SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549


                                   FORM 10-QSB

     [X]  QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES
          EXCHANGE ACT OF 1934

          For the quarterly period ended March 31, 2001

     [_]  TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE EXCHANGE ACT

          For the transition period from to -

          Commission file number 0-26012.

                         NORTHEAST INDIANA BANCORP, INC.
        (Exact Name of Small Business Issuer as Specified in its Charter)

          Delaware                                             35-1948594
(State or other jurisdiction of                              (IRS Employer
 incorporation or organization)                            Identification No.)

 648 North Jefferson Street, Huntington, IN                      46750
  (Address of principal executive offices)                     (Zip Code)

Issuer's telephone number, including area code: (219) 356-3311

Check  whether the Issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period  that the Issuer was  required  to file such  reports),  and (2) has been
subject to such requirements for the past 90 days. YES [X] NO [_]

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:


CLASS                                           OUTSTANDING AT APRIL 26, 2001
--------------------------------------------------------------------------------
Common Stock, par value $.01 per share                    1,664,036


Transitional Small Business Disclosure Format:  YES [_]  NO [X]


<PAGE>

                         NORTHEAST INDIANA BANCORP, INC.

                                      INDEX


                                                                       PAGE NO.
                                                                       --------

PART I.   FINANCIAL INFORMATION (UNAUDITED)

Item 1.   Financial Statements (Condensed)

          Consolidated Balance Sheets
          March 31, 2001 and December 31, 2000                            1

          Consolidated Statements of Income for the
           three months ended March 31, 2001 and 2000                     2

          Consolidated Statement of Changes in Shareholders' Equity
          for the three months ended March 31, 2001                       3

          Consolidated Statements of Cash Flows for the three
          months ended March 31, 2001 and 2000                            4

          Notes to Consolidated Financial Statements                      5


Item 2.   Management's Discussion and Analysis of Financial
          Condition and Results of Operations                             8



PART II.  OTHER INFORMATION

Item 1.   Legal Proceedings                                              14

Item 2.   Change In Securities                                           14

Item 3.   Defaults Upon Senior Securities                                14

Item 4.   Submissions of Matter to a Vote
          of Security Holders                                            14

Item 5.   Other Information                                              15

Item 6.   Exhibits and Reports on Form 8-K                               15

          Signature page                                                 16



<PAGE>

                         NORTHEAST INDIANA BANCORP, INC.
                           CONSOLIDATED BALANCE SHEETS
                      March 31, 2001 and December 31, 2000

<TABLE>
<CAPTION>
                                                                                                    March 31,          December 31,
                                                                                                      2001                2000
                                                                                                   (Unaudited)
ASSETS
<S>                                                                                               <C>                 <C>
Interest earning cash and cash equivalents                                                        $   3,498,922       $   3,208,993
Noninterest earning cash and cash equivalents                                                         2,423,469           3,367,273
                                                                                                  -------------       -------------
     Total cash and cash equivalents                                                                  5,922,391           6,576,266
Securities available for sale                                                                        28,003,384          31,226,026
Securities held to maturity (fair value: March 31, 2001- $345,000;
  December 31, 2000 - $383,000)                                                                         345,000             383,000
Loans receivable, net of allowance for loan losses at March 31, 2001 of
  $2,180,569 and at December 31, 2000 of $2,001,172                                                 194,988,721         200,151,133
Accrued interest receivable                                                                             775,883             895,612
Premises and equipment                                                                                2,229,861           2,244,179
Investments in limited liability partnerships                                                         1,664,425           1,703,839
Other assets                                                                                          3,617,644           3,914,247
                                                                                                  -------------       -------------
     Total assets                                                                                 $ 237,547,309       $ 247,094,302
                                                                                                  =============       =============

LIABILITIES AND SHAREHOLDERS' EQUITY
Demand deposits                                                                                   $   4,251,264       $   4,571,661
Savings                                                                                               9,544,266           9,265,835
NOW and MMDA                                                                                         29,935,640          30,896,868
Time deposits                                                                                       106,114,368         102,071,754
                                                                                                  -------------       -------------
     Total deposits                                                                                 149,845,538         146,806,118
Borrowed funds                                                                                       59,657,172          72,538,670
Accrued expenses and other liabilities                                                                1,190,285           1,175,757
                                                                                                  -------------       -------------
     Total liabilities                                                                              210,692,995         220,520,545

