SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549



                                   FORM 10-QSB
     (Mark one)
        [X]     QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE
                 SECURITIES EXCHANGE ACT OF 1934

                  For the quarterly period ended March 31, 2002

        [ ]     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: (260) 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 May 1, 2002
--------------------------------------------------------------------------------

Common Stock, par value $.01 per share                     1,532,979


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


<PAGE>


             NORTHEAST INDIANA BANCORP, INC.

                          INDEX

                                                                       PAGE NO.
PART 1.     FINANCIAL INFORMATION (UNAUDITED)

Item 1.     Financial Statements

            Consolidated Balance Sheets
            March 31, 2002 and December 31, 2001                           1

            Consolidated Statements of Income for the
            three months ended March 31, 2002 and 2001                     2

            Consolidated Statement of Changes in Shareholders' Equity
            for the three months ended March 31, 2002                      3

            Consolidated Statements of Cash Flows for the three
            months ended March 31, 2002 and 2001                           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, 2002 and December 31, 2001
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>


                                                                                     March 31,         December 31,
                                                                                       2002                2001
                                                                                    (Unaudited)
<S>                                                                             <C>                  <C>
ASSETS
Interest earning cash and cash equivalents                                      $   21,651,440       $   23,541,599
Noninterest earning cash and cash equivalents                                        2,320,873            2,750,133
                                                                                --------------       --------------
     Total cash and cash equivalents                                                23,972,313           26,291,732
Securities available for sale                                                       35,464,507           39,365,026
Securities held to maturity (fair value: March 31, 2002- $266,000;
  December 31, 2001- $306,000)                                                         266,000              306,000
Loans held for sale                                                                    604,101            1,543,422
Loans receivable, net of allowance for loan losses (March 31, 2002 of
  $2,071,139 and at December 31, 2001 of $1,954,900)                               162,182,012          162,830,186
Accrued interest receivable                                                            741,224              753,000
Premises and equipment, net                                                          2,270,310            2,298,102
Investments in limited liability partnerships                                        1,505,788            1,546,177
Other assets                                                                         3,368,154            3,460,884
                                                                                --------------       --------------
     Total assets                                                               $  230,374,409       $  238,394,529
                                                                                ==============       ==============

LIABILITIES AND SHAREHOLDERS' EQUITY
Demand deposits- noninterest bearing                                            $    6,036,993       $    4,579,159
Savings                                                                             10,432,469            9,261,040
NOW and MMDA                                                                        32,664,262           31,350,364
Time deposits                                                                       85,456,229           91,839,448
                                                                                --------------       --------------
        Total deposits                                                             134,589,953          137,030,011
Borrowed funds                                                                      68,412,392           73,966,411
Accrued expenses and other liabilities                                               1,254,212            1,117,069
                                                                                --------------       --------------
        Total liabilities                                                          204,256,557          212,113,491

Shareholders' equity
     Preferred Stock, no par value: 500,000 shares authorized; 0 shares issued               -                    -
     Common stock, $.01 par value: 4,000,000 shares authorized;
         3/31/02: 2,640,672 shares issued, 1,532,979 shares outstanding
         12/31/01: 2,640,672 shares issued, 1,550,656 shares outstanding                26,407               26,407
     Additional paid in capital                                                     28,893,737           28,874,771
     Retained earnings, substantially restricted                                    12,615,858           12,447,813
     Unearned employee stock ownership plan shares                                    (620,566)            (620,566)
     Unearned recognition and retention plan shares                                    (10,396)             (12,555)
     Accumulated other comprehensive income (loss), net of tax                         (85,839)              20,979
     Treasury stock, 1,107,693 and 1,090,016 common shares, at
       cost, at March 31, 2002 and December 31, 2001                               (14,701,349)         (14,455,811)
                                                                                --------------       --------------
         Total shareholders' equity                                                 26,117,852           26,281,038
                                                                                --------------       --------------
              Total liabilities and shareholders' equity                        $  230,374,409       $  238,394,529
                                                                                ==============       ==============

</TABLE>

--------------------------------------------------------------------------------
                 See accompanying notes to financial statements

                                                                              1.
<PAGE>


                         NORTHEAST INDIANA BANCORP, INC.
                        CONSOLIDATED STATEMENTS OF INCOME
                   Three months ended March 31, 2002 and 2001
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>

