HUNTINGTON, Ind., Oct. 16, 2014 /PRNewswire/ -- Northeast
Indiana Bancorp, Inc. (OTCQB: NIDB), the parent company of First
Federal Savings Bank, today announced net income increased
$130,000 or 21.3% to $739,000 ($0.61 per
diluted common share) for the Company's third quarter ended
September 30, 2014 compared to net
income of $609,000 ($0.49 per diluted common share) for the
third quarter ended September 30,
2013. The current three months earnings equates to an
annualized return on average assets (ROA) of 1.09% and a return on
average equity (ROE) of 10.02% compared to an annualized ROA of
0.91% and an ROE of 8.89% for the three months ended September 30, 2013.
Net income for the nine months ended September 30, 2014 increased $428,000 or 23.5% to $2.25
million ($1.86 per diluted
common share) compared to net income of $1.82 million ($1.48 per diluted common share) for the nine
months ended September 30,
2013. The current nine months earnings equates to an
annualized ROA of 1.11% and an ROE of 10.40% compared to an
annualized ROA of 0.91% and an annualized ROE of 8.70% for the nine
months ended September 30,2013.
Commenting on the financial results, First Federal Savings Bank
CEO Michael S. Zahn stated, "Our
earnings continue to remain strong as we move across 2014.
This is driven by net interest margin expansion, loan growth of
close to 10%, and our ability to be one of the top SBA lenders in
the State of Indiana. I congratulate our team on another
successful quarter."
Shareholder's equity was $29.6
million at September 30, 2014
compared to $27.8 million at
December 31, 2013. The book
value of NIDB's stock was $24.66 per
common share as of September 30,
2014. The number of outstanding common shares was 1,199,879
as of the same date. The last reported trade of the stock on
October 15, 2014 was $24.40 per common share. This is an
increase of $3.40 or 16.2% over the
last reported trade of the stock on December
31, 2013 of $21.00 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
|
September
30,
2014
|
December
31,
2013
|
|
Interest-earning cash
and cash equivalents
|
$
|
4,579,864
|
$
|
5,476,740
|
|
Noninterest earning
cash and cash equivalents
|
3,410,340
|
2,481,418
|
|
Total
cash and cash equivalents
|
7,990,204
|
7,958,158
|
|
Interest- earning
time deposits
|
7,375,702
|
7,135,000
|
|
Securities available
for sale
|
75,352,217
|
86,295,635
|
|
Securities held to
maturity
|
1,135,378
|
1,466,003
|
|
Loans held for
sale
|
38,500
|
142,500
|
|
Loans receivable, net
of allowance for loan loss September 30, 2014 $3,676,641 and
December 31, 2013 $3,355,534
|
165,516,860
|
150,790,666
|
|
Accrued interest
receivable
|
916,337
|
932,105
|
|
Premises and
equipment
|
3,051,368
|
2,929,520
|
|
Cash surrender value
of life insurance
|
7,666,118
|
7,497,893
|
|
Other
assets
|
2,225,916
|
3,410,137
|
|
Total
Assets
|
$
|
271,268,600
|
$
|
268,557,617
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Non-interest bearing
deposits
|
23,186,835
|
18,196,448
|
|
Interest bearing
deposits
|
187,566,725
|
190,686,051
|
|
Borrowed
Funds
|
28,135,887
|
28,755,460
|
|
Accrued interest
payable and other liabilities
|
2,785,571
|
3,109,814
|
|
Total
Liabilities
|
241,675,018
|
240,747,773
|
|
|
|
|
Retained earnings –
substantially restricted
|
29,593,582
|
27,809,844
|
|
Total Liabilities and
Shareholders' Equity
|
$
|
271,268,600
|
$
|
268,557,617
|
|
|
CONSOLIDATED
STATEMENTS OF INCOME
|
|
|
|
|
|
Three Months
Ended
|
Nine Months
Ended
|
|
September
30,
|
September
30,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Total interest
income
|
$
|
2,666,021
|
$
|
2,388,031
|
$
|
7,887,227
|
$
|
7,274,803
|
|
Total interest
expense
|
|
300,700
|
|
322,035
|
|
922,969
|
|
1,032,315
|
|
Net interest
income
|
$
|
2,365,321
|
$
|
2,065,996
|
$
|
6,964,258
|
$
|
6,242,488
|
|
Provision for loan
losses
|
|
100,000
|
|
200,000
|
|
475,000
|
|
800,000
|
|
Net interest
income after provision for loan losses
|
$
|
2,265,321
|
$
|
1,865,996
|
$
|
6,489,258
|
$
|
5,442,488
|
|
Service charges on
deposit accounts
|
|
141,646
|
|
135,229
|
|
382,904
|
|
382,551
|
|
Net gain (loss) on
sale of securities
|
|
(17,827)
|
|
-
|
|
(25,703)
|
|
36,360
|
|
Net gain on sale
of loans
|
177,858
