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

                  For the quarterly period ended June 30, 1999

         [  ]     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 AUGUST 9, 1999
--------------------------------------------------------------------------------

Common Stock, par value $.01 per share                       1,637,847


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


<PAGE>


                                              NORTHEAST INDIANA BANCORP, INC.

                                                           INDEX


        PART 1.         FINANCIAL INFORMATION (UNAUDITED)

        Item 1.         Consolidated Condensed Financial Statements

                        Consolidated Condensed Balance Sheets
                        June 30, 1999 and December 31, 1998

                        Consolidated Condensed Statements of Income for the
                         three and six months ended June 30, 1999 and 1998

                        Consolidated Statement of Change in Shareholders' Equity
                        for the six months ended June 30, 1999

                        Consolidated Statements of Cash Flows for the six
                        months ended June 30, 1999 and 1998

                        Notes to Consolidated Condensed Financial Statements


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



        PART II.        OTHER INFORMATION

                        Signature page


<PAGE>
<TABLE>
<CAPTION>
                                   NORTHEAST INDIANA BANCORP, INC.
                                CONDENSED CONSOLIDATED BALANCE SHEETS
                                 June 30, 1999 And December 31, 1998


                                                                        June 30,         December 31,
                                                                          1999               1998
                                                                    -------------      -------------
                                                                                (Unaudited)
<S>                                                                 <C>                <C>
ASSETS
Interest earning cash and cash equivalents                          $   2,105,782      $   4,079,792
Noninterest earning cash and cash equivalents                           1,984,465          2,215,845
                                                                    -------------      -------------
     Total Cash and cash equivalents                                    4,090,247          6,295,637
Interest-earning deposits in financial institutions                       100,000            100,000
Securities available for sale                                          34,064,051         13,658,691
Securities held to maturity (fair value:
June 30, 1999- $492,912;December 31, 1998 - $528,424)                     492,912            528,424
Loans receivable, net of allowance for loan losses June 30,
1999 $1,563,592 and December 31, 1998 $1,454,000                      195,073,888        185,906,309
Other real estate owned                                                    89,361            110,712
Accrued interest receivable                                               708,437            487,393
Premises and equipment                                                  2,324,732          2,265,347
Investments in limited liability partnerships                           1,366,064          1,400,000
Other assets                                                            1,224,559          1,672,079
                                                                    -------------      -------------
     Total assets                                                   $ 239,534,251      $ 212,424,592
                                                                    =============      =============

LIABILITIES AND SHAREHOLDERS' EQUITY
Demand deposits                                                     $   3,349,624      $   3,058,581
Savings                                                                 9,962,159          9,811,696
NOW and MMDDA                                                          33,620,028         31,354,647
Other time deposits                                                    76,768,303         79,110,658
                                                                    -------------      -------------
     Total deposits                                                   123,700,114        123,335,582
Borrowed funds                                                         89,842,693         63,080,275
Accrued expenses and other liabilities                                    498,273          1,004,099
                                                                    -------------      -------------
     Total liabilities                                              $ 214,041,080      $ 187,419,956
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                   NORTHEAST INDIANA BANCORP, INC.
                                CONDENSED CONSOLIDATED BALANCE SHEETS
                                 June 30, 1999 And December 31, 1998
                                            (continued)


                                                                        June 30,         December 31,
                                                                          1999               1998
                                                                    -------------      -------------
                                                                                (Unaudited)
<S>                                                                 <C>                <C>
Shareholders' equity
     Preferred Stock 500,000 shares authorized; 0 shares issued               -                  -
     Common stock, $.01 par value: 4,000,000 shares
      authorized; 2,400,466 shares issued at
           June 30, 1999 and December 31,1998                              24,005             24,005
     Additional paid in capital                                        25,174,668         25,128,717
     Retained earnings, substantially restricted                       13,139,435         12,166,794
     Unearned employee stock ownership plan shares                     (1,091,063)        (1,163,800)
     Unearned recognition and retention plan shares                      (335,793)          (433,672)
     Net unrealized appreciation on securities available
       for sale                                                          (149,821)            44,105
     Treasury stock, 762,619 and 728,049 common shares, at
       cost, at June 30, 1999 and December 31, 1998                   (11,268,260)       (10,761,513)
                                                                    -------------      -------------
         Total shareholders' equity                                    25,493,171         25,004,636
                                                                    -------------      -------------
              Total liabilities and shareholders' equity            $ 239,534,251      $ 212,424,592
                                                                    =============      =============
</TABLE>
The  accompanying  notes are an integral  part of these  consolidated  financial
statements.
<PAGE>
<TABLE>
<CAPTION>
                                          NORTHEAST INDIANA BANCORP, INC.
                                         CONSOLIDATED STATEMENTS OF INCOME
                                     Three and six months ended June 30, 1999


