Northeast Indiana Bancorp, Inc. Announces Record Quarterly Earnings

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HUNTINGTON, Ind., April 13, 2021 /PRNewswire/ -- Northeast Indiana Bancorp, Inc., NIDB, the parent company of First Federal Savings Bank, has announced net income of $1.89 million ($1.58 per diluted common share) for the first quarter ended March 31, 2021.  This earnings level was an increase of $860,000 or 83.2% when compared to earnings from the quarter ended March 31, 2020 of $1.03 million ($0.86 per diluted common share).  The current three months earnings equate to an annualized return on average assets (ROA) of 1.88% and a return on average equity (ROE) of 14.87% compared to an ROA of 1.16% and an ROE of 9.86% for the prior year quarter ended March 31, 2020.       

Total assets increased $15.0 million or 3.8% to $406.3 million at March 31, 2021 compared to total assets of $391.3 million at December 31, 2020.  Total loans increased $5.1 million or 1.9% to $269.3 million at March 31, 2021 compared to total loans of $264.2 million at December 31, 2020.  Total deposits increased $17.7 million or 6.0% to $314.7 million at March 31, 2021 compared to $297.0 million at December 31, 2020.    

Shareholders' equity increased $300,000 to $46.0 million at March 31, 2021 compared to $45.7 million at December 31, 2020.  The book value of NIDB stock increased $0.49 to $38.22 per common share as of March 31, 2021 compared to $37.73 at December 31, 2030.  The number of outstanding common shares was 1,202,985.  The last reported trade of the stock on April 12, 2021 was $42.00 per common share.

First Federal Savings Bank continued to be a source of strength to small business clients and non-profits in Northeast Indiana during the quarter ended March 31, 2021.  The Bank participated in the SBA's 2021 Paycheck Protection Program ("PPP") and helped over 300 clients secure roughly $25 million in PPP funding.  We also continue to work with clients, who received PPP loans in 2020, on forgiveness applications.

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,

2021

December  31,
2020

Interest-earning cash and cash equivalents

$

14,118,528

$

12,397,471

Noninterest earning cash and cash equivalents

3,639,359

2,311,822

   Total cash and cash equivalents

17,757,887

14,709,293

Interest-earning time deposits

2,946,000

3,681,000

Securities available for sale

82,483,945

78,418,462

Securities held to maturity

11,298,326

9,442,271

Loans held for sale

1,457,450

137,000

Loans receivable, net of allowance for loan loss March 31, 2021 $3,974,475 and December 31, 2020 $3,851,897

 

269,293,761

 

264,220,486

Accrued interest receivable

1,514,335

1,516,929

Premises and equipment

5,591,737

5,282,884

Investments in limited liability partnerships

1,753,334

1,828,334

Cash surrender value of life insurance

10,136,074

10,071,443

Other assets

2,035,848

1,969,048

    Total Assets

$

406,268,697

$

391,277,150

LIABILITIES AND STOCKHOLDERS' EQUITY



Non-interest bearing deposits

60,323,371

46,257,438

Interest bearing deposits

254,331,424

250,700,577

Borrowed Funds

41,093,101

45,805,419

Accrued interest payable and other liabilities

4,540,509

2,852,005

    Total Liabilities

360,288,405

345,615,439




Retained earnings – substantially restricted

45,980,292

45,661,711

    Total Liabilities and Shareholders' Equity

$

406,268,697

$

391,277,150





CONSOLIDATED STATEMENTS OF INCOME




Three Months Ended


March 31,


2021

2020

Total interest income

$

3,984,611

$

3,772,563

Total interest expense


515,909


944,368

   Net interest income

$

3,468,702

$

2,828,195

Provision for loan losses


120,000


220,000

  Net interest income after provision for loan losses

$

3,348,702

$

2,608,195

    Service charges on deposit accounts


150,822


186,039

    Interchange fees

157,127

146,906

    Net gain on sale of loans

629,489

277,171

    Net loss on sale of repossessed assets

-

(18,186)

    Brokerage fees

77,337

56,760

    Increase in cash surrender value of life insurance

64,631

57,350

    Other income

148,302

144,388

Total noninterest income

$

1,227,708

$

850,428

    Salaries and employee benefits


1,130,162


1,296,191

    Occupancy

271,275

245,504

    Data processing

324,992

270,101

    Deposit insurance premiums

24,500

20,000

    Professional fees

94,284

64,436

    Advertising and marketing fees

56,597

55,603

    Correspondent bank charges

25,604

32,735

    Other expense

310,424

269,671

Total noninterest expenses

$

2,237,838

$

2,254,241

  Income before income tax expenses

$

2,338,572

$

1,204,382

Income tax expense


445,664


171,083

Net Income

$

1,892,908

$

1,033,299



NORTHEAST INDIANA BANCORP

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)



Three Months Ended
March 31,


2021

2020

Basic Earnings per common share

1.58

0.86

Dilutive Earnings per share

1.57

0.86

Net interest margin

3.72%

3.40%

Return on average assets

1.88%

1.16%

Return on average equity

14.87%

9.86%

Efficiency ratio

47.65%

61.28%

Average shares outstanding- primary

1,200,351

1,201,805

Average shares outstanding- diluted

1,200,618

1,201,805

 

Allowance for loan losses:



   Balance at beginning of period

$

3,851,897

$

3,191,605

   Charge-offs:



      One-to-four family

-

17,952

      Commercial real estate

-

-

      Land/land development

-

-

      Commercial

-

-

      Consumer

50,261

33,443

         Gross charge-offs

50,261

51,395

   Recoveries:



      One-to-four family

1,479

903

      Commercial real estate

-

-

      Land/land development

-

-

      Commercial

390

54,000

      Consumer

50,969

28,473

         Gross recoveries

52,839

83,376

   Net charge-offs/(recoveries)

(2,578)

(31,981)

   Additions charged to operations

120,000

220,000

   Balance at end of period

$

3,974,475

$

3,443,586




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

(0.00%)

(0.05%)




Nonperforming assets (000's)

At March 31,

At December 31,

   Loans:

2021

2020

      Non-accrual

 

$

4,538

$

5,034

      Past 90 days or more and still accruing

-

-

      Troubled debt restructured

364

374

         Total nonperforming loans

4,902

5,408

   Real estate owned

5

5

   Other repossessed assets

-

-

         Total nonperforming assets

 

$

4,907

$

5,413



 Nonperforming assets to total assets

1.21%

1.38%

Nonperforming loans to total loans

1.79%

2.02%

Allowance for loan losses to nonperforming loans

81.07%

71.23%

Allowance for loan losses to net loans receivable

1.48%

1.46%






At March 31,


2021

 

2020

Stockholders' equity as a % of total assets

11.32%

11.81%

Book value per share

$       38.22

$          35.43

Common shares outstanding- EOP

1,202,985

1,210,379


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

 

SOURCE Northeast Indiana Bancorp, Inc.

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