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NORTHEAST INDIANA BANCORP, INC. ANNOUNCES FOURTH QUARTER AND ANNUAL EARNINGS

1. NIDB's Q4 2024 net income rises to $972K, up from $741K in Q4 2023. 2. Annual net income for 2024 matches 2023 at $4.3 million. 3. Total assets increased by 4.7% to $522.3 million year-over-year. 4. First Federal Savings Bank ranked #96 among top community banks. 5. NIDB maintains Champion status with 30 years of dividend increases.

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Why Bullish?

Strong earnings and asset growth should attract investor interest, similar to past performance boosts.

How important is it?

The article discusses substantial financial improvements and accolades, significant for investor outlook.

Why Short Term?

Immediate positive sentiment likely due to earnings report, but factors affecting sustained growth exist.

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NIDB
HUNTINGTON, Ind., Jan. 28, 2025 /PRNewswire/ -- Northeast Indiana Bancorp, Inc., (OTCQB: NIDB), the parent company of First Federal Savings Bank, today announced net income of $972,000 ($0.41 per diluted common share) for the fourth quarter ended December 31, 2024 compared to net income of $741,000 ($0.31 per diluted common share) for the fourth quarter ended December 31, 2023.  The current quarter earnings equate to an annualized return on average assets (ROA) of 0.74% and an annualized return on average equity (ROE) of 8.01% compared to an annualized ROA of 0.60% and an annualized ROE of 6.75% for the fourth quarter ending December 31, 2023. Net income for the year ended December 31, 2024, was $4.3 million, or $1.80 per diluted common share, compared to net income of $4.3 million, or $1.77 per diluted common share for the year ended December 31, 2023.  The current year earnings equate to an annualized ROA of 0.84% and an annualized ROE of 9.13% compared to an annualized ROA of 0.90% and an annualized ROE of 9.72% for the year ended December 31, 2023. Net interest income increased by $593,000, or 4.1%, compared to the prior year.  Total provision for credit losses increased by $504,000, or 48%, in 2024 as compared to 2023, primarily due to increased specific reserves on existing loans.  Non-interest income increased 11.3% in 2024 as compared to the prior year.  Non-interest expense grew by 4.5% in 2024. Total assets increased $23.6 million, or 4.7%, to $522.3 million at December 31, 2024 compared to total assets of $498.7 million at December 31, 2023.  Total loans increased $19.9 million, or 5.4% on an annualized basis, to $390.6 million at December 31, 2024 compared to total loans of $370.7 million at December 31, 2023.  Total deposits increased $27.8 million, or 6.9% on an annualized basis, to $428.9 million at December 31, 2024 compared to $401.1 million at December 31, 2023. Shareholders' equity increased $1.9 million to $48.3 million at December 31, 2024 compared to $46.4 million at December 31, 2023.  The book value of NIDB stock increased $0.99 to $20.14 per common share as of December 31, 2024, compared to $19.15 the previous year-end.  The number of outstanding common shares was 2,397,496 as of December 31, 2024. In the current year, Northeast Indiana Bancorp and First Federal Savings Bank have been recognized for its performance.  First Federal Savings Bank was named to American Banker Magazine's Top 100 Community Banks for the 13th consecutive year.  The publication qualifies banks for this listing if they have less than $2 billion in total assets and are publicly traded.  First Federal Savings Bank came in at #96 on this year's list of the top 100 publicly traded community banks.  The magazine ranked the institutions based on the profitability metric, Return on Average Equity, over a 3-year period.  