NORTHEAST INDIANA BANCORP, INC. ANNOUNCES FIRST QUARTER 2026 EARNINGS

Rhea-AI Summary

Northeast Indiana Bancorp (OTCQB: NIDB) reported first quarter 2026 net income of $1.599M ($0.68 diluted) versus $1.059M ($0.44) in Q1 2025, with annualized ROA of 1.14% and ROE of 11.51%. Net interest income rose by $615,000; provision for credit losses fell by $440,000.

Total assets were $557.8M, net loans $421.2M, deposits $458.1M, and shareholders' equity $55.9M. Book value per share was $23.63 and outstanding common shares totaled 2,366,342 as of March 31, 2026.

Positive

• Net income increased to $1.599M in Q1 2026 (+51% vs Q1 2025)
• Net interest income up by $615,000 year-over-year
• Provision for credit losses decreased by $440,000
• Book value per share rose to $23.63

Negative

• Total non-interest expense increased to $3.314M
• Total non-performing loans rose to $10.723M (2.51% of gross loans)
• Allowance for credit losses to non-performing loans fell to 63.13%

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HUNTINGTON, Ind., April 28, 2026 /PRNewswire/ -- Northeast Indiana Bancorp, Inc., (OTCQB: NIDB), the parent company of First Federal Savings Bank, today announced net income of $1,599,000 ($0.68 per diluted common share) for the first quarter ended March 31, 2026 compared to net income of $1,059,000 ($0.44 per diluted common share) for the first quarter ended March 31, 2025. The current quarter earnings equate to an annualized return on average assets (ROA) of 1.14% and an annualized return on average equity (ROE) of 11.51% compared to an annualized ROA of 0.80% and an annualized ROE of 8.71% for the first quarter ending March 31, 2025. 

Net interest income increased $615,000 in the first quarter of 2026 compared to the same period in 2025. Provision for credit loss expense decreased by $440,000 for the three months ended March 31, 2026 as compared to the same period in 2025. Total non-interest income was $664,000 in the first quarter of 2026 compared to $712,000 the same period in 2025. Total non-interest expense was $3,314,000 for the three months ended March 31, 2026 as compared to $3,045,000 for the three months ended March 31, 2025.

Total assets decreased $1.6 million, or -1.1% on an annualized basis, to $557.8 million at March 31, 2026 compared to total assets of $559.3 million at December 31, 2025. Total net loans decreased $4 million, or -3.8% on an annualized basis, to $421.2 million at March 31, 2026 compared to total loans of $425.3 million at December 31, 2025. Total deposits increased $2.3 million, or 2% on an annualized basis, to $458.1 million at March 31, 2026 compared to $455.8 million at December 31, 2025.

Shareholders' equity increased $1 million to $55.9 million at March 31, 2026 compared to $54.9 million at December 31, 2025. The book value of NIDB stock increased $0.44 to $23.63 per common share as of March 31, 2026, compared to $23.19 at December 31, 2025. The number of outstanding common shares was 2,366,342 as of March 31, 2026. 

