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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.

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