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Press Release: Northeast Indiana Bancorp, Inc. -2-

· 02/05/2021 09:58
fees 138,055 81,073 341,229 368,327 Advertising and marketing 63,444 67,630 212,313 256,690 Correspondent bank charges 18,942 36,050 109,344 145,909 Other expense 324,403 312,622 1,171,571 1,156,107 Total noninterest expenses $ 3,009,262 $ 2,273,921 $ 9,696,441 $ 9,176,991 Income before income tax expense $ 1,783,078 $ 1,339,066 $ 6,759,241 $ 5,478,458 Income tax expense 307,137 193,761 1,159,619 792,964 Net Income $ 1,475,941 $ 1,145,305 $ 5,599,622 $ 4,685,494 NORTHEAST INDIANA BANCORP CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Twelve Months Ended Three Months Ended December December 31, 31, 2020 2019 2020 2019 ------------------- ----------------------------------- ---------- -------------- Basic Earnings per common share 1.23 0.96 4.65 3.91 Dilutive Earnings per share 1.23 0.96 4.64 3.91 Net interest margin 3.76% 3.43% 3.41% 3.52% Return on average assets 1.49% 1.28% 1.44% 1.33% Return on average equity 12.90% 11.05% 12.63% 11.76% Efficiency Ratio 61.26% 61.66% 56.92% 60.85% Average shares outstanding - primary 1,201,827 1,198,827 1,204,352 1,197,629 Average shares outstanding - diluted 1,201,827 1,198,827 1,205,602 1,198,154 Allowance for loan losses: Balance at beginning of period $ 3,781,578 $ 3,094,673 $3,191,605 $2,856,319 Charge-offs: One-to-four family - - 17,952 41,961 Commercial real estate - - 13,865 73,705 Land/land development - - - - Commercial 13,865 52,725 - 77,725 Consumer 53,434 55,138 137,577 208,170 Gross charge-offs 67,299 107,863 169,394 401,561 Recoveries: One-to-four family 1,411 43,406 4,242 46,066 Commercial real estate - - - 64,040 Land/land development - - - - Commercial 691 63,000 106,609 86,649 Consumer 15,516 23,389 138,835 115,092 Gross recoveries 17,618 129,795 249,686 311,847 Net charge-offs / recoveries 49,681 (21,932) (80,292) 89,714 Additions charged to operations 120,000 75,000 580,000 425,000 Balance at end of period $ 3,851,897 $ 3,191,605 $3,851,897 $3,191,605 Net loan charge-offs (recoveries) to average loans (1) 0.07% (0.03%) (0.03%) 0.04% Nonperforming assets At June At December (000's) At December 31, At September 30, 30, 31, Loans: 2020 2020 2020 2019 ------------------- ----------------------------------- ---------- -------------- Non-accrual $ 5,034 $ 5,501 $6,511 $6,173 Past 90 days or more and still accruing - - - - Troubled debt restructured 374 381 448 468 Total nonperforming loans 5,408 5,882 6,959 6,641 Real estate owned 5 5 5 262 Other repossessed assets - - - - Total nonperforming assets $ 5,413 $ 5,887 $6,964 $6,903 Nonperforming assets to total assets 1.38% 1.50% 1.42% 1.95% Nonperforming loans to total loans 2.02% 2.13% 2.48% 2.59% Allowance for loan losses to nonperforming loans 71.23% 64.30% 52.66% 48.07% Allowance for loan losses to total receivable 1.46% 1.39% 1.32% 1.26% At December 31, 2020 2019 ------------------- ----------------------------------- Stockholders' equity as a % of total assets 11.67% 11.67% Book value per share $ 37.73 $ 34.25 Common shares outstanding- EOP 1,210,327 1,206,327 (1) Ratios for the three-month periods are annualized.

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SOURCE Northeast Indiana Bancorp, Inc.

/CONTACT: RANDY J. SIZEMORE, SR VICE PRESIDENT, CFO, (260) 358-4680

/Web site: http://www.firstfedindiana.bank

(END) Dow Jones Newswires

February 05, 2021 09:58 ET (14:58 GMT)