2014

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
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)




 CONSOLIDATED STATEMENT OF FINANCIAL CONDITION






ASSETS

 

December 31,
2012

December 31, 
2011


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




 


 

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
















 

NORTHEAST INDIANA BANCORP
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)






Three Months Ended
December 31,

Twelve Months Ended
December 31,



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,


   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%


Allowance for loan losses to total receivable

2.49%

2.35%

2.24%

2.30%







At December 31,



2012

2011




Stockholders' equity as a % of total assets

10.30%

9.99%




Book value per share

$

22.53

$

21.09




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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