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
