NORTHEAST INDIANA BANCORP, INC. ANNOUNCES THIRD QUARTER 2026 EARNINGS

Higher earnings and wider interest margins accompanied an increase in non-performing loans and lower allowance coverage.

Rhea-AI Summary

Northeast Indiana Bancorp (NIDB) reported third-quarter 2026 net income of $1,991,355, up from $1,792,560 a year earlier. Diluted earnings per share rose to $0.85 from $0.76. Net interest income increased to $5,013,028 from $4,743,507, while net interest margin widened to 3.78% from 3.53%. Credit-loss expense was $120,000 versus a $35,000 reversal.

Nine-month net income increased to $5,463,197 from $4,492,227, with diluted earnings per share of $2.33 versus $1.89. Since December 31, 2025, net loans fell to $406 million and deposits rose to $459.5 million. At September 30, 2026, non-performing loans reached $13,649,679, versus $7,611,701 a year earlier; allowance coverage fell to 50.07% from 86.82%. Book value per share was $23.82, down from $24.11 at June 30, 2026, but above $22.37 a year earlier.

18 points · 0 major

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Positive

• Moderate pointThird-quarter net income rose to $1,991,355 from $1,792,560; diluted EPS increased to $0.85 from $0.76.
• Moderate pointThird-quarter net interest income increased to $5,013,028 from $4,743,507 a year earlier.
• Moderate pointNet interest margin widened to 3.78% from 3.53% for the quarter; nine-month margin reached 3.66% versus 3.37%.
• Moderate pointThird-quarter non-interest income increased to $804,905 from $659,542 a year earlier.
• Moderate pointNine-month credit-loss expense declined to $455,000 from $785,017 a year earlier.
• Moderate pointThird-quarter annualized returns on average assets and equity rose to 1.45% and 14.11%, versus 1.29% and 13.95%.
• Moderate pointEfficiency ratio improved to 55.98% from 60.74% quarterly, and to 58.11% from 60.60% over nine months.
• Moderate pointBorrowed funds declined to $30,500,000 at September 30, 2026, from $44,400,000 at December 31, 2025.
• Moderate pointCash and equivalents increased to $17,231,524 at September 30, 2026, from $7,079,904 at December 31, 2025.
• Moderate pointNine-month net loan charge-offs fell to $119,138 from $971,712 a year earlier.

8 minor points

• Minor pointNine-month net income rose to $5,463,197 from $4,492,227; diluted EPS increased to $2.33 from $1.89.
• Minor pointNine-month net interest income increased to $14,734,770 from $13,343,760 a year earlier.
• Minor pointNine-month non-interest income increased to $2,212,539 from $2,079,072 a year earlier.
• Minor pointThird-quarter non-interest expense declined to $3,256,701 from $3,281,790 a year earlier.
• Minor pointNine-month annualized returns on average assets and equity rose to 1.31% and 13.01%, versus 1.10% and 12.02%.
• Minor pointDeposits increased to $459.5 million at September 30, 2026, from $455.8 million at December 31, 2025.
• Minor pointShareholders' equity increased to $56 million at September 30, 2026, from $54.9 million at December 31, 2025.
• Minor pointLoan-loss allowance relative to gross loans rose to 1.66% from 1.53% at September 30, 2025.

Negative

• Moderate pointNon-performing loans rose to $13,649,679 from $10,398,678 in June and $7,611,701 in September 2025.
• Moderate pointAllowance coverage of non-performing loans fell to 50.07%, versus 66.35% in June and 86.82% in September 2025.
• Moderate pointNet loans declined to $406 million at September 30, 2026, from $425.3 million at December 31, 2025.
• Moderate pointNine-month non-interest expense increased to $9,848,080 from $9,345,710 a year earlier.
• Minor pointNon-performing loans reached 3.31% of gross loans, versus 2.48% in June and 1.76% in September 2025.