First Federal Savings Bank was one of only 3 banks from the state of Indiana to make this elite list. In addition, Northeast Indiana Bancorp, Inc., the holding company for First Federal Savings Bank, maintained its position on the Dividend Champions List.  To achieve Champion status, a company must increase its dividend payments to its shareholders for 25 consecutive years.  Northeast Indiana Bancorp is one of 146 companies in the United States to achieve this status.  With the latest dividend increase in the fourth quarter of 2024, Northeast Indiana Bancorp has increased dividends 30 years in a row. Michael S. Zahn, President and CEO, commented, "We are proud of our performance in 2024 and the recognitions we have received.  Our employees make a difference every day for the benefit of our customers and our communities. Our goal is to continue to enhance shareholder value and benefit the communities we serve." *All share data has been adjusted to reflect Northeast Indiana Bancorp, Inc.'s two-for-one stock split effective July 14, 2023. 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 December 31, December 31, Balance Sheet (Unaudited) 2024 2023 (Audited) Assets Non-interest earning cash and cash equivalents $          5,606,642 $           4,304,296 Interest-earning cash and cash equivalents 4,599,896 1,166,180 Total cash and cash equivalents 10,206,538 5,470,476 Interest-earning time deposits 4,275,000 4,320,000 Securities available for sale 73,774,650 76,228,755 Securities held to maturity 12,617,624 12,754,763 Loans held for sale 71,200 - Loans, gross 397,334,479 375,992,822 Allowance for credit losses (6,771,171) (5,335,305) Loans, net 390,563,308 370,657,517 Accrued interest receivable 2,237,407 2,354,636 Premises and equipment 7,907,303 7,366,169 FHLB Stock 2,835,000 2,227,500 Investment in limited partnerships 628,334 928,334 Cash surrender value of life insurance 12,159,543 11,751,653 Other assets 5,047,868 4,624,206 Total Assets $      522,323,775 $      498,684,009 Liabilities and Stockholders' Equity Non-interest bearing deposits $        48,168,488 $         54,764,981 Interest bearing deposits 380,771,626 346,307,200 Borrowed funds 41,000,000 47,250,000 Accrued interest payable and other liabilities 4,106,965 3,941,438 Total Liabilities 474,047,079 452,263,619 Stockholders' equity 48,276,696 46,420,390 Total Liabilities and Stockholders' Equity $      522,323,775 $      498,684,009 Three months ended Twelve months ended December 31, September 30, December 31, December 31, December 31, Income Statement (Unaudited) 2024 2024 2023 2024 2023 Net interest income Total interest income $          7,243,589 $           7,178,589 $            6,702,608 $        28,234,218 $       24,158,344 Total interest expense 3,275,092 3,369,314 2,952,000 13,067,903 9,584,701 Net interest income 3,968,497 3,809,275 3,750,608 15,166,315 14,573,643 Provision for credit loss expense Loans 423,538 495,000 825,000 1,518,538 1,095,000 Off-balance sheet credit exposures 105,000 (45,000) (45,000) 35,000 (45,000) Total provision for credit loss expense 528,538 450,000 780,000 1,553,538 1,050,000 Net interest income after provision for loan losses 3,439,959 3,359,275 2,970,608 13,612,777 13,523,643 Non-interest income Service charges on deposit accounts 176,311 174,619 184,623 704,644 734,612 Interchange fees 195,040 208,053 195,918 811,235 787,690 Loan servicing fees 69,887 63,117 108,432 340,874 414,958 Net gain on sale of loans 57,991 137,577 67,979 341,272 329,174 Brokerage fees 298 624 29,086 3,091 184,326 Increase in cash surrender value of life insurance 84,117 83,603 75,763 333,516 296,990 Other income 76,448 332,725 73,390 1,034,940 458,274 Total non-interest income 660,092 1,000,318 735,191 3,569,572 3,206,024 Non-interest expense Salaries and employee benefits 1,529,333 1,652,277 1,443,480 6,459,098 6,416,398 Occupancy 365,647 390,467 340,005 