Northeast Indiana Bancorp, Inc. Announces Record Quarterly Earnings - Northeast Indiana Bancorp (OTC:NIDB)

HUNTINGTON, Ind., Oct. 13, 2015 /PRNewswire/ -- Northeast Indiana Bancorp, Inc. 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.

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SOURCE Northeast Indiana Bancorp, Inc.

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