HUNTINGTON, Ind., April 15, 2014 /PRNewswire/ -- Northeast
Indiana Bancorp, Inc., (OTCQB: NIDB), the parent company of
First Federal Savings Bank, has announced that net income increased
$293,000 or 54% to $840,000 ($0.69 per
diluted common share) for the first quarter ended March 31, 2014 compared to net income of
$547,000 ($0.44 per diluted common share) for the first
quarter ended March 31, 2013.
The current three months earnings equate to an annualized
return on average assets (ROA) of 1.24% and a return on average
equity (ROE) of 11.91% compared to an ROA of 0.82% and an ROE of
7.79% for the prior year quarter ended March
31, 2013.
Commenting on the financial results, First Federal Savings Bank
CEO Michael S. Zahn stated, "We are
extremely pleased with our recent financial performance. A
combination of factors has led to our success. The most
important factor is the hard work and dedication of our
employees. We've been able to expand our margins while
controlling overhead. In addition, we've been able to serve
our business customers, which was demonstrated by First Federal
Savings Bank being listed as the 3rd largest SBA lender
in the state of Indiana based on
dollar volume as of March 31,
2014."
Shareholders' equity increased to $28.5
million at March 31, 2014
compared to $27.8 million at
December 31, 2013. The book
value of NIDB stock was $23.42 per
common share as of March 31,
2014. The number of outstanding common shares was
1,216,286. The Company also repurchased 13,160 shares for
treasury during the quarter ended March 31,
2014 under a previously announced stock repurchase
program. The last reported trade of the stock on April 14, 2014 was $22.00 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
|
March 31,
2014
|
December
31,
2013
|
|
Interest-earning cash
and cash equivalents
|
$
|
7,088,098
|
$
|
5,476,740
|
|
Noninterest earning
cash and cash equivalents
|
3,092,889
|
2,481,418
|
|
Total
cash and cash equivalents
|
10,180,987
|
7,958,158
|
|
Interest-earning time
deposits
|
7,624,633
|
7,135,000
|
|
Securities available
for sale
|
80,437,694
|
86,295,635
|
|
Securities held to
maturity
|
1,437,933
|
1,466,003
|
|
Loans held for
sale
|
416,450
|
142,500
|
|
Loans receivable, net
of allowance for loan loss March 31, 2014 $3,522,767 and December
31, 2013
$3,846,001
|
158,048,785
|
150,790,666
|
|
Accrued interest
receivable
|
948,422
|
932,105
|
|
Premises and
equipment
|
3,061,653
|
2,929,520
|
|
Cash surrender value
of life insurance
|
7,554,468
|
7,497,893
|
|
Other
assets
|
2,549,382
|
3,410,137
|
|
Total
Assets
|
$
|
272,260,407
|
$
|
268,557,617
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Non-interest bearing
deposits
|
19,792,708
|
18,196,448
|
|
Interest bearing
deposits
|
193,372,353
|
190,686,051
|
|
Borrowed
Funds
|
27,513,866
|
28,755,460
|
|
Accrued interest
payable and other liabilities
|
3,097,476
|
3,109,814
|
|
Total
Liabilities
|
243,776,403
|
240,747,773
|
|
|
|
|
Retained earnings –
substantially restricted
|
28,484,004
|
27,809,844
|
|
Total Liabilities and
Shareholders' Equity
|
$
|
272,260,407
|
$
|
268,557,617
|
|
|
CONSOLIDATED
STATEMENTS OF INCOME
|
|
|
|
|
|
Three Months
Ended
|
|
|
March 31,
|
|
|
2014
|
2013
|
|
|
Total interest
income
|
$
|
2,627,946
|
$
|
2,467,508
|
|
|
Total interest
expense
|
|
313,707
|
|
373,199
|
|
|
Net interest income
|
$
|
2,314,239
|
$
|
2,094,309
|
|
|
Provision for loan
losses
|
|
225,000
|
|
300,000
|
|
|
Net interest
