Northeast Indiana Bancorp, Inc. Announces Record Annual Earnings And Quarterly Earnings

Feb 05, 2016, 12:46 ET from Northeast Indiana Bancorp, Inc.

HUNTINGTON, Ind., Feb. 5, 2016 /PRNewswire/ -- Northeast Indiana Bancorp, Inc., (OTCQB:  NIDB), the parent company of First Federal Savings Bank, today announced record annual earnings for the full year 2015 of $3.8 million ($3.19 per diluted common share).  This is an increase of $701,000 or 22.4% compared to net income of $3.1 million ($2.59 per diluted common share) for the full year 2014.  The full year 2015 earnings equates to a return on average assets of 1.37% and a return on average equity of 11.91% compared to an ROA of 1.15% and an ROE of 10.71% for the full year 2014.

The Company also announced quarterly earnings for the three months ended December 31, 2015 of $1.0 million ($0.84 per diluted common share).  This is an increase of $133,000 or 15.2% compared to net income of $875,000 ($0.73 per diluted common share) for the three months ended December 31, 2014.  The current quarter's earnings equates to an ROA of 1.42% and an ROE of 12.41% compared to an ROA of 1.26% and an ROE of 11.60% for the prior year quarter ended December 31, 2014.

Commenting on the financial results, First Federal Savings Bank President and CEO Michael S. Zahn stated, "Due to the focus and dedication of our staff and the relationships we establish with each and every customer, the bank continues to financially perform at a very high level.  Our performance allowed us to reward our shareholders, not only with the 21st consecutive annual dividend increase, but a first ever special cash dividend in 2015.  I'm excited about what lies ahead as we continue to serve our customers and our communities."

Total assets increased $8.0 million to $284.1 million at December 31, 2015 compared to December 31, 2014 assets of $276.1 million.  Total deposits decreased $3.6 million to $209.5 million at December 31, 2015 from $213.2 million at December 31, 2014.

The Company paid out cash dividends of $1.6 million to shareholders during the year ended December 31, 2015.  The book value of NIDB stock was $26.95 per common share as of December 31, 2015 an increase of $1.60 or 6.3% compared to book value of $25.35 per common share as of December 31, 2014.  The Company's stock closed at $30.00 per common share on December 31, 2015, an increase of $4.00 or 15.4% compared to the closing stock price of $26.00 per common share on December 31, 2014.

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.bank.

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

December 31,
2015


December 31,
2014

Interest-earning cash and cash equivalents

$

10,491,898


$

5,969,837

Noninterest earning cash and cash equivalents

1,960,543


5,015,780

   Total cash and cash equivalents

12,452,441


10,985,617

Securities available for sale

60,458,506


72,717,037

Interest-earning deposits in financial institutions

11,754,857


8,355,733

Securities held to maturity

2,685,585


1,129,168

Loans held for sale

-


125,000

Loans receivable, net of allowance for loan loss Dec. 31, 2015 $3,196,953 and Dec. 31, 2014 $3,402,355

182,238,993


168,728,783

Accrued interest receivable

976,484


933,935

Premises and equipment

2,880,607


2,998,086

Investments in limited liability partnerships

235,858


34,291

Cash surrender value of life insurance

7,939,443


7,722,193

Other assets

2,506,762


2,419,981

    Total Assets

$

284,129,536


$

276,149,824

LIABILITIES AND STOCKHOLDERS' EQUITY



Non-interest bearing deposits

23,253,557


20,666,024

Interest bearing deposits

186,281,637


192,496,447

Borrowed Funds

39,346,188


29,911,662

Accrued interest payable and other liabilities

2,910,474


2,663,897

    Total Liabilities

251,791,856


245,738,030




Retained earnings – substantially restricted

32,337,680


30,411,794

    Total Liabilities and Shareholders' Equity

$

284,129,536


$

276,149,824






CONSOLIDATED STATEMENTS OF INCOME





Three Months Ended

Twelve Months Ended


December 31,

December 31,


2015

2014

2015

2014

Total interest income

$

2,781,464

$

2,738,125

$

10,876,039

$

10,625,351

Total interest expense


361,226


316,691


1,318,847


1,239,660

    Net interest income

$

2,420,238

$

2,421,434

$

9,557,192

$

9,385,691

Provision for loan losses


-


150,000


-


625,000

  Net interest income after provision for loan losses

$

2,420,238

$

2,271,434

$

9,557,192

$

8,760,691

     Service charges on deposit accounts


156,769


133,527


587,480


516,431

     Net gain (loss) on sale of securities


293,600


(78)


