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Northeast Indiana Bancorp, Inc. Announces Full Year 2013 Earnings And Quarterly Earnings

HUNTINGTON, Ind., Feb. 7, 2014 /PRNewswire/ -- Northeast Indiana Bancorp, Inc., (OTCQB:  NIDB), the parent company of First Federal Savings Bank, today announced annual earnings for the full year 2013 of $2.5 million ($2.01 per diluted common share).  This is a decrease of $380,000 or 13.3% compared to net income of $2.9 million ($2.31 per diluted common share) for the full year 2012.  The full year 2013 earnings equates to a return on average assets of 0.92% and a return on average equity of 8.85% compared to an ROA of 1.06% and an ROE of 10.38% for the full year 2012.

The Company also announced quarterly earnings for the three months ended December 31, 2013 of $652,000 ($0.53 per diluted common share) compared to net income of $913,000 ($0.74 per diluted common share) for the three months ended December 31, 2012.  The current quarter's earnings equates to an ROA of 0.96% and an ROE of 9.31% compared to an ROA of 1.32% and an ROE of 13.07% for the prior year quarter ended December 31, 2012.

Commenting on the financial results, First Federal Savings Bank President and CEO Michael S. Zahn stated, "After a record earnings year in 2012, we were able to follow that up with the 3rd highest earnings level in the Bank's 100 plus year history in 2013.  Our dedication to community banking is instrumental to our success.  Besides strong earnings, we also made significant progress at reducing our non-performing assets during the current year.  I'm very pleased with the performance our dedicated team was able to deliver to our shareholders in 2013."  

Total assets decreased $2.8 million to $268.6 million at December 31, 2013 compared to December 31, 2012 assets of $271.4 million.  Total deposits decreased $2.7 million to $208.9 million at December 31, 2013 from $211.6 million at December 31, 2012. 

The Company paid out cash dividends of $947,000 to shareholders during the year ended December 31, 2013.  The book value of NIDB stock was $22.65 per common share as of December 31, 2013 as compared to a book value of $22.53 per common share as of December 31, 2012.  The Company also repurchased 12,000 shares for treasury in 2013 under a previously announced stock repurchase program.  The number of outstanding common shares was 1,227,946.  The last reported trade of the stock on February 4, 2014 was $20.61 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

 

December 31,
2013

December  31, 
2012

Interest-earning cash and cash equivalents

$

5,476,740

$

16,687,647

Noninterest earning cash and cash equivalents

2,481,418

3,997,988

   Total cash and cash equivalents

7,958,158

20,685,635

Securities available for sale

86,295,635

71,353,159

Interest-earning deposits in financial institutions

7,135,000

5,910,000

Securities held to maturity

1,466,003

1,326,984

Loans held for sale

142,500

1,549,475

Loans receivable, net of allowance for loan loss Dec. 31, 2013 $3,355,534 and Dec. 31, 2012 $3,846,021

150,790,666

154,746,404

Accrued interest receivable

932,105

929,061

Premises and equipment

2,929,520

2,989,226

Investments in limited liability partnerships

-

74,625

Cash surrender value of life insurance

7,497,893

7,261,343

Other assets

3,410,137

4,577,142

    Total Assets

$

268,557,617

$

271,403,054

LIABILITIES AND STOCKHOLDERS' EQUITY



Non-interest bearing deposits

18,196,448

20,123,659

Interest bearing deposits

190,686,051

191,462,228

Borrowed Funds

28,755,460

28,902,484

Accrued interest payable and other liabilities

3,109,814

2,975,529

    Total Liabilities

240,747,773

243,463,900




Retained earnings – substantially restricted

27,809,844

27,939,154

    Total Liabilities and Shareholders' Equity

$

268,557,617

$

271,403,054


CONSOLIDATED STATEMENTS OF INCOME





Three Months Ended

Twelve Months Ended


December 31,

December 31,


2013

2012

2013

2012

Total interest income

$

2,545,756

$

2,693,418

$

9,820,554

$

11,191,182

Total interest expense


321,798


427,843


1,354,112


2,126,010

    Net interest income

$

2,223,958

$

2,265,575

$

8,466,442

$

9,065,172

Provision for loan losses


450,000


450,000


1,250,000


1,450,000

  Net interest income after provision for loan losses

$

1,773,958

$

1,815,575

$

7,216,442

$

7,615,172

     Service charges on deposit accounts


126,922


139,367


509,473


533,067

     Net gain on sale of securities


208,585


335,118


244,945


335,118

    Net gain on sale of loans

213,808

320,055

952,841

1,012,000

    Net loss on sale of repossessed assets

(97,388)