                                                                             Three months ended
                                                                                 March 31,
                                                                         2002                 2001
                                                                         ----                 ----
                                                                               (Unaudited)
<S>                                                               <C>                 <C>
Interest income
   Loans, including fees                                          $    3,179,398      $    4,012,862
   Taxable securities                                                    467,504             467,362
   Non-taxable securities                                                  4,836               5,346
   Deposits with financial institutions                                  102,562              50,092
                                                                  --------------      --------------
     Total interest income                                             3,754,300           4,535,662

Interest expense
   Deposits                                                            1,271,588           1,972,512
   Borrowed funds                                                        894,421             915,005
                                                                  --------------      --------------
     Total interest expense                                            2,166,009           2,887,517

Net interest income                                                    1,588,291           1,648,145
Provision for loan losses                                                217,300             150,000
                                                                  --------------      --------------
Net interest income after provision for loan
  losses                                                               1,370,991           1,498,145

Noninterest income
  Service charges on deposit accounts                                     83,627              88,641
  Loan servicing fees                                                     63,512              51,396
  Net gain on sale of loans                                               30,425              31,259
  Other service charges or fees                                          125,221             114,989
                                                                  --------------      --------------
     Total noninterest income                                            302,785             286,285

Noninterest expense
   Salaries and employee benefits                                        608,610             575,174
   Occupancy                                                             116,521             113,999
   Data processing                                                       152,061             160,703
   Deposit insurance premium                                               6,485               6,497
   Professional fees                                                      49,494              83,195
   Correspondent bank charges                                             53,428              52,976
   Other expense                                                         216,191             238,810
                                                                  --------------      --------------
     Total noninterest expense                                         1,202,790           1,231,354
                                                                  --------------      --------------
Income before income taxes                                               470,986             553,076
   Income tax expense                                                    117,762             160,375
                                                                  --------------      --------------

Net income                                                        $      353,224      $      392,701
                                                                  ==============      ==============
Comprehensive income                                              $      246,406      $      518,836
                                                                  ==============      ==============

Basic earnings per common share                                   $         0.24      $         0.25
Diluted earnings per common share                                 $         0.23      $         0.24

</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, 2002
-------------------------------------------------------------------------------
                                   (Unaudited)

<TABLE>
<CAPTION>


                                                                                                                      Unearned
                                                                                                                      Employee
                                                                                       Additional                      Stock
                                                                     Common             Paid-in         Retained      Ownership
                                                                      Stock             Capital         Earnings    Plan Shares
                                                                   -----------        ------------    ------------  ------------
<S>              <C>                                               <C>                <C>             <C>           <C>
Balance, January 1, 2002                                           $    26,407        $ 28,874,771    $ 12,447,813  $   (620,566)

Net Income for three months ended March 31, 2002                                                           353,224


Other comprehensive income (loss):
   Net change in unrealized gains (losses)
   on securities available for sale, net of tax
   Total other comprehensive income (loss)


Comprehensive income

Cash dividends declared $.12 per share year to date                                                       (185,179)

Purchase of 19,676 shares of treasury stock

Issuance of 1,999 shares of treasury stock
upon exercise of options                                                                    (2,480)


4,183 shares committed to be released under ESOP                                            21,446

Amortization of RRP contributions

                                                                   -----------        ------------    ------------  ------------
Balance at March 31, 2002                                          $    26,407        $ 28,893,737    $ 12,615,858  $   (620,566)
                                                                   ===========        ============    ============  ============

</TABLE>

<TABLE>
<CAPTION>


                                                                                     Accumulated
                                                                      Unearned         Other
                                                                    Recognition      Comprehensive                      Total
                                                                   And Retention     Income (Loss),      Treasury    Shareholder's
                                                                    Plan Shares       Net of Tax          Stock        Equity
                                                                   -----------        ------------    ------------  ------------
<S>                                                                <C>                <C>             <C>           <C>
 Balance, January 1, 2002                                          $(12,555)          $     20,979    $(14,455,811) $ 26,281,038

 Net Income for three months ended March 31, 2002                                                                        353,224


 Other comprehensive income (loss):
    Net change in unrealized gains (losses)
    on securities available for sale, net of tax                                          (106,818)
    Total other comprehensive income (loss)
                                                                                                                        (106,818)
                                                                                                                        -------
 Comprehensive income                                                                                                    246,406

 Cash dividends declared $.12 per share year to date                                                                    (185,179)

 Purchase of 19,676 shares of treasury stock                                                              (267,428)     (267,428)

 Issuance of 1,999 shares of treasury stock
 upon exercise of options                                                                                   21,890        19,410


 4,183 shares committed to be released under ESOP                                                                         21,446

 Amortization of RRP contributions                                       2,159                                             2,159

-                                                                  -----------        ------------    ------------  ------------
 Balance at March 31, 2002                                         $   (10,396)       $    (85,839)   $(14,701,349) $ 26,117,852
                                                                   ===========        ============    ============  ============
</TABLE>


--------------------------------------------------------------------------------
See accompanying notes to financial statements
                                                                              3.

