HUNTINGTON, Ind., July 19, 2024 /PRNewswire/ -- Northeast Indiana Bancorp, Inc., (OTCQB:  NIDB), the parent company of First Federal Savings Bank, today announced net income of $1.6 million ($0.66 per diluted common share) for the second quarter ended June 30, 2024 compared to net income of $1.1 million ($0.46 per diluted common share) for the second quarter ended June 30, 2023.  The current quarter earnings equate to an annualized return on average assets (ROA) of 1.24% and an annualized return on average equity (ROE) of 13.80% compared to an annualized ROA of 0.96% and an annualized ROE of 10.16% for the second quarter ending June 30, 2023.  An increase in other non-interest income of $263,000 during the second quarter 2024 as compared to the same period in 2023 contributed to the increase of net income. Net income for the six months ended June 30, 2024, was $2.3 million, or $0.96 per diluted common share, compared to net income of $2.3 million, or $0.95 per diluted common share for the six months ended June 30, 2023.  The current six months earnings equate to an annualized ROA of 0.91% and an annualized ROE of 10.01% compared to an annualized ROA of 1.00% and an annualized ROE of 10.46% for the six months ended June 30, 2023.  The bank has been able to maintain overhead expenses at a steady level, experiencing only a 3.33% increase during the first six months of 2024 as compared to the same time period in 2023. Total assets increased $12.7 million, or 5.1% on an annualized basis, to $511.4 million at June 30, 2024 compared to total assets of $498.7 million at December 31, 2023.  Total loans increased $8.0 million, or 4.3% on an annualized basis, to $378.7 million at June 30, 2024 compared to total loans of $370.7 million at December 31, 2023.  Total deposits increased $11.2 million, or 5.6% on an annualized basis, to $412.3 million at June 30, 2024 compared to $401.1 million at December 31, 2023.     Shareholders' equity increased $800,000 to $47.2 million at June 30, 2024 compared to $46.4 million at December 31, 2023.  The book value of NIDB stock increased $0.48 to $19.53 per common share as of June 30, 2024, compared to $19.05 the previous quarter end.  The number of outstanding common shares was 2,417,283 as of June 30, 2024.  *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 June 30, December 31, June 30, Balance Sheet (Unaudited) 2024 2023 2023 (Audited) Assets Non-interest earning cash and cash equivalents $         4,440,307 $         4,304,296 $         5,035,444 Interest-earning cash and cash equivalents 5,021,811 1,166,180 2,600,052 Total cash and cash equivalents 9,462,118 5,470,476 7,635,496 Interest-earning time deposits 4,520,000 4,320,000 3,433,249 Securities available for sale 73,992,782 76,228,755 74,823,867 Securities held to maturity 12,639,812 12,754,763 12,776,430 Loans held for sale 409,800 - 528,600 Loans, gross 384,550,364 375,992,822 352,224,183 Allowance for credit losses (5,885,564) (5,335,305) (4,508,446) Loans, net 378,664,800 370,657,517 347,715,737 Accrued interest receivable 2,610,719 2,354,636 2,022,072 Premises and equipment 8,002,138 7,366,169 7,019,007 FHLB Stock 2,835,000 2,227,500 2,101,600 Investment in limited partnerships 778,334 928,334 1,078,334 Cash surrender value of life insurance 11,991,604 11,751,653 11,601,672 Other assets 5,453,041 4,624,206 4,892,556 Total Assets $    511,360,148 $    498,684,009 $    475,628,620 Liabilities and Stockholders' Equity Non-interest bearing deposits $      50,734,506 $      54,764,981 $      59,627,379 Interest bearing deposits 361,582,411 346,307,200 324,309,052 Borrowed funds 48,500,000 47,250,000 43,500,000 Accrued interest payable and other liabilities 3,323,250 3,941,438 4,024,152 Total Liabilities 464,140,167 452,263,619 431,460,583 Stockholders' equity 47,219,981 46,420,390 44,168,037 Total Liabilities and Stockholders' Equity $    511,360,148 $    498,684,009 $    475,628,620