HUNTINGTON, Ind., April 13, 2015 /PRNewswire/ – Northeast Indiana Bancorp, Inc., (OTCQB: NIDB), the parent company of First Federal Savings Bank, has announced that net income increased $ 52,000 or 6% to $ 892,000 ($ 0.74 per diluted common share) for the first quarter ended March 31, 2015 compared to net income of $ 840,000 ($ 0.69 per diluted common share) for the first quarter ended March 31, 2014. The current three months earnings equate to an annualized return on average assets (ROA) of 1.29% and a return on average equity (ROE) of 11.59% compared to an ROA of 1.24% and an ROE of 11.91% for the prior year quarter ended March 31, 2014.
Credit quality continued to improve as total non-performing assets declined $ 2.0 million or 31.9% to $ 4.4 million at March 31, 2015 compared to $ 6.4 million at December 31, 2014. This sharp decrease in non-performing assets improved the non-performing loan coverage ratio to 77.4% at the current quarter end as compared to 54.4% at the prior quarter end. This enabled the Company to take no provision for loan losses during the three months ended March 31, 2015.
Shareholders’ equity increased to $ 31.1 million at March 31, 2015 compared to $ 30.4 million at December 31, 2014. The book value of NIDB stock was $ 25.94 per common share as of March 31, 2015. The number of outstanding common shares was 1,199,879. The last reported trade of the stock on April 10, 2015 was $ 26.35 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
March 31,
2015
December 31,
2014
Interest-earning cash and cash equivalents
$
8,807,853
$
5,969,837
Noninterest earning cash and cash equivalents
6,115,167
5,015,780
Total cash and cash equivalents
14,923,020
10,985,617
Interest-earning time deposits
8,849,764
8,355,733
Securities available for sale
71,174,132
72,717,037
Securities held to maturity
1,102,513
1,129,168
Loans held for sale
-
125,000
Loans receivable, net of allowance for loan loss
March 31, 2015 $ 3,262,423 and December 31, 2014 $ 3,402,355
167,573,413
168,728,783
Accrued interest receivable
984,764
933,935
Premises and equipment
2,949,008
2,998,086
Investments in limited liability partnerships
46,519
34,291
Cash surrender value of life insurance
7,777,193
7,722,193
Other assets
2,059,352
2,419,981
Total Assets
$
277,439,678
$
276,149,824
LIABILITIES AND STOCKHOLDERS’ EQUITY
Non-interest bearing deposits
19,988,520
20,666,024
Interest bearing deposits
196,325,228
192,496,447
Borrowed Funds
27,053,743
29,911,662
Accrued interest payable and other liabilities
2,945,148
2,663,897
Total Liabilities
246,312,639
245,738,030
Retained earnings – substantially restricted
31,127,039
30,411,794
Total Liabilities and Shareholders’ Equity
$
277,439,678
$
276,149,824
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
March 31,
2015
2014
Total interest income
$
2,676,119
$
2,627,946
Total interest expense
317,264
313,707
Net interest income
$
2,358,855
$
2,314,239
Provision for loan losses
-
225,000
Net interest income after provision for loan losses
$
2,358,855
$
2,089,239
Service charges on deposit accounts
117,463
116,845
Net gain (loss) on sale of securities
120,107
(7,211)
Net gain on sale of loans
153,434
437,334
Net gain (loss) on sale of repossessed assets
(2,415)
21,690
Brokerage fees
134,067
123,180
Increase in cash surrender value of life insurance
55,001
56,575
Other income
211,126
170,980
Total noninterest income
$
788,783
$
919,393
Salaries and employee benefits
1,043,306
927,244
Occupancy
289,970
294,625
Data processing
216,497
201,003
Deposit insurance premiums
36,000
60,000
Professional fees
82,644
103,166
Correspondent bank charges
33,089
28,931
Other expense
247,172
202,770
Total noninterest expenses
$
1,948,678
$
1,817,739
Income before income tax expenses
$
1,198,960
$
1,190,893
Income tax expense
307,055
350,751
Net Income
$
891,905
$
840,142
NORTHEAST INDIANA BANCORP
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Three Months Ended
March 31,
2015
2014
Basic Earnings per common share
0.74
0.69
Dilutive Earnings per share
0.74
0.69
Net interest margin
3.64%
3.63%
Return on average assets
1.29%
1.24%
Return on average equity
11.59%
11.91%
Efficiency ratio
61.91%
56.21%
Average shares outstanding- primary
1,198,073
1,223,509
Average shares outstanding- diluted
1,198,895
1,224,127
Allowance for loan losses:
Balance at beginning of period
$
3,402,355
$
3,355,534
Charge-offs:
One-to-four family
6,960
17,547
Commercial real estate
146,134
-
Land/land development
-
-
Commercial
-
-
Consumer
30,980
56,900
Gross charge-offs
184,074
74,447
Recoveries:
One-to-four family
1,652
1,576
Commercial real estate
-
-
Land/land development
-
-
Commercial
1,703
-
Consumer
40,787
15,104
Gross recoveries
44,142
16,680
Net charge-offs
139,932
57,767
Additions charged to operations
-
225,000
Balance at end of period
$
3,262,423
$
3,522,767
Net loan charge-offs to average loans (1)
0.32%
0.14%
Nonperforming assets (000′s)
At March 31,
At December 31,
Loans:
2015
2014
Non-accrual
$
3,338
$
4,396
Past 90 days or more and still accruing
-
-
Troubled debt restructured
878
1,862
Total nonperforming loans
4,216
6,258
Real estate owned
138
131
Other repossessed assets
-
3
Total nonperforming assets
$
4,354
$
6,392
Nonperforming assets to total assets
1.57%
2.31%
Nonperforming loans to total loans
2.47%
3.64%
Allowance for loan losses to nonperforming loans
77.37%
54.36%
Allowance for loan losses to net loans receivable
1.95%
2.02%
At March 31,
2015
2014
Stockholders’ equity as a % of total assets
11.22%
10.46%
Book value per share
$
25.94
$
23.42
Common shares outstanding- EOP
1,199,879
1,216,286
(1) Ratios for the three-month periods are annualized.
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SOURCE Northeast Indiana Bancorp, Inc.
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