Northeast Indiana Bancorp, Inc. Announces Quarterly Earnings

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Apr 10, 2019, 16:19 ET

HUNTINGTON, Ind., April 10, 2019 /PRNewswire/ -- Northeast Indiana Bancorp, Inc., (OTCQB: NIDB), the parent company of First Federal Savings Bank, has announced net income of $1.1 million ($0.88 per diluted common share) for the first quarter ended March 31, 2019. This earnings level was relatively unchanged when compared to earnings from the quarter ended March 31, 2018 of $1.1 million ($0.92 per diluted common share). The current three months earnings equate to an annualized return on average assets (ROA) of 1.24% and a return on average equity (ROE) of 11.20% compared to an ROA of 1.39% and an ROE of 12.41% for the prior year quarter ended March 31, 2018.

Total loans increased $5.7 million or 2.4% to $245.8 million at March 31, 2019 compared to total loans of $240.1 million at December 31, 2018. Total deposits increased $12.3 million or 5.3% to $245.7 million at March 31, 2019 compared to $233.4 million at December 31, 2018.

Shareholders' equity increased $1.4 million to $38.7 million at March 31, 2019 compared to $37.3 million at December 31, 2018. The book value of NIDB stock was $32.09 per common share as of March 31, 2019. The number of outstanding common shares was 1,206,327. The last reported trade of the stock on April 9, 2019 was $36.11 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.bank.

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, 2019		December 31, 2018
Interest-earning cash and cash equivalents													$	7,573,424	$	3,605,610
Noninterest earning cash and cash equivalents													2,922,989		2,685,698
Total cash and cash equivalents													10,496,413		6,291,308
Interest-earning time deposits													3,436,000		3,436,000
Securities available for sale													64,396,094		63,898,265
Securities held to maturity													1,117,429		1,233,843
Loans held for sale													143,000		453,100
Loans receivable, net of allowance for loan loss March 31, 2019 $2,823,219 and December 31, 2018 $2,856,319													245,801,657		240,075,827
Accrued interest receivable													1,377,394		1,314,404
Premises and equipment													3,986,724		3,988,192
Investments in limited liability partnerships													2,353,334		2,428,334
Cash surrender value of life insurance													8,670,693		8,613,693
Other assets													2,042,431		2,477,748
*Total Assets*													$	343,821,169	$	334,210,714
*LIABILITIES AND STOCKHOLDERS' EQUITY*
Non-interest bearing deposits													28,949,874		26,751,611
Interest bearing deposits													216,716,704		206,618,957
Borrowed Funds													55,780,504		59,763,974
Accrued interest payable and other liabilities													3,658,158		3,735,912
*Total Liabilities*													305,105,240		296,870,454

Retained earnings – substantially restricted													38,715,929		37,340,260
*Total Liabilities and Shareholders' Equity*													$	343,821,169	$		334,210,714

CONSOLIDATED STATEMENTS OF INCOME

		Three Months Ended
		March 31,
		2019						2018
Total interest income		$		3,914,864				$		3,334,734
Total interest expense				1,052,696						675,178
Net interest income		$		2,862,168				$		2,659,556
Provision for loan losses				75,000						-
Net interest income after provision for loan losses		$		2,787,168				$		2,659,556
Service charges on deposit accounts				172,056						169,402
Interchange fees				131,184						125,892
Net loss on sale of securities				-						(4,947)
Net gain on sale of loans				144,919						286,263
Net gain on sale of repossessed assets				7,608						-
Brokerage fees				63,347						56,950
Increase in cash surrender value of life insurance				57,000						57,126
Other income				171,015						122,583
Total noninterest income		$		747,129				$		813,269
Salaries and employee benefits				1,286,328						1,168,092
Occupancy				284,661						265,540
Data processing				247,788						281,703
Deposit insurance premiums				-						24,000
Professional fees				110,077						75,633
Advertising and marketing fees				83,385						52,849
Correspondent bank charges				37,317						29,546
Other expense				271,239						278,090
Total noninterest expenses		$		2,320,795				$		2,175,453
Income before income tax expenses		$		1,213,502				$		1,297,372
Income tax expense				155,649						195,235
Net Income		$		1,057,853				$		1,102,137


	Three Months Ended March 31,
	2019						2018
Basic Earnings per common share	0.88						0.92
Dilutive Earnings per share	0.88						0.92
Net interest margin	3.58%						3.59%
Return on average assets	1.24%						1.39%
Return on average equity	11.20%						12.41%
Efficiency ratio	64.30%						62.64%
Average shares outstanding- primary	1,195,904						1,193,235
Average shares outstanding- diluted	1,197,462						1,194,792
Allowance for loan losses:
Balance at beginning of period	$				2,856,319		$				2,746,523
Charge-offs:
One-to-four family	-						7,754
Commercial real estate	73,705						-
Land/land development	-						-
Commercial	25,000						2,250
Consumer	64,494						43,935
Gross charge-offs	163,199						53,639
Recoveries:
One-to-four family	920						341
Commercial real estate	-						5,518
Land/land development	-						-
Commercial	-						5,948
Consumer	54,179						52,824
Gross recoveries	55,099						64,631
Net charge-offs/(recoveries)	108,100						(10,992)
Additions charged to operations	75,000						-
Balance at end of period	$				2,823,219		$				2,757,515

Net loan charge-offs to average loans (1)	0.17%						(0.02%)

Nonperforming assets (000's)	At March 31,						At December 31,
Loans:	2019						2018
Non-accrual			$			2,291			$			2,674
Past 90 days or more and still accruing	-						-
Troubled debt restructured	552						170
Total nonperforming loans	2,843						2,844
Real estate owned	-						33
Other repossessed assets	-						-
Total nonperforming assets			$			2,843			$			2,877

Nonperforming assets to total assets	0.83%						0.86%
Nonperforming loans to total loans	1.14%						1.17%
Allowance for loan losses to nonperforming loans	99.30%						100.42%
Allowance for loan losses to net loans receivable	1.15%						1.19%


	At March 31,
	2019						2018

Stockholders' equity as a % of total assets	11.26%						11.23%
Book value per share			$ 32.09						$ 29.56
Common shares outstanding- EOP	1,206,327						1,206,327

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