Northeast Indiana Bancorp, Inc. Announces Record Annual Earnings And Record Quarterly Earnings
HUNTINGTON, Ind., Feb. 8, 2013 /PRNewswire/ -- Northeast Indiana Bancorp, Inc., (OTCQB: NIDB), the parent company of First Federal Savings Bank, today announced record annual earnings for the full year 2012 of $2.9 million ($2.31 per diluted common share). This is an increase of $820,000 or 40.3% compared to net income of $2.0 million ($1.65 per diluted common share) for the full year 2011. The full year 2012 earnings equates to a return on average assets of 1.06% and a return on average equity of 10.38% compared to an ROA of 0.79% and an ROE of 8.13% for the full year 2011.
The Company also announced record quarterly earnings for the three months ended December 31, 2012 of $913,000 ($0.74 per diluted common share) compared to net income of $743,000 ($0.60 per diluted common share) for the three months ended December 31, 2011. The current quarter's earnings equates to an ROA of 1.32% and an ROE of 13.07% compared to an ROA of 1.13% and an ROE of 11.61% for the prior year quarter ended December 31, 2011.
Commenting on the financial results, First Federal Savings Bank President and CEO Michael S. Zahn stated, "Through the hard work of our staff, the trust from our customers, and our dedication to the communities we serve, First Federal Savings Bank was able to achieve record financial results. In a year in which we celebrated 100 years in business, we were able to implement several transformational changes which coincide with our mission as a community bank. I'm proud of our successes and excited about our future."
Total assets increased $9.7 million to $271.2 million at December 31, 2012 compared to December 31, 2011 assets of $261.5 million. Total deposits increased $21.8 million or 11.5% to $211.6 million at December 31, 2012 from $189.8 million at December 31, 2011. Shareholder's equity increased $1.8 million or 6.9% to $27.9 million at December 31, 2012 compared to $26.1 million at December 31, 2011.
The Company paid out cash dividends of $919,000 to shareholders during the year ended December 31, 2012. The book value of NIDB stock was $22.53 per common share as of December 31, 2012 as compared to a book value of $21.09 per common share as of December 31, 2011. The number of outstanding common shares was 1,239,946. The last reported trade of the stock on February 6, 2013 was $17.00 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 |
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CONSOLIDATED STATEMENT OF FINANCIAL CONDITION |
||||||||||||||||
|
ASSETS |
December 31, |
December 31, |
||||||||||||||
|
Interest-earning cash and cash equivalents |
$ |
16,687,647 |
$ |
11,598,753 |
||||||||||||
|
Noninterest earning cash and cash equivalents |
3,997,988 |
2,495,578 |
||||||||||||||
|
Total cash and cash equivalents |
20,685,635 |
14,094,331 |
||||||||||||||
|
Securities available for sale |
71,353,159 |
55,117,994 |
||||||||||||||
|
Securities held to maturity |
7,236,984 |
482,807 |
||||||||||||||
|
Loans held for sale |
1,549,475 |
42,500 |
||||||||||||||
|
Loans receivable, net of allowance for loan loss Dec. 31, 2012 $3,846,021 and Dec. 31, 2011 $4,061,508 |
154,746,404 |
176,893,452 |
||||||||||||||
|
Accrued interest receivable |
929,061 |
980,464 |
||||||||||||||
|
Premises and equipment |
2,989,226 |
2,691,780 |
||||||||||||||
|
Investments in limited liability partnerships |
74,625 |
153,813 |
||||||||||||||
|
Cash surrender value of life insurance |
7,261,343 |