                                                   Three months ended              Six months ended
                                                        June 30,                         June 30,
                                                  1999            1998            1999             1998
                                               ----------      ----------      ----------      ----------
                                                                      (Unaudited)
<S>                                            <C>             <C>             <C>             <C>
Interest income
   Loans, including fees                       $3,879,112      $3,689,531      $7,649,579      $7,350,328
   Taxable securities                             348,835         273,183         575,750         516,966
   Non-taxable securities                           6,363           5,073          12,850          10,154
   Deposits with banks                             46,841          50,836          93,107         114,429
                                               ----------      ----------      ----------      ----------
     Total interest income                      4,281,151       4,018,623       8,331,286       7,991,877

Interest expense
   Deposits                                     1,333,376       1,487,126       2,661,719       2,892,609
   Borrowed funds                                 983,410         771,731       1,821,279       1,571,970
                                               ----------      ----------      ----------      ----------
     Total interest expense                     2,316,786       2,258,857       4,482,998       4,464,579

Net interest income                             1,964,365       1,759,766       3,848,288       3,527,298
Provision for loan losses                          34,500          90,000         135,000         180,000
                                               ----------      ----------      ----------      ----------

Net interest income after provision
  for loan losses                               1,929,865       1,669,766       3,713,288       3,347,298

Noninterest income
   Service charges on deposit accounts             91,029          72,131         164,079         137,516
   Loan servicing fees                             58,173          63,120         126,016         126,043
   Net realized gain on sale of securities            -               -               -               -
   Other                                           58,967          34,880         107,365          75,980
                                               ----------      ----------      ----------      ----------
     Total noninterest income                  $  208,169      $  170,131      $  397,460      $  339,539
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                         NORTHEAST INDIANA BANCORP, INC.
                                         CONSOLIDATED STATEMENTS OF INCOME
                                     Three and six months ended June 30, 1999


                                                   Three months ended              Six months ended
                                                        June 30,                         June 30,
                                                  1999            1998            1999             1998
                                               ----------      ----------      ----------      ----------
                                                                      (Unaudited)
<S>                                            <C>             <C>             <C>             <C>
Noninterest expense
   Salaries and employee benefits                 526,082         446,118       1,049,561         900,026
   Occupancy                                       96,472          84,904         195,662         174,128
   Data processing                                135,420         115,407         261,986         212,769
   Insurance expense                               18,152          16,592          37,867          31,699
   Professional fees                               35,563          30,204          74,437          81,970
   Correspondent bank charges                      56,600          66,516         109,128         100,336
   Other expense                                  161,024         126,918         332,075         332,955
                                               ----------      ----------      ----------      ----------
     Total noninterest expense                 $1,029,313      $  886,659       2,060,716       1,833,883
Income before income taxes                      1,108,721         953,238       2,050,032       1,852,954
   Income tax expense                             418,680         366,552         778,967         722,723
                                               ----------      ----------      ----------      ----------

Net income                                     $  690,041      $  586,686      $1,271,065      $1,130,231
                                               ==========      ==========      ==========      ==========

Basic earnings per common share                $     0.46      $     0.36      $     0.85      $     0.68
Diluted earnings per common share              $     0.46      $     0.35      $     0.82      $     0.65
Return on average assets                             1.22%           1.16%           1.16%           1.12%
Return on average equity                            10.88%           8.84%          10.03%           8.39%
Equity to assets                                    11.26%          13.09%          11.60%          13.38%

</TABLE>
See accompanying notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
                                                   NORTHEAST INDIANA BANCORP, INC.
                                      CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY
                                                   Six months ended June 30, 1999

                                                             (Unaudited)

                                                                                             Unearned
                                                                                             Employee             Unearned
                                                             Additional                        Stock             Recognition
                                                    Common     Paid-in        Retained       Ownership          And Retention
                                                    Stock      Capital        Earnings      Plan Shares         Plan Shares
                                                    -----      -------        --------      -----------         -----------

<S>                                                <C>        <C>             <C>           <C>                <C>
Balance, December  31, 1998                        24,005     25,128,717      12,166,794    (1,163,800)        (433,672)

Net Income June 30, 1999                                                       1,271,065

Other Comprehensive income:
   Unrealized gains on securities
   Total tax effect

