Northeast Indiana Bancorp, Inc. Announces First Quarter Earnings

Apr 17, 2001, 01:00 ET from Northeast Indiana Bancorp, Inc.

    HUNTINGTON, Ind., April 17 /PRNewswire/ -- Northeast Indiana Bancorp,
 Inc., (NEIB), the parent company of First Federal Savings Bank, has announced
 net income of $392,000 for the first quarter ended March 31, 2001 or a
 24.3% decrease compared to $519,000 for the first quarter ended March 31,
 2000.  This represents a diluted net income per share of $0.24 for the
 three-month period ending March 31, 2001 compared to $0.32 for the same period
 2000.  The current three months earnings represents an annualized return on
 average equity (ROE) of 5.87% compared to 8.03% for the three months ended
 March 2000.
     Results for the quarter ended March 31, 2001 showed net interest income of
 $1.65 million compared to $1.93 million for the corresponding quarter ended
 March 31, 2000 or a 14.5% decrease.  The net interest margin was 2.85% at
 March 31, 2001 compared to 3.14% for the same period 2000.
     This decrease is primarily a result of interest bearing liabilities that
 repriced faster than the interest earning assets during 2000 combined with a
 smaller amount of earning assets in the first quarter 2001 compared to the
 first quarter 2000.  Provisions for loan losses of $150,000 for the first
 quarter 2001 decreased by $46,000 over the $191,000 for the first quarter
 2000.  The provisions recognize the increased risk associated with the
 commercial and consumer portfolios in a slower economy.  The bank will
 continue to monitor the loan portfolio and provide for the allowances as
 necessary.  The non-performing loan ratio has increased since year-end
 primarily due to additional non-performing mortgage loans secured by first
 mortgages on residential rental properties.  Lower total assets also
 negatively impacted the ratio.
     Non-interest income of $286,000 for the first quarter 2001 compares to
 $229,000 for the same period 2000 or a 24.9% increase.  Non-interest expenses
 increased $62,000 to $1.23 million for the first quarter 2001 compared to
 $1.17 million for the first quarter 2000 or a 5.4% increase.
     Total Assets at March 31, 2001 of $237.5 million compared to
 $256.7 million at March 31, 2000 reflects a 7.5% decrease.  The return on
 average assets (ROA) of 0.65% for the current quarter ended compares to first
 quarter 2000 of 0.81%.  Shareholder equity at March 31, 2001 was $26.9 million
 compared to Shareholder equity at March 31, 2000 of $25.9 million.
     The book value of NEIB's stock was $15.95 per share as of March 31, 2001.
 The last reported trade of the stock at the close of business on April 13,
 2001 was $10.750 per share and the number of outstanding shares was
 1,683,536.  There are still approximately 67,000 shares of the Company's
 current repurchase program that may be repurchased over the next three months.
 
     First Federal Savings Bank serves primarily Huntington County, Indiana
 through its three full service offices located in Huntington, Indiana.
 
     Northeast Indiana Bancorp, Inc. is headquartered at 648 North Jefferson
 Street, Huntington, Indiana 46750 and the Company is traded on the Nasdaq
 National Market under the symbol "NEIB".
 
                  CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                  (Unaudited)
 
                 CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
 
                                                    March 31,    December 31,
                                                       2001           2000
 
                   ASSETS
     Interest-earning cash and cash equivalents    $3,498,922     $3,208,993
     Noninterest earning cash
      and cash equivalents                          2,423,469      3,367,273
       Total cash and cash equivalents              5,922,391      6,576,266
     Interest earning deposits
      in financial institutions                            --             --
     Securities available for sale                 28,003,384     31,226,026
 
     Securities held to maturity fair value:
      March 31, 2001- $345,000;
      December 31, 2000- $383,000                     345,000        383,000
     Loans receivable, net of allowance
      for loan loss March 31, 2001-
      $2,180,569 and
      December 31, 2000- $2,001,172               194,988,721    200,151,133
     Accrued interest receivable                      775,883        895,612
     Premises and equipment                         2,229,861      2,244,179
     Investments in limited liability partnerships  1,664,425      1,703,839
     Other assets                                   3,617,644      3,914,247
     Total Assets                                $237,547,309   $247,094,302
 