7,016,493 |
||||||||||||||
|
Other assets |
4,378,644 |
4,050,116 |
||||||||||||||
|
Total Assets |
$ |
271,204,556 |
$ |
261,523,750 |
||||||||||||
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||||||||||
|
Non-interest bearing deposits |
20,123,659 |
14,847,250 |
||||||||||||||
|
Interest bearing deposits |
191,462,228 |
174,988,658 |
||||||||||||||
|
Borrowed Funds |
28,902,484 |
42,955,096 |
||||||||||||||
|
Accrued interest payable and other liabilities |
2,777,031 |
2,587,575 |
||||||||||||||
|
Total Liabilities |
243,265,402 |
235,378,579 |
||||||||||||||
|
Retained earnings – substantially restricted |
27,939,154 |
26,145,171 |
||||||||||||||
|
Total Liabilities and Shareholders' Equity |
$ |
271,204,556 |
$ |
261,523,750 |
||||||||||||
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CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||
|
Three Months Ended |
Twelve Months Ended | |||||||||||
|
December 31, |
December 31, | |||||||||||
|
2012 |
2011 |
2012 |
2011 | |||||||||
|
Total interest income |
$ |
2,693,418 |
$ |
3,001,900 |
$ |
11,191,182 |
$ |
12,135,400 | ||||
|
Total interest expense |
427,843 |
691,858 |
2,126,010 |
3,132,982 | ||||||||
|
Net interest income |
$ |
2,265,575 |
$ |
2,310,042 |
$ |
9,065,172 |
$ |
9,002,418 | ||||
|
Provision for loan losses |
450,000 |
250,000 |
1,450,000 |
2,175,000 | ||||||||
|
Net interest income after provision for loan losses |
$ |
1,815,575 |
$ |
2,060,042 |
$ |
7,615,172 |
$ |
6,827,418 | ||||
|
Service charges on deposit accounts |
139,367 |
156,292 |
533,067 |
606,339 | ||||||||
|
Net gain on sale of securities |
335,118 |
- |
335,118 |
272,542 | ||||||||
|
Net gain on sale of loans |
320,055 |
264,354 |
1,012,000 |
706,302 | ||||||||
|
Net loss on sale of repossessed assets |
(79,105) |
(40,611) |
(164,582) |
(246,789) | ||||||||
|
Net gain (loss) on sale of fixed assets |
(1,834) |
- |
(1,500) |
92 | ||||||||
|
Brokerage fees |
96,301 |
98,778 |
413,539 |
401,968 | ||||||||
|
Other income |
187,102 |
221,111 |
840,568 |
877,802 | ||||||||
|
Total noninterest income |
$ |
997,004 |
$ |
699,924 |
$ |
2,968,210 |
$ |
2,618,256 | ||||
|
Salaries and employee benefits |
824,361 |
761,710 |
3,470,312 |
3,396,034 | ||||||||
|
Occupancy |
274,555 |
245,294 |
983,853 |
951,889 | ||||||||
|
Data processing |
212,772 |
215,351 |
832,700 |
794,244 | ||||||||
|
Deposit insurance premiums |
60,000 |
50,500 |
240,000 |
244,500 | ||||||||
|
Professional fees |
83,223 |
107,291 |
361,105 |
396,388 | ||||||||
|
Correspondent bank charges |
29,262 |
28,958 |
117,804 |
129,948 | ||||||||
|
Valuation allowances – repossessed assets |
- |
110,468 |
- |
177,968 | ||||||||
|
Other expense |
226,162 |
212,499 |
841,075 |
790,098 | ||||||||
|
Total noninterest expenses |
$ |
1,710,335 |
$ |
1,732,071 |
$ |
6,846,849 |
$ |
6,881,069 | ||||
|
Income before income tax expense |
$ |
1,102,244 |
$ |
1,027,895 |
$ |
3,736,533 |
$ |
2,564,605 | ||||
|
Income tax expense |
189,057 |
285,081 |
880,067 |
528,405 | ||||||||
|
Net Income |
$ |
913,187 |
$ |
742,814 |
$ |
2,856,466 |
$ |
2,036,200 | ||||
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NORTHEAST INDIANA BANCORP | |||||||||||||||
|
Three Months Ended |
Twelve Months Ended |
||||||||||||||
|
2012 |
2011 |
2012 |
2011 |
||||||||||||
|
Basic Earnings per common share |
0.74 |
0.60 |
2.31 |
1.65 |
|||||||||||
|
Dilutive Earnings per share |
0.74 |
0.60 |
2.31 |
1.65 |
|||||||||||
|
Net interest margin |
3.52% |
3.76% |
3.61% |
3.73% |
|||||||||||
|
