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
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
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 a lot of 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 reduction in cost ...
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.
After more than five years of DevOps, definitions are evolving, boundaries are expanding, ‘unicorns’ are no longer rare, enterprises are on board, and pundits are moving on. Can we now look at an evolution of DevOps? Should we? Is the foundation of DevOps ‘done’, or is there still too much left to do? What is mature, and what is still missing? What does the next 5 years of DevOps look like? In this Power Panel at DevOps Summit, moderated by DevOps Summit Conference Chair Andi Mann, panelists l...
Virtualization over the past years has become a key strategy for IT to acquire multi-tenancy, increase utilization, develop elasticity and improve security. And virtual machines (VMs) are quickly becoming a main vehicle for developing and deploying applications. The introduction of containers seems to be bringing another and perhaps overlapped solution for achieving the same above-mentioned benefits. Are a container and a virtual machine fundamentally the same or different? And how? Is one techn...
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
MongoDB Atlas leverages VPC peering for AWS, a service that allows multiple VPC networks to interact. This includes VPCs that belong to other AWS account holders. By performing cross account VPC peering, users ensure networks that host and communicate their data are secure. In his session at 20th Cloud Expo, Jay Gordon, a Developer Advocate at MongoDB, will explain how to properly architect your VPC using existing AWS tools and then peer with your MongoDB Atlas cluster. He'll discuss the secur...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service.
Niagara Networks exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex softw...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, will present a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to max...