Northeast Indiana Bancorp, Inc. Announces Record Quarterly Earnings

News provided by

Northeast Indiana Bancorp, Inc.

Oct 13, 2015, 04:12 ET

HUNTINGTON, Ind., Oct. 13, 2015 /PRNewswire/ -- Northeast Indiana Bancorp, Inc. (OTCQB: NIDB), the parent company of First Federal Savings Bank, today announced net income increased to $1.01 Million ($0.84 per diluted common share) for the Company's third quarter ended September 30, 2015, an increase of $273,000 or 36.9% when compared to net income of $739,000 ($0.61 per diluted common share) for the third quarter ended September 30, 2014.  The current three months earnings equates to an annualized return on average assets (ROA) of 1.45% and a return on average equity (ROE) of 11.96% compared to an annualized ROA of 1.09% and an ROE of 10.02% for the three months ended September 30, 2014.

Net income for the nine months ended September 30, 2015 increased to $2.82 million ($2.35 per diluted common share), an increase of $569,000 or 25.2% when compared to net income of $2.25 million ($1.86 per diluted common share) for the nine months ended September 30, 2014.  The current nine months earnings equates to an annualized ROA of 1.35% and an ROE of 11.74% compared to an annualized ROA of 1.11% and an annualized ROE of 10.40% for the nine months ended September 30,2014.

Commenting on the financial results, First Federal Savings Bank CEO Michael S. Zahn stated, "I'm very pleased with our continued high performance.  We've been able to maintain strong earnings led by an incredible team and a diverse revenue stream.  As a community bank, we appreciate our customers and the relationships we have with them."

Shareholder's equity was $32.3 million at September 30, 2015 compared to $30.4 million at December 31, 2014.  The book value of NIDB's stock was $26.94 per common share as of September 30, 2015.  The number of outstanding common shares was 1,199,879 as of the same date.  The last reported trade of the stock on October 9, 2015 was $28.50 per common share.  This is an increase of $2.50 or 9.6% over the last reported trade of the stock on December 31, 2014 of $26.00 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

    September 30,

                 2015

December  31,
2014

Interest-earning cash and cash equivalents

$

5,879,611

$

5,969,837

Noninterest earning cash and cash equivalents

2,373,414

5,015,780

   Total cash and cash equivalents

8,253,025

10,985,617

Interest- earning time deposits

11,754,826

8,355,733

Securities available for sale

72,030,432

72,717,037

Securities held to maturity

1,069,776

1,129,168

Loans held for sale

440,000

125,000

Loans receivable, net of allowance for loan loss September 30, 2015 $3,246,051
and December 31, 2014 $3,355,355

 

166,863,081

 

168,728,783

Accrued interest receivable

1,004,842

933,935

Premises and equipment

2,898,473

2,998,086

Cash surrender value of life insurance

7,883,631

7,722,193

Other assets

2,383,960

2,454,272

    Total Assets

$

274,582,046

$

276,149,824

LIABILITIES AND STOCKHOLDERS' EQUITY


Non-interest bearing deposits

18,810,328

20,666,024

Interest bearing deposits

194,387,719

192,496,447

Borrowed Funds

25,738,410

29,911,662

Accrued interest payable and other liabilities

3,323,053

2,663,897

    Total Liabilities

242,259,510

245,738,030




Retained earnings – substantially restricted

32,322,536

30,411,794

    Total Liabilities and Shareholders' Equity

$

274,582,046

$

276,149,824

CONSOLIDATED STATEMENTS OF INCOME


                     Three Months Ended

              Nine Months Ended

                       September 30,

               September 30,

2015

2014

2015

2014

Total interest income

$

2,787,016

$

2,666,021

$

8,094,574

$

7,887,227

Total interest expense

327,239

300,700

957,619

922,969

    Net interest income

$

2,459,777

$

2,365,321

$

7,136,955

$

6,964,258

Provision for loan losses

-

100,000

-

475,000

  Net interest income after provision for loan losses

$

2,459,777

$

2,265,321

$

7,136,955

$

6,489,258

     Service charges on deposit accounts

169,472

141,646

430,711

382,904

     Net gain (loss) on sale of securities

(6,217)

(17,827)

113,891

(25,703)