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 http://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
		March 31,	December 31,	March 31,
Balance Sheet (Unaudited)		2026	2025	2025
			(Audited)
Assets
Non-interest earning cash and cash equivalents		$          6,351,855	$           3,894,280	$             5,788,111
Interest-earning cash and cash equivalents		2,204,261	3,185,624	864,862
Total cash and cash equivalents		8,556,116	7,079,904	6,652,973
Interest-earning time deposits		1,470,000	1,470,000	3,410,000
Securities available for sale		82,859,596	82,257,908	76,415,124
Securities held to maturity		11,262,766	11,545,964	11,574,919
Loans held for sale		1,011,300	81,200	161,175
Loans, gross		428,007,169	431,869,990	420,051,989
Allowance for credit losses		(6,769,202)	(6,593,425)	(6,381,216)
Loans, net		421,237,967	425,276,565	413,670,773
Accrued interest receivable		2,518,677	2,574,430	2,367,992
Premises and equipment		8,559,892	8,669,720	7,884,632
FHLB Stock		2,835,000	2,835,000	2,835,000
Cash surrender value of life insurance		12,589,518	12,502,813	12,243,227
Other assets		4,878,245	5,040,484	5,420,798
Total Assets		$     557,779,077	$      559,333,988	$        542,636,613
Liabilities and Stockholders' Equity
Non-interest bearing deposits		$        57,470,437	$         51,188,798	$          50,913,707
Interest bearing deposits		400,631,576	404,656,646	391,154,920
Borrowed funds		39,500,000	44,400,000	46,300,000
Accrued interest payable and other liabilities		4,254,597	4,173,430	4,954,691
Total Liabilities		501,856,610	504,418,874	493,323,318
Stockholders' equity		55,922,467	54,915,114	49,313,295
Total Liabilities and Stockholders' Equity		$     557,779,077	$      559,333,988	$        542,636,613
		Three months ended
		March 31,	December 31,	March 31,
Income Statement (Unaudited)		2026	2025	2025
Net interest income
Total interest income		$          7,709,470	$           7,936,531	$             7,225,168
Total interest expense		2,957,337	3,129,838	3,087,649
Net interest income		4,752,133	4,806,693	4,137,519
Provision for credit loss expense
Loans		180,000	-	620,017
Off-balance sheet credit exposures		-	(45,000)	-
Total provision for credit loss expense		180,000	(45,000)	620,017
Net interest income after provision for credit losses		4,572,133	4,851,693	3,517,502
Non-interest income
Service charges on deposit accounts		154,065	171,625	157,638
Interchange fees		191,099	192,598	189,909
Loan servicing fees		90,249	80,392	116,046
Net gain on sale of loans		72,002	116,150	48,032
Net loss on sale of repossessed assets		-	-	-
Increase in cash surrender value of life insurance		86,704	87,324	83,684
Net loss on sales of available-for-sale securities		-	(128,680)	-
Other income		69,419	91,726	116,244
Total non-interest income		663,538	611,135	711,553
Non-interest expense
Salaries and employee benefits		1,810,242	1,712,322	1,646,304
Occupancy		450,576	426,660	432,190
Data processing		421,678	474,230	379,124
Deposit insurance premiums		86,250	79,082	82,500
Professional fees		176,544	238,807	134,494
Advertising and marketing fees		86,064	102,299	86,048
Correspondent bank charges		31,528	27,605	22,615
Other expense		251,131	271,799	262,123
Total non-interest expense		3,314,013	3,332,804	3,045,398
Income before income taxes		1,921,658	2,130,024	1,183,657
Income tax expense		323,117	355,997	124,696
Net income		$          1,598,541	$           1,774,027	$             1,058,961
		Three months ended
		March 31,	December 31,	March 31,
Selected Financial Ratios and Other Financial Data (Unaudited)		2026	2025	2025
Average shares outstanding - basic		2,355,016	2,358,273	2,379,792
Average shares outstanding - diluted		2,355,370	2,358,405	2,379,792
Basic earnings per share		$                    0.68	$                     0.75	$                      0.44
Diluted earnings per share		$                    0.68	$                     0.75	$                      0.44
Net interest margin		3.51 %	3.56 %	3.23 %
Return on average assets		1.14 %	1.27 %	0.80 %
Return on average equity		11.51 %	13.14 %	8.71 %
Efficiency ratio		61.19 %	61.52 %	62.80 %
Allowance for credit losses:
Balance, beginning of period		$          6,593,425	$           6,608,476	$             6,771,171
Charge-offs:
One-to-four family		-	-	-
Commercial real estate		-	-	-
Land/land development		-	-	-
Commercial		-	-	959,749
Consumer		52,729	27,845	84,138
Gross charge-offs		52,729	27,845	1,043,887
Recoveries:
One-to-four family		-	-	3,247
Commercial real estate		-	-	-
Land/land development		-	-	-
Commercial		-	-	-
Consumer		48,506	12,794	30,668
Gross recoveries		48,506	12,794	33,915
Net charge-offs (recoveries)		4,223	15,051	1,009,972
Provision for credit losses		180,000	-	620,017
Balance, end of period		$          6,769,202	$           6,593,425	$             6,381,216
Net loan charge-offs (recoveries) to average loans		0.00 %	0.01 %	0.99 %
		As of
		March 31,	December 31,	March 31,
Non-performing assets		2026	2025	2025
Loans:
Non-accrual		$          8,138,245	$           5,447,240	$             2,636,083
Past 90 days or more and still accruing		-	-	-
Troubled debt modification		2,584,342	2,529,489	2,573,342
Total non-performing loans		10,722,587	7,976,729	5,209,425
Real estate owned		-	-	-
Other repossessed assets		-	-	-
Total non-performing assets		$        10,722,587	$           7,976,729	$             5,209,425
Non-performing assets to total assets		1.92 %	1.43 %	0.96 %
Non-performing loans to gross loans		2.51 %	1.85 %	1.24 %
Allowance for credit losses to non-performing loans		63.13 %	82.66 %	122.49 %
Allowance for credit losses to gross loans		1.58 %	1.53 %	1.52 %
Other financial ratios
Tangible common equity		10.03 %	9.82 %	9.09 %
Book value per share		$                 23.63	$                  23.19	$                    20.57
Common shares outstanding		2,366,342	2,367,741	2,397,496
(1) Ratios for three-month periods are annualized

 

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SOURCE Northeast Indiana Bancorp, Inc.

FAQ

What were Northeast Indiana Bancorp (NIDB) earnings for Q1 2026?

Net income for Q1 2026 was $1.599 million ($0.68 diluted). According to the company, this compares with $1.059 million ($0.44) in Q1 2025 and produced annualized ROA of 1.14% and ROE of 11.51%.

How did NIDB's net interest income and provisions change in Q1 2026?

Net interest income increased by $615,000; provision for credit losses decreased by $440,000. According to the company, higher net interest income and lower provisions supported the quarter's improved profitability.

What balance-sheet changes did Northeast Indiana Bancorp report as of March 31, 2026 (NIDB)?

Total assets were $557.8 million, net loans $421.2 million, and deposits $458.1 million. According to the company, shareholders' equity increased to $55.9 million and book value per share rose to $23.63.

Did NIDB report any credit-quality trends in Q1 2026?

Non-performing loans rose to $10.72 million (2.51% of gross loans) while allowance coverage fell to 63.13%. According to the company, allowance remains 1.58% of gross loans despite the increase in non-performing loans.

How did operating expenses affect NIDB's Q1 2026 results?

Total non-interest expense was $3.314 million, up versus the prior-year quarter. According to the company, higher salaries and select expenses contributed to the increased non-interest cost base for the quarter.