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.