |
| Real estate owned | | - | - | - | | | |
| Other repossessed assets | | - | - | - | | | |
| Total non-performing assets | | $ 7,976,729 | $ 7,611,701 | $ 5,958,515 | | | |
| | | | | | | | |
| Non-performing assets to total assets | | 1.43 % | 1.36 % | 1.14 % | | | |
| Non-performing loans to gross loans | | 1.85 % | 1.76 % | 1.50 % | | | |
| Allowance for credit losses to non-performing loans | | 82.66 % | 86.82 % | 113.64 % | | | |
| Allowance for credit losses to gross loans | | 1.53 % | 1.53 % | 1.70 % | | | |
| | | | | | | | |
| Other financial ratios | | | | | | | |
| Tangible common equity | | 9.82 % | 9.51 % | 9.24 % | | | |
| Book value per share | | $ 23.19 | $ 22.37 | $ 20.14 | | | |
| Common shares outstanding | | 2,367,741 | 2,376,066 | 2,397,496 | | | |
| | | | | | | | |
| (1) Ratios for three-month periods are annualized | | | | | | | |
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SOURCE Northeast Indiana Bancorp, Inc.
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