Return on average assets |
1.32% |
1.13% |
1.06% |
0.79% |
|||||||||||
|
Return on average equity |
13.07% |
11.61% |
10.38% |
8.13% |
|||||||||||
|
Efficiency Ratio |
52.42% |
57.54% |
56.90% |
59.21% |
|||||||||||
|
Average shares outstanding - primary |
1,234,380 |
1,232,525 |
1,234,253 |
1,231,921 |
|||||||||||
|
Average shares outstanding - diluted |
1,234,417 |
1,232,525 |
1,234,408 |
1,232,571 |
|||||||||||
|
Allowance for loan losses: |
|||||||||||||||
|
Balance at beginning of period |
$ |
3,865,907 |
$ |
3,859,859 |
$ |
4,061,508 |
$ |
3,227,844 |
|||||||
|
Charge-offs: |
|||||||||||||||
|
One-to-four family |
1,632 |
- |
132,686 |
454,569 |
|||||||||||
|
Commercial real estate |
6,421 |
- |
188,347 |
304,478 |
|||||||||||
|
Land/land development |
- |
- |
653,451 |
284,961 |
|||||||||||
|
Commercial |
424,970 |
19,248 |
601,315 |
143,540 |
|||||||||||
|
Consumer |
52,922 |
56,465 |
192,028 |
217,410 |
|||||||||||
|
Gross charge-offs |
485,945 |
75,713 |
1,767,828 |
1,404,959 |
|||||||||||
|
Recoveries: |
|||||||||||||||
|
One-to-four family |
2,714 |
975 |
11,549 |
3,400 |
|||||||||||
|
Commercial real estate |
- |
5,975 |
- |
5,975 |
|||||||||||
|
Land/land development |
- |
- |
- |
- |
|||||||||||
|
Commercial |
- |
- |
1,233 |
- |
|||||||||||
|
Consumer |
13,345 |
20,412 |
89,559 |
54,248 |
|||||||||||
|
Gross recoveries |
16,059 |
27,362 |
102,341 |
63,623 |
|||||||||||
|
Net charge-offs |
469,886 |
48,351 |
1,665,487 |
1,341,336 |
|||||||||||
|
Additions charged to operations |
450,000 |
250,000 |
1,450,000 |
2,175,000 |
|||||||||||
|
Balance at end of period |
$ |
3,846,021 |
$ |
4,061,508 |
$ |
3,846,021 |
$ |
4,061,508 |
|||||||
|
Net loan charge-offs (recoveries) to average loans (1) |
0.28% |
0.03% |
0.96% |
0.73% |
|||||||||||
|
Nonperforming assets (000's) |
At December 31, |
At September 30, |
At June 30, |
At December 31, |
|||||||||||
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Loans: |
2012 |
2012 |
2012 |
2011 |
|||||||||||
|
Non-accrual |
$ |
5,464 |
$ |
6,518 |
$ |
5,333 |
$ |
7,474 |
|||||||
|
Past 90 days or more and still accruing |
- |
- |
- |
- |
|||||||||||
|
Troubled debt restructured |
3,347 |
2,022 |
1,329 |
1,213 |
|||||||||||
|
Total nonperforming loans |
8,811 |
8,540 |
6,662 |
8,687 |
|||||||||||
|
Real estate owned |
1,719 |
2,419 |
2,554 |
1,242 |
|||||||||||
|
Other repossessed assets |
- |
14 |
- |
- |
|||||||||||
|
Total nonperforming assets |
$ |
10,530 |
$ |
10,973 |
$ |
9,216 |
$ |
9,929 |
|||||||
|
Nonperforming assets to total assets |
3.88% |
3.92% |
3.39% |
3.85% |
|||||||||||
|
Nonperforming loans to total loans |
5.56% |
5.08% |
3.93% |
4.80% |
|||||||||||
|
Allowance for loan losses to nonperforming loans |
43.65% |
45.27% |
55.85% |
46.76% |
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|
Allowance for loan losses to total receivable |
2.49% |
2.35% |
2.24% |
2.30% |
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|
At December 31, |
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|
2012 |
2011 |
||||||||||||||
|
Stockholders' equity as a % of total assets |
10.30% |
9.99% |
|||||||||||||
|
Book value per share |
$ |
22.53 |
$ |
21.09 |
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|
Common shares outstanding- EOP |
1,239,946 |
1,239,946 |
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(1) Ratios for the three-month periods are annualized. |
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SOURCE Northeast Indiana Bancorp, Inc.
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