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Northeast Indiana Bancorp, Inc. Announces Increase In Year To Date And Second Quarter Earnings

Company Release - 7/17/2019 10:17 AM ET

HUNTINGTON, Ind., July 17, 2019 /PRNewswire/ -- Northeast Indiana Bancorp, Inc. (OTCQB:  NIDB), the parent company of First Federal Savings Bank, today announced net income for the six months ended June 30, 2019 increased by $49,000 to $2.18 million ($1.82 per diluted common share) when compared to net income of $2.13 million ($1.78 per diluted common share) for the six months ended June 30, 2018.  The current six months earnings equate to an annualized ROA of 1.25% and a ROE of 11.32% compared to an annualized ROA of 1.33% and an annualized ROE of 11.91% for the six months ended June 30, 2018.   

Northeast_Indiana_Bancorp_Logo

Net income also increased by $93,000 or 9.1% to $1.12 million ($0.94 per diluted common share) for the Company's second quarter ended June 30, 2019 when compared to net income of $1.03 million ($0.86 per diluted common share) for the second quarter ended June 30, 2018.  The current three months earnings equate to an annualized return on average assets (ROA) of 1.26% and a return on average equity (ROE) of 11.45% compared to an annualized ROA of 1.27% and a ROE of 11.42% for the three months ended June 30, 2018. 

Total Assets increased $24.5 million or 7.3% (14.6% annualized) to $358.7 million at June 30, 2019 compared to $334.2 million at December 31, 2018.  Net loans increased $13.7 million or 5.7% to $253.8 million at June 30, 2019 compared to $240.1 million at December 31, 2018.  Total deposits increased $12.4 million or 5.3% to $245.8 million at June 30, 2019 compared to $233.4 million at December 31, 2018.  Shareholder's equity increased $2.9 million or 7.7% to $40.2 million at June 30, 2019 compared to $37.3 million at December 31, 2018.  The book value of NIDB's stock was $33.34 per common share as of June 30, 2019.  The number of outstanding common shares was 1,206,327 as of the same date.  The last reported trade of the stock on July 16, 2019 was $36.50 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

 

June 30,

2019

December  31,
2018




Interest-earning cash and cash equivalents

$

13,782,465

$

3,605,610

Noninterest earning cash and cash equivalents

2,480,749

2,685,698

   Total cash and cash equivalents

16,263,214

6,291,308

Interest-earning time deposits

3,436,000

3,436,000

Securities available for sale

65,322,385

63,898,265

Securities held to maturity

1,117,025

1,233,843

Loans held for sale

561,700

453,100

Loans receivable, net of allowance for loan loss June 30, 2019 $2,984,907 and December 31, 2018 $2,856,319

 

253,770,737

 

240,075,827

Accrued interest receivable

1,334,313

1,314,404

Premises and equipment

3,930,665

3,988,192

Investments in limited liability partnerships

2,278,334

2,428,334

Cash surrender value of life insurance

8,726,193

8,613,693

Other assets

1,920,121

2,477,748

    Total Assets

$

358,660,687

$

334,210,714

LIABILITIES AND STOCKHOLDERS' EQUITY



Non-interest bearing deposits

29,516,062

26,751,611

Interest bearing deposits

216,299,200

206,618,957

Borrowed Funds

68,877,495

59,763,974

Accrued interest payable and other liabilities

3,743,556

3,735,912

    Total Liabilities

318,436,313

296,870,454




Retained earnings – substantially restricted

40,224,374

37,340,260

    Total Liabilities and Shareholder's Equity

$

358,660,687

$

334,210,714


 

 

CONSOLIDATED STATEMENTS OF INCOME





Three Months Ended

Six Months Ended


June 30,

June 30,


2019

2018

2019

2018

Total interest income

$

4,094,696

$

3,485,131

$

8,009,553

$

6,819,863

Total interest expense


1,158,262


759,055


2,210,956


1,434,230

   Net interest income

$

2,936,434

$

2,726,076

$

5,798,597

$

5,385,633

Provision for loan losses


75,000


-


150,000


-

  Net interest income after provision for loan losses

$

2,861,434

$

2,726,076

$

5,648,597

$

5,385,633

    Service charges on deposit accounts


176,845


151,642


348,902


321,045

    Interchange Fees

151,683

136,053

282,867

261,945

    Net gain (loss) on sale of securities

98,036

-

98,036

(4,947)