Shareholders' equity
     Preferred Stock, no par value: 500,000 shares authorized; 0 shares issued                             --                  --
     Common stock, $.01 par value: 4,000,000 shares authorized;
        at 3/31/01: 2,640,672 shares issued, 1,683,536 shares outstanding
          at 12/31/01: 2,640,672 shares issued, 1,692,536 shares outstanding                             26,407              26,407
     Additional paid in capital                                                                      28,818,830          28,817,843
     Retained earnings, substantially restricted                                                     11,420,294          11,213,771
     Unearned employee stock ownership plan shares                                                     (730,076)           (766,395)
     Unearned recognition and retention plan shares                                                     (19,037)            (21,196)
     Accumulated other comprehensive income (loss), net of tax                                           70,717             (55,418)
     Treasury stock, 957,136 and 948,136 common shares, at
       cost, at March 31, 2001 and December 31, 2000                                                (12,732,821)        (12,641,255)
                                                                                                  -------------       -------------
         Total shareholders' equity                                                                  26,854,314          26,573,757
                                                                                                  -------------       -------------
              Total liabilities and shareholders' equity                                          $ 237,547,309       $ 247,094,302
                                                                                                  =============       =============
</TABLE>

                 See accompanying notes to financial statements

                                       1.

<PAGE>

                         NORTHEAST INDIANA BANCORP, INC.
                        CONSOLIDATED STATEMENTS OF INCOME
                   Three months ended March 31, 2001 and 2000

<TABLE>
<CAPTION>
                                                                  Three months ended
                                                                       March 31,
                                                             2001                    2000
                                                             ----                    ----
                                                                      (Unaudited)

Interest income
<S>                                                     <C>                        <C>
   Loans, including fees                                $ 4,012,862                $ 4,234,434
   Taxable securities                                       459,437                    548,478
   Non-taxable securities                                    13,271                      5,817
   Deposits with financial institutions                      50,092                     52,190
                                                        -----------                -----------
     Total interest income                                4,535,662                  4,840,919

Interest expense
   Deposits                                               1,972,512                  1,677,744
   Borrowed funds                                           915,005                  1,234,806
                                                        -----------                -----------
     Total interest expense                               2,887,517                  2,912,550

Net interest income                                       1,648,145                  1,928,369
Provision for loan losses                                   150,000                    191,250
                                                        -----------                -----------

Net interest income after provision for loan
  losses                                                  1,498,145                  1,737,119

Noninterest income
  Service charges on deposit accounts                        88,641                     85,794
  Net loss on sale of securities                               --                       (1,563)
  Net gain on sale of loans                                  31,259                       --
  Other service charges or fees                             166,385                    145,265
                                                        -----------                -----------
     Total noninterest income                               286,285                    229,496

Noninterest expense
   Salaries and employee benefits                           575,174                    589,547
   Occupancy                                                113,999                    116,180
   Data processing                                          160,703                    143,860
   Deposit Insurance premium                                  6,497                      6,360
   Professional fees                                         83,195                     63,065
   Correspondent bank charges                                52,976                     55,970
   Other expense                                            238,810                    194,231
                                                        -----------                -----------
     Total noninterest expense                            1,231,354                  1,169,213
                                                        -----------                -----------
Income before income taxes                                  553,076                    797,402
   Income tax expense                                       160,375                    278,428
                                                        -----------                -----------

Net income                                              $   392,701                $   518,974
                                                        ===========                ===========

Comprehensive Income                                    $   518,836                $   519,656
                                                        ===========                ===========

Basic earnings per common share                         $      0.25                $      0.32
Diluted earnings per common share                       $      0.24                $      0.32
Net interest margin                                            2.85%                      3.14%
Return on average assets                                       0.65%                      0.81%
Return on average equity                                       5.87%                      8.03%
Shareholder's equity to assets                                11.30%                     10.11%
</TABLE>

                 See accompanying notes to financial statements

                                       2.

<PAGE>

                         NORTHEAST INDIANA BANCORP, INC.
            CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY
                        Three months ended March 31, 2001
--------------------------------------------------------------------------------
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                                                      Unearned
                                                                                                      Employee
                                                                     Additional                        Stock
                                                       Common         Paid-in         Retained        Ownership
                                                       Stock          Capital         Earnings       Plan Shares
                                                    ----------- ---------------- --------------- ---------------
<S>                                                    <C>          <C>             <C>              <C>
Balance, January 1, 2001                               $26,407      $28,817,843     $11,213,771      $(766,395)

Net Income March 31, 2001                                                               392,701

Other Comprehensive income:

     Net change in unrealized gains(losses)
     on securities available for sale
      Total tax effect

     Total other comprehensive income


Comprehensive income


Dividends Paid $.11 per share year to date                                             (186,178)

