Northeast Indiana Bancorp, Inc. Announces Quarterly Earnings

NORTHEAST INDIANA BANCORP

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

CONSOLIDATED STATEMENT OF FINANCIAL CONDITION

ASSETS

September 30,
2016

December 31, 
2015

Interest-earning cash and cash equivalents

$

5,816,378

$

10,491,898

Noninterest earning cash and cash equivalents

3,198,949

1,960,543

   Total cash and cash equivalents

9,015,327

12,452,441

Interest- earning time deposits

9,817,950

11,754,857

Securities available for sale

64,457,216

60,458,506

Securities held to maturity

2,786,079

2,685,585

Loans held for sale

-

-

Loans receivable, net of allowance for loan loss September 30, 2016 $3,149,801 and December 31, 2015 $3,196,953

191,938,551

182,238,993

Accrued interest receivable

924,805

976,484

Premises and equipment

4,107,830

2,880,607

Investments in limited liability partnerships

2,933,333

235,858

Cash surrender value of life insurance

8,103,881

7,939,443

Other assets

2,167,473

2,506,762

    Total Assets

$

296,252,445

$

284,129,536

LIABILITIES AND STOCKHOLDERS' EQUITY

Non-interest bearing deposits

26,324,418

23,253,557

Interest bearing deposits

192,617,209

186,281,637

Borrowed Funds

36,682,072

39,346,188

Accrued interest payable and other liabilities

5,937,999

2,910,474

    Total Liabilities

261,561,698

251,791,856

Retained earnings – substantially restricted

34,690,747

32,337,680

    Total Liabilities and Shareholders' Equity

$

296,252,445

$

284,129,536

                     Three Months Ended

              Nine Months Ended

                       September 30,

               September 30,

2016

2015

2016

2015

Total interest income

$

2,859,937

$

2,787,016

$

8,504,280

$

8,094,574

Total interest expense

426,473

327,239

1,250,012

957,619

    Net interest income

$

2,433,464

$

2,459,777

$

7,254,268

$

7,136,955

Provision for loan losses

-

-

-

-

  Net interest income after provision for loan losses

$

2,433,464

$

2,459,777

$

7,254,268

$

7,136,955

     Service charges on deposit accounts

176,046

169,472

485,009

430,711

     Net gain (loss) on sale of securities

2,900

(6,217)

1,442

113,891

     Net gain on sale of loans

164,428

206,291

892,095

648,159

     Net gain (loss) on sale of repossessed assets

-

22,747

(12,759)

12,975

     Brokerage fees

60,448

71,576

211,486

344,363

     Increase in cash surrender value of life insurance

54,013

53,813

164,438

161,438

     Other income

179,825

398,016

695,141

832,893

Total noninterest income

$

637,660

$

915,698

$

2,436,852

$

2,544,430

     Salaries and employee benefits

1,039,429

1,038,695

3,056,179

3,102,850

     Occupancy

271,519

261,717

792,993

809,792

     Data processing

229,659

249,240

632,599

684,119

     Deposit insurance premiums

35,000

34,000

125,000

121,000

     Professional fees

57,676

52,678

194,217

212,648

     Correspondent bank charges

33,980

35,167

103,999

102,761

     Other expense

271,843

226,500

828,013

692,077

Total noninterest expenses

$

1,939,106

$

1,897,997

$

5,733,000

$

5,725,247

Income before income tax expense

$

1,132,018

$

1,477,478

$

3,958,120

$

3,956,138

Income tax expense

321,805

466,253

1,188,338

1,134,720

Net Income

$

810,213

$

1,011,225

$

2,769,782

$

2,821,418

Three Months Ended

Nine Months Ended

September 30,

September 30,

2016

2015

2016

2015

Basic Earnings per common share

0.67

0.84

2.31

2.35

Dilutive Earnings per share

0.67

0.84

2.31

2.35

Net interest margin

3.52%

3.78%

3.52%

3.65%

Return on average assets

1.09%

1.45%

1.26%

1.35%

Return on average equity

9.38%

11.96%

10.92%

11.74%

Efficiency ratio

63.14%

56.23%

59.16%

59.14%

Average shares outstanding- primary

1,204,441

1,198,679

1,200,083

1,198,479

Average shares outstanding- diluted

1,204,441

1,198,752

1,200,116

1,198,892

Allowance for loan losses:

   Balance at beginning of period

$

3,231,811

$

3,268,397

$

3,196,953

$

3,402,355

   Charge-offs:

      One-to-four family

18,944

21,842

25,781

28,802

      Commercial real estate

-

-

-

-

      Land/land development

-

-

-

-

      Commercial

11,006

-

11,482

146,134

      Consumer

94,883

36,407

190,231

106,148

         Gross charge-offs

124,833

58,249

227,494

281,084

   Recoveries:

      One-to-four family

11,369

907

22,078

3,616

      Commercial real estate

-

-

-

-

      Land/land development

-

-

-

-

      Commercial

-

-

13,129

7,741

      Consumer

31,454

34,966

145,135

113,423

         Gross recoveries

42,823

35,903

180,342

124,780

   Net charge-offs

82,010

22,346

47,152

156,304

   Additions charged to operations

-

-

-

-

   Balance at end of period

$

3,149,801

$

3,246,051

$

3,149,801

$

3,246,051

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

0.17%

0.05%

0.03%

0.12%

Nonperforming assets (000's)

At September 30,

At June 30,

     At March 31,

At December 31,

   Loans:

2016

2016

2016

2015

      Non-accrual

$

4,019

$

4,198

$

4,180

$

3,793

      Past 90 days or more and still accruing

-

-

-

-

      Troubled debt restructured

1,248

814

789

592

         Total nonperforming loans

5,267

5,012

4,969

4,385

   Real estate owned

126

76

76

117

   Other repossessed assets

-

-

-

-

         Total nonperforming assets

$

5,393

$

5,088

$

5,045

$

4,502

   Nonperforming assets to total assets

1.82%

1.73%

1.74%

1.58%

   Nonperforming loans to total loans

2.70%

2.62%

2.62%

2.36%

   Allowance for loan losses to nonperforming loans

59.80%

64.47%

65.95%

72.91%

   Allowance for loan losses to net loans receivable

1.64%

1.72%

1.76%

1.75%

                         At September 30,

2016

2015

Stockholders' equity as a % of total assets

11.71%

11.77%

Book value per share

$

28.73

$

26.94

Common shares outstanding- EOP

1,207,379

1,199,879

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