HUNTINGTON,
Ind., April 13, 2015
/PRNewswire/ -- Northeast Indiana Bancorp, Inc.,
(OTCQB: NIDB), the parent company of First
Federal Savings Bank, has announced that net income increased
$52,000 or 6% to $892,000 ($0.74 per
diluted common share) for the first quarter ended March 31, 2015 compared to net income of
$840,000 ($0.69 per diluted common share) for the first
quarter ended March 31, 2014.
The current three months earnings equate to an
annualized return on average assets (ROA) of 1.29% and a return on
average equity (ROE) of 11.59% compared to an ROA of 1.24% and an
ROE of 11.91% for the prior year quarter ended March 31, 2014.
Credit quality continued to improve as total
non-performing assets declined $2.0
million or 31.9% to $4.4
million at March 31, 2015
compared to $6.4 million at
December 31, 2014.
This sharp decrease in non-performing assets improved the
non-performing loan coverage ratio to 77.4% at the current quarter
end as compared to 54.4% at the prior quarter
end. This enabled the Company to take no
provision for loan losses during the three months ended
March 31, 2015.
Shareholders' equity increased to $31.1 million at March 31,
2015 compared to $30.4 million
at December 31,
2014. The book value of NIDB stock was
$25.94 per common share as of
March 31, 2015.
The number of outstanding common shares was
1,199,879. The last reported trade of the stock
on April 10, 2015 was $26.35 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,
2015
|
December 31,
2014
|
|
Interest-earning cash
and cash equivalents
|
$
|
8,807,853
|
$
|
5,969,837
|
|
Noninterest earning
cash and cash equivalents
|
6,115,167
|
5,015,780
|
|
Total cash and cash equivalents
|
14,923,020
|
10,985,617
|
|
Interest-earning time
deposits
|
8,849,764
|
8,355,733
|
|
Securities available
for sale
|
71,174,132
|
72,717,037
|
|
Securities held to
maturity
|
1,102,513
|
1,129,168
|
|
Loans held for
sale
|
-
|
125,000
|
|
Loans receivable, net
of allowance for loan loss
March 31, 2015 $3,262,423 and December 31, 2014
$3,402,355
|
167,573,413
|
168,728,783
|
|
Accrued interest
receivable
|
984,764
|
933,935
|
|
Premises and
equipment
|
2,949,008
|
2,998,086
|
|
Investments in
limited liability partnerships
|
46,519
|
34,291
|
|
Cash surrender value
of life insurance
|
7,777,193
|
7,722,193
|
|
Other
assets
|
2,059,352
|
2,419,981
|
|
Total
Assets
|
$
|
277,439,678
|
$
|
276,149,824
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Non-interest bearing
deposits
|
19,988,520
|
20,666,024
|
|
Interest bearing
deposits
|
196,325,228
|
192,496,447
|
|
Borrowed
Funds
|
27,053,743
|
29,911,662
|
|
Accrued interest
payable and other liabilities
|
2,945,148
|
2,663,897
|
|
Total
Liabilities
|
246,312,639
|
245,738,030
|
|
|
|
|
Retained earnings –
substantially restricted
|
31,127,039
|
30,411,794
|
|
Total Liabilities and
Shareholders' Equity
|
$
|
277,439,678
|
$
|
276,149,824
|
|
|
CONSOLIDATED STATEMENTS OF
INCOME
|
|
|
|
Three Months Ended
|
|
March 31,
|
|
2015
|
2014
|
|
Total interest income
|
$
|
2,676,119
|
$
|
2,627,946
|
|
Total interest expense
|
|
317,264
|
|
313,707
|
|
Net interest income
|
$
|
2,358,855
|
$
|
2,314,239
|
|
Provision for loan losses
|
|
-
|
|
225,000
|
|
Net interest
income after provision for loan losses
|
$
|
2,358,855
|
$
|
2,089,239
|
|
Service charges on deposit accounts
|
|
117,463
|
|
116,845
|
|
Net gain
(loss) on sale of securities
