HUNTINGTON, Ind., April 10, 2018 /PRNewswire/ -- Northeast Indiana Bancorp, Inc., (OTCQB: NIDB), the parent company of First Federal Savings Bank, has announced net income of $1.1 million ($0.92 per diluted common share) for the first quarter ended March 31, 2018.  This was an increase of $273,000 or 32.8% when compared to net income of $830,000 ($0.69 per diluted common share) for the first quarter ended March 31, 2017.  The increase is primarily due to increased net interest income and noninterest income as well as lower federal income tax expense from tax reform that became effective at the start of 2018.  The current three months earnings equate to an annualized return on average assets (ROA) of 1.39% and a return on average equity (ROE) of 12.41% compared to an ROA of 1.10% and an ROE of 9.74% for the prior year quarter ended March 31, 2017.       

Total loans increased $2.4 million or 1.1% to $227.5 million at March 31, 2018 compared to total loans of $225.1 million at December 31, 2017.  Total deposits increased $13.8 million or 6.5% to $226.0 million at March 31, 2018 compared to $212.2 million at December 31, 2017.  Total nonperforming assets decreased $121,000 to $2.4 million at March 31, 2018 compared to $2.5 million at December 31, 2017. 

Shareholders' equity was relatively unchanged at $35.7 million at both March 31, 2018 and December 31, 2017.  The Company repurchased 8,552 shares during the quarter ended March 31, 2018 under a previously announced Share Repurchase Program that remained open from a prior reporting period.  The book value of NIDB stock was $29.56 per common share as of March 31, 2018.  The number of outstanding common shares was 1,206,327.  The last reported trade of the stock on April 9, 2018 was $34.50 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

March 31,

December 31,


2018

2017

Interest-earning cash and cash equivalents

$

8,276,546

$

3,954,186

Noninterest earning cash and cash equivalents

2,319,391

3,559,790

   Total cash and cash equivalents

10,595,937

7,513,976

Interest-earning time deposits

2,450,000

1,715,000

Securities available for sale

56,942,869

58,583,396

Securities held to maturity

1,556,044

1,728,199

Loans held for sale

329,375

1,064,300

Loans receivable, net of allowance for loan loss March 31, 2018 $2,757,515 and December 31, 2017 $2,746,523

227,507,470

225,132,535

Accrued interest receivable

1,160,589

1,246,930

Premises and equipment

4,093,825

4,148,328

Investments in limited liability partnerships

2,638,333

2,708,333

Cash surrender value of life insurance

8,439,318

8,382,193

Other assets

1,933,355

1,952,615

    Total Assets

$

317,647,115

$

314,175,805

LIABILITIES AND STOCKHOLDERS' EQUITY



Non-interest bearing deposits

28,906,811

25,242,627

Interest bearing deposits

197,089,958

186,916,030

Borrowed Funds

51,720,955

61,199,066

Accrued interest payable and other liabilities

4,270,770

5,098,911

    Total Liabilities

281,988,494

278,456,634




Retained earnings – substantially restricted

35,658,621

35,719,171

    Total Liabilities and Shareholders' Equity

$

317,647,115

$

314,175,805











CONSOLIDATED STATEMENTS OF INCOME







Three Months Ended






March 31,







2018


2017





Total interest income

$

3,334,734

$

2,934,994





Total interest expense


675,178


461,241





   Net interest income

$

2,659,556

$

2,473,753





Provision for loan losses


-


-





  Net interest income after provision for loan losses

$

2,659,556

$

2,473,753





    Service charges on deposit accounts


169,402


139,164





    Interchange fees


125,892


108,546





    Net loss on sale of securities


(4,947)


(7,716)





    Net gain on sale of loans


286,263


205,237





    Net loss on sale of repossessed assets


-


(7,798)





    Brokerage fees


56,950


65,703





    Increase in cash surrender value of life insurance


57,126


55,375





    Other income


122,583


144,366





Total noninterest income

$

813,269

$

702,877





    Salaries and employee benefits


1,168,092


1,113,486





    Occupancy


265,540


252,266





    Data processing


281,703


271,586





    Deposit insurance premiums


24,000


30,000





    Professional fees


75,633


55,423





    Advertising and marketing fees


52,849


47,393





    Correspondent bank charges


29,546


29,232





    Other expense


278,090


264,617





Total noninterest expenses

$

2,175,453

$

2,064,003





  Income before income tax expenses

$

1,297,372

$

1,112,627





Income tax expense


195,235


283,008





Net Income

$

1,102,137

$

829,619















NORTHEAST INDIANA BANCORP

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)







Three Months Ended






March 31,






2018

2017





Basic Earnings per common share

0.92

0.69





Dilutive Earnings per share

0.92

0.69





Net interest margin

3.59%

3.53%





Return on average assets

1.39%

1.10%





Return on average equity

12.41%

9.74%





Efficiency ratio

62.64%

64.97%





Average shares outstanding- primary

1,193,235

1,200,106





Average shares outstanding- diluted

1,194,792

1,200,206





 

Allowance for loan losses:







   Balance at beginning of period

$

2,746,523

$

3,144,092





   Charge-offs:







      One-to-four family

7,754

-





      Commercial real estate

-

-





      Land/land development

-

-





      Commercial

2,250

-





      Consumer

43,935

41,472





         Gross charge-offs

53,639

41,472





   Recoveries:







      One-to-four family

341

938





      Commercial real estate

5,518

-





      Land/land development

-

-





      Commercial

5,948

-





      Consumer

52,824

44,939





         Gross recoveries

64,631

45,877





   Net charge-offs/(recoveries)

(10,992)

(4,404)





   Additions charged to operations

-

-





   Balance at end of period

$

2,757,515

$

3,148,496












Net loan charge-offs to average loans (1)

(0.02%)

(0.01%)












Nonperforming assets (000's)

At March 31,

At December 31,





   Loans:

2018

2017





      Non-accrual

$

2,032

$

2,261





      Past 90 days or more and still accruing

-

-





      Troubled debt restructured

296

236





         Total nonperforming loans

2,328

2,497





   Real estate owned

48

-





   Other repossessed assets

-

-





         Total nonperforming assets

$

2,376

$

2,497












   Nonperforming assets to total assets

0.75%

0.79%





   Nonperforming loans to total loans

1.01%

1.10%





   Allowance for loan losses to nonperforming loans

118.47%

110.01%





   Allowance for loan losses to net loans receivable

1.21%

1.22%


























At March 31,





2018

2017












Stockholders' equity as a % of total assets

11.23%

11.34%





Book value per share

$

29.56

$

28.34





Common shares outstanding- EOP

1,206,327

1,214,879












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








 

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SOURCE Northeast Indiana Bancorp, Inc.


Source: Northeast Indiana Bancorp, Inc.