Welcome!

News Feed Item

Northeast Indiana Bancorp, Inc. Announces Third Quarter Earnings

HUNTINGTON, Ind., Oct. 16, 2013 /PRNewswire/ -- Northeast Indiana Bancorp, Inc. (OTCQB: NIDB), the parent company of First Federal Savings Bank, today announced net income of $609,000 ($0.49 per diluted common share) for the Company's third quarter ended September 30, 2013 compared to net income of $594,000 ($0.48 per diluted common share) for the third quarter ended September 30, 2012.  The current three months earnings equates to an annualized return on average assets (ROA) of 0.91% and a return on average equity (ROE) of 8.89% compared to an annualized ROA of 0.86% and an ROE of 8.65% for the three months ended September 30, 2012.

Net income for the nine months ended September 30, 2013 was $1.8 million ($1.48 per diluted common share) compared to net income of $1.9 million ($1.57 per diluted common share) for the nine months ended September 30, 2012.  The current nine months earnings equates to an annualized ROA of 0.91% and an ROE of 8.70% compared to an annualized ROA of 0.97% and an annualized ROE of 9.46% for the nine months ended September 30,2012.   

Shareholder's equity was $27.6 million at September 30, 2013 compared to $27.9 million at December 31, 2012.  The book value of NIDB's stock was $22.42 per common share as of September 30, 2013.  The number of outstanding common shares was 1,231,946 as of the same date.  The last reported trade of the stock on October 15, 2013 was $21.00 per common share.  This is an increase of $4.60 or 28.0% over the last reported trade of the stock on December 31, 2012 of $16.40 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,

2013

December  31, 

2012

Interest-earning cash and cash equivalents

$

4,972,551

$

16,687,647

Noninterest earning cash and cash equivalents

4,628,996

3,997,988

   Total cash and cash equivalents

9,601,547

20,685,635

Interest- earning time deposits

6,400,000

5,910,000

Securities available for sale

90,105,779

71,353,159

Securities held to maturity

1,473,344

1,326,984

Loans held for sale

-

1,549,475

Loans receivable, net of allowance for loan loss September 30, 2013 $3,847,260 and December 31, 2012 $3,846,021

 

145,351,405

 

154,746,404

Accrued interest receivable

927,855

929,061

Premises and equipment

2,912,913

2,989,226

Investments in limited liability partnerships

17,314

74,625

Cash surrender value of life insurance

7,438,756

7,261,343

Other assets

3,250,917

4,577,142

    Total Assets

$

267,479,830

$

271,403,054

LIABILITIES AND STOCKHOLDERS' EQUITY



Non-interest bearing deposits

19,380,992

20,123,659

Interest bearing deposits

192,876,640

191,462,228

Borrowed Funds

24,500,823

28,902,484

Accrued interest payable and other liabilities

3,099,733

2,975,529

    Total Liabilities

239,858,188

243,463,900




Retained earnings – substantially restricted

27,621,642

27,939,154

    Total Liabilities and Shareholders' Equity

$

267,479,830

$

271,403,054


CONSOLIDATED STATEMENTS OF INCOME







Three Months Ended

Nine Months Ended



September 30,

September 30,



2013

2012

2013

2012


Total interest income

$

2,388,031

$

2,741,592

$

7,274,803

$

8,497,766


Total interest expense


322,035


521,996


1,032,315


1,698,169


    Net interest income

$

2,065,996

$

2,219,596

$

6,242,488

$

6,799,597


Provision for loan losses


200,000


400,000


800,000


1,000,000


  Net interest income after provision for loan losses

$

1,865,996

$

1,819,596

$

5,442,488

$

5,799,597


     Service charges on deposit accounts


135,229


123,235


382,551


393,699


     Net gain on sale of securities


-


-


36,360


-


     Net gain on sale of loans

189,774

224,275

739,033

691,945


     Net gain (loss) on sale of repossessed assets

(1,498)

(47,289)

15,050

(85,476)


     Brokerage fees

111,408

95,673

321,706

317,238


     Increase in cash surrender value of life insurance

59,138

62,213

177,413

186,638


     Other income

183,853

170,688

503,888

467,162


Total noninterest income

$

677,904

$

628,795

$

2,176,001

$

1,971,206


     Salaries and employee benefits


894,069


865,730


2,650,837


2,645,954


     Occupancy

262,252

237,524

805,297

709,296


     Data processing

205,239

180,675

595,704

619,927


     Deposit insurance premiums

60,000

60,000

180,000

180,000


     Professional fees

57,932

79,132

199,969

277,882


     Correspondent bank charges

30,656

28,462

90,426

88,543


     Other expense

213,733

208,897

649,572

614,912


Total noninterest expenses

$

1,723,881

$

1,660,420

$

5,171,805

$

5,136,514


Income before income tax expense

$

820,019

$

787,971

$

2,446,684

$

2,634,289


Income tax expense


211,162


194,236


621,812


691,010


Net Income

$

608,857

$

593,735

$

1,824,872

$

1,943,279




 