income after provision for loan losses
|
$
|
2,089,239
|
$
|
1,794,309
|
|
|
Service charges on deposit accounts
|
|
116,845
|
|
122,640
|
|
|
|
|
|
Net loss on sale of
securities
|
(7,211)
|
(618)
|
|
|
|
Net gain on sale of loans
|
437,334
|
179,194
|
|
|
|
Net gain on sale of repossessed assets
|
21,690
|
18,346
|
|
|
|
Brokerage fees
|
123,180
|
114,297
|
|
|
|
Increase in cash surrender value of life
insurance
|
56,575
|
61,513
|
|
|
|
Other income
|
170,980
|
165,184
|
|
|
|
Total noninterest
income
|
$
|
919,393
|
$
|
660,556
|
|
|
Salaries and employee benefits
|
|
927,244
|
|
885,154
|
|
|
|
|
|
Occupancy
|
294,625
|
274,347
|
|
|
|
Data processing
|
201,003
|
196,378
|
|
|
|
Deposit insurance premiums
|
60,000
|
60,000
|
|
|
|
Professional fees
|
103,166
|
70,474
|
|
|
|
Correspondent bank charges
|
28,931
|
29,771
|
|
|
|
Other expense
|
202,770
|
213,045
|
|
|
|
Total noninterest
expenses
|
$
|
1,817,739
|
$
|
1,729,169
|
|
|
Income before
income tax expenses
|
$
|
1,190,893
|
$
|
725,696
|
|
|
Income tax
expense
|
|
350,751
|
|
178,568
|
|
|
Net Income
|
$
|
840,142
|
$
|
547,128
|
|
|
|
|
NORTHEAST INDIANA
BANCORP
CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
|
|
|
Three Months
Ended
March 31,
|
|
2014
|
2013
|
|
Basic Earnings per
common share
|
0.69
|
0.44
|
|
Dilutive Earnings per
share
|
0.69
|
0.44
|
|
Net interest
margin
|
3.63%
|
3.36%
|
|
Return on average
assets
|
1.24%
|
0.82%
|
|
Return on average
equity
|
11.91%
|
7.79%
|
|
Efficiency
ratio
|
56.21%
|
62.77%
|
|
Average shares
outstanding- primary
|
1,223,509
|
1,235,720
|
|
Average shares
outstanding- diluted
|
1,224,127
|
1,235,978
|
|
Allowance for loan
losses:
|
|
|
|
Balance
at beginning of period
|
$
|
3,355,534
|
$
|
3,846,021
|
|
Charge-offs:
|
|
|
|
One-to-four
family
|
17,547
|
11,346
|
|
Commercial real
estate
|
-
|
-
|
|
Land/land
development
|
-
|
-
|
|
Commercial
|
-
|
-
|
|
Consumer
|
56,900
|
80,104
|
|
Gross charge-offs
|
74,447
|
91,450
|
|
Recoveries:
|
|
|
|
One-to-four
family
|
1,576
|
1,474
|
|
Commercial real
estate
|
-
|
72,249
|
|
Land/land
development
|
-
|
-
|
|
Commercial
|
-
|
25,025
|
|
Consumer
|
15,104
|
26,214
|
|
Gross recoveries
|
16,680
|
124,962
|
|
Net
charge-offs / (recoveries)
|
57,767
|
(33,512)
|
|
Additions charged to operations
|
225,000
|
300,000
|
|
Balance
at end of period
|
$
|
3,522,767
|
$
|
4,179,533
|
|
|
|
|
Net loan
charge-offs / (recoveries) to average loans (1)
|
0.14%
|
(0.09%)
|
|
|
|
|
Nonperforming assets
(000's)
|
At March
31,
|
At December
31,
|
|
Loans:
|
2014
|
2013
|
|
Non-accrual
|
|
$
|
4,742
|
|
$
|
5,443
|
|
Past 90 days or more
and still accruing
|
-
|
-
|
|
Troubled debt
restructured
|
1,334
|
1,398
|
|
Total nonperforming loans
|
6,076
|
6,841
|
|
Real
estate owned
|
256
|
508
|
|
Other
repossessed assets
|
-
|
20
|
|
Total nonperforming assets
|
|
$
|
6,332
|
|
$
|
7,369
|
|
|
|
Nonperforming assets to total assets
|
2.33%
|
2.74%
|
|
Nonperforming loans to total loans
|
3.76%
|
4.44%
|
|
Allowance for loan losses to nonperforming loans
|
57.98%
|
49.06%
|
|
Allowance for loan losses to net loans receivable
|
2.23%
|
2.23%
|
|
|
|
|
|
At March
31,
|
|
2014
|
2013
|
|
|
|
|
Stockholders' equity
as a % of total assets
|
10.46%
|
10.53%
|
|
Book value per
share
|
|
$
23.42
|
|
$
22.64
|
|
Common shares
outstanding- EOP
|
1,216,286
|
1,239,946
|
|
|
|
|
(1) Ratios for the
three-month periods are annualized.
|
|
|
|
SOURCE Northeast Indiana Bancorp, Inc.