     Total other comprehensive income


Comprehensive income

Dividends Paid $.18 per share year to date                                     (298,424)

Purchase of 37,200 shares of Treasury Stock

Sale of 2,130 shares of Treasury Stock                           (3,151)

Shares committed to be released under  ESOP                       47,119                         72,737

Purchase of 500 shares for RRP                                     1,983                                         (8,063)

Amortization of RRP Contributions                                                                                105,942
                                                   ------     ----------      ----------    ----------          --------
Balance at June 30, 1999                           24,005     25,174,668      13,139,435    (1,091,063)         (335,793)
                                                   ======     ==========      ==========    ==========          ========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                  NORTHEAST INDIANA BANCORP, INC.
                     CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY
                                  Six months ended June 30, 1999

                                            (Unaudited)
                                            (continued)



                                                       Net
                                                    Unrealized
                                                   Appreciation
                                                  on Securities                          Total
                                                   Available-        Treasury       Shareholders'
                                                     For-Sale          Stock             Equity
                                                     --------          -----             ------

<S>                                                <C>            <C>                 <C>
Balance, December  31, 1998                           44,105      (10,761,513)        25,004,636

Net Income June 30, 1999                                                               1,271,065

Other Comprehensive income:
   Unrealized gains on securities                   (323,037)
   Total tax effect                                  129,111
                                                   ---------
     Total other comprehensive income              (193,926)                           (193,926)
                                                                                      ---------

Comprehensive income                                                                   1,077,139

Dividends Paid $.18 per share year to date                                             (298,424)

Purchase of 37,200 shares of Treasury Stock                          (538,725)         (538,725)

Sale of 2,130 shares of Treasury Stock                                  25,898            22,747

Shares committed to be released under  ESOP                                              119,856

Purchase of 500 shares for RRP                                           6,080                 -

Amortization of RRP Contributions                                                        105,942
                                                    --------       -----------         ----------
Balance at June 30, 1999                            (149,821)      (11,268,260)        25,493,171
                                                    ========       ===========         ==========
</TABLE>
See accompanying notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
                                 NORTHEAST INDIANA BANCORP, INC.
                              CONSOLIDATED STATEMENTS OF CASH FLOWS
                             Six months ended June 30, 1999 and 1998

                                                                            Six months ended
                                                                                June 30,
                                                                        1999             1998
                                                                        ----             ----
                                                                           (Unaudited)
<S>                                                               <C>               <C>
Cash flows from operating activities
     Net income                                                   $  1,271,065      $  1,130,231
     Adjustments to reconcile net income
       to net cash from operating activities
         Net (gain) loss on sale of premises and equipment                 -              (8,500)
         Gain on sale of securities                                        -                 -
         Gain on sale of foreclosed real estate                         (1,811)            2,200
         Provision for loan losses                                     135,000           180,000
         Depreciation and amortization                                 109,989            80,428
         Reduction of obligation under ESOP                            119,856           163,657
         Amortization of RRP                                           105,942           104,342
         Net change in:
              Other assets                                             515,519           209,457
              Accrued interest receivable                             (221,044)           42,419
              Accrued expenses and other liabilities                  (407,599)         (394,640)
                                                                  ------------      ------------
              Total adjustments                                        355,852           379,363
                                                                  ------------      ------------
                      Net cash from operating activities             1,626,917         1,509,594

Cash flows from investing activities
     Proceeds from maturities and principal payments
       of securities held to maturity                                   35,512           193,625
     Proceeds from maturities and principal payments
       of securities available for sale                              3,832,663         2,326,788
     Proceeds from sale of securities available for sale                   -                 -
     Purchases of securities available for sale                    (24,532,035)       (3,082,207)
     Proceeds from sale of loans                                           -                 -
     Purchases of loans                                                    -                 -
     Net change in loans                                            (9,409,839)       (3,623,394)
     Expenditures on premises and equipment                           (164,463)         (168,204)
     Proceeds from sale of premises and equipment                          -               8,500
     Proceeds from sale of foreclosed real estate                       93,306            40,500
                                                                  ------------      ------------
         Net cash from investing activities                        (30,144,856)       (4,304,392)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                 NORTHEAST INDIANA BANCORP, INC.
                              CONSOLIDATED STATEMENTS OF CASH FLOWS
                             Six months ended June 30, 1999 and 1998
                                           (continued)

