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Northeast Indiana Bancorp, Inc. Announces Quarterly Earnings

Company Release - 4/10/2019 4:19 PM ET

HUNTINGTON, Ind., April 10, 2019 /PRNewswire/ -- 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.       

(PRNewsfoto/Northeast Indiana Bancorp, Inc.)

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 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.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.






 

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SOURCE Northeast Indiana Bancorp, Inc.

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