    Net gain on sale of loans

117,351

120,806

262,269

407,068

    Net gain on sale of repossessed assets

-

149

7,608

149

    Brokerage fees

59,708

62,294

123,055

119,243

    Increase in cash surrender value of life insurance

55,500

56,626

112,500

113,750

    Other income

111,545

128,049

282,561

250,629

Total noninterest income

$

770,668

$

655,619

$

1,517,798

$

1,468,882

    Salaries and employee benefits


1,311,045


1,210,197


2,597,374


2,378,287

    Occupancy

276,878

259,689

561,538

525,231

    Data processing

225,734

295,549

473,522

577,251

    Deposit insurance premiums

24,000

24,000

24,000

48,000

    Professional fees

123,483

66,261

233,559

141,895

    Correspondent bank charges

37,237

33,689

74,553

63,235

    Other expense

336,520

314,427

691,143

645,361

Total noninterest expenses

$

2,334,897

$

2,203,812

$

4,655,689

$

4,379,260

  Income before income tax expenses

$

1,297,205

$

1,177,883

$

2,510,706

$

2,475,255

Income tax expense


176,550


150,710


332,198


345,945

Net Income

$

1,120,655

$

1,027,173

$

2,178,508

$

2,129,310


 

 

NORTHEAST INDIANA BANCORP

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)








 

Three Months Ended

June 30,

Six Months Ended

June 30,


2019

2018

2019

2018

Basic Earnings per common share

0.94

0.86

1.82

1.78

Dilutive Earnings per share

0.94

0.86

1.82

1.78

Net interest margin

3.51%

3.62%

3.55%

3.60%

Return on average assets

1.26%

1.27%

1.25%

1.33%

Return on average equity

11.45%

11.42%

11.32%

11.91%

Efficiency ratio

62.98%

65.17%

63.63%

63.89%

Average shares outstanding - primary

1,197,327

1,194,027

1,196,619

1,193,633

Average shares outstanding - diluted

1,197,327

1,194,027

1,197,419

1,194,433




Allowance for loan losses:





   Balance at beginning of period

$

2,823,219

$

2,757,515

$

2,856,319

$

2,746,523

   Charge-offs:





      One-to-four family

-

3,147

-

10,601

      Commercial real estate

-

-

73,705

-

      Land/land development

-

-

-

-

      Commercial

-

-

25,000

2,250

      Consumer

20,915

49,044

85,409

92,979

         Gross charge-offs

20,915

52,191

184,114

105,830

   Recoveries:





      One-to-four family

803

349

1,724

690

      Commercial real estate

64,040

61,237

64,040

66,755

      Land/land development

-

-

-

-

      Commercial

22,068

1,480

22,068

7,428

      Consumer

20,692

40,095

74,870

92,919

         Gross recoveries

107,603

103,161

162,702

167,792

   Net charge-offs/(recoveries)

(86,688)

(50,970)

21,412

(61,962)

   Additions charged to operations

75,000

-

150,000

-

   Balance at end of period

$

2,984,907

$

2,808,485

$

2,984,907

$

2,808,485






   Net loan charge-offs/(recoveries) to average loans (1)

(0.13%)

(0.09%)

0.02%

(0.05%)






Nonperforming assets (000's)

At June 30,

At March 31,

At December 31,



   Loans:

2019

2019

2018



      Non-accrual

$

4,970

$

2,291

$

2,674


      Past 90 days or more and still accruing

-

-

-


      Troubled debt restructured

530

552

170


         Total nonperforming loans

5,500

2,843

2,844


   Real estate owned

-

-

33


   Other repossessed assets

-

-

-


         Total nonperforming assets

$

5,500

$

2,843

$

2,877





   Nonperforming assets to total assets

1.53%

0.83%

0.86%


   Nonperforming loans to total loans

2.14%

1.14%

1.17%


   Allowance for loan losses to nonperforming loans

54.27%

99.30%

100.42%


   Allowance for loan losses to net loans receivable

1.18%

1.15%

1.19%






                         At June 30,


2019

2018







Stockholders' equity as a % of total assets

11.22%

11.24%



Book value per share

$

33.34

$

30.13



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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