                                                                            Six months ended
                                                                                June 30,
                                                                        1999             1998
                                                                        ----             ----
                                                                           (Unaudited)
<S>                                                               <C>               <C>
Cash flows from financing activities
     Advances from FHLB                                             58,500,000        26,000,000
     Repayment of FHLB advances                                    (35,099,487)      (35,399,487)
     Payments of demand notes                                         (576,250)         (225,000)
     Net change in other borrowed funds                              3,938,156           220,919
     Dividends paid                                                   (298,424)         (287,706)
     Purchase of stock                                                (538,725)       (2,106,860)
     Sale of treasury stock                                             22,747           172,724
     Net change in deposits                                            364,532        14,490,703
                                                                  ------------      ------------
         Net cash from financing activities                         26,312,549         2,865,293
                                                                  ------------      ------------

Net change in cash and cash equivalents                             (2,205,390)           70,495

Cash and cash equivalents at beginning of year                       6,295,637         4,819,686
                                                                  ------------      ------------

Cash and cash equivalents at end of year                          $  4,090,247      $  4,890,181
                                                                  ============      ============

Cash paid for:
     Interest                                                     $  4,434,680      $  4,496,845
     Income taxes                                                      693,000           837,000

Non-cash transactions:
     Investment in obligation relative to limited partnership     $          -      $          -
     Transfer from loans to other real estate                           70,144            42,700
</TABLE>
<PAGE>
                         NORTHEAST INDIANA BANCORP, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                Three and six months ended June 30, 1999 and 1998

NOTE 1 - BASIS OF PRESENTATION

The unaudited  information  for the three and six months ended June 30, 1999 and
1998 includes the results of operations of Northeast Indiana Bancorp,  Inc. (the
"Company") and its wholly-owned  subsidiary,  First Federal Savings Bank ("First
Federal" or the  "Bank")  and its wholly  owned  subsidiary,  Northeast  Indiana
Financial,  Inc. 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 and six month
periods reported but should not be considered as indicative of the results to be
expected for the full year.

For fiscal years  beginning  after  December 15, 1997 the  Financial  Accounting
Standards  Board (FASB) issued its Statement of Financial  Accounting  Standards
(SFAS) #130 on reporting  comprehensive  income.  Comprehensive  income includes
both net income and other comprehensive  income. Other comprehensive income will
include the change in unrealized  gains and losses on  securities  available for
sale, foreign currency translation  adjustments,  and additional minimum pension
liability  adjustments when  applicable.  The financial  statements  reflect the
adoption of SFAS #130.

NOTE 2 - CONVERSION

First  Federal  completed a conversion  from a mutual to a stock savings bank on
June  27,  1995.  Simultaneous  with the  conversion  was the  formation  of the
Company,  incorporated in the state of Delaware.  The initial issuance of shares
of common stock in the Company on June 27, 1995 was 2,182,125  shares at $10 per
share (restated as of November 23, 1998;  2,400,466  shares at $9.09 per share),
resulting  in net  proceeds  of  $21,210,857,  and was  accomplished  through an
offering to the Bank's eligible  account holders of record and the tax qualified
employee stock  ownership plan.  Costs  associated with the conversion and stock
offering  amounted to  $610,393,  and were  accounted  for as a reduction of the
proceeds from the issuance of common stock of the Company. The Company purchased
all common  shares  issued by the Bank.  This  transaction  was accounted for at
historical cost in a manner similar to the pooling of interests method.

Federal regulations require that, upon conversion from a mutual to stock form of
ownership,  a  "liquidation  account" be established by restricting a portion of
net worth for the benefit of eligible savings account holders who maintain their
savings  accounts  with the Bank  after  conversion.  In the  event of  complete
liquidation (and only in such event),  each savings account holder who continues
to maintain his savings account shall be entitled to receive a distribution from
the liquidation  account after payment to all creditors,  but before liquidation
distribution  with respect to capital stock. This account will be proportionally
reduced for any subsequent reduction in eligible holder's savings accounts.

--------------------------------------------------------------------------------
                                   (Continued)
--------------------------------------------------------------------------------
<PAGE>
                         NORTHEAST INDIANA BANCORP, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                Three and six months ended June 30, 1999 and 1998

NOTE 2 - CONVERSION (Continued)

Federal  regulations  impose  limitations  on the payment of dividends and other
capital  distributions,  including,  among  others,  that First  Federal may not
declare or pay cash  dividends on any of its stock if the effect  thereof  would
cause the  Bank's  capital  to be  reduced  below the  amount  required  for the
liquidation  account  or the  capital  requirements  imposed  by  the  Financial
Institutions  Reform  Recover and  Enforcement  Act  (FIRREA)  and the Office of
Thrift Supervision (the "OTS").

