HUNTINGTON, Ind., July 19, 2016 /PRNewswire/ -- Northeast Indiana Bancorp, Inc. (OTCQB: NIDB), the parent company of First Federal Savings Bank, today announced net income for the six months ended June 30, 2016 increased $149,000 or 8.3% to $1.96 million ($1.63 per diluted common share) compared to net income of $1.81 million ($1.51 per diluted common share) for the six months ended June 30, 2015. The current six months earnings equates to an annualized ROA of 1.34% and an ROE of 11.72% compared to an annualized ROA of 1.31% and an annualized ROE of 11.63% for the six months ended June 30, 2015.
Net income was $887,000 ($0.74 per diluted common share) for the Company's second quarter ended June 30, 2016 compared to net income of $918,000 ($0.77 per diluted common share) for the second quarter ended June 30, 2015. The current three months earnings equates to an annualized return on average assets (ROA) of 1.19% and a return on average equity (ROE) of 10.49% compared to an annualized ROA of 1.32% and an ROE of 11.66% for the three months ended June 30, 2015.
Total assets increased $10.2 million or 3.6% (7.2% annualized) to $294.3 million at June 30, 2016 compared to $284.1 million at December 31, 2015. Shareholder's equity was $34.2 million at June 30, 2016 compared to $32.3 million at December 31, 2015. The book value of NIDB's stock was $28.49 per common share as of June 30, 2016. Book value has increased $2.27 or 8.7% over the past twelve months. The number of outstanding common shares was 1,199,879 as of the same date. The last reported trade of the stock on July 18, 2016 was $29.26 per common share.
First Federal Savings Bank President and CEO, Michael Zahn states, "I'm proud of our team's effort through the first six months of 2016. Last year was a great year and to be performing at a higher level this year is quite an accomplishment." Zahn continues, "I'm most pleased with our growth numbers and am confident we will continue to grow at a manageable pace."
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
June 30,
2016
December 31, 2015
Interest-earning cash and cash equivalents
$
7,917,367
$
10,491,898
Noninterest earning cash and cash equivalents
2,157,654
1,960,543
Total cash and cash equivalents
10,075,021
12,452,441
Interest-earning time deposits
10,511,920
11,754,857
Securities available for sale
65,677,429
60,458,506
Securities held to maturity
2,527,271
2,685,585
Loans held for sale
151,200
-
Loans receivable, net of allowance for loan loss June 30, 2016 $3,231,811 and December 31, 2015 $3,196,953
187,989,149
182,238,993
Accrued interest receivable
963,165
976,484
Premises and equipment
4,176,024
2,880,607
Investments in limited liability partnerships
1,958,333
235,858
Cash surrender value of life insurance
8,049,868
7,939,443
Other assets
2,211,423
2,506,762
Total Assets
$
294,290,803
$
284,129,536
LIABILITIES AND STOCKHOLDERS' EQUITY
Non-interest bearing deposits
23,798,909
23,253,557
Interest bearing deposits
191,393,617
186,281,637
Borrowed Funds
40,046,491
39,346,188
Accrued interest payable and other liabilities
4,872,664
2,910,474
Total Liabilities
260,111,681
251,791,856
Retained earnings – substantially restricted
34,179,122
32,337,680
Total Liabilities and Shareholder's Equity
$
294,290,803
$
284,129,536
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
Six Months Ended
June 30,
June 30,
2016
2015
2016
2015
Total interest income
$
2,796,367
$
2,631,440
$
5,644,342
$
5,307,555
Total interest expense
415,423
313,116
823,539