Purchase of 20,762 shares of Treasury Stock

Issuance of 11,762 shares of Treasury Stock
   upon exercise of options                                             (15,804)

Tax effect on stock plans                                                 3,971

4,397 shares committed to be released under ESOP                         12,820                         36,319



Amortization of RRP Contributions

                                                    ----------- ---------------- --------------- ---------------
Balance at March 31, 2001                              $26,407      $28,818,830     $11,420,294      $(730,076)
                                                    =========== ================ =============== ===============

<CAPTION>

                                                          Unearned      Accumulated other
                                                         Recognition      Comprehensive                          Total
                                                        And Retention     Income (loss),     Treasury         Shareholders'
                                                         Plan Shares        Net of tax        Stock              Equity
                                                   ------------------ ------------------- -------------- ------------------
<S>                                                        <C>              <C>            <C>                <C>
Balance, January 1, 2001                                   $(21,196)        $(55,418)      $(12,641,255)      $26,573,757

Net Income March 31, 2001                                                                                         392,701

Other Comprehensive income:

     Net change in unrealized gains(losses)
     on securities available for sale                                        208,841
      Total tax effect                                                       (82,706)
                                                                            --------
     Total other comprehensive income                                        126,135                              126,135
                                                                                                             ------------

Comprehensive income
                                                                                                                  518,836

Dividends Paid $.11 per share year to date                                                                       (186,178)

Purchase of 20,762 shares of Treasury Stock                                                    (221,580)         (221,580)

Issuance of 11,762 shares of Treasury Stock
   upon exercise of options                                                                     130,014           114,210

Tax effect on stock plans                                                                                           3,971

4,397 shares committed to be released under ESOP                                                                   49,139



Amortization of RRP Contributions                             2,159                                                 2,159

                                                   ------------------ ------------------- -------------- ------------------
Balance at March 31, 2001                                  $(19,037)         $70,717       $(12,732,821)      $26,854,314
</TABLE>


                 See accompanying notes to financial statements

                                       3.

<PAGE>

                         NORTHEAST INDIANA BANCORP, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                   Three months ended March 31, 2001 and 2000

<TABLE>
<CAPTION>
                                                                                                         Three months ended
                                                                                                              March 31,
                                                                                                      2001                  2000
                                                                                                      ----                  ----
                                                                                                            (Unaudited)
<S>                                                                                              <C>                  <C>
Cash flows from operating activities
     Net income                                                                                   $    392,701         $    518,974
     Adjustments to reconcile net income
         to net cash from operating activities
         Depreciation and amortization                                                                 101,972              117,573
         Provision for loan losses                                                                     150,000              191,250
         Net (gain) loss on sale of :
              Foreclosed real estate and repossessed assets                                              9,917                4,437
              Premises and equipment                                                                      --                 14,452
              Securities available for sale                                                               --                  1,563
         Loans held for sale                                                                           (31,259)                --
     Originations of loans held for sale                                                            (1,685,981)                --
     Proceeds from loans sold                                                                        1,717,240                 --
         Reduction of obligation under ESOP                                                             49,139               15,426
     Amortization of RRP                                                                                 2,159               50,716
         Net change in:
         Other assets                                                                                  195,783             (645,541)
         Accrued interest receivable                                                                   119,729             (143,668)
         Accrued expenses and other liabilities                                                         14,528              177,843
                                                                                                  ------------         ------------
              Total adjustments                                                                        643,227             (215,949)
                                                                                                  ------------         ------------
              Net cash from operating activities                                                     1,035,928              303,025

Cash flows from investing activities
     Purchases of securities available for sale                                                     (6,143,764)          (5,057,675)
     Proceeds from maturities and principal payments of:
           Securities available for sale                                                             9,579,144               67,874
           Securities held to maturity
                                                                                                        38,000               36,212
     Proceeds from sale of securities available for sale                                                  --              4,998,438
     Purchases of loans                                                                                (79,997)                --
     Net change in loans                                                                             4,867,912             (938,066)
     Proceeds from sale of foreclosed real estate and repossessed vehicles                             236,665               44,563
     Expenditures on premises and equipment                                                            (52,137)             (77,433)
     Proceeds from sale of premises and equipment                                                         --                    375
                                                                                                  ------------         ------------
         Net cash from investing activities                                                          8,445,823             (925,712)