NOTE 3 - EMPLOYEE STOCK OWNERSHIP PLAN

The Company has  established an employee stock  ownership plan ("ESOP").  At the
date of conversion  described in Note 2, the ESOP  purchased  192,027  shares of
common stock of the Company which was financed by the Company and collateralized
by the shares  purchased.  The  borrowing  is payable in  semi-annual  principal
payments of $72,000 over a 12 year period plus  interest.  All  employees of the
Bank are  eligible  to  participate  in the ESOP  after  they  attain age 21 and
complete one year of service  during which they worked at least 1,000 hours.  As
of  January  1,  1999,   63,719  shares  have  been   distributed  to  the  plan
participants.

NOTE 4 - EARNINGS PER SHARE
Basic earnings per share is based on weighted-average common shares outstanding.
Diluted  earnings per share  further  assumes  issue of any  dilutive  potential
common  shares.  The  accounting  standard for computing  earnings per share was
revised for 1998, and all earnings per shares  previously  reported are restated
to follow the new standard. The following table has been restated to reflect the
10% stock  dividend  announced  on October 27, 1998 and payable on November  23,
1998 to shareholders of record on November 6, 1998.
<TABLE>
<CAPTION>
                                                                Three months ended           Six months ended
                                                                    June 30,                      June 30,
                                                                    --------                      --------
                                                               1999          1998           1999            1998
                                                           ----------     ----------     ----------     ----------
<S>                                                        <C>            <C>            <C>            <C>
Earnings Per Share
  Net Income available to common shareholders              $  690,041     $  586,686     $1,271,065     $1,130,231
  Weighted average common shares outstanding                1,485,476      1,640,384      1,492,741      1,660,700
     Basic Earnings Per Share                              $     0.46     $     0.36     $     0.85     $     0.68

Earnings Per Share Assuming Dilution
   Net Income available to common shareholders             $  690,041     $  586,686     $1,271,065     $1,130,231
   Weighted average common shares outstanding               1,485,476      1,640,384      1,492,741      1,660,700
   Add: dilutive effects of assumed exercises of
             incentive stock options and non qualified
             stock options                                     18,597         40,901         53,635         83,630
   Weighted average and dilutive common shares
      Outstanding                                           1,504,073      1,681,285      1,546,376      1,744,330
       Diluted earnings per share                          $     0.46     $     0.35     $     0.82     $     0.65
</TABLE>
--------------------------------------------------------------------------------
                                   (Continued)
--------------------------------------------------------------------------------
<PAGE>
                         NORTHEAST INDIANA BANCORP, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                Three and six months ended June 30, 1999 and 1998


NOTE 5 - COMMON STOCK DIVIDENDS

On July 28, 1999 the Board of  Directors  of  Northeast  Indiana  Bancorp,  Inc.
announced a quarterly cash dividend of $.09 per share. The dividend will be paid
on August 27, 1999 to  shareholders of record on August 13, 1999. The payment of
the  cash  dividend  will  reduce   shareholders'  equity  (second  quarter)  by
approximately $148,000.

Common share amounts,  market values and price per share disclosures  related to
stock  repurchase  programs,  stock based  compensation  plans and  earnings and
dividends per share  disclosures  have been restated for the 10% stock  dividend
declared on October 23, 1998.  Stock  dividends  for 20% or less are reported by
transferring  the market value, as of the ex-dividend  date, of the stock issued
from  retained   earnings  to  common  stock  and  additional   paid-in-capital.
Fractional shares were rounded up to the next whole share.


NOTE 6 - STOCK REPURCHASE PLAN

On June 29,  1999 the  Company  announced  a new  stock  repurchase  program  to
repurchase  up to 10% of the  outstanding  shares in the open market as Treasury
shares over the next twelve  months.  This  program  will  include up to 163,785
shares.

There were also 700  shares  repurchased  from  exercised  options  year to date
through August 09, 1999.

NOTE 7 - 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 June  30,  1999,  the  capital  requirements  for the Bank  under  federal
regulatory  agencies and the Bank's actual capital ratios.  As of June 30, 1999,
the Bank substantially exceeded all current regulatory capital standards.
<TABLE>
<CAPTION>
                                         Regulatory
                                     Capital Requirement                        Actual Capital
                                 ---------------------------          -------------------------------
                                 Amount              Percent               Amount            Percent
                                 ------              -------               ------            -------
                                                         (Dollars in thousands)

<S>                            <C>                      <C>          <C>                      <C>
Risk-based capital             $   12,091               8.0  %       $    24,103              15.95  %
Core capital                   $    9,597               4.0  %       $    22,640               9.44  %
Tangible capital               $    4,798               2.0  %       $    22,640               9.44  %

</TABLE>
--------------------------------------------------------------------------------
                                   (Continued)
--------------------------------------------------------------------------------
<PAGE>
                         NORTHEAST INDIANA BANCORP, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                Three and six months ended June 30, 1999 and 1998

NOTE 8 - RECLASSIFICATIONS

Certain  amounts  in  the  1998  consolidated  financial  statements  have  been
reclassified to conform to the 1999 presentation.