|
189,774
|
846,097
|
739,033
|
|
Net gain (loss) on
sale of repossessed assets
|
1,325
|
(1,498)
|
4,719
|
15,050
|
|
Brokerage
fees
|
130,087
|
111,408
|
372,139
|
321,706
|
|
Increase in cash
surrender value of life insurance
|
56,075
|
59,138
|
168,225
|
177,413
|
|
Other
income
|
190,916
|
183,853
|
540,467
|
503,888
|
|
Total noninterest
income
|
$
|
680,080
|
$
|
677,904
|
$
|
2,288,848
|
$
|
2,176,001
|
|
Salaries and employee
benefits
|
|
992,587
|
|
894,069
|
|
2,931,887
|
|
2,650,837
|
|
Occupancy
|
283,039
|
262,252
|
856,410
|
805,297
|
|
Data
processing
|
221,347
|
205,239
|
622,414
|
595,704
|
|
Deposit insurance
premiums
|
47,000
|
60,000
|
152,000
|
180,000
|
|
Professional
fees
|
61,709
|
57,932
|
249,876
|
199,969
|
|
Correspondent bank
charges
|
31,439
|
30,656
|
92,581
|
90,426
|
|
Other
expense
|
264,122
|
213,733
|
726,632
|
649,572
|
|
Total noninterest
expenses
|
$
|
1,901,243
|
$
|
1,723,881
|
$
|
5,631,800
|
$
|
5,171,805
|
|
Income before income
tax expense
|
$
|
1,044,158
|
$
|
820,019
|
$
|
3,146,306
|
$
|
2,446,684
|
|
Income tax
expense
|
|
305,557
|
|
211,162
|
|
893,541
|
|
621,812
|
|
Net Income
|
$
|
738,601
|
$
|
608,857
|
$
|
2,252,765
|
$
|
1,824,872
|
|
|
|
|
|
Three Months
Ended
September 30,
|
Nine Months
Ended
September 30,
|
|
2014
|
2013
|
2014
|
2013
|
|
Basic Earnings per
common share
|
0.61
|
0.49
|
1.86
|
1.48
|
|
Dilutive Earnings per
share
|
0.61
|
0.49
|
1.86
|
1.48
|
|
Net interest
margin
|
3.71%
|
3.30%
|
3.64%
|
3.32%
|
|
Return on average
assets
|
1.09%
|
0.91%
|
1.11%
|
0.91%
|
|
Return on average
equity
|
10.02%
|
8.89%
|
10.40%
|
8.70%
|
|
Efficiency
ratio
|
62.43%
|
62.83%
|
60.86%
|
61.43%
|
|
Average shares
outstanding- primary
|
1,201,453
|
1,231,452
|
1,210,600
|
1,234,453
|
|
Average shares
outstanding- diluted
|
1,201,453
|
1,231,452
|
1,210,807
|
1,234,704
|
|
Allowance for loan
losses:
|
|
|
|
|
|
Balance
at beginning of period
|
$
|
3,557,475
|
$
|
3,718,475
|
$
|
3,355,534
|
$
|
3,846,021
|
|
Charge-offs:
|
|
|
|
|
|
One-to-four
family
|
-
|
46,253
|
26,908
|
75,186
|
|
Commercial real
estate
|
-
|
-
|
-
|
8,483
|
|
Land/land
development
|
-
|
-
|
-
|
145,000
|
|
Commercial
|
-
|
-
|
75,000
|
637,391
|
|
Consumer
|
40,728
|
43,982
|
146,864
|
140,638
|
|
Gross charge-offs
|
40,728
|
90,235
|
248,771
|
1,006,698
|
|
Recoveries:
|
|
|
|
|
|
One-to-four
family
|
660
|
1,672
|
2,878
|
4,987
|
|
Commercial real
estate
|
-
|
-
|
-
|
72,801
|
|
Land/land
development
|
-
|
-
|
-
|
30,000
|
|
Commercial
|
-
|
-
|
-
|
25,847
|
|
Consumer
|
59,075
|
17,348
|
92,001
|
74,301
|
|
Gross recoveries
|
59,735
|
19,020
|
94,878
|
207,937
|
|
Net
charge-offs
|
(19,007)
|
71,215
|
153,893
|
798,761
|
|
Additions charged to operations
|
100,000
|
200,000
|
475,000
|
800,000
|
|
Balance
at end of period
|
$
|
3,676,641
|
$
|
3,847,260
|
$
|
3,676,641
|
$
|
3,847,260
|
|
|
|
|
|
|
Net loan
charge-offs/(recoveries) to average loans
(1)
|
(0.01%)
|
0.19%
|
0.13%
|
0.70%
|
|
|
|
|
|
|
Nonperforming assets
(000's)
|
At September
30,
|
At June
30,
|
At March 31,
|
At December
31,
|
|
Loans:
|
2014
|
2014
|
2014
|
2013
|
|
Non-accrual
|
$
|
5,210
|
$
|
5,109
|
$
|
4,742
|
$
|
5,443
|
|
Past 90 days or more
and still accruing
|
-
|
-
|
-
|
-
|
|
Troubled debt
restructured
|
1,814
|
1,407
|
1,334
|
1,398
|
|
Total nonperforming loans
|
7,024
|
6,516
|
6,076
|
6,841
|
|
Real
estate owned
|
101
|
106
|
256
|
508
|
|
Other
repossessed assets
|
4
|
-
|
-
|
20
|
|
Total nonperforming assets
|
$
|
7,129
|
$
|
6,622
|
$
|
6,332
|
$
|
7,369
|
|
|
|
|
Nonperforming assets to total assets
|
2.63%
|
|
2.44%
|
2.33%
|
2.74%
|
|
Nonperforming loans to total loans
|
4.15%
|
|
3.99%
|
3.76%
|
4.44%
|
|
Allowance for loan losses to nonperforming loans
|
52.35%
|
|
54.60%
|
57.98%
|
49.06%
|
|
Allowance for loan losses to net loans receivable
|
2.22%
|
|
2.23%
|
2.23%
|
2.23%
|
|
|
|
|
|
|
|
|
|
|
At September
30,
|
|
|
2014
|
2013
|
|
|
|
|
|
|
|
|
Stockholders' equity
as a % of total assets
|
10.91%
|
10.33%
|
|
|
|
Book value per
share
|
$
|
24.66
|
$
|
22.42
|
|
|
|
Common shares
outstanding- EOP
|
1,199,879
|
1,231,946
|
|
|
|
|
|
|
|
|
(1) Ratios for the
three-month periods are annualized.
|
SOURCE Northeast Indiana Bancorp, Inc.