Cash flows from financing activities
     Net change in deposits                                                                          3,039,420           (1,711,521)
     Advances from FHLB                                                                             12,000,000           45,000,000
     Repayment of FHLB advances                                                                    (22,999,775)         (41,499,772)
     Payments of demand notes                                                                         (125,000)                --
     Net change in other borrowed funds                                                             (1,756,723)            (259,708)
     Dividends paid                                                                                   (186,178)            (174,224)
     Purchase of stock                                                                                (221,580)            (162,583)
     Sale of treasury stock                                                                            114,210               42,937
                                                                                                  ------------         ------------
         Net cash from financing activities                                                        (10,135,626)           1,235,129
                                                                                                  ------------         ------------

Net change in cash and cash equivalents                                                               (653,875)             612,442

Cash and cash equivalents at beginning of period                                                     6,576,266            5,899,203
                                                                                                  ------------         ------------
Cash and cash equivalents at end of period                                                        $  5,922,391         $  6,511,645
                                                                                                  ============         ============

Cash paid for:
     Interest                                                                                     $  2,938,854         $  2,777,447
     Income taxes                                                                                         --                 82,000
Non-cash transactions:
         Transfer from loans to other real estate and repossessed assets                          $    180,633         $     78,378
</TABLE>

                 See accompanying notes to financial statements

                                       4.

<PAGE>

                         NORTHEAST INDIANA BANCORP, INC.
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
                                 MARCH 31, 2001

NOTE 1 - BASIS OF PRESENTATION

The  unaudited  information  for the three  months ended March 31, 2001 and 2000
includes  the  results  of  operations  of  Northeast   Indiana  Bancorp,   Inc.
("Northeast  Indiana  Bancorp") and its wholly-owned  subsidiary,  First Federal
Savings  Bank  ("First  Federal")  and its wholly  owned  subsidiary,  Northeast
Indiana  Financial,  Inc.  ("Northeast  Indiana  Financial").  In the opinion of
management,  the information reflects all adjustments (consisting only of normal
recurring  adjustments)  necessary  for a fair  presentation  of the  results of
operations  for the three month period  reported but should not be considered as
indicative of the results to be expected for the full year.

NOTE 2 - EARNINGS PER SHARE
Basic   earnings  per  share  are  based  on   weighted-average   common  shares
outstanding.  Diluted  earnings per share  further  assume issue of any dilutive
potential common shares.

<TABLE>
<CAPTION>
                                                                Three months ended
                                                                    March 31,
                                                              2001               2000
                                                              ----               ----
Earnings Per Share
<S>                                                        <C>                <C>
Net income available to common shareholders                $  392,701         $  518,974
                                                           ==========         ==========
  Weighted average common shares outstanding                1,592,959          1,606,319
                                                           ==========         ==========
Basic Earnings Per Share                                   $     0.25         $     0.32
                                                           ==========         ==========

Earnings Per Share Assuming Dilution
   Net income available to common shareholders             $  392,701         $  518,974
                                                           ==========         ==========
   Weighted average common shares outstanding               1,592,959          1,606,319
   Add: dilutive effects of assumed exercises of
        incentive stock options and non qualified
        stock options                                          16,727             30,268
                                                           ----------         ----------
   Weighted average and dilutive common shares
      outstanding                                           1,609,686          1,636,587
                                                           ==========         ==========
        Diluted earnings per share                         $     0.24         $     0.32
                                                           ==========         ==========
</TABLE>

NOTE 3 - CASH DIVIDENDS

On April 25, 2001 the Board of  Directors  of Northeast  Indiana  Bancorp,  Inc.
announced a quarterly cash dividend of $.11 per share. The dividend will be paid
on May 25, 2001 to  shareholders  of record on May 11, 2001.  The payment of the
cash dividend will reduce shareholders' equity (second quarter) by approximately
$182,000.

                                       5.

<PAGE>

                         NORTHEAST INDIANA BANCORP, INC.
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
                                 MARCH 31, 2001

NOTE 4 - STOCK REPURCHASE PLAN

On August 4, 2000 Northeast  Indiana  Bancorp  announced a new stock  repurchase
program to  repurchase  6.75% of the  outstanding  shares in the open  market as
Treasury  shares over the next twelve  months.  This  program will include up to
117,000 shares.  As of April 26, 2001, 69,000 shares have been repurchased under
this program since its announcement.

There were also 11,762 shares  repurchased  from exercised  options year to date
through April 26, 2001.

NOTE 5 - REGULATORY CAPITAL REQUIREMENTS

Pursuant to federal regulatory  agencies,  savings  institutions must meet three
separate minimum capital-to-asset  requirements. The following table summarizes,
as of March 31, 2001,  the capital  requirements  for First  Federal under those
regulatory  requirements and First Federal's actual capital ratios.  As of March
31, 2001, First Federal  substantially  exceeded all current  regulatory capital
standards.