5 minor points

• Minor pointTotal assets declined to $550.6 million at September 30, 2026, from $559.3 million at December 31, 2025.
• Minor pointThird-quarter credit-loss expense was $120,000, versus a $35,000 reversal a year earlier.
• Minor pointThird-quarter net loan charge-offs were $64,929, versus net recoveries of $12,514 a year earlier.
• Minor pointBook value per share fell to $23.82 from $24.11 in June, but exceeded September 2025's $22.37.
• Minor pointTangible common equity ratio fell to 10.17% from 10.24% in June, but exceeded September 2025's 9.51%.

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HUNTINGTON, Ind., Oct. 28, 2026 /PRNewswire/ -- Northeast Indiana Bancorp, Inc., (OTCQB: NIDB), the parent company of First Federal Savings Bank, today announced net income of $1,991,000 ($0.85 per diluted common share) for the quarter ended September 30, 2026 compared to earnings from the quarter ended September 30, 2025 of $1,793,000 ($0.76 per diluted common share).  The current three months earnings equate to an annualized return on average assets (ROA) of 1.45% and a return on average equity (ROE) of 14.11% compared to an ROA of 1.29% and an ROE of 13.95% for the quarter ended September 30, 2025.

Net interest income increased $270,000 in the third quarter of 2026 compared to the same period in 2025.  Provision for credit loss expense was $120,000 for the 3 months ended September 30, 2026 compared to a reversal of credit loss expense of $35,000 for the third quarter of 2025.  Total non-interest income was $805,000 in the third quarter of 2026 compared to $660,000 the same period in 2025.  Total non-interest expense was $3.3 million for the 3 months ended September 30, 2026 as compared to $3.3 million for the 3 months ended September 30, 2025.

Net income for the nine months ended September 30, 2026, was $5.5 million, or $2.33 per diluted common share, compared to net income of $4.5 million, or $1.89 per diluted common share for the nine months ended September 30, 2025.  The current nine months earnings equate to an annualized ROA of 1.31% and an annualized ROE of 13.01% compared to an annualized ROA of 1.10% and an annualized ROE of 12.02% for the nine months ended September 30, 2025.  

Total assets decreased $8.7 million, or -2.1% on an annualized basis, to $550.6 million at September 30, 2026 compared to total assets of $559.3 million at December 31, 2025.  Total net loans decreased $19.3 million, or -6.0% on an annualized basis, to $406 million at September 30, 2026 compared to total net loans of $425.3 million at December 31, 2025.  Total deposits increased $3.7 million, or 1.2% on an annualized basis, to $459.5 million at September 30, 2026 compared to $455.8 million at December 31, 2025.   

Shareholders' equity increased $1.1 million to $56 million at September 30, 2026 compared to $54.9 million at December 31, 2025.  The book value of NIDB stock decreased $0.29 to $23.82 per common share as of September 30, 2026 compared to $24.11 at June 30, 2026.  The number of outstanding common shares was 2,349,909 as of September 30, 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 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 service.

