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Northeast Indiana Bancorp, Inc. Announces First Quarter Earnings


News provided by

Northeast Indiana Bancorp, Inc.

Apr 13, 2012, 11:10 ET

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HUNTINGTON, Ind., April 13, 2012 /PRNewswire/ -- Northeast Indiana Bancorp, Inc., (OTCQB:  NIDB), the parent company of First Federal Savings Bank, has announced net income of $694,000 ($0.56 per diluted common share) for the first quarter ended March 31, 2012 compared to a net loss of ($14,000) ($0.01 per diluted common share) for the first quarter ended March 31, 2011.  The prior year quarterly net loss was due to an outsized loan loss provision that was taken to improve the Bank's Allowance for Loan Loss coverage ratios during that period.  The current three months earnings equate to an annualized return on average assets (ROA) of 1.07% and a return on average equity (ROE) of 10.51%.       

Commenting on the financial results, First Federal Savings Bank CEO Michael S. Zahn stated, "I'm very proud to announce such strong earnings for the first quarter of 2012.  Even factoring out the loan loss provision difference between the two quarterly periods presented, our net income was still $164,000 higher for the current quarter ended March 31, 2012 compared to the quarter ended March 31, 2011.  This is due to wider net interest margins and stronger mortgage banking activity in the current quarterly period."

Net interest income was $2.3 million for the quarter ended March 31, 2012 compared to $2.1 million for the quarter ended March 31, 2011.  The Company's net interest margin increased 22 basis points to 3.80% for the current quarter compared to 3.58% for the year earlier quarter. 

The Company made a $300,000 provision for loan loss during the quarter ended March 31, 2012 compared to a $1.2 million provision for loan loss for the quarter ended March 31, 2011.  Management elected to take the higher provision levels in the prior year quarterly period due to increased non-performing assets and continued weakness in the real estate markets during that time period.  Net charge-offs were $921,000 for the quarter ended March 31, 2012 compared to net charge-offs of $737,000 for the quarter ended March 31, 2011.  Nonperforming assets decreased $1.3 million or 12.8% to $8.6 million at March 31, 2012 when compared to $9.9 million at December 31, 2011.

Noninterest income increased sharply by $210,000 or 44.3% to $684,000 for the current period compared to $474,000 during the year earlier period.  The increase is due to a significant increase in net gain on sale of loans of $174,000, an increase in brokerage fees and a decline in net losses on the sale of repossessed assets. 

Noninterest expense increased to $1.7 million for the quarter ended March 31, 2012 compared to $1.6 million for the quarter ended March 31, 2011.  An increase in professional fees between quarters was due to added legal and examination fees from the Bank's pending charter conversion.  There were also increases in wages/benefits, occupancy, data processing and other expense that were partially offset by lower FDIC premiums. 

Net loans receivable decreased $4.8 million to $172.1 million at March 31, 2012 when compared to $176.9 million at December 31, 2011.  Total deposits increased sharply by $10.5 million or 5.5% to $200.3 million at March 31, 2012 compared to $189.8 million at December 31, 2011.  The significant increase in deposits came in non-interest bearing demand, NOW, MMDA and Savings balances through First Federal's full service branches.  These newly acquired core deposits were utilized to pay off maturing wholesale borrowed funds.  Borrowed funds declined $9.4 million or 21.9% to $33.6 million at March 31, 2012 compared to $43.0 million at December 31, 2012.

Shareholders' equity increased to $26.5 million at March 31, 2012 compared to $26.1 million at December 31, 2011.  The book value of NIDB stock was $21.39 per common share as of March 31, 2012.  The number of outstanding common shares was 1,239,946.  The last reported trade of the stock on April 11, 2012 was $14.13 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 four full-service Indiana offices in Huntington (2), Warsaw and Fort Wayne.  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,

                 2012

December  31,
2011

Interest-earning cash and cash equivalents

$

11,746,906

$

11,598,753

Noninterest earning cash and cash equivalents

2,452,139

2,495,578

   Total cash and cash equivalents

14,199,045

14,094,331

Securities available for sale

59,085,538

55,117,994

Securities held to maturity

351,491

482,807

Loans held for sale

647,050

42,500

Loans receivable, net of allowance for loan loss March 31, 2012 $3,440,919 and December 31, 2011 $4,061,508

