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Northeast Indiana Bancorp, Inc. Announces Quarterly Earnings

Company Release - 4/13/2020 11:20 AM ET

HUNTINGTON, Ind., April 13, 2020 /PRNewswire/ -- Northeast Indiana Bancorp, Inc., (OTCQB:  NIDB), the parent company of First Federal Savings Bank, has announced net income of $1.03 million ($0.86 per diluted common share) for the first quarter ended March 31, 2020.  This earnings level was relatively unchanged when compared to earnings from the quarter ended March 31, 2019 of $1.06 million ($0.88 per diluted common share).  The current three months earnings equate to an annualized return on average assets (ROA) of 1.16% and a return on average equity (ROE) of 9.86% compared to an ROA of 1.24% and an ROE of 11.20% for the prior year quarter ended March 31, 2019.       

(PRNewsfoto/Northeast Indiana Bancorp, Inc.)

Total loans decreased $1.8 million to $251.6 million at March 31, 2020 compared to total loans of $253.4 million at December 31, 2019.  Total deposits increased $7.6 million or 3.0% to $259.9 million at March 31, 2020 compared to $252.3 million at December 31, 2019.    

Shareholders' equity increased $1.6 million to $42.9 million at March 31, 2020 compared to $41.3 million at December 31, 2019.  The book value of NIDB stock increased $1.18 to $35.43 per common share as of March 31, 2020 compared to $34.25 at December 31, 2019.  The number of outstanding common shares was 1,210,327.  The last reported trade of the stock on April 10, 2020 was $28.45 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,

                 2020

December  31,
2019

Interest-earning cash and cash equivalents

$

12,017,428

$

8,352,340

Noninterest earning cash and cash equivalents

2,768,423

2,863,471

   Total cash and cash equivalents

14,785,851

11,215,811

Interest-earning time deposits

3,681,000

3,681,000

Securities available for sale

66,048,666

65,001,858

Securities held to maturity

932,773

1,044,197

Loans held for sale

1,992,100

134,000

Loans receivable, net of allowance for loan loss March 31, 2020$3,443,587 and December 31, 2019
$3,191,605

 

251,647,689

 

253,461,826

Accrued interest receivable

1,214,895

1,242,788

Premises and equipment

4,985,154

4,971,271

Investments in limited liability partnerships

2,053,334

2,128,334

Cash surrender value of life insurance

8,896,543

8,839,193

Other assets

1,612,689

2,203,348

    Total Assets

$

357,850,694

$

353,923,626

LIABILITIES AND STOCKHOLDERS' EQUITY



Non-interest bearing deposits

35,216,339

30,011,306

Interest bearing deposits

224,666,874

222,271,145

Borrowed Funds

52,152,674

57,237,450

Accrued interest payable and other liabilities

2,926,918

3,086,817

    Total Liabilities

314,962,805

312,606,718




Retained earnings – substantially restricted

42,887,889

41,316,908

    Total Liabilities and Shareholders' Equity

$

357,850,694

$

353,923,626


CONSOLIDATED STATEMENTS OF INCOME





Three Months Ended



March 31,



2020

2019


Total interest income

$

3,772,563

$

3,914,864


Total interest expense


944,368


1,052,696


   Net interest income

$

2,828,195

$

2,862,168


Provision for loan losses


220,000


75,000


  Net interest income after provision for loan losses

$

2,608,195

$

2,787,168


    Service charges on deposit accounts


186,039


172,056


    Interchange fees

146,906

131,184

    Net gain on sale of loans

277,171

144,919

    Net gain/(loss) on sale of repossessed assets

(18,186)

7,608

    Brokerage fees

56,760

63,347

    Increase in cash surrender value of life insurance

57,350

57,000

    Other income

144,388

171,015

Total noninterest income

$

850,428

$

747,129


    Salaries and employee benefits


1,296,191


1,286,328


    Occupancy

245,504

284,661

    Data processing

270,101

247,788

    Deposit insurance premiums

20,000

-

    Professional fees

64,436

110,077

    Advertising and marketing fees

55,603

83,385

    Correspondent bank charges

32,735

37,317

    Other expense

269,671

271,239

Total noninterest expenses

$

2,254,241

$

2,320,795


  Income before income tax expenses

$

1,204,382

$

1,213,502


Income tax expense


171,083


155,649


Net Income

$

1,033,299

$

1,057,853




Three Months Ended
March 31,



2020

2019


Basic Earnings per common share

0.86

0.88


Dilutive Earnings per share

0.86

0.88


Net interest margin

3.40%

3.58%


Return on average assets

1.16%

1.24%


Return on average equity

9.86%

11.20%


Efficiency ratio

61.28%

64.30%


Average shares outstanding- primary

1,201,805

1,195,904


Average shares outstanding- diluted

1,201,805

1,197,462


 

Allowance for loan losses:




   Balance at beginning of period

$

3,191,605

$

2,856,319


   Charge-offs:




      One-to-four family

17,952

-


      Commercial real estate

-

73,705


      Land/land development

-

-


      Commercial

-

25,000


      Consumer

33,443

64,494


         Gross charge-offs

51,395

163,199


   Recoveries:




      One-to-four family

903

920


      Commercial real estate

-

-


      Land/land development

-

-


      Commercial

54,000

-


      Consumer

28,473

54,179


         Gross recoveries

83,376

55,099


   Net charge-offs/(recoveries)

(31,981)

108,100


   Additions charged to operations

220,000

75,000


   Balance at end of period

$

3,443,586

$

2,823,219






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

(0.05%)

0.17%






Nonperforming assets (000's)

At March 31,

At December 31,


   Loans:

2020

2019


      Non-accrual


$

7,119


$

6,173


      Past 90 days or more and still accruing

-

-


      Troubled debt restructured

465

468


         Total nonperforming loans

7,584

6,641


   Real estate owned

59

262


   Other repossessed assets

-

-


         Total nonperforming assets


$

7,643


$

6,903





   Nonperforming assets to total assets

2.14%

1.95%


   Nonperforming loans to total loans

2.97%

2.59%


   Allowance for loan losses to nonperforming loans

45.41%

48.07%


   Allowance for loan losses to net loans receivable

1.37%

1.26%









                         At March 31,


2020

2019






Stockholders' equity as a % of total assets

11.81%

11.26%


Book value per share


$       35.43


$          32.09


Common shares outstanding- EOP

1,210,379

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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