     Net gain on sale of loans

206,291

177,858

648,159

846,097

     Net gain on sale of repossessed assets

22,747

1,325

10,560

4,719

     Brokerage fees

71,576

130,087

344,363

372,139

     Increase in cash surrender value of life insurance

53,813

56,075

161,438

168,225

     Other income

398,016

190,916

835,308

540,467

Total noninterest income

$

915,698

$

680,080

$

2,544,430

$

2,288,848

     Salaries and employee benefits

1,038,695

992,587

3,102,850

2,931,887

     Occupancy

261,717

283,039

809,792

856,410

     Data processing

249,240

221,347

684,119

622,414

     Deposit insurance premiums

34,000

47,000

121,000

152,000

     Professional fees

52,678

61,709

212,648

249,876

     Correspondent bank charges

35,167

31,439

102,761

92,581

     Other expense

226,500

264,122

692,077

726,632

Total noninterest expenses

$

1,897,997

$

1,901,243

$

5,725,247

$

5,631,800

Income before income tax expense

$

1,477,478

$

1,044,158

$

3,956,138

$

3,146,306

Income tax expense

466,253

305,557

1,134,720

893,541

Net Income

$

1,011,225

$

738,601

$

2,821,418

$

2,252,765


            Three Months Ended
             September 30,

         Nine Months Ended
           September 30,

2015

2014

2015

2014

Basic Earnings per common share

0.84

0.61

2.35

1.86

Dilutive Earnings per share

0.84

0.61

2.35

1.86

Net interest margin

3.78%

3.71%

3.65%

3.64%

Return on average assets

1.45%

1.09%

1.35%

1.11%

Return on average equity

11.96%

10.02%

11.74%

10.40%

Efficiency ratio

56.23%

62.43%

59.14%

60.86%

Average shares outstanding- primary

1,198,679

1,201,453

1,198,479

1,210,600

Average shares outstanding- diluted

1,198,752

1,201,453

1,198,892

1,210,807

Allowance for loan losses:




   Balance at beginning of period

$

3,268,397

$

3,557,475

$

3,402,355

$

3,355,534




   Charge-offs:

      One-to-four family

21,842

-

28,802

26,908

      Commercial real estate

-

-

-

-

      Land/land development

-

-

-

-

      Commercial

-

-

146,134

75,000

      Consumer

36,407

40,728

106,148

146,864

         Gross charge-offs

58,249

40,728

281,084

248,771

   Recoveries:




      One-to-four family

907

660

3,616

2,878

      Commercial real estate

-

-

-

-

      Land/land development

-

-

-

-

      Commercial

-

-

7,741

-

      Consumer

34,996

59,075

113,423

92,001

         Gross recoveries

35,903

59,735

124,780

94,878

   Net charge-offs

22,346

(19,007)

156,304

153,893

   Additions charged to operations

-

100,000

-

475,000

   Balance at end of period

$

3,246,051

$

3,676,641

$

3,246,051

$

3,676,641














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

0.05%

(0.05%)

0.12%

0.13%














Nonperforming assets (000's)

At September 30,

At June 30,

     At March 31,

At December 31,

   Loans:

2015

2015

2015

2014

      Non-accrual

$

3,825

$

3,669

$

3,338

$

4,396

      Past 90 days or more and still accruing

-

-

-

-

      Troubled debt restructured

603

711

878

1,862

         Total nonperforming loans

4,428

4,380

4,216

6,258

   Real estate owned

134

59

138

131

   Other repossessed assets

-

-

-

3

         Total nonperforming assets

$

4,562

$

4,439

$

4,351

$

6,392

   Nonperforming assets to total assets

1.66%

1.60%

1.57%

2.31%

   Nonperforming loans to total loans

2.60%

2.58%

2.47%

3.64%

   Allowance for loan losses to nonperforming loans

73.29%

74.62%

77.37%

54.36%

   Allowance for loan losses to net loans receivable

1.95%

1.96%

1.95%

2.02%



               At September 30,

2015

2014








Stockholders' equity as a % of total assets

11.77%

10.91%


Book value per share

$

26.94

$

24.66


Common shares outstanding- EOP

1,199,879

1,199,879








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


































SOURCE Northeast Indiana Bancorp, Inc.

Related Links

http://www.firstfedindiana.com