NORTHEAST INDIANA BANCORP, INC. ANNOUNCES FIRST QUARTER 2025 EARNINGS

HUNTINGTON, Ind. , April 22, 2025 /PRNewswire/ -- Northeast Indiana Bancorp, Inc., NIDB , the parent company of First Federal Savings Bank, today announced net income of $1,059,000 ( $0.

44 per diluted common share) for the quarter ended March 31, 2025 compared to earnings from the quarter ended March 31, 2024 of $722,000 ( $0.30 per diluted common share). The current three months earnings equate to an annualized return on average assets (ROA) of 0.



80% and a return on average equity (ROE) of 8.71% compared to an ROA of 0.57% and an ROE of 6.

26% for the quarter ended March 31, 2024 . Net interest income increased $512,000 in the first quarter of 2025 compared to the same period in 2024. Provision for credit loss expense was $620,000 for the 3 months ended March 31, 2025 compared to $500,000 for the 3 months ended March 31 , 2024.

Total non-interest income was $712,000 in the first quarter of 2025 compared $695,000 the same period in 2024. Total non-interest expense was $3 million for the 3 months ended March 31, 2025 as compared to $3.1 million for the 3 months ended March 31, 2024 .

Total assets increased $20.3 million , or 15.6% on an annualized basis, to $542.

6 million at March 31, 2025 compared to total assets of $522.3 million at December 31 , 2024. Total loans increased $23.

1 million , or 23.7% on an annualized basis, to $413.7 million at March 31, 2025 compared to total loans of $390.

6 million at December 31 , 2024. Total deposits increased $13.1 million , or 12.

2% on an annualized basis, to $442.1 million at March 31, 2025 compared to $428.9 million at December 31 , 2024.

Non-performing loans to gross loans were 1.24% as of March 31, 2025 compared to 1.84% as of March 31 , 2024.

The bank's allowance for credit losses to gross loans was 1.52% at the end of the first quarter of 2025 as compared to 1.50% at the end of the first quarter of 2024.

Shareholders' equity increased $1 million to $49.3 million at March 31, 2025 compared to $48.3 million at December 31 , 2024.

The book value of NIDB stock increased $0.43 to $20.57 per common share as of March 31, 2025 compared to $20.

14 at December 31 , 2024. The number of outstanding common shares was 2,397,496 as of March 31 , 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 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, December 31, March 31, Balance Sheet (Unaudited) 2025 2024 2024 (Audited) Assets Non-interest earning cash and cash equivalents $ 5,788,111 $ 3,754,395 $ 2,479,777 Interest-earning cash and cash equivalents 864,862 6,452,143 3,661,568 Total cash and cash equivalents 6,652,973 10,206,538 6,141,345 Interest-earning time deposits 3,410,000 4,275,000 4,520,000 Securities available for sale 76,415,124 74,789,791 76,768,514 Securities held to maturity 11,574,919 11,602,482 11,630,908 Loans held for sale 161,175 71,200 74,900 Loans, gross 420,051,989 397,334,479 385,129,684 Allowance for credit losses (6,381,216) (6,771,171) (5,790,301) Loans, net 413,670,773 390,563,308 379,339,383 Accrued interest receivable 2,367,992 2,237,407 2,455,724 Premises and equipment 7,884,632 7,907,303 7,752,161 FHLB Stock 2,835,000 2,835,000 2,835,000 Cash surrender value of life insurance 12,243,227 12,159,543 12,334,196 Other assets 5,420,798 5,676,203 5,508,735 Total Assets $ 542,636,613 $ 522,323,775 $ 509,360,866 Liabilities and Stockholders' Equity Non-interest bearing deposits $ 50,913,707 $ 48,168,488 $ 50,297,770 Interest bearing deposits 391,154,920 380,771,626 353,098,422 Borrowed funds 46,300,000 41,000,000 56,000,000 Accrued interest payable and other liabilities 4,954,691 4,106,965 3,675,681 Total Liabilities 493,323,318 474,047,079 463,071,873 Stockholders' equity 49,313,295 48,276,696 46,288,993 Total Liabilities and Stockholders' Equity $ 542,636,613 $ 522,323,775 $ 509,360,866 Three months ended March 31, December 31, March 31, Income Statement (Unaudited) 2025 2024 2024 Net interest income Total interest income $ 7,225,168 $ 7,243,589 $ 6,729,934 Total interest expense 3,087,649 3,275,092 3,105,342 Net interest income 4,137,519 3,968,497 3,624,592 Provision for credit loss expense Loans 620,017 423,538 500,000 Off-balance sheet credit exposures - 105,000 - Total provision for credit loss expense 620,017 528,538 500,000 Net interest income after provision for credit losses 3,517,502 3,439,959 3,124,592 Non-interest income Service charges on deposit accounts 157,638 176,311 178,670 Interchange fees 189,909 195,040 200,018 Loan servicing fees 116,046 69,887 109,708 Net gain on sale of loans 48,032 57,991 36,024 Increase in cash surrender value of life insurance 83,684 84,117 82,543 Other income 116,244 76,746 87,825 Total non-interest income 711,553 660,092 694,788 Non-interest expense Salaries and employee benefits 1,646,304 1,529,333 1,640,271 Occupancy 432,190 365,647 355,051 Data processing 379,124 433,325 438,832 Deposit insurance premiums 82,500 57,000 74,000 Professional fees 134,494 167,477 104,013 Advertising and marketing fees 86,048 61,688 87,680 Correspondent bank charges 22,615 53,454 39,596 Other expense 262,123 458,329 341,495 Total non-interest expense 3,045,398 3,126,253 3,080,938 Income before income taxes 1,183,657 973,798 738,442 Income tax expense 124,696 1,341 16,252 Net income $ 1,058,961 $ 972,457 $ 722,190 Three months ended March 31, December 31, March 31, Selected Financial Ratios and Other Financial Data (Unaudited) 2025 2024 2024 Average shares outstanding - basic 2,379,792 2,378,357 2,405,122 Average shares outstanding - diluted 2,379,792 2,378,357 2,405,122 Basic earnings per share $ 0.44 $ 0.

