Northeast Indiana Bancorp, Inc. Announces Year To Date And Second Quarter Earnings - WTRF 7 News Sports Weather - Wheeling Steubenville

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

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SOURCE Northeast Indiana Bancorp, Inc.

HUNTINGTON, Ind., July 17, 2014 /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, 2014 increased $298,000 or 25% to $1.5 million ($1.24 per diluted common share) compared to net income of $1.2 million ($0.98 per diluted common share) for the six months ended June 30, 2013.  The current six months earnings equates to an annualized ROA of 1.12% and an ROE of 10.60% compared to an annualized ROA of 0.91 and an annualized ROE of 8.61% for the six months ended June 30, 2013.   

Net income of $674,000 ($0.56 per diluted common share) for the Company's second quarter ended June 30, 2014 compared to net income of $669,000 ($0.54 per diluted common share) for the second quarter ended June 30, 2013.  The current three months earnings equates to an annualized return on average assets (ROA) of 1.00% and a return on average equity (ROE) of 9.32% compared to an annualized ROA of 0.99% and an ROE of 9.41% for the three months ended June 30, 2013. 

Commenting on the financial results, First Federal Savings Bank CEO Michael S. Zahn stated, "I am very pleased with our continued strong earnings.  Margins continue to increase and asset quality is improving.  I'm also personally pleased that we've been able to increase loan balances $8.8 million or 5.8% (11.6% annualized) through the first six months of 2014 in a very tough and competitive lending environment.  The dedication of our staff has made all of this possible and has allowed us to be recognized as one of the top 200 community banks in the nation, determined by American Banker Magazine, for the 3rd year in a row."

Shareholder's equity was $29.2 million at June 30, 2014 compared to $27.8 million at December 31, 2013.  The book value of NIDB's stock was $24.19 per common share as of June 30, 2014.  The number of outstanding common shares was 1,205,279 as of the same date.  The last reported trade of the stock on July 16, 2014 was $22.80 per common share.  This is an increase of $1.80 or 8.6% over the last reported trade of the stock on December 31, 2013 of $21.00 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

June 30,

2014

December  31,

2013


Interest-earning cash and cash equivalents

$

6,838,379

$

5,476,740


Noninterest earning cash and cash equivalents

4,426,348

2,481,418


   Total cash and cash equivalents

11,264,727

7,958,158


Interest-earning time deposits

7,379,671

7,135,000


Securities available for sale

77,230,188

86,295,635


Securities held to maturity

1,430,556

1,466,003


Loans held for sale

422,600

142,500


Loans receivable, net of allowance for loan loss June 30, 2014 $3,557,634 and December 31, 2013 $3,355,534

 

159,594,810

 

150,790,666


Accrued interest receivable

949,059

932,105


Premises and equipment

3,043,832

2,929,520


Cash surrender value of life insurance

7,610,043

7,497,893


Other assets

2,462,597

3,410,137


    Total Assets

$

271,388,083

$

268,557,617


LIABILITIES AND STOCKHOLDERS' EQUITY




Non-interest bearing deposits

21,727,664

18,196,448


Interest bearing deposits

190,196,516

190,686,051


Borrowed Funds

27,849,515

28,755,460


Accrued interest payable and other liabilities

2,458,021

3,109,814


    Total Liabilities

242,231,716

240,747,773






Retained earnings – substantially restricted

29,156,367

27,809,844


    Total Liabilities and Shareholder's Equity

$

271,388,083

$

268,557,617




CONSOLIDATED STATEMENTS OF INCOME







Three Months Ended

Six Months Ended



June 30,

June 30,



2014

2013

2014

2013


Total interest income

$

2,593,256

$

2,419,264

$

5,221,203

$

4,886,773


Total interest expense


308,563


337,081


622,271


710,281


   Net interest income

$

2,284,693

$

2,082,183

$

4,598,932

$

4,176,492


Provision for loan losses


150,000


300,000


375,000


600,000


  Net interest income after provision for loan losses

$

2,134,693

$

1,782,183

$

4,223,932

$

3,576,492


    Service charges on deposit accounts


124,414


124,681


241,259


247,322


    Net gain (loss) on sale of securities

(666)

36,978

(7,876)

