Northeast Indiana Bancorp, Inc. Announces Quarterly Earnings – Wire Real Estate

Northeast Indiana Bancorp, Inc. Announces Quarterly Earnings




Apr 13, 2019

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HUNTINGTON, Ind.— Northeast Indiana Bancorp, Inc., (OTCQB:   NIDB), the parent company of First Federal Savings Bank, has announced net income of $1.1 million ($0.88 per diluted common share) for the first quarter ended March 31, 2019.  This earnings level was relatively unchanged when compared to earnings from the quarter ended March 31, 2018 of $1.1 million ($0.92 per diluted common share).  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 11.20% compared to an ROA of 1.39% and an ROE of 12.41% for the prior year quarter ended March 31, 2018.       

Total loans increased $5.7 million or 2.4% to $245.8 million at March 31, 2019 compared to total loans of $240.1 million at December 31, 2018.  Total deposits increased $12.3 million or 5.3% to $245.7 million at March 31, 2019 compared to $233.4 million at December 31, 2018.    

Shareholders’ equity increased $1.4 million to $38.7 million at March 31, 2019 compared to $37.3 million at December 31, 2018.  The book value of NIDB stock was $32.09 per common share as of March 31, 2019.  The number of outstanding common shares was 1,206,327.  The last reported trade of the stock on April 9, 2019 was $36.11 per common share.

Northeast Indiana Bancorp, Inc. is headquartered at 648 N. Jefferson StreetHuntington, 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.bank.

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,

                 2019

December  31, 
2018

 

Interest-earning cash and cash equivalents

$

7,573,424

$

3,605,610

 

Noninterest earning cash and cash equivalents

2,922,989

2,685,698

 

   Total cash and cash equivalents

10,496,413

6,291,308

 

Interest-earning time deposits

3,436,000

3,436,000

 

Securities available for sale

64,396,094

63,898,265

 

Securities held to maturity

1,117,429

1,233,843

 

Loans held for sale

143,000

453,100

 

Loans receivable, net of allowance for loan loss March 31, 2019 $2,823,219 and December 31, 2018 $2,856,319

 

245,801,657

 

240,075,827

 

Accrued interest receivable

1,377,394

1,314,404

 

Premises and equipment

3,986,724

3,988,192

 

Investments in limited liability partnerships

2,353,334

2,428,334

 

Cash surrender value of life insurance

8,670,693

8,613,693

 

Other assets

2,042,431

2,477,748

 

    Total Assets

$

343,821,169

$

334,210,714

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

     

Non-interest bearing deposits

28,949,874

26,751,611

 

Interest bearing deposits

216,716,704

206,618,957

 

Borrowed Funds

55,780,504

59,763,974

 

Accrued interest payable and other liabilities

3,658,158

3,735,912

 

    Total Liabilities

305,105,240

296,870,454

 
       

Retained earnings – substantially restricted

38,715,929

37,340,260

 

    Total Liabilities and Shareholders’ Equity

$

343,821,169

$

334,210,714

 
   

CONSOLIDATED STATEMENTS OF INCOME

 
       
 

                     Three Months Ended

   
 

                       March 31,

   
 

2019

2018

     

Total interest income

$

3,914,864

$

3,334,734

         

Total interest expense

 

1,052,696

 

675,178

         

   Net interest income

$

2,862,168

$

2,659,556

         

Provision for loan losses

 

75,000

 

         

  Net interest income after provision for loan losses

$

2,787,168

$

2,659,556

         

    Service charges on deposit accounts

 

172,056

 

169,402

         

    Interchange fees

131,184

125,892

     

    Net loss on sale of securities

(4,947)

     

    Net gain on sale of loans

144,919

286,263

     

    Net gain on sale of repossessed assets

7,608

     

    Brokerage fees

63,347

56,950

     

    Increase in cash surrender value of life insurance

57,000

57,126

     

    Other income

171,015

122,583

     

Total noninterest income

$

747,129

$

813,269

         

    Salaries and employee benefits

 

1,286,328

 

1,168,092

         

    Occupancy

284,661

265,540

     

    Data processing

247,788

281,703

     

    Deposit insurance premiums

24,000

     

    Professional fees

110,077

75,633

     

    Advertising and marketing fees

83,385

52,849

     

    Correspondent bank charges

37,317

29,546

     

    Other expense

271,239

278,090

     

Total noninterest expenses

$

2,320,795

$

2,175,453

         

  Income before income tax expenses

$

1,213,502

$

1,297,372

         

Income tax expense

 

155,649

 

195,235

         

Net Income

$

1,057,853

$

1,102,137

         
         
       
 

 

                               Three Months Ended

                                           March 31,

   
 

2019

2018

     

Basic Earnings per common share

0.88

0.92

     

Dilutive Earnings per share

0.88

0.92

     

Net interest margin

3.58%

3.59%

     

Return on average assets

1.24%

1.39%

     

Return on average equity

11.20%

12.41%

     

Efficiency ratio

64.30%

62.64%

     

Average shares outstanding- primary

1,195,904

1,193,235

     

Average shares outstanding- diluted

1,197,462

1,194,792

     

 

Allowance for loan losses:

         

   Balance at beginning of period

$

2,856,319

$

2,746,523

                 

   Charge-offs:

         

      One-to-four family

7,754

     

      Commercial real estate

73,705

     

      Land/land development

     

      Commercial

25,000

2,250

     

      Consumer

64,494

43,935

     

         Gross charge-offs

163,199

53,639

     

   Recoveries:

         

      One-to-four family

920

341

     

      Commercial real estate

5,518

     

      Land/land development

     

      Commercial

5,948

     

      Consumer

54,179

52,824

     

         Gross recoveries

55,099

64,631

     

   Net charge-offs/(recoveries)

108,100

(10,992)

     

   Additions charged to operations

75,000

     

   Balance at end of period

$

2,823,219

$

2,757,515

                 
                   

Net loan charge-offs to average loans (1)

0.17%

(0.02%)

             
                   

Nonperforming assets (000’s)

At March 31,

At December 31,

   

   Loans:

2019

2018

   

      Non-accrual

 

$

2,291

 

$

2,674

       

      Past 90 days or more and still accruing

     

      Troubled debt restructured

552

170

     

         Total nonperforming loans

2,843

2,844

     

   Real estate owned

33

     

   Other repossessed assets

     

         Total nonperforming assets

 

$

2,843

 

$

2,877

       
       

   Nonperforming assets to total assets

0.83%

0.86%

     

   Nonperforming loans to total loans

1.14%

1.17%

     

   Allowance for loan losses to nonperforming loans

99.30%

100.42%

     

   Allowance for loan losses to net loans receivable

1.15%

1.19%

     
       
       
 

                         At March 31,

   

2019

2018

     
           

Stockholders’ equity as a % of total assets

11.26%

11.23%

     

Book value per share

 

$       32.09

 

$          29.56

     

Common shares outstanding- EOP

1,206,327

1,206,327

     
           

(1) Ratios for the three-month periods are annualized.

         

See Website: http://www.firstfedindiana.bank
Contact Information:
Northeast Indiana Bancorp, Inc.

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