<PAGE>


                         NORTHEAST INDIANA BANCORP, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                   Three months ended March 31, 2002 and 2001
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>

                                                                                           Three months ended
                                                                                                 March 31,
                                                                                          2002                2001
                                                                                          ----                ----
                                                                                                (Unaudited)
         <S>                                                                           <C>                <C>
         Cash flows from operating activities
              Net income                                                               $    353,224       $    392,701
              Adjustments to reconcile net income
                to net cash from operating activities
                  Depreciation and amortization                                             111,610            101,972
                  Provision for loan losses                                                 217,300            150,000
                  Net (gain) loss on sale of :
                       Foreclosed real estate and repossessed assets                        (59,375)             9,917
                       Loans held for sale                                                  (30,425)           (31,259)

                  Originations of loans held for sale                                    (1,930,700)        (1,685,981)
                  Proceeds from loans sold                                                2,900,446          1,717,240
                  Reduction of obligation under ESOP                                         21,446             49,139
                  Amortization of RRP                                                         2,159              2,159
                  Net change in:
                       Other assets                                                           3,927            195,783
                       Accrued interest receivable                                           11,776            119,729
                       Accrued expenses and other liabilities                               137,143             14,528
                                                                                       ------------       ------------
                        Total adjustments                                                 1,385,307            643,227
                                                                                       ------------       ------------
                          Net cash from operating activities                              1,738,531          1,035,928

         Cash flows from investing activities
              Purchases of securities available for sale                                     (3,564)        (6,143,764)
              Proceeds from maturities and principal payments of:
                       Securities available for sale                                      3,815,376          9,579,144
                       Securities held to maturity                                           40,000             38,000
              Purchases of loans                                                                 --            (79,997)
              Net change in loans                                                           365,270          4,867,912
              Proceeds from sale of foreclosed real estate and repossessed assets           185,125            236,665
              Expenditures on premises and equipment                                        (41,026)           (52,137)
              Proceeds from sale of premises and equipment                                    8,143                 --
                                                                                       ------------       ------------
                  Net cash from investing activities                                      4,369,324          8,445,823

         Cash flows from financing activities
              Net change in deposits                                                     (2,440,058)         3,039,420
              Advances from FHLB                                                                 --         12,000,000
              Repayment of FHLB advances                                                         --        (22,999,775)
              Payments of demand notes                                                           --           (125,000)
              Net change in other borrowed funds                                         (5,554,019)        (1,756,723)
              Dividends paid                                                               (185,179)          (186,178)
              Purchase of treasury stock                                                   (267,428)          (221,580)
              Sale of treasury stock                                                         19,410            114,210
                                                                                       ------------       ------------
                  Net cash from financing activities                                     (8,427,274)       (10,135,626)
                                                                                       ------------       ------------

         Net change in cash and cash equivalents                                         (2,319,419)          (653,875)
         Cash and cash equivalents at beginning of period                                26,291,732          6,576,266
                                                                                       ------------       ------------
         Cash and cash equivalents at end of period                                    $ 23,972,313       $  5,922,391
                                                                                       ============       ============

         Cash paid for:
              Interest                                                                 $  2,125,948       $  2,938,854
              Income taxes                                                                   21,000                 --
         Non-cash transactions:
                  Transfer from loans to other real estate and repossessed assets      $     65,604       $    180,633

</TABLE>


--------------------------------------------------------------------------------
                 See accompanying notes to financial statements
                                                                              4.
<PAGE>

                         NORTHEAST INDIANA BANCORP, INC.
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
                                 MARCH 31, 2002
--------------------------------------------------------------------------------

NOTE 1 - BASIS OF PRESENTATION

The unaudited information for the three months ended March 31, 2002 and 2001
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. Certain
reclassifications were made to the prior period financial statements to conform
to the current period presentation.