<PAGE>
                         NORTHEAST INDIANA BANCORP, INC.
         MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
                               OPERATING RESULTS


GENERAL

Northeast  Indiana  Bancorp,  Inc.  (the  "Company")  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" or the
"Bank")  as a unitary  thrift  holding  company.  Prior to the  conversion,  the
Company did not engage in any material  operations  and at June 30, 1999, 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.  The Bank'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. The
Bank'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/FINANCIAL SERVICES

During the year of 1998,  First  Federal  established a trust  department  which
began  operations  in  the  fourth  quarter.  At  the  end  of  June  30,  1999,
approximately  $8.8  million  in Trust  Assets  were held under  management.  In
February  1999, the Company  announced the  establishment  of Northeast  Indiana
Financial,  Inc.,  a  wholly-owned  subsidiary  of the Bank.  Northeast  Indiana
Financial,  Inc. will provide 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.

--------------------------------------------------------------------------------
                                   (Continued)
--------------------------------------------------------------------------------
<PAGE>
                         NORTHEAST INDIANA BANCORP, INC.
         MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
                               OPERATING RESULTS


FINANCIAL CONDITION

The Company's total assets increased $27.1 million or 12.78% from $212.4 million
at December 31, 1998 to $239.5  million at June 30, 1999.  This increase was due
primarily to funds  generated  from  increased  borrowings  of $26.8 million and
increased  deposits of $364,000.  In addition to asset growth  through the first
six months of 1999 the company purchased 2.18% of the outstanding shares to fund
Treasury Stock which reduced our capital $556,000.

Net loans  receivable  increased  $8.6  million or 4.65% from $185.9  million at
December  31, 1998 to $195.1  million at June 30,  1999.  The  increase in loans
during the first six months of 1999 was  predominantly in mortgage loan products
which  accounted  for $5.2  million of the  increase  along with a $3.1  million
increase in consumer lending and $842,000 increase in commercial  lending.  This
growth was because of the generally favorable market conditions.  Allowances for
loan losses increased  approximately  $110,000 through the six months ended June
30, 1999.  This  increase was to provide a general  increase for the higher loan
amounts  and the  additional  loans  secured  by  non-residential  real  estate,
commercial and credit cards.  These  allowances of $1.6 million include $101,000
of specific reserves for loans or partial loans classified as substandard in the
amount of $2.6 million.

INVESTMENTS

Securities  available-for-sale  increased  $20.4  million from $13.7  million at
December  31,  1998 to $34.1  million  at June 30,  1999.  The  securities  were
purchased  to  provide  collateral  for  growth  in our  securities  sold  under
repurchase agreements.

RESULTS OF OPERATIONS

The Company had net income of $690,000 or $0.46 per basic share and $1.3 million
or $0.85 per  basic  share for the three  and six  months  ended  June 30,  1999
compared  to  $587,000  or $0.36 per basic  share and $1.1  million or $0.68 per
basic share for the three and six months ended June 30, 1998.  Note that all per
share  earnings have been restated to reflect the 10% stock  dividend to be paid
on November 23, 1998.

Net  interest  income  increased to $2.0 million for the three months ended June
30, 1999 compared to $1.8 million for the three months ended June 30, 1998.  Net
interest income increased to $3.8 million or 9.10% for the six months ended June
30, 1999  compared to $3.5  million for the same period  1998.  Interest  income
increased  $263,000 to $4.3  million for June 30, 1999  compared to $4.0 million
for June 30,  1998.  Interest  income for the six months ended June 30, 1999 was
$8.3 million compared to $8.0 million for the six months ended June 30, 1998, an
increase of $339,000 or 4.24%. For the second quarter interest expense increased
$58,000 to $2.3  million  for the quarter  ended June 30, 1999  compared to $2.3
million June 30, 1998.  Interest  expense for the six months ended June 30, 1999
and June 30, 1998 was approximately $4.5 million each period.

Provisions for loan losses  decreased by $55,000 for the three months ended June
30, 1999 compared to the same period ended June 30, 1998.