NORTHEAST INDIANA BANCORP, INC.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
		September 30,	December 31,	September 30,
Balance Sheet (Unaudited)		2026	2025	2025
			(Audited)
Assets
Non-interest earning cash and cash equivalents		$           5,375,010	$           3,894,280	$           6,289,092
Interest-earning cash and cash equivalents		11,856,514	3,185,624	1,266,982
Total cash and cash equivalents		17,231,524	7,079,904	7,556,074
Interest-earning time deposits		1,470,000	1,470,000	2,205,000
Securities available for sale		80,744,092	82,257,908	80,585,539
Securities held to maturity		11,241,348	11,545,964	11,555,659
Loans held for sale		200,000	81,200	-
Loans, gross		412,815,703	431,869,990	432,292,953
Allowance for credit losses		(6,834,287)	(6,593,425)	(6,608,476)
Loans, net		405,981,416	425,276,565	425,684,477
Accrued interest receivable		2,391,270	2,574,430	2,362,834
Premises and equipment		8,604,711	8,669,720	8,643,854
FHLB Stock		2,835,000	2,835,000	2,835,000
Cash surrender value of life insurance		14,273,239	12,502,813	12,415,489
Other assets		5,677,066	5,040,484	5,222,345
Total Assets		$       550,649,666	$       559,333,988	$       559,066,271
Liabilities and Stockholders' Equity
Non-interest bearing deposits		$         64,979,874	$         51,188,798	$         51,808,470
Interest bearing deposits		394,540,651	404,656,646	403,117,646
Borrowed funds		30,500,000	44,400,000	46,500,000
Accrued interest payable and other liabilities		4,644,792	4,173,430	4,488,383
Total Liabilities		494,665,317	504,418,874	505,914,499
Stockholders' equity		55,984,349	54,915,114	53,151,772
Total Liabilities and Stockholders' Equity		$       550,649,666	$       559,333,988	$       559,066,271
		Three months ended				Nine months ended
		September 30,	June 30,	September 30,		September 30,	September 30,
Income Statement (Unaudited)		2026	2026	2025		2026	2025
Net interest income
Total interest income		$           7,802,808	$           7,834,410	$           8,055,361		$         23,346,688	$         23,011,167
Total interest expense		2,789,780	2,864,801	3,311,854		8,611,918	9,667,407
Net interest income		5,013,028	4,969,609	4,743,507		14,734,770	13,343,760
Provision for credit loss expense
Loans		-	180,000	-		360,000	809,017
Off-balance sheet credit exposures		120,000	(25,000)	(35,000)		95,000	(24,000)
Total provision for credit loss expense		120,000	155,000	(35,000)		455,000	785,017
Net interest income after provision for credit losses		4,893,028	4,814,609	4,778,507		14,279,770	12,558,743
Non-interest income
Service charges on deposit accounts		196,563	174,390	177,533		525,018	498,752
Interchange fees		207,234	206,740	200,695		605,073	590,434
Loan servicing fees		79,147	78,893	83,947		248,289	284,345
Net gain on sale of loans		143,349	120,670	139,754		336,021	292,869
Increase in cash surrender value of life insurance		96,131	87,591	87,080		270,426	255,945
Net loss on sales of available-for-sale securities		-	-	(119,062)		-	(119,062)
Other income		82,481	75,812	89,595		227,712	275,789
Total non-interest income		804,905	744,096	659,542		2,212,539	2,079,072
Non-interest expense
Salaries and employee benefits		1,729,135	1,749,441	1,747,045		5,288,818	5,103,733
Occupancy		477,940	454,697	439,253		1,383,213	1,284,671
Data processing		420,213	400,797	385,504		1,242,688	1,011,648
Deposit insurance premiums		77,000	84,500	75,000		247,750	235,000
Professional fees		164,741	169,654	225,147		510,939	523,125
Advertising and marketing fees		92,627	94,131	94,741		272,822	266,809
Correspondent bank charges		26,729	31,094	29,436		89,351	80,592
Other expense		268,316	293,052	285,664		812,499	840,132
Total non-interest expense		3,256,701	3,277,366	3,281,790		9,848,080	9,345,710
Income before income taxes		2,441,232	2,281,339	2,156,259		6,644,229	5,292,105
Income tax expense		449,877	408,038	363,699		1,181,032	799,878
Net income		$           1,991,355	$           1,873,301	$           1,792,560		$           5,463,197	$           4,492,227
		Three months ended				Nine months ended
