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