<TABLE>
<CAPTION>
                                                                                                      Minimum Required To Be Well
                                                              Minimum Required For Capital             Capitalized Under Prompt
                                           Actual                   Adequacy Purpose                 Corrective Action Regulations
                                   Amount         Ratio          Amount           Ratio                 Amount            Ratio
                                   ------         -----          ------           -----                 ------            -----
                                                                    (Dollars in thousands)
<S>                                <C>            <C>            <C>                <C>                  <C>             <C>
Total Capital
(to risk weighted assets)           $26,108       16.93%         $12,334            8.0%                  $15,417         10.0%

Tier 1 (core) capital (to
risk weighted assets)                24,302       15.76%           6,167            4.0%                    9,250          6.0%

Tier 1(core) capital (to
adjusted total assets)               24,302       10.24%           9,493            4.0%                   11,866          5.0%

Tier 1 (core) capital (to
average assets)                      24,302       10.10%           9,626            4.0%                   12,033          5.0%
</TABLE>

                                       6.

<PAGE>


                         NORTHEAST INDIANA BANCORP, INC.
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
                                 MARCH 31, 2001


NOTE 6- NEW ACCOUNTING PRONOUNCEMENTS

As of January 1, 2001, Northeast Indiana Bancorp adopted Statement of Accounting
Standards  (SFAS) No. 133,  "Accounting  for Derivative  Instruments and Hedging
Activities."  SFAS No. 133 that requires all  derivatives to be recorded at fair
value.  Unless  designated  as  hedges,  changes in these  fair  values  will be
recorded  in the income  statement.  Fair  value  changes  involving  hedges are
generally recorded by offsetting gains and losses on the hedge and on the hedged
item,  even if the fair  value of the  hedged  item is not  otherwise  recorded.
Adoption  of this  standard  did not have a  material  impact  on the  financial
condition or results of operations of Northeast Indiana Bancorp.


                                       7.

<PAGE>

                         NORTHEAST INDIANA BANCORP, INC.
        MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND
                              RESULTS OF OPERATIONS

GENERAL

Northeast Indiana Bancorp,  Inc.  ("Northeast  Indiana Bancorp") was formed as a
Delaware corporation in March, 1995, for the purpose of issuing common stock and
owning all the common stock of First Federal Savings Bank ("First Federal") as a
unitary thrift  holding  company.  Prior to the  conversion,  Northeast  Indiana
Bancorp did not engage in any material  operations and at March 31, 2001, had no
significant  assets  other than the  investment  in the  capital  stock of First
Federal and cash and cash equivalents.

The  principal  business  of  savings  banks,   including  First  Federal,   has
historically consisted of attracting deposits from the general public and making
loans secured by residential real estate. First Federal's earnings are primarily
dependent on net interest  income,  the difference  between  interest income and
interest  expense.  Interest  income is a function of the  balances of loans and
investments  outstanding  during the period and the yield earned on such assets.
Interest  expense is the function of the  balances of deposits  and  borrowings.
First  Federal's  earnings  are also  affected by  provisions  for loan  losses,
service charge and fee income, and other non-interest income, operating expenses
and income taxes.  Operating expenses consist primarily of employee compensation
and benefits, occupancy and equipment expenses, data processing, federal deposit
insurance premiums and other general administrative expenses.

The most significant outside factors influencing the operations of First Federal
Savings Bank and other savings institutions include general economic conditions,
competition in the local market place and related  monetary and fiscal  policies
of agencies that regulate financial institutions. More specifically, the cost of
funds is  influenced  by interest  rates on  competing  investments  and general
market rates of interest.  Lending  activities  are influenced by the demand for
real estate financing and other types of loans, which in turn is affected by the
interest  rates at which such loans may be offered and other  factors  affecting
loan demand and funds availability.

TRUST AND FINANCIAL SERVICES

During the year of 1998,  First Federal  established a trust  department,  which
began  operations  in the fourth  quarter.  At the end of March 31, 2001,  $25.8
million was held under asset  management.  In February 1999,  Northeast  Indiana
Bancorp  announced the  establishment of Northeast  Indiana  Financial,  Inc., a
wholly owned  subsidiary of First Federal.  Northeast  Indiana  Financial,  Inc.
provides  brokerage  services  through the purchase of mutual funds,  annuities,
stocks and bonds for its customers. Until these operations are well established,
management expects a slight negative impact to net income.


                                       8.