36,360


    Net gain on sale of loans

230,904

370,064

668,239

549,259


    Net gain (loss) on sale of repossessed assets

(18,296)

(1,798)

3,394

16,548


    Brokerage fees

118,873

96,001

242,052

210,298


    Increase in cash surrender value of life insurance

55,575

56,763

112,150

118,275


    Other income

178,573

154,851

349,553

320,037


Total noninterest income

$

689,377

$

837,540

$

1,608,771

$

1,498,099


    Salaries and employee benefits


1,012,063


871,614


1,939,307


1,756,770


    Occupancy

278,746

268,697

573,372

543,044


    Data processing

200,066

194,084

401,068

390,463


    Deposit insurance premiums

45,000

60,000

105,000

120,000


    Professional fees

85,002

71,564

188,167

142,037


    Correspondent bank charges

32,211

30,000

61,141

59,771


    Other expense

259,727

222,795

462,500

435,841


Total noninterest expenses

$

1,912,815

$

1,718,754

$

3,730,555

$

3,447,926


  Income before income tax expenses

$

911,255

$

900,969

$

2,102,148

$

1,626,665


Income tax expense


237,233


232,082


587,984


410,650


Net Income

$

674,022

$

668,887

$

1,514,164

$

1,216,015








NORTHEAST INDIANA BANCORP

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)



Three Months Ended

June 30,

Six Months Ended

June 30,



2014

2013

2014

2013


Basic Earnings per common share

0.56

0.54

1.24

0.98


Dilutive Earnings per share

0.56

0.54

1.24

0.98


Net interest margin

3.60%

3.31%

3.61%

3.34%


Return on average assets

1.00%

0.99%

1.12%

0.91%


Return on average equity

9.32%

9.41%

10.60%

8.61%


Efficiency ratio

64.32%

58.87%

60.10%

60.76%


Average shares outstanding - primary

1,209,604

1,236,235

1,216,518

1,235,584


Average shares outstanding - diluted

1,209,604

1,236,402

1,216,827

1,236,979






Allowance for loan losses:






   Balance at beginning of period

$

3,522,767

$

4,179,533

$

3,355,534

$

3,846,021






   Charge-offs:






      One-to-four family

9,361

17,587

26,908

28,933


      Commercial real estate

-

8,483

-

8,483


      Land/land development

-

145,000

-

145,000


      Commercial

75,000

637,391

75,000

637,391


      Consumer

49,236

16,552

106,136

96,656


         Gross charge-offs

133,597

825,013

208,044

916,463


   Recoveries:






      One-to-four family

642

1,841

2,218

3,315


      Commercial real estate

-

552

-

72,801


      Land/land development

-

30,000

-

30,000


      Commercial

-

822

-

25,847


      Consumer

17,822

30,740

32,926

56,954


         Gross recoveries

18,464

63,955

35,144

188,917


   Net charge-offs

115,133

761,058

172,900

727,546


   Additions charged to operations

150,000

300,000

375,000

600,000






   Balance at end of period

$

3,557,634

$

3,718,475

$

3,557,634

$

3,718,475
















   Net loan charge-offs to average loans (1)

0.28%

1.98%

0.22%

0.94%
















Nonperforming assets (000's)

At June 30,

At March 31,

At December 31,



   Loans:

2014

2014

2013



      Non-accrual

$

5,109

$

4,742

$

5,443



      Past 90 days or more and still accruing

-

-

-



      Troubled debt restructured

1,407

1,334

1,398



         Total nonperforming loans

6,516

6,076

6,841



   Real estate owned

106

256

508



   Other repossessed assets

-

-

20



         Total nonperforming assets

$

6,622

$

6,332

$

7,369







   Nonperforming assets to total assets

2.44%

2.33%

2.74%



   Nonperforming loans to total loans

3.99%

3.76%

4.44%



   Allowance for loan losses to nonperforming loans

54.60%

57.98%

49.06%



   Allowance for loan losses to net loans receivable

2.23%

2.23%

2.23%








At June 30,



2014

2013









Stockholders' equity as a % of total assets

10.74%

10.15%




Book value per share

$

24.19

$

22.25




Common shares outstanding- EOP

1,205,279

1,239,946




 

 

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






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