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,
                                                             -------------------------
                                                                2002            2001
                                                                ----            ----
Earnings Per Share
<S>                                                          <C>             <C>
Net income available to common shareholders                  $  353,224      $  392,701
                                                             ==========      ==========
  Weighted average common shares outstanding
    net of unallocated ESOP shares and non-vested
    RRP shares                                                1,465,452       1,592,959
                                                             ==========      ==========
Basic Earnings Per Share                                     $     0.24      $     0.25
                                                             ==========      ==========

Earnings Per Share Assuming Dilution
   Net income available to common shareholders               $  353,224      $  392,701
                                                             ==========      ==========
   Weighted average common shares outstanding                 1,465,452       1,592,959
   Add: dilutive effects of assumed exercises of
        incentive stock options and non qualified
        stock options                                            46,522          16,727
                                                             ----------      ----------
   Weighted average and dilutive common shares
      outstanding                                             1,511,974       1,609,686
                                                             ==========      ==========
Diluted earnings per share                                   $     0.23      $     0.24
                                                             ==========      ==========
</TABLE>

NOTE 3 - SUSEQUENT EVENT-CASH DIVIDENDS

On May 3, 2002, the Board of Directors of Northeast Indiana Bancorp, Inc.
announced a quarterly cash dividend of $.12 per share. The dividend will be paid
on May 30, 2002, to shareholders of record on May 16, 2002. The payment of the
cash dividend will reduce shareholders' equity (second quarter) by approximately
$184,000.

                                                                              5.

<PAGE>

                         NORTHEAST INDIANA BANCORP, INC.
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
                                 MARCH 31, 2002
--------------------------------------------------------------------------------


NOTE 4 - STOCK REPURCHASE PLAN

On March 28, 2002,  Northeast  Indiana Bancorp  announced a new stock repurchase
program to repurchase up to 5.00% of the  outstanding  shares in the open market
as Treasury shares over the next twelve months.  This program will include up to
76,649  shares.  As of May 3, 2002, no shares have been  repurchased  under this
program since its announcement.

There were also 1,999 shares  repurchased  from  exercised  options year to date
through May 3, 2002.

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, 2002,  the capital  requirements  for First  Federal under those
regulatory  requirements and First Federal's actual capital ratios.  As of March
31, 2002, First Federal  substantially  exceeded all current  regulatory capital
standards.

<TABLE>
<CAPTION>
                                                                                         Minimum Required To Be Well
                                                              Minimum Required For        Capitalized Under Prompt
                                           Actual          Capital Adequacy Purposes    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)  $25,601    17.52%        $11,687     8.00%              $14,609    10.00%

         Tier 1 (core) capital (to
           risk weighted assets)       24,291    16.63%          5,844     4.00%                8,766     6.00%

         Tier 1(core) capital (to
            Adjusted total assets)     24,291    10.55%          9,211     4.00%               11,514     5.00%

         Tier 1 (core) capital (to
            Average assets)            24,291    10.04%          9,676     4.00%               12,095     5.00%

</TABLE>



                                                                              6.
<PAGE>

                         NORTHEAST INDIANA BANCORP, INC.
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
                                 MARCH 31, 2002
--------------------------------------------------------------------------------



NOTE 6- NEW ACCOUNTING PRONOUNCEMENTS

On January 1, 2002, Northeast Indiana Bancorp adopted a new accounting standard,
which  addresses  accounting  for goodwill and  intangible  assets  arising from
business  combinations.  Identifiable  intangible  assets must be separated from
goodwill.  Identifiable intangible assets with finite useful lives are amortized
under the new standard,  whereas  unidentified  intangible assets resulting from
business  combinations,  both amounts  previously  recorded  and future  amounts
purchased,  cease being  amortized.  Annual  impairment  testing is required for
goodwill  with  impairment  being  recorded if the  carrying  amount of goodwill
exceeds its implied fair value. Adoption of this standard on January 1, 2002 did
not have a material effect on Northeast Indiana Bancorp's consolidated financial
position or results of operations.

In August 2001, the Financial  Accounting  Standards  Board issued  Statement of
Financial  Accounting Standards (SFAS) No. 143, "Accounting for Asset Retirement
Obligations"  which will be adopted by Northeast  Indiana  Bancorp on January 1,
2003.  The  new  accounting   standard  addresses   accounting  for  obligations
associated  with the  retirement of tangible,  long-lived  assets and requires a
liability to be recognized for the fair value of any such obligations.  Adoption
of this standard on January 1, 2003 is not expected to have a material effect on
Northeast  Indiana  Bancorp's  consolidated  financial  position  or  results of
operations.