<PAGE>

                         NORTHEAST INDIANA BANCORP, INC.
        MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND
                              RESULTS OF OPERATIONS

FINANCIAL CONDITION

Northeast  Indiana  Bancorp's total assets  decreased $9.5 million or 3.84% from
$247.1  million at December 31, 2000 to $237.5  million at March 31, 2001.  This
decrease  was due  primarily  to a decrease in net loans  receivable  as well as
securities.

Net loans  receivable  decreased  $5.2  million or 2.60% from $200.2  million at
December  31, 2000 to $195.0  million at March 31,  2001.  The decrease in loans
during the first three months of 2001 was in  construction  loan products  which
accounted  for $3.2  million of the decrease  along with a $678,000  decrease in
commercial  lending,  a $832,000 decrease in consumer lending and a $1.4 million
decrease in mortgages.  We also originated $1.7 million in residential mortgages
sold to the  secondary  market  with  servicing  retained  during  the  quarter.
Allowances for loan losses  increased  approximately  $179,000 through the three
months  ended  March 31,  2001.  Securities  available-for-sale  decreased  $3.2
million or 10.3% from $31.2 million to $28.0 million for the period December 31,
2000 to March 31,  2001.  Borrowed  funds  have been  reduced  by $12.9  million
predominately by reducing FHLB advances,  which has relieved the tight liquidity
at the bank level.

RESULTS OF OPERATIONS

Northeast  Indiana Bancorp had net income of $393,000 or $0.24 per diluted share
for the three  months  ended  March 31,  2001  compared to $519,000 or $0.32 per
diluted share for the three months ended March 31, 2000.

Net  interest  income  decreased  $280,000 to $1.6  million for the three months
ended March 31, 2001  compared to $1.9  million for the three months ended March
31, 2000.  Interest income decreased $305,000 to $4.5 million for March 31, 2001
compared to $4.8  million for March 31,  2000.  For the first  quarter  interest
expense remained  unchanged at $2.9 million for the quarter ended March 31, 2001
compared  to $2.9  million  for March 31,  2000.  The  decreases  are from lower
earning asset balances, and constricted margins due to current rate environment.

Provisions for loan losses decreased by $41,000 for the three months ended March
31, 2001  compared  to the same  period  ended  March 31,  2000.  The  decreased
provisions  are  discussed  in more detail under the  non-performing  assets and
allowance for loan loss section.

Non-interest  income  increased to $286,000 for the three months ended March 31,
2001 compared to $229,000 for the comparable  period in 2000. This represents an
increase of $57,000 or 24.7% for the three  months  ended March 31,  2001.  This
increase is primarily  from the $31,000 gain on loans sold and from service fees
on deposits  and other  income  including  fee income  from Trust and  Financial
Services and insurance.


<PAGE>

                         NORTHEAST INDIANA BANCORP, INC.
        MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND
                              RESULTS OF OPERATIONS


RESULTS OF OPERATIONS (CONTINUED)

Non-interest  expense  remained at $1.2 million for the three months ended March
31, 2001  compared to $1.2 million for the  corresponding  period in 2000.  Data
processing  expense has  increased  $17,000 for the three months ended March 31,
2001 due to software upgrades and increased  processing volume and fees for card
services.

Income tax expense  decreased  for the three  months ended March 31, 2001 due to
lower  taxable  income  compared to 2000 and an increase  in the  available  tax
credits from the Northeast  Indiana  Bancorp's  investment in low income housing
partnerships.  This  decrease was  reflected in an effective tax rate of 29% for
the quarter  ended March 31, 2001  compared to an 35% effective tax rate for the
quarter ended March 31, 2000.

NON-PERFORMING ASSETS AND ALLOWANCE FOR LOAN LOSSES

The allowance for loan losses is established through a provision for loan losses
based on management's  quarterly asset  classification  review and evaluation of
the risk inherent in its loan  portfolio and changes in the nature and volume of
its loan activity.  Such  evaluation,  which considers among other matters,  the
estimated value of the underlying  collateral,  economic  conditions,  cash flow
analysis,  historical  loan loss  experience,  discussions  held with delinquent
borrowers  and other  factors  that  warrant  recognition  in  providing  for an
adequate allowance for loan loss. As a result of this review process, management
recorded  provisions  for loan  losses in the amount of  $150,000  for the three
months ended March 31, 2001 compared to $191,250 for the same period ended March
31, 2000.  Management has become more proactive with commercial loan grading and
tracking based on the economy  slowing down. The  non-performing  assets include
over $400,000 of repossessed  assets that will be sold during the second quarter
2001.