630,381
Net interest income
$
2,380,944
$
2,318,324
$
4,820,803
$
4,677,174
Provision for loan losses
-
-
-
-
Net interest income after provision for loan losses
$
2,380,944
$
2,318,324
$
4,820,803
$
4,677,174
Service charges on deposit accounts
168,401
143,776
308,963
261,139
Net gain (loss) on sale of securities
-
-
(1,457)
120,107
Net gain on sale of loans
250,935
288,434
727,667
441,868
Net gain (loss) on sale of repossessed assets
-
(9,771)
(12,759)
(12,186)
Brokerage fees
71,482
138,730
151,038
272,787
Increase in cash surrender value of life insurance
56,113
52,626
110,425
107,625
Other income
259,713
226,167
515,316
437,292
Total noninterest income
$
806,644
$
839,952
$
1,799,193
$
1,628,732
Salaries and employee benefits
1,045,085
1,020,850
2,016,753
2,064,153
Occupancy
256,283
258,108
521,474
548,078
Data processing
211,097
218,383
402,938
434,880
Deposit insurance premiums
45,000
51,000
90,000
87,000
Professional fees
73,006
77,326
136,541
159,970
Correspondent bank charges
37,178
34,506
70,018
67,594
Other expense
276,923
218,403
556,170
465,571
Total noninterest expenses
$
1,944,572
$
1,878,576
$
3,793,894
$
3,827,246
Income before income tax expenses
$
1,243,016
$
1,279,700
$
2,826,102
$
2,478,660
Income tax expense
356,105
361,412
866,533
668,467
Net Income
$
886,911
$
918,288
$
1,959,569
$
1,810,193
Three Months Ended June 30,
Six Months Ended June 30,
2016
2015
2016
2016
Basic Earnings per common share
0.74
0.77
1.63
1.51
Dilutive Earnings per share
0.74
0.77
1.63
1.51
Net interest margin
3.44%
3.55%
3.52%
3.59%
Return on average assets
1.19%
1.32%
1.34%
1.31%
Return on average equity
10.49%
11.66%
11.72%
11.63%
Efficiency ratio
61.00%
59.48%
57.31%
60.69%
Average shares outstanding - primary
1,198,979
1,198,679
1,198,934
1,198,378
Average shares outstanding - diluted
1,199,112
1,198,679
1,199,246
1,198,862
Allowance for loan losses:
Balance at beginning of period
$
3,277,180
$
3,262,423
$
3,196,953
$
3,402,355
Charge-offs:
One-to-four family
6,837
-
6,837
6,960
Commercial real estate
-
-
-
146,134
Land/land development
-
-
-
-
Commercial
476
-
476
-
Consumer
68,117
38,761
95,348
69,741
Gross charge-offs
76,030
38,761
102,661
222,835
Recoveries:
One-to-four family
4,689
1,057
10,709
2,709
Commercial real estate
-
-
-
-
Land/land development
-
-
-
-
Commercial
-
6,038
13,129
7,741
Consumer
25,972
37,460
113,681
78,427
Gross recoveries
30,661
44,735
137,519
88,877
Net charge-offs/(recoveries)
45,369
(5,974)
(34,858)
133,958
Additions charged to operations
-
-
-
-
Balance at end of period
$
3,231,811
$
3,268,397
$
3,231,811
$
3,268,397
Net loan charge-offs/(recoveries) to average loans (1)
0.02%
(0.01%)
(0.02%)
0.16%
Nonperforming assets (000's)
At June 30,
At March 31,
At December 31,
Loans:
2016
2016
2015
Non-accrual
$
4,198
$
4,180
$
3,793
Past 90 days or more and still accruing
-
-
-
Troubled debt restructured
814
789
592
Total nonperforming loans
5,012
4,969
4,385
Real estate owned
76
76
117
Other repossessed assets
-
-
-
Total nonperforming assets
$
5,088
$
5,045
$
4,502
Nonperforming assets to total assets
1.73%
1.74%
1.58%
Nonperforming loans to total loans
2.62%
2.62%
2.36%
Allowance for loan losses to nonperforming loans
64.47%
65.95%
72.91%
Allowance for loan losses to net loans receivable
1.72%
1.76%
1.75%
At June 30,
2016
2015
Stockholders' equity as a % of total assets
11.61%
11.35%
Book value per share
$
28.49
$
26.22
Common shares outstanding- EOP
1,199,879
1,199,879
(1) Ratios for the three-month periods are annualized.