On January 1, 2002,  Northeast Indiana Bancorp adopted SFAS No. 144, "Accounting
for the  Impairment  or  Disposal of  Long-Lived  Assets."  This new  accounting
standard  establishes more restrictive  requirements for the  classification  of
assets as "held for sale" and also expands the types of dispositions that are to
be  accounted  for as  discontinued  operations.  Adoption  of this  standard on
January 1, 2002 did not have a material  effect on Northeast  Indiana  Bancorp's
consolidated financial position or results of operations.



                                                                              7.
<PAGE>

                         NORTHEAST INDIANA BANCORP, INC.
         MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION 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, 2002, 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, 2002,  $41.0
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 CONDITION AND
                              RESULTS OF OPERATIONS
--------------------------------------------------------------------------------



FINANCIAL CONDITION

Northeast  Indiana  Bancorp's  total assets  decreased $8.0 million or 3.36%from
$238.4  million at December 31, 2001 to $230.4  million at March 31, 2002.  This
decrease was due  primarily to a decrease in  securities  and cash  equivalents,
which were used to fund net deposit outflows and to pay down borrowed funds.

Net loans receivable decreased $648,000 or 0.40% from $162.8 million at December
31,  2001 to $162.2  million at March 31,  2002.  Loans held for sale  decreased
$939,000 from $1.5 million at December 31, 2001 to $604,000 at March 31, 2002 as
First Federal has elected to keep some short term  residential  mortgages in its
portfolio.  Allowances for loan losses increased  approximately $116,000 through
the three months ended March 31, 2002,  which is discussed in more detail on the
next page.  Securities  available-for-sale  decreased $3.9 million or 9.91% from
$39.4  million to $35.5  million for the period  December  31, 2001 to March 31,
2002.  Borrowed  funds have been  reduced  by $5.6  million  predominately  by a
reduction  in short term  borrowings  under  repurchase  agreements  at the bank
level.

RESULTS OF OPERATIONS

Northeast  Indiana Bancorp had net income of $353,000 or $0.23 per diluted share
for the three  months  ended  March 31,  2002  compared to $393,000 or $0.24 per
diluted share for the three months ended March 31, 2001.

Net  interest  income was stable at $1.6 million for both the three months ended
March 31,  2002 and the three  months  ended  March 31,  2001.  Interest  income
decreased  $781,000 to $3.8 million for March 31, 2002  compared to $4.5 million
for March 31, 2001. For the first quarter interest expense decreased $722,000 to
$2.2 million for the quarter  ended March 31, 2002  compared to $2.9 million for
March 31,  2001.  The  decreases  are from  lower  earning  asset  balances  and
constricted margins due to the declining interest rate environment over the past
twelve months.

Provision for loan losses  increased by $67,000 for the three months ended March
31, 2002  compared  to the same  period  ended  March 31,  2001.  The  increased
provisions  are  discussed  in more detail under the  non-performing  assets and
allowance for loan loss section.

Non-interest  income  increased to $303,000 for the three months ended March 31,
2002 compared to $286,000 for the comparable  period in 2001. This represents an
increase  of $17,000 or 5.9% for the three  months  ended March 31,  2002.  This
increase  is  primarily  from a  $12,000  increase  in loan  servicing  fees and
increases in other income including fee income from Trust and Financial Services
and insurance.


                                                                              9.
<PAGE>

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

RESULTS OF OPERATIONS (CONTINUED)

Non-interest  expense  remained at $1.2 million for the three months ended March
31, 2002 compared to $1.2 million for the corresponding period in 2001. Salaries
and  employee  benefits  increased  $33,000 for the three months ended March 31,
2002 due to both annual  compensation  increases  and staffing  changes  between
periods,   which  were  partially   offset  by  decreases  to  data  processing,
professional fees, and other expenses.

Income tax expense  decreased  for the three  months ended March 31, 2002 due to
lower  taxable  income  compared  to 2001  combined  with  relatively  unchanged
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 25% for the quarter ended March 31, 2002 compared to a 29% effective tax
rate for the quarter ended March 31, 2001.

NON-PERFORMING ASSETS AND ALLOWANCE FOR LOAN LOSSES

The allowance for loan losses is established through a provision for loan losses
calculation  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  losses.  As a result of this  review  process,
management recorded provisions for loan losses in the amount of $217,300 for the
three months ended March 31, 2002 compared to $150,000 for the same period ended
March 31, 2001. Even though  non-performing loans have decreased to $6.1 million
at March 31, 2002 from $6.9 million at December 31, 2001,  there were  increased
loan charge-offs during the current quarter compared to the year earlier period.
This was the primary reason for the increase in the loan loss provisions for the
first quarter 2002 as compared to the first quarter  2001.  Management  has also
become more proactive with  commercial  loan grading and tracking to monitor the
impact of the  continued  economic  slowdown  and  conditions  within  the local
economy.