(79,105)

(82,337)

(164,582)

     Net loss on sale of fixed assets

(7,001)

(1,834)

(7,286)

(1,500)

    Brokerage fees

101,419

96,301

423,125

413,539

    Other income

230,053

187,102

911,640

840,568

Total noninterest income

$

776,398

$

997,004

$

2,952,401

$

2,968,210

     Salaries and employee benefits


883,234


824,361


3,534,070


3,470,312

     Occupancy

265,905

274,555

1,071,202

983,853

     Data processing

192,183

212,772

787,886

832,700

     Deposit insurance premiums

60,000

60,000

240,000

240,000

     Professional fees

140,726

83,223

340,694

361,105

     Correspondent bank charges

29,362

29,262

119,788

117,804

     Other expense

210,755

226,162

860,328

841,075

Total noninterest expenses

$

1,782,165

$

1,710,335

$

6,953,968

$

6,846,849

  Income before income tax expense

$

768,191

$

1,102,244

$

3,214,875

$

3,736,533

Income tax expense


116,155


189,057


737,967


880,067

Net Income

$

652,036

$

913,187

$

2,476,908

$

2,856,466



 

 

NORTHEAST INDIANA BANCORP

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)





Three Months Ended
December 31,

Twelve Months Ended
 December 31,


2013

2012

2013

2012

Basic Earnings per common share

0.53

0.74

2.01

2.31

Dilutive Earnings per share

0.53

0.74

2.01

2.31

Net interest margin

3.48%

3.52%

3.36%

3.61%

Return on average assets

0.96%

1.32%

0.92%

1.06%

Return on average equity

9.31%

13.07%

8.85%

10.38%

Efficiency Ratio

59.40%

52.42%

60.90%

56.90%

Average shares outstanding - primary

1,225,561

1,234,380

1,232,212

1,234,253

Average shares outstanding - diluted

1,225,561

1,234,417

1,232,407

1,234,408





Allowance for loan losses:





   Balance at beginning of period

$

3,847,260

$

3,865,907

$

3,846,021

$

4,061,508

   Charge-offs:





      One-to-four family

132,835

1,632

208,021

132,686

      Commercial real estate

902,253

6,421

910,736

188,347

      Land/land development

-

-

145,000

653,451

      Commercial

34,867

424,970

672,258

601,315

      Consumer

68,633

52,922

209,271

192,028

         Gross charge-offs

1,138,588

485,945

2,145,286

1,767,828

   Recoveries:





      One-to-four family

1,285

2,714

6,271

11,549

      Commercial real estate

-

-

72,801

-

      Land/land development

2,500

-

32,500

-

      Commercial

168,123

-

193,971

1,233

      Consumer

24,954

13,345

99,256

89,559

         Gross recoveries

196,862

16,059

404,799

102,341

   Net charge-offs

941,726

469,886

1,740,487

1,665,487

   Additions charged to operations

450,000

450,000

1,250,000

1,450,000

   Balance at end of period

$

3,355,534

$

3,846,021

$

3,355,534

$

3,846,021






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

0.61%

0.28%

1.14%

0.96%






Nonperforming assets (000's)

At December 31,

At September 30,

At June 30,

At December 31,

   Loans:

2013

2013

2013

2012

      Non-accrual

$

5,443

$

6,461

$

5,553

$

5,464

      Past 90 days or more and still accruing

-

-

-

-

      Troubled debt restructured

1,398

1,379

1,666

3,347

         Total nonperforming loans

6,841

7,840

7,219

8,811

   Real estate owned

508

589

906

1,719

   Other repossessed assets

20

4

-

-

         Total nonperforming assets

$

7,369

$

8,433

$

8,126

$

10,530




   Nonperforming assets to total assets

2.74%


3.10%

2.99%

3.88%

   Nonperforming loans to total loans

4.44%


5.26%

4.92%

5.56%

   Allowance for loan losses to nonperforming loans

49.06%


49.07%

51.51%

43.65%

   Allowance for loan losses to total receivable

2.23%


2.58%

2.53%

2.49%


At December 31,





2013

2012


Stockholders' equity as a % of total assets

10.36%

10.30%


Book value per share

$

22.65

$

22.53


Common shares outstanding- EOP

1,227,946

1,239,946






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















SOURCE Northeast Indiana Bancorp, Inc.

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