--------------------------------------------------------------------------------
                                   (Continued)
--------------------------------------------------------------------------------
<PAGE>
                        NORTHEAST INDIANA BANCORP, INC.
         MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
                               OPERATING RESULTS


RESULTS OF OPERATIONS (Continued)

Non-interest  income  increased  to  $208,000  for the three  months ended  June
30,1999 compared to $170,000 for the comparable  period in 1998. This represents
an  increase  of  $38,000  for the  quarter  over the  same  period  last  year.
Non-interest  income  increased  to $397,000  compared  to $340,000  for the six
months ended June 30, 1999 and 1998  respectively.  This  increase of $47,000 is
the result of deposit account service fees and non-interest income for the Trust
department and the Financial  Services  subsidiary.  These two new product lines
opened in the fourth quarter 1998 and the first quarter 1999.

Non-interest  expense  increased  to $1.0 million and $2.1 million for the three
and six months ended June 30, 1999 compared to $887,000 and $1.8 million for the
corresponding  period in 1998.  This  represents  an increase  of  $142,000  and
$247,000  for the three and six  months  ended  June 30,  1999  compared  to the
corresponding periods in 1998. This increase is due partially to higher salaries
and  benefits  reflecting  increases  in  compensation  for 1999 and  additional
employees  added  during  late  1998 and year to date 1999 to  support  customer
service as we grow,  including  staff for the new  product  lines we have added.
Occupancy  costs also increased  mainly due to the addition added to provide for
our Trust and Financial  Services.  Occupancy  expense  increased to $96,000 and
$196,000  for the three and six months  ended June 30, 1999  compared to $85,000
and $174,000 for the same periods ended June 30, 1998.

Data processing expense has increased to $135,000 and $262,000 for the three and
six months ended June 30, 1999 due to software upgrades and increased processing
volume  compared to $115,000 and  $213,000  for the same periods  ended June 30,
1998.

Income tax expense is up for the three and six months ended June 30, 1999 due to
higher taxable income compared to the same periods 1998.

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,  discussion  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 $35,000 and  $135,000 for
the three and six months  ended June 30, 1999  compared to $90,000 and  $180,000
for the same  periods  ended June 30,  1998.  Management  believes  our  current
allowance  for loan loss is adequate to absorb  possible  losses and is weighted
for the mix of loans currently  held;  therefore we anticipate that the standard
expense will be maintained for the third quarter 1999.

--------------------------------------------------------------------------------
                                   (Continued)
--------------------------------------------------------------------------------
<PAGE>
                        NORTHEAST INDIANA BANCORP, INC.
         MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
                               OPERATING RESULTS


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 the Bank 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:
<TABLE>
<CAPTION>
                                                            June 30    December 31
                                                              1999        1998
                                                             ------      ------
<S>                                                          <C>         <C>
Non-accruing loans                                           $1,127      $1,208
Accruing loans delinquent 90 days and more                      -           -
Troubled debt restructuring                                     -           -
Foreclosed assets                                               109         120
                                                             ------      ------

   Total non-performing assets                                1,236       1,328
                                                             ======      ======

   Total non-performing assets as a percentage
      of total assets                                          0.52%       0.63%
                                                             ======      ======
</TABLE>
Total non-performing assets decreased from $1.3 million to $1.2 million or 0.52%
of total  assets at June 30,  1999 from 0.63% of total  assets at  December  31,
1998.

The Bank 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
tangible capital ratio expressed as a percent of total adjusted assets.  At June
30, 1999, the Bank exceeded all regulatory capital standards.

At June 30, 1999,  the Bank's risk based  capital was $24.1 million or 15.95% of
risk  adjusted  assets  which  exceeds  the  $12.1  million  and  the  8.0%  OTS
requirement by $12.0 million and 7.95%. The Bank's core capital at June 30, 1999
is $22.6 million or 9.44% which exceeds the OTS  requirement of $9.6 million and
4.00% by $13.0  million and 5.44%.  The  tangible  capital  requirement  is $4.8
million  and 2.00% which the Bank  exceeded by $17.8  million and 7.44% which is
reflected by June 30, 1999 tangible capital balance of $22.6 million and a 9.44%
ratio of tangible capital to assets.
--------------------------------------------------------------------------------
                                   (Continued)
--------------------------------------------------------------------------------
<PAGE>
                        NORTHEAST INDIANA BANCORP, INC.
         MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
                               OPERATING RESULTS

LIQUIDITY AND CAPITAL RESOURCES

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.