                                                                             10.
<PAGE>

                         NORTHEAST INDIANA BANCORP, INC.
         MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION 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  foreclosed  assets and
repossessed  assets  which  have been  acquired  as a result of  foreclosure  or
insubstance foreclosure. The following table summarizes in thousands the various
categories of non-performing assets:

<TABLE>
<CAPTION>

                                                 March 31        December 31
                                                   2002              2001
                                                   ----              ----
<S>                                              <C>                <C>
         Non-performing loans
            One-to-four-family                   $  335             $  442
            Multi-family                             --                 --
            Commercial real estate                4,528              5,085
            Construction or development              --                 --
            Consumer                                959              1,125
            Commercial Business                     311                267
                                                 ------             ------
               Total                             $6,133             $6,919
                                                 ------             ------
         Foreclosed assets
            One-to-four-family                       74                 46
            Commercial and land                     102                173
                                                 ------             ------
               Total                             $  176             $  219
                                                 ------             ------
         Repossessed Assets
           Consumer                                  27                 38
           Commercial                                40                 45
                                                 ------             ------
            Total                                $   67             $   83
                                                 ------             ------

               Total non-performing assets       $6,376             $7,221
                                                 ======             ======

               Total non-performing assets as a
                   Percentage of total assets      2.77%              3.03%
                                                 ======             ======
 </TABLE>


Total non-performing assets decreased from $7.2 million to $6.4 million or 2.77%
of total  assets at March 31, 2002 from 3.03% of total  assets at  December  31,
2001. At March 31, 2002,  one borrower  comprised  $1.4 million or 21.88% of the
$6.4 million in total  non-performing  assets.  Management is continuing to work
with this borrower and is comfortable with the collateral position at this time.
In addition,  the $4.5 million in commercial  real estate  non-performing  loans
includes  $800,000 in loans secured by  one-to-four  family  residential  rental
properties  that were  placed  on  non-accrual  status at March 31,  2001 due to
weakness in cash flows.


                                                                             11.
<PAGE>

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



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

Although the loans are on non-accrual status, the Bank continues to receive some
interest  payments on a cash basis.  Impaired  loans at March 31, 2002 were $5.6
million  compared to $5.9 million at December 31,  2001.  No new impaired  loans
were added during the first quarter 2002.


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,
2002, First Federal exceeded all regulatory capital standards.

At March 31,  2002,  First  Federal's  risk based  capital was $25.6  million or
17.52% of risk  adjusted  assets,  which  exceeds the OTS  requirement  of $11.7
million and 8.00% by $13.9 million and 9.52%.  First  Federal's  core capital at
March 31, 2002 is $24.3 million or 10.04% of average  assets,  which exceeds the
OTS requirement of $9.7 million, and 4.00% by $14.6 million and 6.04%.

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, 2002, First
Federal  had  commitments  to  originate  loans and to fund open lines of credit
totaling  $16.3  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.


                                                                             12.
<PAGE>

                         NORTHEAST INDIANA BANCORP, INC.
         MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION 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 May 1, 2002. 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 director for a three year term:

                                                              Votes
                                                              -----
                                                         For         Withheld
                                                         ---         --------

                  J David Carnes                       989,433       180,583


(2)      Ratification of 2002 Omnibus Incentive Plan:

                                                           Votes
                                                           -----
                                               For        Against    Withheld
                                               ---        -------    --------

                                             496,579      298,445     21,745


                                                                             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)      January 23, 2002 Announcing Fourth Quarter 2001 Earnings
(2)      January 29, 2002 Announcing Quarterly Cash Dividend
(3)      February 20, 2002 Announcing Seventh Annual Shareholder's Meeting Date
(4)      March 8, 2002 Announcing Completion of Stock Repurchase Program
(5)      March 29, 2002 Announcing Stock Repurchase Program


                                                                             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 15, 2002             By:  /s/ Stephen E. Zahn
                                           -------------------------------------
                                           Stephen E. Zahn
                                           President and Chief Executive Officer
                                           (Duly Authorized Officer)


      Date:  May 15, 2002             By:  /s/ Randy J Sizemore
                                           -------------------------------------
                                           Randy J. Sizemore
                                           Senior Vice President and
                                              Chief Financial Officer
                                           (Principal Financial Officer)



                                                                             16.