407,491


(25,782)

     Net gain on sale of loans


179,779


348,274


827,938


1,194,371

     Net gain (loss) on sale of repossessed assets


(31,124)


(2,702)


(20,563)


2,017

     Net loss on sale of fixed assets


-


-


-


(3,260)

     Brokerage fees


68,767


141,317


413,130


513,456

     Other income


252,056


228,194


1,248,800


940,145

Total noninterest income

$

919,847

$

848,532

$

3,464,276

$

3,137,378

     Salaries and employee benefits


1,101,073


991,966


4,203,923


3,923,855

     Occupancy

263,337

265,992

1,073,129

1,122,401

     Data processing

206,465

208,825

890,586

831,241

     Deposit insurance premiums

35,000

51,000

156,000

203,000

     Professional fees

115,481

128,360

328,129

378,236

     Advertising and marketing

72,630

59,168

208,600

229,208

     Correspondent bank charges

37,294

30,967

140,056

123,549

     Other expense

236,341

222,689

792,443

779,274

Total noninterest expenses

$

2,067,621

$

1,958,967

$

7,792,866

$

7,590,764

  Income before income tax expense

$

1,272,464

$

1,160,999

$

5,228,602

$

4,307,305

Income tax expense


264,604


285,980


1,399,324


1,179,521

Net Income

$

1,007,860

$

875,019

$

3,829,278

$

3,127,784










 




NORTHEAST INDIANA BANCORP

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)










Three Months Ended
December 31,

Twelve Months Ended
December 31,


2015

2014

2015

2014

Basic Earnings per common share

0.84

0.73

3.20

2.59

Dilutive Earnings per share

0.84

0.73

3.19

2.59

Net interest margin

3.63%

3.72%

3.65%

3.66%

Return on average assets

1.42%

1.26%

1.37%

1.15%

Return on average equity

12.41%

11.60%

11.91%

10.71%

Efficiency Ratio

61.90%

59.91%

59.85%

60.61%

Average shares outstanding - primary

1,198,679

1,196,523

1,198,530

1,207,052

Average shares outstanding - diluted

1,198,747

1,196,534

1,198,922

1,207,207







Allowance for loan losses:






   Balance at beginning of period

$

3,246,251

$

3,676,641

$

3,402,355

$

3,355,534

   Charge-offs:





      One-to-four family

23,605

18,756

52,407

45,664

      Commercial real estate

-

330,000

146,134

330,000

      Land/land development

-

-

-

-

      Commercial

-

100,000

-

175,000

      Consumer

114,077

64,487

220,225

211,350

         Gross charge-offs

137,682

513,243

418,766

762,014

   Recoveries:





      One-to-four family

944

657

4,560

3,535

      Commercial real estate

-

-

-

-

      Land/land development

-

-

-

-

      Commercial

50,000

50,000

57,741

50,000

      Consumer

37,640

38,300

151,163

130,300

         Gross recoveries

88,584

88,957

213,364

183,835

   Net charge-offs

49,098

424,286

205,402

578,179

   Additions charged to operations

-

150,000

-

625,000

   Balance at end of period

$

3,196,953

$

3,402,355

$

3,196,953

$

3,402,355






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

0.03%

0.25%

0.12%

0.35%






Nonperforming assets (000's)

At December 31,

At September 30,

At June 30,

At December 31,

   Loans:

2015

2015

2015

2014

      Non-accrual

$

3,793

$

3,825

$

3,669

$

4,396

      Past 90 days or more and still accruing

-

-

-

-

      Troubled debt restructured

592

603

711

1,862

         Total nonperforming loans

4,385

4,428

4,380

6,258

   Real estate owned

117

134

59

131

   Other repossessed assets

-

-

-

3

         Total nonperforming assets

$

4,502

$

4,562

$

4,439

$

6,392







   Nonperforming assets to total assets

1.58%

1.66%

1.60%

2.31%

   Nonperforming loans to total loans

2.36%

2.60%

2.58%

3.64%

   Allowance for loan losses to nonperforming loans

72.91%

73.29%

74.62%

54.36%

   Allowance for loan losses to total receivable

1.75%

1.95%

1.96%

2.02%


At December 31,


2015


2014



Stockholders' equity as a % of total assets

11.38%

11.01%


Book value per share

$

26.95

$

25.35


Common shares outstanding- EOP

1,199,879

1,199,879






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

 

SOURCE Northeast Indiana Bancorp, Inc.



RELATED LINKS

http://www.firstfedindiana.bank