		September 30,	June 30,	September 30,		September 30,	September 30,
Selected Financial Ratios and Other Financial Data (Unaudited)		2026	2026	2025		2026	2025
Average shares outstanding - basic		2,336,737	2,346,207	2,369,920		2,345,917	2,376,826
Average shares outstanding - diluted		2,337,938	2,347,081	2,369,920		2,346,727	2,376,826
Basic earnings per share		$                     0.85	$                     0.80	$                     0.76		$                     2.33	$                     1.89
Diluted earnings per share		$                     0.85	$                     0.80	$                     0.76		$                     2.33	$                     1.89
Net interest margin (1)		3.78 %	3.70 %	3.53 %		3.66 %	3.37 %
Return on average assets (1)		1.45 %	1.34 %	1.29 %		1.31 %	1.10 %
Return on average equity (1)		14.11 %	13.36 %	13.95 %		13.01 %	12.02 %
Efficiency ratio		55.98 %	57.36 %	60.74 %		58.11 %	60.60 %
Allowance for credit losses:
Balance, beginning of period		$           6,899,216	$           6,769,202	$           6,595,962		$           6,593,425	$           6,771,171
Charge-offs:
One-to-four family		-	10,286	-		10,286	-
Commercial real estate		-	-	-		-	-
Land/land development		-	-	-		-	-
Commercial		-	-	-		-	959,749
Consumer		99,401	55,287	21,485		207,417	140,319
Gross charge-offs		99,401	65,573	21,485		217,703	1,100,068
Recoveries:
One-to-four family		-	-	-		-	3,247
Commercial real estate		-	-	-		-	-
Land/land development		-	-	-		-	-
Commercial		786	257	1,705		1,043	1,705
Consumer		33,686	15,330	32,294		97,522	123,404
Gross recoveries		34,472	15,587	33,999		98,565	128,356
Net charge-offs (recoveries)		64,929	49,986	(12,514)		119,138	971,712
Provision for credit losses		-	180,000	-		360,000	809,017
Balance, end of period		$           6,834,287	$           6,899,216	$           6,608,476		$           6,834,287	$           6,608,476
Net loan charge-offs (recoveries) to average loans		0.06 %	0.05 %	-0.01 %		0.06 %	0.46 %
		As of
		September 30,	June 30,	September 30,
Non-performing assets		2026	2026	2025
Loans:
Non-accrual		$         11,152,565	$           7,893,034	$           5,082,212
Past 90 days or more and still accruing		-	-	-
Troubled debt modification		2,497,114	2,505,644	2,529,489
Total non-performing loans		13,649,679	10,398,678	7,611,701
Real estate owned		-	-	-
Other repossessed assets		-	-	-
Total non-performing assets		$         13,649,679	$         10,398,678	$           7,611,701
Non-performing assets to total assets		2.48 %	1.88 %	1.36 %
Non-performing loans to gross loans		3.31 %	2.48 %	1.76 %
Allowance for credit losses to non-performing loans		50.07 %	66.35 %	86.82 %
Allowance for credit losses to gross loans		1.66 %	1.64 %	1.53 %
Other financial ratios
Tangible common equity		10.17 %	10.24 %	9.51 %
Book value per share		$                   23.82	$                   24.11	$                   22.37
Common shares outstanding		2,349,909	2,353,405	2,376,066
(1) Ratios for three-month periods are annualized

 

 

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SOURCE Northeast Indiana Bancorp, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Northeast Indiana Bancorp's third-quarter 2026 earnings?

Northeast Indiana Bancorp earned $1,991,355, or $0.85 per diluted share, in the quarter ended September 30, 2026. That compares with $1,792,560, or $0.76 per diluted share, in the same quarter of 2025.

How did NIDB's non-performing loans change in the third quarter of 2026?

NIDB's non-performing loans increased to $13,649,679 at September 30, 2026, from $10,398,678 at June 30, 2026, and $7,611,701 a year earlier. They represented 3.31% of gross loans, compared with 2.48% in June and 1.76% a year earlier.

How much of Northeast Indiana Bancorp's non-performing loans were not accruing interest?

Loans not accruing interest totaled $11,152,565 at September 30, 2026, compared with $7,893,034 at June 30, 2026, and $5,082,212 at September 30, 2025. Troubled debt modifications accounted for another $2,497,114 of non-performing loans at September 30, 2026.