 

172,144,627

 

176,893,452

Accrued interest receivable

974,943

980,464

Premises and equipment

2,900,287

2,691,780

Investments in limited liability partnerships

134,016

153,813

Cash surrender value of life insurance

7,078,706

7,016,493

Other assets

5,700,689

4,050,116

    Total Assets

$

263,216,392

$

261,523,750

LIABILITIES AND STOCKHOLDERS' EQUITY



Non-interest bearing deposits

17,532,620

14,847,250

Interest bearing deposits

182,801,416

174,988,658

Borrowed Funds

33,567,687

42,955,096

Accrued interest payable and other liabilities

2,788,214

2,587,575

    Total Liabilities

236,689,937

235,378,579




Retained earnings – substantially restricted

26,526,455

26,145,171

    Total Liabilities and Shareholders' Equity

$

263,216,392

$

261,523,750


CONSOLIDATED STATEMENTS OF INCOME





             Three Months Ended



               March 31,



2012

2011



Total interest income

$

2,923,939

$

3,029,647





Total interest expense


625,090


884,363





   Net interest income

$

2,298,849

$

2,145,284





Provision for loan losses


300,000


1,200,000





  Net interest income after provision for loan losses

$

1,998,849

$

945,284





    Service charges on deposit accounts


138,180


135,681





    Net gain on sale of loans

235,591

61,812



    Net loss on sale of repossessed assets

(23,623)

(49,501)



    Brokerage fees


113,546


96,555

    Increase in cash surrender value of life insurance


62,213


64,866

    Other income


157,680


164,431

Total noninterest income

$

683,587

$

473,844





    Salaries and employee benefits


874,755


849,760





    Occupancy

236,158

225,769



    Data processing

216,467

194,636



    Deposit insurance premiums

60,000

84,000



    Professional fees


111,745


77,198

    Correspondent bank charges


30,421


32,351

    Other expense


196,661


179,235

Total noninterest expenses

$

1,726,207

$

1,642,949





  Income/(loss) before income tax expenses

$

956,229

$

(223,821)





Income tax expense/(benefit)


262,521


(209,659)





Net Income/(loss)

$

693,708

$

(14,162)



















                 Three Months Ended
                 March 31,




2012

2011




Basic Earnings per common share

0.56

(.01)




Dilutive Earnings per share

0.56

(.01)




Net interest margin

3.80%

3.58%




Return on average assets

1.07%

(.02%)




Return on average equity

10.51%

(.23%)




Efficiency ratio

57.88%

62.73%




Average shares outstanding- primary

1,233,870

1,231,160




Average shares outstanding- diluted

1,234,489

1,231,778




 

Allowance for loan losses:






   Balance at beginning of period

$

4,061,508

$

3,227,844









   Charge-offs:






      One-to-four family

71,320

330,453




      Commercial real estate

45,566

-




      Land/land development

653,451

284,961




      Commercial

176,345

46,588




      Consumer

7,713

82,854




         Gross charge-offs

954,395

744,856




   Recoveries:






      One-to-four family

1,349

800




      Commercial real estate

-

-




      Land/land development

-

-




      Commercial

-

-




      Consumer

32,457

6,594




         Gross recoveries

33,806

7,394




   Net charge-offs

920,589

737,462




   Additions charged to operations

300,000

1,200,000




   Balance at end of period

$

3,440,919

$

3,690,382


















 Net loan charge-offs to average loans (1)

2.04%

1.58%
















Nonperforming assets (000's)

At March 31,

At December 31,



   Loans:

2012

2011



      Non-accrual


$

4,066


$

7,474





      Past 90 days or more and still accruing

-

-




      Troubled debt restructured

1,419

1,213




         Total nonperforming loans

5,485

8,687




   Real estate owned

3,162

1,242




   Other repossessed assets

10

-




         Total nonperforming assets


$

8,657


$

9,929









   Nonperforming assets to total assets



3.29%




3.85%




   Nonperforming loans to total loans



3.12%




4.80%




   Allowance for loan losses to nonperforming loans


62.73%




46.76%




   Allowance for loan losses to net loans receivable



2.00%




2.30%













                     At March 31,



2012

2011










Stockholders' equity as a % of total assets

10.08%

9.45%




Book value per share


$       21.39


$          19.48




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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