Welcome!

News Feed Item

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.

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
Consumers increasingly expect their electronic "things" to be connected to smart phones, tablets and the Internet. When that thing happens to be a medical device, the risks and benefits of connectivity must be carefully weighed. Once the decision is made that connecting the device is beneficial, medical device manufacturers must design their products to maintain patient safety and prevent compromised personal health information in the face of cybersecurity threats. In his session at @ThingsExpo...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
SYS-CON Events announced today that Massive Networks will exhibit 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. Massive Networks mission is simple. To help your business operate seamlessly with fast, reliable, and secure internet and network solutions. Improve your customer's experience with outstanding connections to your cloud.
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution and join Akvelon expert and IoT industry leader, Sergey Grebnov, in his session at @ThingsExpo, for an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.
Because IoT devices are deployed in mission-critical environments more than ever before, it’s increasingly imperative they be truly smart. IoT sensors simply stockpiling data isn’t useful. IoT must be artificially and naturally intelligent in order to provide more value In his session at @ThingsExpo, John Crupi, Vice President and Engineering System Architect at Greenwave Systems, will discuss how IoT artificial intelligence (AI) can be carried out via edge analytics and machine learning techn...
FinTechs use the cloud to operate at the speed and scale of digital financial activity, but are often hindered by the complexity of managing security and compliance in the cloud. In his session at 20th Cloud Expo, Sesh Murthy, co-founder and CTO of Cloud Raxak, showed how proactive and automated cloud security enables FinTechs to leverage the cloud to achieve their business goals. Through business-driven cloud security, FinTechs can speed time-to-market, diminish risk and costs, maintain continu...
When shopping for a new data processing platform for IoT solutions, many development teams want to be able to test-drive options before making a choice. Yet when evaluating an IoT solution, it’s simply not feasible to do so at scale with physical devices. Building a sensor simulator is the next best choice; however, generating a realistic simulation at very high TPS with ease of configurability is a formidable challenge. When dealing with multiple application or transport protocols, you would be...
Existing Big Data solutions are mainly focused on the discovery and analysis of data. The solutions are scalable and highly available but tedious when swapping in and swapping out occurs in disarray and thrashing takes place. The resolution for thrashing through machine learning algorithms and support nomenclature is through simple techniques. Organizations that have been collecting large customer data are increasingly seeing the need to use the data for swapping in and out and thrashing occurs ...
As many know, the first generation of Cloud Management Platform (CMP) solutions were designed for managing virtual infrastructure (IaaS) and traditional applications. But that’s no longer enough to satisfy evolving and complex business requirements. In his session at 21st Cloud Expo, Scott Davis, Embotics CTO, will explore how next-generation CMPs ensure organizations can manage cloud-native and microservice-based application architectures, while also facilitating agile DevOps methodology. He wi...
SYS-CON Events announced today that Datera, that offers a radically new data management architecture, 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. Datera is transforming the traditional datacenter model through modern cloud simplicity. The technology industry is at another major inflection point. The rise of mobile, the Internet of Things, data storage and Big...
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
SYS-CON Events announced today that GrapeUp, the leading provider of rapid product development at the speed of business, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market acr...
In the enterprise today, connected IoT devices are everywhere – both inside and outside corporate environments. The need to identify, manage, control and secure a quickly growing web of connections and outside devices is making the already challenging task of security even more important, and onerous. In his session at @ThingsExpo, Rich Boyer, CISO and Chief Architect for Security at NTT i3, discussed new ways of thinking and the approaches needed to address the emerging challenges of security i...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, will discuss th...