Northeast Indiana Bancorp, Inc. Announces Quarterly Earnings

HUNTINGTON, Ind., Oct. 21, 2016 /PRNewswire/ -- Northeast Indiana Bancorp, Inc. NIDB, the parent company of First Federal Savings Bank, today announced net income of $810,000 ($0.67 per diluted common share) for the Company's third quarter ended September 30, 2016 compared to net income of $1.01 million ($0.84 per diluted common share) for the third quarter ended September 30, 2015.  The current three months earnings equates to an annualized return on average assets (ROA) of 1.09% and a return on average equity (ROE) of 9.38% compared to an annualized ROA of 1.45% and an ROE of 10.92% for the three months ended September 30, 2015.

Net income for the nine months ended September 30, 2016 was $2.77 million ($2.31 per diluted common share), compared to net income of $2.82 million ($2.35 per diluted common share) for the nine months ended September 30, 2015.  The current nine months earnings equates to an annualized ROA of 1.26% and an ROE of 10.92% compared to an annualized ROA of 1.35% and an annualized ROE of 11.74% for the nine months ended September 30,2015.   

Shareholder's equity was $34.7 million at September 30, 2016 compared to $32.3 million at December 31, 2015.  The book value of NIDB's stock was $28.73 per common share as of September 30, 2016.  The number of outstanding common shares was 1,207,379 as of the same date.  The last reported trade of the stock on October 20, 2016 was $30.11 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.

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NORTHEAST INDIANA BANCORP


CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


(Unaudited)




CONSOLIDATED STATEMENT OF FINANCIAL CONDITION






ASSETS

September 30,
2016

December 31, 
2015


Interest-earning cash and cash equivalents

$

5,816,378

$

10,491,898


Noninterest earning cash and cash equivalents

3,198,949

1,960,543


   Total cash and cash equivalents

9,015,327

12,452,441


Interest- earning time deposits

9,817,950

11,754,857


Securities available for sale

64,457,216

60,458,506


Securities held to maturity

2,786,079

2,685,585


Loans held for sale

-

-


Loans receivable, net of allowance for loan loss September 30, 2016 $3,149,801 and December 31, 2015 $3,196,953

 

191,938,551

 

182,238,993


Accrued interest receivable

924,805

976,484


Premises and equipment

4,107,830

2,880,607


Investments in limited liability partnerships

2,933,333

235,858


Cash surrender value of life insurance

8,103,881

7,939,443


Other assets

2,167,473

2,506,762


    Total Assets

$

296,252,445

$

284,129,536


LIABILITIES AND STOCKHOLDERS' EQUITY




Non-interest bearing deposits

26,324,418

23,253,557


Interest bearing deposits

192,617,209

186,281,637


Borrowed Funds

36,682,072

39,346,188


Accrued interest payable and other liabilities

5,937,999

2,910,474


    Total Liabilities

261,561,698

251,791,856






Retained earnings – substantially restricted

34,690,747

32,337,680


    Total Liabilities and Shareholders' Equity

$

296,252,445

$

284,129,536




CONSOLIDATED STATEMENTS OF INCOME







                     Three Months Ended

              Nine Months Ended



                       September 30,

               September 30,



2016

2015

2016

2015


Total interest income

$

2,859,937

$

2,787,016

$

8,504,280

$

8,094,574


Total interest expense


426,473


327,239


1,250,012


957,619


    Net interest income

$

2,433,464

$

2,459,777

$

7,254,268

$

7,136,955


Provision for loan losses


-


-


-


-


  Net interest income after provision for loan losses

$

2,433,464

$

2,459,777

$

7,254,268

$

7,136,955


     Service charges on deposit accounts


176,046


169,472


485,009


430,711


     Net gain (loss) on sale of securities


2,900


(6,217)


1,442


113,891


     Net gain on sale of loans

164,428

206,291

892,095

648,159


     Net gain (loss) on sale of repossessed assets

-

22,747

(12,759)