|
|
120,107
|
|
(7,211)
|
|
Net gain on sale of
loans
|
|
153,434
|
|
437,334
|
|
Net gain (loss) on sale
of repossessed assets
|
|
(2,415)
|
|
21,690
|
|
Brokerage
fees
|
|
134,067
|
|
123,180
|
|
Increase in cash
surrender value of life insurance
|
|
55,001
|
|
56,575
|
|
Other
income
|
|
211,126
|
|
170,980
|
|
Total noninterest income
|
$
|
788,783
|
$
|
919,393
|
|
Salaries and employee benefits
|
|
1,043,306
|
|
927,244
|
|
Occupancy
|
|
289,970
|
|
294,625
|
|
Data processing
|
|
216,497
|
|
201,003
|
|
Deposit insurance premiums
|
|
36,000
|
|
60,000
|
|
Professional fees
|
|
82,644
|
|
103,166
|
|
Correspondent bank charges
|
|
33,089
|
|
28,931
|
|
Other expense
|
|
247,172
|
|
202,770
|
|
Total noninterest expenses
|
$
|
1,948,678
|
$
|
1,817,739
|
|
Income before
income tax expenses
|
$
|
1,198,960
|
$
|
1,190,893
|
|
Income tax expense
|
|
307,055
|
|
350,751
|
|
Net Income
|
$
|
891,905
|
$
|
840,142
|
|
|
|
|
|
|
NORTHEAST INDIANA
BANCORP
CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
|
|
Three Months
Ended
March 31,
|
|
2015
|
2014
|
|
Basic Earnings per
common share
|
0.74
|
0.69
|
|
Dilutive Earnings per
share
|
0.74
|
0.69
|
|
Net interest
margin
|
3.64%
|
3.63%
|
|
Return on average
assets
|
1.29%
|
1.24%
|
|
Return on average
equity
|
11.59%
|
11.91%
|
|
Efficiency
ratio
|
61.91%
|
56.21%
|
|
Average shares
outstanding- primary
|
1,198,073
|
1,223,509
|
|
Average shares
outstanding- diluted
|
1,198,895
|
1,224,127
|
|
|
|
|
Allowance for loan
losses:
|
|
|
|
Balance at beginning of period
|
$
|
3,402,355
|
$
|
3,355,534
|
|
Charge-offs:
|
|
|
|
One-to-four
family
|
6,960
|
17,547
|
|
Commercial real
estate
|
146,134
|
-
|
|
Land/land
development
|
-
|
-
|
|
Commercial
|
-
|
-
|
|
Consumer
|
30,980
|
56,900
|
|
Gross
charge-offs
|
184,074
|
74,447
|
|
Recoveries:
|
|
|
|
One-to-four family
|
1,652
|
1,576
|
|
Commercial real estate
|
-
|
-
|
|
Land/land development
|
-
|
-
|
|
Commercial
|
1,703
|
-
|
|
Consumer
|
40,787
|
15,104
|
|
Gross
recoveries
|
44,142
|
16,680
|
|
Net
charge-offs
|
139,932
|
57,767
|
|
Additions charged to
operations
|
-
|
225,000
|
|
Balance at end of
period
|
$
|
3,262,423
|
$
|
3,522,767
|
|
|
|
|
Net loan charge-offs
to average loans (1)
|
0.32%
|
0.14%
|
|
|
|
|
Nonperforming assets
(000's)
|
At March
31,
|
At December
31,
|
|
Loans:
|
2015
|
2014
|
|
Non-accrual
|
$
|
3,338
|
$
|
4,396
|
|
Past 90 days or more
and still accruing
|
-
|
-
|
|
Troubled debt
restructured
|
878
|
1,862
|
|
Total
nonperforming loans
|
4,216
|
6,258
|
|
Real estate owned
|
138
|
131
|
|
Other repossessed assets
|
-
|
3
|
|
Total
nonperforming assets
|
$
|
4,354
|
$
|
6,392
|
|
|
|
|
|
Nonperforming assets
to total assets
|
1.57%
|
2.31%
|
|
Nonperforming loans
to total loans
|
2.47%
|
3.64%
|
|
Allowance for loan
losses to nonperforming loans
|
77.37%
|
54.36%
|
|
Allowance for loan
losses to net loans receivable
|
1.95%
|
2.02%
|
|
|
|
|
|
|
|
|
|
|
|
At March
31,
|
|
2015
|
2014
|
|
|
|
|
Stockholders' equity
as a % of total assets
|
11.22%
|
10.46%
|
|
Book value per
share
|
$
|
25.94
|
$
|
23.42
|
|
Common shares
outstanding- EOP
|
1,199,879
|
1,216,286
|
|
|
|
|
(1) Ratios for the
three-month periods are annualized.
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/northeast-indiana-bancorp-inc-announces-increase-in-first-quarter-earnings-300064853.html
SOURCE Northeast Indiana Bancorp, Inc.