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
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, paneli...
SYS-CON Events announced today that NetApp has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. NetApp is the data authority for hybrid cloud. NetApp provides a full range of hybrid cloud data services that simplify management of applications and data across cloud and on-premises environments to accelerate digital transformation. Together with their partners, NetApp em...
Most of the time there is a lot of work involved to move to the cloud, and most of that isn't really related to AWS or Azure or Google Cloud. Before we talk about public cloud vendors and DevOps tools, there are usually several technical and non-technical challenges that are connected to it and that every company needs to solve to move to the cloud. In his session at 21st Cloud Expo, Stefano Bellasio, CEO and founder of Cloud Academy Inc., will discuss what the tools, disciplines, and cultural...
What is the best strategy for selecting the right offshore company for your business? In his session at 21st Cloud Expo, Alan Winters, U.S. Head of Business Development at MobiDev, will discuss the things to look for - positive and negative - in evaluating your options. He will also discuss how to maximize productivity with your offshore developers. Before you start your search, clearly understand your business needs and how that impacts software choices.
SYS-CON Events announced today that Interface Corporation will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Interface Corporation is a company developing, manufacturing and marketing high quality and wide variety of industrial computers and interface modules such as PCIs and PCI express. For more information, visit http://www.i...
SYS-CON Events announced today that Keisoku Research Consultant Co. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Keisoku Research Consultant, Co. offers research and consulting in a wide range of civil engineering-related fields from information construction to preservation of cultural properties. For more information, vi...
SYS-CON Events announced today that MIRAI Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MIRAI Inc. are IT consultants from the public sector whose mission is to solve social issues by technology and innovation and to create a meaningful future for people.
SYS-CON Events announced today that Fusic will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Fusic Co. provides mocks as virtual IoT devices. You can customize mocks, and get any amount of data at any time in your test. For more information, visit https://fusic.co.jp/english/.
SYS-CON Events announced today that N3N will exhibit at SYS-CON's @ThingsExpo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. N3N’s solutions increase the effectiveness of operations and control centers, increase the value of IoT investments, and facilitate real-time operational decision making. N3N enables operations teams with a four dimensional digital “big board” that consolidates real-time live video feeds alongside IoT sensor data a...
Mobile device usage has increased exponentially during the past several years, as consumers rely on handhelds for everything from news and weather to banking and purchases. What can we expect in the next few years? The way in which we interact with our devices will fundamentally change, as businesses leverage Artificial Intelligence. We already see this taking shape as businesses leverage AI for cost savings and customer responsiveness. This trend will continue, as AI is used for more sophistica...
Today most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes significant work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reducti...
Real IoT production deployments running at scale are collecting sensor data from hundreds / thousands / millions of devices. The goal is to take business-critical actions on the real-time data and find insights from stored datasets. In his session at @ThingsExpo, John Walicki, Watson IoT Developer Advocate at IBM Cloud, will provide a fast-paced developer journey that follows the IoT sensor data from generation, to edge gateway, to edge analytics, to encryption, to the IBM Bluemix cloud, to Wa...
Enterprises are moving to the cloud faster than most of us in security expected. CIOs are going from 0 to 100 in cloud adoption and leaving security teams in the dust. Once cloud is part of an enterprise stack, it’s unclear who has responsibility for the protection of applications, services, and data. When cloud breaches occur, whether active compromise or a publicly accessible database, the blame must fall on both service providers and users. In his session at 21st Cloud Expo, Ben Johnson, C...
SYS-CON Events announced today that Massive Networks, that helps your business operate seamlessly with fast, reliable, and secure internet and network solutions, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. As a premier telecommunications provider, Massive Networks is headquartered out of Louisville, Colorado. With years of experience under their belt, their team of...
21st International Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Me...