           LIABILITIES AND STOCKHOLDERS' EQUITY
     Deposits                                     149,845,538    146,806,118
     Borrowed Funds                                59,657,172     72,538,670
     Accrued interest payable
      and other liabilities                         1,190,285      1,175,757
       Total Liabilities                         $210,692,995   $220,520,545
 
     Retained earnings -
      substantially restricted                     26,854,314     26,573,757
       Total Liabilities and
        Shareholder's Equity                     $237,547,309   $247,094,302
 
                       CONSOLIDATED STATEMENTS OF INCOME
 
                                                       Three Months Ended
                                                            March 31,
                                                       2001           2000
 
     Total interest income                         $4,535,662     $4,840,919
     Total interest expense                         2,887,517      2,912,550
      Net interest income                          $1,648,145     $1,928,369
     Provision for loan losses                        150,000        191,250
      Net interest income after provision for
       Loan losses                                  1,498,145      1,737,119
      Net Realized gain (loss)
       on sale of securities                               --        $(1,563)
      Net Realized gain (loss)
       on sale of loans                               $31,259        $    --
      Other                                           255,026        231,059
     Total noninterest income                         286,285        229,496
      Total noninterest expenses                    1,231,354      1,169,213
      Income before income tax expenses              $553,076       $797,402
     Income tax expenses                              160,375        278,428
      Net Income                                     $392,701       $518,974
 
                            SELECTED FINANCIAL DATA
 
                                                         Three Months Ended
                                                               March 31,
                                                         2001           2000
 
     Basic Earnings per share                           $0.25         $ 0.32
     Dilutive Earnings per share                        $0.24         $ 0.32
     Net interest margin                                 2.85%          3.14%
     Return on average assets                            0.65%          0.81%
     Return on average equity                            5.87%          8.03%
     Average shares outstanding-primary             1,592,959      1,606,319
     Average shares outstanding-diluted             1,609,686      1,636,587
 
                                                            At March 31st
     Total non-performing assets
      as a % of total assets                             3.45%          0.78%
     Stockholders' equity as a % of total assets        11.30%         10.11%
     Book value per share                              $15.95         $14.89
     Common shares outstanding- E-O-P               1,683,536      1,743,036
 
 

SOURCE Northeast Indiana Bancorp, Inc.
    HUNTINGTON, Ind., April 17 /PRNewswire/ -- Northeast Indiana Bancorp,
 Inc., (NEIB), the parent company of First Federal Savings Bank, has announced
 net income of $392,000 for the first quarter ended March 31, 2001 or a
 24.3% decrease compared to $519,000 for the first quarter ended March 31,
 2000.  This represents a diluted net income per share of $0.24 for the
 three-month period ending March 31, 2001 compared to $0.32 for the same period
 2000.  The current three months earnings represents an annualized return on
 average equity (ROE) of 5.87% compared to 8.03% for the three months ended
 March 2000.
     Results for the quarter ended March 31, 2001 showed net interest income of
 $1.65 million compared to $1.93 million for the corresponding quarter ended
 March 31, 2000 or a 14.5% decrease.  The net interest margin was 2.85% at
 March 31, 2001 compared to 3.14% for the same period 2000.
     This decrease is primarily a result of interest bearing liabilities that
 repriced faster than the interest earning assets during 2000 combined with a
 smaller amount of earning assets in the first quarter 2001 compared to the
 first quarter 2000.  Provisions for loan losses of $150,000 for the first
 quarter 2001 decreased by $46,000 over the $191,000 for the first quarter
 2000.  The provisions recognize the increased risk associated with the
 commercial and consumer portfolios in a slower economy.  The bank will
 continue to monitor the loan portfolio and provide for the allowances as
 necessary.  The non-performing loan ratio has increased since year-end
 primarily due to additional non-performing mortgage loans secured by first
 mortgages on residential rental properties.  Lower total assets also
 negatively impacted the ratio.
     Non-interest income of $286,000 for the first quarter 2001 compares to
 $229,000 for the same period 2000 or a 24.9% increase.  Non-interest expenses
 increased $62,000 to $1.23 million for the first quarter 2001 compared to
 $1.17 million for the first quarter 2000 or a 5.4% increase.
     Total Assets at March 31, 2001 of $237.5 million compared to
 $256.7 million at March 31, 2000 reflects a 7.5% decrease.  The return on
 average assets (ROA) of 0.65% for the current quarter ended compares to first
 quarter 2000 of 0.81%.  Shareholder equity at March 31, 2001 was $26.9 million
 compared to Shareholder equity at March 31, 2000 of $25.9 million.
     The book value of NEIB's stock was $15.95 per share as of March 31, 2001.
 The last reported trade of the stock at the close of business on April 13,
 2001 was $10.750 per share and the number of outstanding shares was
 1,683,536.  There are still approximately 67,000 shares of the Company's
 current repurchase program that may be repurchased over the next three months.
 