                                      10.

<PAGE>

                         NORTHEAST INDIANA BANCORP, INC.
        MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND
                              RESULTS OF OPERATIONS

NON-PERFORMING ASSETS AND ALLOWANCE FOR LOAN LOSSES (CONTINUED)

The non-performing assets to total assets ratio is one indicator of the exposure
to  credit  risk.   Non-performing  assets  of  First  Federal  consist  of  the
non-accruing loans,  troubled debt restructuring and real estate owned which has
been  acquired  as a result  of  foreclosure  or  insubstance  foreclosure.  The
following table summarizes in thousands the various categories of non-performing
assets:

                                             March 31     December 31
                                               2001          2000
                                               ----          ----

Non-performing loans
   One-to-four-family                      $    3,458     $     608
   Multi-family                                    18            29
   Commercial real estate                       1,472           708
   Construction or development                    565           472
   Consumer                                     1,557         1,684

   Commercial Business                            420           198
                                           ----------     ---------
      Total                                     7,490         3,699
                                           ----------     ---------
Foreclosed assets
   One-to-four-family                               -             -
   Commercial                                       -             -
   Land                                           185           185
                                           ----------     ---------
      Total                                       185           185
                                           ----------     ---------
Repossessed Assets
   Consumer                                        99            89
   Commercial                                     418           450
                                           ----------     ---------
      Total                                       517           539
                                           ----------     ---------
      Total non-performing assets               8,192         4,423
                                           ----------     ---------
      Total non-performing assets as a
          Percentage of total assets            3.45%         1.79%
                                           ----------     ---------


Total non-performing assets increased from $4.4 million to $8.2 million or 3.45%
of total  assets at March 31, 2001 from 1.79% of total  assets at  December  31,
2000. The $3.5 million in the one-to-four  family includes $2.8 million in loans
secured by one-to-four  family residential rental properties that we have placed
on  non-accrual  status at March 31, 2001 due to  weakness in cash flows.  These
rental  properties were identified as impaired at December 31, 2000 but were not
included in non-performing  assets at December 31, 2000.  Although the loans are
on  non-accrual  the bank is receiving  some interest  payments on a cash basis.
Impaired  loans at March 31, 2001 were $7.0 million  compared to $8.4 million at
December 31, 2000.  No new  impaired  loans were added during the first  quarter
2001.

                                      11.

<PAGE>

                         NORTHEAST INDIANA BANCORP, INC.
        MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND
                              RESULTS OF OPERATIONS

LIQUIDITY AND CAPITAL RESOURCES

First Federal is required to maintain  specific  amounts of  regulatory  capital
pursuant to regulations of the Office of Thrift Supervision (OTS). Those capital
requirements  follow: a risk-based  capital  standard  expressed as a percent of
risk adjusted  assets,  a leverage ratio of core capital to total assets,  and a
core capital ratio expressed as a percent of total adjusted assets. At March 31,
2001, First Federal exceeded all regulatory capital standards.

At March 31,  2001,  First  Federal's  risk based  capital was $26.1  million or
16.93% of risk adjusted assets, which exceeds the $12.3 million and the 8.0% OTS
requirement  by $13.8 million and 8.93%.  First  Federal's core capital at March
31, 2001 is $24.3  million or 10.10% of average  assets,  which  exceeds the OTS
requirement of $9.6 million, and 4.00% by $14.7 million and 6.10%.

First Federal's primary sources of funds are deposits, FHLB advances,  principal
and interest payments of loans,  operations  income and short-term  investments.
Deposit flows and mortgage  payments are greatly  influenced by general interest
rates, economic conditions and competition.

First  Federal  uses its  capital  resources  principally  to meet  its  ongoing
commitments  to fund  maturing  certificates  of deposit  and loan  commitments,
maintain its liquidity, and meet operating expenses. As of March 31, 2001, First
Federal  had  commitments  to  originate  loans and to fund open lines of credit
totaling  $16.2  million.  First  Federal  considers  its  liquidity and capital
resources  to be adequate to meet its  foreseeable  short and  long-term  needs.
First Federal  expects to be able to fund or refinance,  on a timely basis,  its
material commitments and long-term liabilities.

First Federal,  however,  has grown substantially for the last several years and
therefore  our liquidity  position was tight as we leveraged our capital.  First
Federal  during the last two  quarters  has  reduced  assets  and  substantially
reduced borrowings primarily by paying off FHLB advances.  First Federal has now
positioned  itself to again  begin to grow at a more  modest rate of increase in
future quarters.