12,975


     Brokerage fees

60,448

71,576

211,486

344,363


     Increase in cash surrender value of life insurance

54,013

53,813

164,438

161,438


     Other income

179,825

398,016

695,141

832,893


Total noninterest income

$

637,660

$

915,698

$

2,436,852

$

2,544,430


     Salaries and employee benefits


1,039,429


1,038,695


3,056,179


3,102,850


     Occupancy

271,519

261,717

792,993

809,792


     Data processing

229,659

249,240

632,599

684,119


     Deposit insurance premiums

35,000

34,000

125,000

121,000


     Professional fees

57,676

52,678

194,217

212,648


     Correspondent bank charges

33,980

35,167

103,999

102,761


     Other expense

271,843

226,500

828,013

692,077


Total noninterest expenses

$

1,939,106

$

1,897,997

$

5,733,000

$

5,725,247


Income before income tax expense

$

1,132,018

$

1,477,478

$

3,958,120

$

3,956,138


Income tax expense


321,805


466,253


1,188,338


1,134,720


Net Income

$

810,213

$

1,011,225

$

2,769,782

$

2,821,418








Three Months Ended

Nine Months Ended



September 30,

September 30,



2016

2015

2016

2015


Basic Earnings per common share

0.67

0.84

2.31

2.35


Dilutive Earnings per share

0.67

0.84

2.31

2.35


Net interest margin

3.52%

3.78%

3.52%

3.65%


Return on average assets

1.09%

1.45%

1.26%

1.35%


Return on average equity

9.38%

11.96%

10.92%

11.74%


Efficiency ratio

63.14%

56.23%

59.16%

59.14%


Average shares outstanding- primary

1,204,441

1,198,679

1,200,083

1,198,479


Average shares outstanding- diluted

1,204,441

1,198,752

1,200,116

1,198,892


Allowance for loan losses:






   Balance at beginning of period

$

3,231,811

$

3,268,397

$

3,196,953

$

3,402,355






   Charge-offs:






      One-to-four family

18,944

21,842

25,781

28,802


      Commercial real estate

-

-

-

-


      Land/land development

-

-

-

-


      Commercial

11,006

-

11,482

146,134


      Consumer

94,883

36,407

190,231

106,148


         Gross charge-offs

124,833

58,249

227,494

281,084


   Recoveries:






      One-to-four family

11,369

907

22,078

3,616


      Commercial real estate

-

-

-

-


      Land/land development

-

-

-

-


      Commercial

-

-

13,129

7,741


      Consumer

31,454

34,966

145,135

113,423


         Gross recoveries

42,823

35,903

180,342

124,780


   Net charge-offs

82,010

22,346

47,152

156,304


   Additions charged to operations

-

-

-

-


   Balance at end of period

$

3,149,801

$

3,246,051

$

3,149,801

$

3,246,051
















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

0.17%

0.05%

0.03%

0.12%
















Nonperforming assets (000's)

At September 30,

At June 30,

     At March 31,

At December 31,


   Loans:

2016

2016

2016

2015


      Non-accrual

$

4,019

$

4,198

$

4,180

$

3,793


      Past 90 days or more and still accruing

-

-

-

-


      Troubled debt restructured

1,248

814

789

592


         Total nonperforming loans

5,267

5,012

4,969

4,385


   Real estate owned

126

76

76

117


   Other repossessed assets

-

-

-

-


         Total nonperforming assets

$

5,393

$

5,088

$

5,045

$

4,502






   Nonperforming assets to total assets

1.82%

1.73%

1.74%

1.58%


   Nonperforming loans to total loans

2.70%

2.62%

2.62%

2.36%


   Allowance for loan losses to nonperforming loans

59.80%

64.47%

65.95%

72.91%


   Allowance for loan losses to net loans receivable

1.64%

1.72%

1.76%

1.75%











                         At September 30,



2016

2015










Stockholders' equity as a % of total assets

11.71%

11.77%




Book value per share

$

28.73

$

26.94




Common shares outstanding- EOP

1,207,379

1,199,879










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













To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/northeast-indiana-bancorp-inc-announces-quarterly-earnings-300349196.html

SOURCE Northeast Indiana Bancorp, Inc.

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