 

NORTHEAST INDIANA BANCORP

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)


Three Months Ended

September 30,

 

Nine Months Ended

September 30,


2013

2012

2013

2012

Basic Earnings per common share

0.49

0.48

1.48

1.57

Dilutive Earnings per share

0.49

0.48

1.48

1.57

Net interest margin

3.30%

3.46%

3.32%

3.65%

Return on average assets

0.91%

0.86%

0.91%

0.97%

Return on average equity

8.89%

8.65%

8.70%

9.46%

Efficiency ratio

62.83%

58.29%

61.43%

58.56%

Average shares outstanding- primary

1,231,452

1,234,380

1,234,453

1,234,211

Average shares outstanding- diluted

1,231,452

1,234,410

1,234,704

1,234,417

Allowance for loan losses:





   Balance at beginning of period

$

3,718,475

$

3,721,360

$

3,846,021

$

4,061,508

   Charge-offs:





      One-to-four family

46,253

32,767

75,186

131,055

      Commercial real estate

-

136,360

8,483

181,926

      Land/land development

-

-

145,000

653,451

      Commercial

-

-

637,391

176,345

      Consumer

43,982

109,845

140,638

139,107

         Gross charge-offs

90,235

278,972

1,006,698

1,281,884

   Recoveries:





      One-to-four family

1,672

2,226

4,987

8,835

      Commercial real estate

-

-

72,801

-

      Land/land development

-

-

30,000

-

      Commercial

-

1,238

25,847

1,233

      Consumer

17,348

20,060

74,301

76,215

         Gross recoveries

19,020

23,519

207,937

86,283

   Net charge-offs

71,215

255,453

778,761

1,195,601

   Additions charged to operations

200,000

400,000

800,000

1,000,000

   Balance at end of period

$

3,847,260

$

3,865,907

$

3,847,260

$

3,865,907






      Net loan charge-offs to average loans (1)      

0.19%

0.59%

0.70%

0.91%






Nonperforming assets (000's)

At September 30,

At June 30,

     At March 30,

At December 31,

   Loans:

2013

2013

2013

2012

      Non-accrual

$

6,461

$

5,553

$

7,194

$

5,464

      Past 90 days or more and still accruing

-

-

-

-

      Troubled debt restructured

1,379

1,666

1,662

3,347

         Total nonperforming loans

7,840

7,219

8,856

8,811

   Real estate owned

589

906

1,362

1,719

   Other repossessed assets

4

-

17

-

         Total nonperforming assets

$

8,433

$

8,126

$

10,235

$

10,530




   Nonperforming assets to total assets

3.10%

2.99%

3.89%

3.88%

   Nonperforming loans to total loans

5.26%

4.92%

5.71%

5.56%

   Allowance for loan losses to nonperforming loans

49.07%

51.51%

47.20%

43.65%

   Allowance for loan losses to net loans receivable

2.58%

2.53%

2.69%

2.43%








At September 30,


2013

2012








Stockholders' equity as a % of total assets

10.33%

9.87%



Book value per share

$

22.42

$

22.27



Common shares outstanding- EOP

1,231,946

1,239,946








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








 

 

SOURCE Northeast Indiana Bancorp, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said “No to LUNs.” With Tintri they mana...
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
IoT is fundamentally transforming the auto industry, turning the vehicle into a hub for connected services, including safety, infotainment and usage-based insurance. Auto manufacturers – and businesses across all verticals – have built an entire ecosystem around the Connected Car, creating new customer touch points and revenue streams. In his session at @ThingsExpo, Macario Namie, Head of IoT Strategy at Cisco Jasper, will share real-world examples of how IoT transforms the car from a static p...
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
Kubernetes is a new and revolutionary open-sourced system for managing containers across multiple hosts in a cluster. Ansible is a simple IT automation tool for just about any requirement for reproducible environments. In his session at @DevOpsSummit at 18th Cloud Expo, Patrick Galbraith, a principal engineer at HPE, discussed how to build a fully functional Kubernetes cluster on a number of virtual machines or bare-metal hosts. Also included will be a brief demonstration of running a Galera M...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Developing software for the Internet of Things (IoT) comes with its own set of challenges. Security, privacy, and unified standards are a few key issues. In addition, each IoT product is comprised of (at least) three separate application components: the software embedded in the device, the back-end service, and the mobile application for the end user’s controls. Each component is developed by a different team, using different technologies and practices, and deployed to a different stack/target –...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of So...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...