     First Federal Savings Bank serves primarily Huntington County, Indiana
 through its three full service offices located in Huntington, Indiana.
 
     Northeast Indiana Bancorp, Inc. is headquartered at 648 North Jefferson
 Street, Huntington, Indiana 46750 and the Company is traded on the Nasdaq
 National Market under the symbol "NEIB".
 
                  CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                  (Unaudited)
 
                 CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
 
                                                    March 31,    December 31,
                                                       2001           2000
 
                   ASSETS
     Interest-earning cash and cash equivalents    $3,498,922     $3,208,993
     Noninterest earning cash
      and cash equivalents                          2,423,469      3,367,273
       Total cash and cash equivalents              5,922,391      6,576,266
     Interest earning deposits
      in financial institutions                            --             --
     Securities available for sale                 28,003,384     31,226,026
 
     Securities held to maturity fair value:
      March 31, 2001- $345,000;
      December 31, 2000- $383,000                     345,000        383,000
     Loans receivable, net of allowance
      for loan loss March 31, 2001-
      $2,180,569 and
      December 31, 2000- $2,001,172               194,988,721    200,151,133
     Accrued interest receivable                      775,883        895,612
     Premises and equipment                         2,229,861      2,244,179
     Investments in limited liability partnerships  1,664,425      1,703,839
     Other assets                                   3,617,644      3,914,247
     Total Assets                                $237,547,309   $247,094,302
 
           LIABILITIES AND STOCKHOLDERS' EQUITY
     Deposits                                     149,845,538    146,806,118
     Borrowed Funds                                59,657,172     72,538,670
     Accrued interest payable
      and other liabilities                         1,190,285      1,175,757
       Total Liabilities                         $210,692,995   $220,520,545
 
     Retained earnings -
      substantially restricted                     26,854,314     26,573,757
       Total Liabilities and
        Shareholder's Equity                     $237,547,309   $247,094,302
 
                       CONSOLIDATED STATEMENTS OF INCOME
 
                                                       Three Months Ended
                                                            March 31,
                                                       2001           2000
 
     Total interest income                         $4,535,662     $4,840,919
     Total interest expense                         2,887,517      2,912,550
      Net interest income                          $1,648,145     $1,928,369
     Provision for loan losses                        150,000        191,250
      Net interest income after provision for
       Loan losses                                  1,498,145      1,737,119
      Net Realized gain (loss)
       on sale of securities                               --        $(1,563)
      Net Realized gain (loss)
       on sale of loans                               $31,259        $    --
      Other                                           255,026        231,059
     Total noninterest income                         286,285        229,496
      Total noninterest expenses                    1,231,354      1,169,213
      Income before income tax expenses              $553,076       $797,402
     Income tax expenses                              160,375        278,428
      Net Income                                     $392,701       $518,974
 
                            SELECTED FINANCIAL DATA
 
                                                         Three Months Ended
                                                               March 31,
                                                         2001           2000
 
     Basic Earnings per share                           $0.25         $ 0.32
     Dilutive Earnings per share                        $0.24         $ 0.32
     Net interest margin                                 2.85%          3.14%
     Return on average assets                            0.65%          0.81%
     Return on average equity                            5.87%          8.03%
     Average shares outstanding-primary             1,592,959      1,606,319
     Average shares outstanding-diluted             1,609,686      1,636,587
 
                                                            At March 31st
     Total non-performing assets
      as a % of total assets                             3.45%          0.78%
     Stockholders' equity as a % of total assets        11.30%         10.11%
     Book value per share                              $15.95         $14.89
     Common shares outstanding- E-O-P               1,683,536      1,743,036
 
 SOURCE  Northeast Indiana Bancorp, Inc.