Northeast Indiana Bancorp, Inc. Announces First Quarter Earnings

HUNTINGTON, Ind., April 15, 2013 /PRNewswire/ -- Northeast Indiana Bancorp, Inc., (OTCQB:  NIDB), the parent company of First Federal Savings Bank, has announced net income of $547,000 ($0.44 per diluted common share) for the first quarter ended March 31, 2013 compared to net income of $694,000 ($0.56 per diluted common share) for the first quarter ended March 31, 2012.  The current three months earnings equate to an annualized return on average assets (ROA) of 0.82% and a return on average equity (ROE) of 7.79% compared to an ROA of 1.07% and an ROE of 10.51% for the prior year quarter ended March 31, 2012.       

Commenting on the financial results, First Federal Savings Bank CEO Michael S. Zahn stated, "The prolonged low rate environment combined with high liquidity levels and weak lending is having an impact on our net interest margins.  After seeing some lending traction late in the quarter, we are hopeful that we can carry that momentum into the second quarter as the economy continues to slowly heal.  We are confident in our ability to manage through this environment in part due to our efficient management of noninterest expenses."

Shareholders' equity increased to $28.1 million at March 31, 2013 compared to $27.9 million at December 31, 2012.  The book value of NIDB stock was $22.64 per common share as of March 31, 2013.  The number of outstanding common shares was 1,239,946.  The last reported trade of the stock on April 12, 2013 was $18.00 per common share.

Northeast Indiana Bancorp, Inc. is headquartered at 648 N. Jefferson Street, Huntington, Indiana.  The company offers a full array of banking and financial brokerage services to its customers through its main office in Huntington and five full-service Indiana offices in Huntington (2), Warsaw and Fort Wayne(2).  The Company is traded on the OTC Markets Group, Inc. (www.otcmarkets.com) utilizing the OTCQB platform under the symbol "NIDB".  Our web site address is www.firstfedindiana.com.

This press release may contain forward-looking statements, which are based on management's current expectations regarding economic, legislative and regulatory issues.  Factors which may cause future results to vary materially include, but are not limited to, general economic conditions, changes in interest rates, loan demand, and competition.  Additional factors include changes in accounting principles, policies or guidelines; changes in legislation or regulation; and other economic, competitive, regulatory and technological factors affecting each company's operations, pricing, products and services.



NORTHEAST INDIANA BANCORP
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

CONSOLIDATED STATEMENT OF FINANCIAL CONDITION


ASSETS

March 31

December 31,


2013

2012

Interest-earning cash and cash equivalents

$

14,067,720

$

16,687,647

Noninterest earning cash and cash equivalents

2,169,388

3,997,988

   Total cash and cash equivalents

16,237,108

20,685,635

Interest-earning time deposits

6,400,000

5,910,000

Securities available for sale

76,303,178

71,353,159

Securities held to maturity

1,175,934

1,326,984

Loans held for sale

406,350

1,549,475

Loans receivable, net of allowance for loan loss March 31, 2013 $4,179,533 and December 31, 2012 $3,846,001

 

150,964,446

 

154,746,404

Accrued interest receivable

911,285

929,061

Premises and equipment

3,016,298

2,989,226

Investments in limited liability partnerships

54,828

74,625

Cash surrender value of life insurance

7,322,856

7,261,343

Other assets

3,737,764

4,577,142

    Total Assets

$

266,530,047

$

271,403,054

LIABILITIES AND STOCKHOLDERS' EQUITY



Non-interest bearing deposits

18,721,231

20,123,659

Interest bearing deposits

192,580,889

191,462,228

Borrowed Funds

24,152,844

28,902,484

Accrued interest payable and other liabilities

3,006,823

2,995,529

    Total Liabilities

238,461,787

243,463,900




Retained earnings – substantially restricted

28,068,260

27,939,154

    Total Liabilities and Shareholders' Equity

$

266,530,047

$

271,403,054


CONSOLIDATED STATEMENTS OF INCOME




Three Months Ended


March 31,


2013

2012

Total interest income

$

2,467,508

$

2,923,939

Total interest expense


373,199


625,090

   Net interest income

$

2,094,309

$

2,298,849

Provision for loan losses


300,000


300,000

  Net interest income after provision for loan losses

$

1,794,309

$

1,998,849

    Service charges on deposit accounts


122,640


138,180

    Net loss on sale of securities


(618)


-

    Net gain on sale of loans


179,194


235,591

    Net gain (loss) on sale of repossessed assets


18,346


(23,623)

    Brokerage fees


114,297


113,546

    Increase in cash surrender value of life insurance


61,513


62,213

    Other income


165,184


157,680

Total noninterest income

$

660,556

$

683,587

    Salaries and employee benefits


885,154


874,755

    Occupancy


274,347


236,158

    Data processing


196,378


216,467

    Deposit insurance premiums


60,000


60,000

    Professional fees


70,474


111,745

    Correspondent bank charges


29,771


30,421

    Other expense


213,045


196,661

Total noninterest expenses

$

1,729,169

$

1,726,207

  Income before income tax expenses

$

725,696

$

956,229

Income tax expense


178,568


262,521

Net Income

$

547,128

$

693,708






 

 


NORTHEAST INDIANA BANCORP
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


Three Months Ended
March 31,


2013

2012

Basic Earnings per common share

0.44

0.56

Dilutive Earnings per share

0.44

0.56

Net interest margin

3.36%

3.80%

Return on average assets

0.82%

1.07%

Return on average equity

7.79%

10.51%

Efficiency ratio

62.77%

57.88%

Average shares outstanding- primary

1,235,720

1,233,870

Average shares outstanding- diluted

1,235,978

1,234,489

 

Allowance for loan losses:



   Balance at beginning of period

$

3,846,021

$

4,061,508

   Charge-offs:



      One-to-four family

11,346

71,320

      Commercial real estate

-

45,566

      Land/land development

-

653,451

      Commercial

-

176,345

      Consumer

80,104

7,713

         Gross charge-offs

91,450

954,395

   Recoveries:



      One-to-four family

1,474

1,349

      Commercial real estate

72,249

-

      Land/land development

-

-

      Commercial

25,025

-

      Consumer

26,214

32,457

         Gross recoveries

124,962

33,806

   Net charge-offs / (recoveries)

(33,512)

920,589

   Additions charged to operations

300,000

300,000

   Balance at end of period

$

4,179,533

$

3,440,919




 Net loan charge-offs / (recoveries) to average loans (1)

(0.09%)

2.04%




Nonperforming assets (000's)

At March 31,

At December 31,

   Loans:

2013

2012

      Non-accrual

$

7,194

$

5,464

      Past 90 days or more and still accruing

-

-

      Troubled debt restructured

1,662

3,347

         Total nonperforming loans

8,856

8,811

   Real estate owned

1,362

1,719

   Other repossessed assets

17

-

         Total nonperforming assets

$

10,235

$

10,530





   Nonperforming assets to total assets

3.89%

3.88%

   Nonperforming loans to total loans

5.71%

5.56%

   Allowance for loan losses to nonperforming loans

47.20%

43.65%

   Allowance for loan losses to net loans receivable

2.69%

2.43%






At March 31,

2013

2012




Stockholders' equity as a % of total assets

10.53%

10.08%

Book value per share

$

22.64

$

21.39

Common shares outstanding- EOP

1,239,946

1,239,946




(1) Ratios for the three-month periods are annualized.






 

SOURCE Northeast Indiana Bancorp, Inc.



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