41 $ 0.30 Diluted earnings per share $ 0.44 $ 0.

41 $ 0.30 Net interest margin (1) 3.23 % 3.

13 % 2.99 % Return on average assets (1) 0.80 % 0.

74 % 0.57 % Return on average equity (1) 8.71 % 8.

01 % 6.26 % Efficiency ratio 62.80 % 67.

54 % 71.33 % Allowance for credit losses: Balance, beginning of period $ 6,771,171 $ 6,326,783 $ 5,335,305 Charge-offs: One-to-four family - - - Commercial real estate - - - Land/land development - - - Commercial 959,749 20,441 - Consumer 84,138 21,194 69,725 Gross charge-offs 1,043,887 41,635 69,725 Recoveries: One-to-four family 3,247 39,022 - Commercial real estate - - - Land/land development - - - Commercial - - - Consumer 30,668 23,463 24,721 Gross recoveries 33,915 62,485 24,721 Net charge-offs (recoveries) 1,009,972 (20,850) 45,004 Provision for credit losses 620,017 423,538 500,000 Balance, end of period $ 6,381,216 $ 6,771,171 $ 5,790,301 Net loan charge-offs (recoveries) to average loans 0.99 % -0.

02 % 0.05 % As of March 31, December 31, March 31, Non-performing assets 2025 2024 2024 Loans: Non-accrual $ 2,636,083 $ 5,031,555 $ 6,547,940 Past 90 days or more and still accruing - - - Troubled debt modification 2,573,342 926,960 524,970 Total non-performing loans 5,209,425 5,958,515 7,072,910 Real estate owned - - - Other repossessed assets - - - Total non-performing assets $ 5,209,425 $ 5,958,515 $ 7,072,910 Non-performing assets to total assets 0.96 % 1.

14 % 1.39 % Non-performing loans to gross loans 1.24 % 1.

50 % 1.84 % Allowance for credit losses to non-performing loans 122.49 % 113.

64 % 81.87 % Allowance for credit losses to gross loans 1.52 % 1.

70 % 1.50 % Other financial ratios Tangible common equity 9.09 % 9.

24 % 9.09 % Book value per share $ 20.57 $ 20.

14 $ 19.05 Common shares outstanding 2,397,496 2,397,496 2,429,698 (1) Ratios for three-month periods are annualized View original content to download multimedia: https://www.prnewswire.

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