1,474,751 1,381,140 Data processing 433,325 435,356 387,894 1,704,538 1,573,667 Deposit insurance premiums 57,000 75,000 54,000 294,000 205,500 Professional fees 167,477 179,392 207,204 622,157 634,672 Advertising and marketing fees 61,688 85,424 129,495 335,887 311,634 Correspondent bank charges 53,454 36,337 39,288 173,480 148,756 Other expense 458,329 273,585 335,295 1,406,067 1,258,685 Total non-interest expense 3,126,253 3,127,838 2,936,661 12,469,978 11,930,452 Income before income taxes 973,798 1,231,755 769,138 4,712,371 4,799,215 Income tax expense 1,341 214,410 27,866 406,812 539,525 Net income $             972,457 $           1,017,345 $                741,272 $          4,305,559 $          4,259,690 Three months ended Twelve months ended December 31, September 30, December 31, December 31, December 31, Selected Financial Ratios and Other Financial Data (Unaudited) 2024 2024 2023 2024 2023 Average shares outstanding - basic 2,378,357 2,387,823 2,401,584 2,393,143 2,401,745 Average shares outstanding - diluted 2,378,357 2,387,823 2,401,584 2,393,143 2,401,773 Basic earnings per share $                    0.41 $                    0.43 $                      0.31 $                    1.80 $                   1.77 Diluted earnings per share $                    0.41 $                    0.43 $                      0.31 $                    1.80 $                   1.77 Net interest margin 3.13 % 3.06 % 3.16 % 3.06 % 3.20 % Return on average assets 0.74 % 0.79 % 0.60 % 0.84 % 0.90 % Return on average equity 8.01 % 8.46 % 6.75 % 9.13 % 9.72 % Efficiency ratio 67.54 % 65.03 % 65.47 % 66.56 % 67.10 % Allowance for credit losses: Balance, beginning of period $          6,326,783 $           5,885,564 $            4,529,631 $          5,335,305 $          3,996,619 Charge-offs: One-to-four family - 39,022 - 39,022 27,466 Commercial real estate - - - - - Land/land development - - - - - Commercial 20,441 - - 20,441 - Consumer 21,194 52,872 68,491 168,743 198,755 Gross charge-offs 41,635 91,894 68,491 228,206 226,221 Recoveries: One-to-four family 39,022 1,523 10,664 40,544 11,249 Commercial real estate - - - - - Land/land development - - - - - Commercial - - 200 - 3,930 Consumer 23,463 36,590 38,301 104,990 104,728 Gross recoveries 62,485 38,113 49,165 145,534 119,907 Net charge-offs (recoveries) (20,850) 53,781 19,326 82,672 106,314 CECL adjustment - - - - 350,000 Provision for loan losses 423,538 495,000 825,000 1,518,538 1,095,000 Balance, end of period $          6,771,171 $           6,326,783 $            5,335,305 $          6,771,171 $          5,335,305 Net loan charge-offs (recoveries) to average loans -0.02 % 0.06 % 0.02 % 0.02 % 0.03 % As of December 31, September 30, December 31, Non-performing assets 2024 2024 2023 Loans: Non-accrual $          5,031,555 $           4,551,701 $            6,415,623 Past 90 days or more and still accruing - - - Troubled debt modification 926,960 507,797 524,970 Total non-performing loans 5,958,515 5,059,498 6,940,593 Real estate owned - - - Other repossessed assets - - - Total non-performing assets $          5,958,515 $           5,059,498 $            6,940,593 Non-performing assets to total assets 1.14 % 0.97 % 1.39 % Non-performing loans to gross loans 1.50 % 1.30 % 1.85 % Allowance for loan losses to non-performing loans 113.64 % 125.05 % 76.87 % Allowance for loan losses to gross loans 1.70 % 1.62 % 1.42 % Other financial ratios Tangible common equity 9.24 % 9.46 % 9.31 % Book value per share $                 20.14 $                  20.46 $                    19.15 Common shares outstanding 2,397,496 2,403,696 2,423,698 (1) Ratios for three-month periods are annualized (2) All share data has been adjusted for the 2:1 stock split on July 14, 2023. SOURCE Northeast Indiana Bancorp, Inc.

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