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10.04.2018 17:31:00
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Northeast Indiana Bancorp, Inc. Announces 33% Increase In Quarterly Earnings
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.
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