Current OTS  regulations  require that First Federal  maintain cash and eligible
investments  in an amount equal to at least 4% of its average  daily  balance of
net withdrawable  customer deposit accounts and short-term  borrowings to assure
its  ability  to meet  demands  for  withdrawals  and  repayment  of  short-term
borrowings.  As of June 30, 1999,  First  Federal's  liquidity ratio was 12.45%,
which is in excess of the minimum regulatory requirements.

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 June 30, 1999, First
Federal  had  commitments  to  originate  loans and to fund open lines of credit
totaling  $24.9  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.


FORWARD-LOOKING STATEMENTS

When  used  in this  filing  and in  future  filings  by the  Company  with  the
Securities  and Exchange  Commission,  in the Company'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 the  Company's  market  area,  changes in policies by  regulatory
agencies,  fluctuations  in interest  rates,  demand for loans in the  Company'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.
--------------------------------------------------------------------------------
                                   (Continued)
--------------------------------------------------------------------------------
<PAGE>
                        NORTHEAST INDIANA BANCORP, INC.
         MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
                               OPERATING RESULTS

FORWARD-LOOKING STATEMENTS  (Continued)

The Company  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 the Company's  financial  performance and could cause the
Company's  actual  results for future  periods to differ  materially  from those
anticipated or projected.

The Company 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.


IMPACT OF THE YEAR 2000

The Company  relies  heavily on computer  technology to provide its products and
services  and is well  aware of all the  issues  involved  with  the  Year  2000
including how operations  could be impacted if a potential  problem would arise.
An overall plan  developed by the Year 2000  Committee was approved by the Board
of Directors and put into effect in 1998. This plan is a step by step process of
assessment,  remediations and testing of hardware, software, embedded systems as
well as a  customer  awareness  program,  contingency  and  business  continuity
planning and budgeting.

A test was  performed  on all  computer  systems  to make sure they were able to
recognize  year 2000 dates and hold these dates when powered off and on. Any new
computer  equipment  purchased  will go through the same  testing  process.  All
embedded  systems have been  assessed and will  continue to be functional in the
year 2000.

The Company has no software that is internally  developed.  The various types of
software  utilized by the Company are purchased  through third party vendors and
our service  bureau.  Our  service  bureau has kept us informed of the Year 2000
status of their  software  products.  Testing of all mission  critical data file
interfaces began in the fourth quarter of 1998 and was completed in early second
quarter 1999. Testing of all other systems was completed in second quarter 1999.

Throughout  the  remainder  of 1999,  the  Company  will be focusing on Customer
Awareness  and  continuing to monitor the Y2K status of our various  vendors.  A
Business  Continuity  Plan has been  presented  to the  Board of  Directors  and
approved.

This plan sets forth  certain  procedures  to be  followed  should  problems  be
discovered resulting from issues beyond our control.
<PAGE>
                         NORTHEAST INDIANA BANCORP, INC.
                                     PART II
                                Other Information



ITEM 1 - LEGAL PROCEEDING

         The  Company  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  the   Company'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 HOLDER

         (a)  The Annual Meeting of  Shareholders  ("the  meeting") of Northeast
              Indiana  Bancorp,  Inc.  was held on April 21,  1999.  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
                                               ---                --------

                  J. David Carnes           1,183,251              32,674

              (2) Ratification of Crowe, Chizek and Company, LLP as auditors for
the year ending December 31, 1999:
                                                                Votes
                                                                -----
                                       For              Against        Withheld
                                       ---              -------        --------

                                   1,212,514              990            2,421

ITEM 5 - OTHER INFORMATION
         None


<PAGE>

                         NORTHEAST INDIANA BANCORP, INC.
                               PART II (Continued)
                                Other Information


ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K
         (a)   Exhibits
              None

         (b) Reports on Form 8-K

               (1) April 13, 1999 Announcing First Quarter Earnings
               (2) April 22, 1999  Announcing  Cash Dividends and Annual Meeting
                   Results
               (3) June 29, 1999 Announcing Stock Repurchase Program
               (4) July 16, 1999 Announcing Second Quarter Earnings
               (5) July 28, 1999 Announcing Cash Dividends



<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:  August 12, 1999     By:  /S/ STEPHEN E. ZAHN
                                              -------------------
                                              Stephen E. Zahn
                                              President and
                                              Chief Executive Officer
                                              (Duly Authorized Officer)


              Date:  August 12, 1999     By:  /S/ DARRELL E. BLOCKER
                                              ----------------------
                                              Darrell E. Blocker
                                              Senior Vice President and
                                              Chief Financial Officer
                                              (Principal Financial Officer)