                                      12.

<PAGE>

                         NORTHEAST INDIANA BANCORP, INC.
        MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND
                              RESULTS OF OPERATIONS

FORWARD-LOOKING STATEMENTS

When used in this filing and in future filings by Northeast Indiana Bancorp with
the Securities and Exchange  Commission,  in Northeast  Indiana  Bancorp's press
releases or other public or shareholder  communications,  or in oral  statements
made with the approval of an authorized  executive officer, the words or phrases
"would be," "will allow," "intends to," "will likely result," "are expected to,"
"will continue," "is anticipated,"  "estimate," "project" or similar expressions
are intended to identify "forward-looking  statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements are subject to
risks and  uncertainties,  including  but not  limited to  changes  in  economic
conditions in Northeast  Indiana  Bancorp's market area,  changes in policies by
regulatory  agencies,  fluctuations  in  interest  rates,  demand  for  loans in
Northeast  Indiana  Bancorp's market area and competition,  all or some of which
could cause actual results to differ  materially  from  historical  earnings and
those presently anticipated or projected.

Northeast  Indiana Bancorp wishes to caution readers not to place undue reliance
on any such  forward-looking  statements,  which speak only as of the date made,
and advises  readers  that  various  factors,  including  regional  and national
economic  conditions,  substantial  changes in levels of market  interest rates,
credit and other risks of lending and investment  activities and competitive and
regulatory   factors,   could  affect  Northeast  Indiana  Bancorp's   financial
performance  and could cause  Northeast  Indiana  Bancorp's  actual  results for
future periods to differ materially from those anticipated or projected.

Northeast  Indiana Bancorp does not undertake,  and  specifically  disclaims any
obligation,  to update any forward-looking  statements to reflect occurrences or
unanticipated events or circumstances after the date of such statements.

                                      13.

<PAGE>

                         NORTHEAST INDIANA BANCORP, INC.
                                     PART II
                                Other Information

ITEM 1 - LEGAL PROCEEDINGS

         Northeast  Indiana  Bancorp and First Federal are involved from time to
         time, as plaintiff or defendant in various  legal actions  arising from
         the normal course of their  businesses.  While the ultimate  outcome of
         these proceedings cannot be predicted with certainty, it is the opinion
         of management that the resolution of these proceedings  should not have
         a material effect on Northeast  Indiana Bancorp's results of operations
         on a consolidated basis.

ITEM 2 - CHANGES IN SECURITIES

         None

ITEM 3 - DEFAULTS UPON SENIOR SECURITIES

         None

ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

          (a)  The Annual Meeting of  Shareholders  ("the meeting") of Northeast
               Indiana  Bancorp,  Inc. was held on April 25,  2001.  The matters
               approved by  shareholders  at the meeting and the number of votes
               cast  for,  against  or  withheld  (as  well  as  the  number  of
               abstentions) as to each matter are set forth below:

               (1)  The  election of the  following  directors  for a three year
                    term:

                                                         Votes
                                                         -----
                                                For                 Withheld
                                              ---------             --------
                    Stephen E. Zahn           1,130,892             198,296
                    Dan L Stephan             1,096,861             232,327

               (2)  Ratification  of Crowe,  Chizek and  Company LLP as auditors
                    for the year ending December 31, 2001:

                                                 Votes
                                                 -----

                               For               Against          Withheld
                             ---------           -------          --------
                             1,312,305           13,306            3,577


                                      14.
<PAGE>

                         NORTHEAST INDIANA BANCORP, INC.
                                     PART II
                                Other Information
                                    Continued


ITEM 5 - OTHER INFORMATION

         None


ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K

          (a)  Exhibits

                None

          (b)  Reports on Form 8-K

               (1)  February 9, 2001 Announcing Fourth Quarter Earnings and Cash
                    Dividends


                                      15.

<PAGE>

                                   SIGNATURES


Pursuant  to the  requirements  of the  Securities  Exchange  Act  of  1934  the
Registrant  has duly  caused  this  Report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.


                                 NORTHEAST INDIANA BANCORP, INC.


Date:  May 14, 2001              By:     /S/ STEPHEN E. ZAHN
                                     ---------------------------------------
                                               Stephen E. Zahn
                                      President and Chief Executive Officer
                                           (Duly Authorized Officer)


Date:  May 14, 2001              By:    /S/ DARRELL E. BLOCKER
                                     ---------------------------------------
                                             Darrell E. Blocker
                                         Senior Vice President and
                                          Chief Financial Officer
                                        (Principal Financial Officer)



                                      16.