Northeast Indiana Bancorp, Inc. Announces Annual Earnings And Quarterly Earnings

CONSOLIDATED STATEMENT OF FINANCIAL CONDITION

ASSETS

December 31, 2016

Interest-earning cash and cash equivalents

$

4,591,440

$

10,491,898

Noninterest earning cash and cash equivalents

2,493,983

1,960,543

   Total cash and cash equivalents

7,085,423

12,452,441

Securities available for sale

66,171,764

60,458,506

Interest-earning deposits in financial institutions

9,082,982

11,754,857

Securities held to maturity

2,582,029

2,685,585

Loans held for sale

109,000

-

Loans receivable, net of allowance for loan loss Dec. 31, 2016 $3,144,092 and Dec. 31, 2015 $3,196,953

196,781,434

182,238,993

Accrued interest receivable

1,161,779

976,484

Premises and equipment

4,060,931

2,880,607

Investments in limited liability partnerships

2,908,333

235,858

Cash surrender value of life insurance

8,160,693

7,939,443

Other assets

2,855,115

2,506,762

    Total Assets

$

300,959,483

$

284,129,536

LIABILITIES AND STOCKHOLDERS' EQUITY

Non-interest bearing deposits

24,218,658

23,253,557

Interest bearing deposits

194,192,875

186,281,637

Borrowed Funds

42,650,461

39,346,188

Accrued interest payable and other liabilities

6,259,318

2,910,474

    Total Liabilities

267,321,312

251,791,856

Retained earnings – substantially restricted

33,638,171

32,337,680

    Total Liabilities and Shareholders' Equity

$

300,959,483

$

284,129,536

Three Months Ended

Twelve Months Ended

December 31,

December 31,

2016

2015

2016

2015

Total interest income

$

2,879,477

$

2,781,464

$

11,383,758

$

10,876,039

Total interest expense

438,467

361,226

1,688,479

1,318,847

    Net interest income

$

2,441,010

$

2,420,238

$

9,695,279

$

9,557,192

Provision for loan losses

-

-

-

-

  Net interest income after provision for loan losses

$

2,441,010

$

2,420,238

$

9,695,279

$

9,557,192

     Service charges on deposit accounts

159,854

156,769

644,863

587,480

     Interchange fees

105,574

98,591

426,016

390,869

     Net gain on sale of securities

-

293,600

1,442

407,491

     Net gain on sale of loans

191,035

179,779

1,083,130

827,938

     Net loss on sale of repossessed assets

(10,345)

(31,124)

(23,105)

(20,563)

     Net loss on sale of fixed assets

-

-

(8,997)

-

     Brokerage fees

47,687

68,767

259,173

413,130

     Other income

185,714

153,465

733,848

857,931

Total noninterest income

$

679,519

$

919,847

$

3,116,370

$

3,464,276

     Salaries and employee benefits

1,069,180

1,101,073

4,125,359

4,203,923

     Occupancy

255,556

263,337

1,048,549

1,073,129

     Data processing

257,581

206,465

890,179

890,586

     Deposit insurance premiums

10,000

35,000

135,000

156,000

     Professional fees

56,573

115,481

250,789

328,129

     Advertising and marketing

71,997

72,630

221,631

208,600

     Correspondent bank charges

31,677

37,294

135,678

140,056

     Other expense

248,992

236,341

927,371

792,443

Total noninterest expenses

$

2,001,556

$

2,067,621

$

7,734,556

$

7,792,866

  Income before income tax expense

$

1,118,973

$

1,272,464

$

5,077,093

$

5,228,602

Income tax expense

294,307

264,604

1,482,645

1,399,324

Net Income

$

824,666

$

1,007,860

$

3,594,448

$

3,829,278

 Three Months Ended December 31,

Twelve Months Ended December 31,

2016

2015

2016

2015

Basic Earnings per common share

0.69

0.84

2.99

3.20

Dilutive Earnings per share

0.69

0.84

2.99

3.19

Net interest margin

3.50%

3.63%

3.52%

3.65%

Return on average assets

1.10%

1.42%

1.22%

1.37%

Return on average equity

9.56%

12.41%

10.58%

11.91%

Efficiency Ratio

64.14%

61.90%

60.37%

59.85%

Average shares outstanding - primary

1,198,979

1,198,679

1,202,215

1,198,530

Average shares outstanding - diluted

1,198,979

1,198,747

1,202,240

1,198,922

Allowance for loan losses:

   Balance at beginning of period

$

3,149,801

$

3,246,251

$

3,196,953

$

3,402,355

   Charge-offs:

      One-to-four family

-

23,605

25,781

52,407

      Commercial real estate

-

-

-

146,134

      Land/land development

-

-

-

-

      Commercial

3,893

-

15,375

-

      Consumer

36,925

114,077

227,156

220,225

         Gross charge-offs

40,818

137,682

268,312

418,766

   Recoveries:

      One-to-four family

941

944

23,019

4,560

      Commercial real estate

-

-

-

-

      Land/land development

-

-

-

-

      Commercial

-

50,000

13,129

57,741

      Consumer

34,168

37,640

179,303

151,163

         Gross recoveries

35,109

88,584

215,451

213,364

   Net charge-offs

5,709

49,098

52,861

205,402

   Additions charged to operations

-

-

-

-

   Balance at end of period

$

3,144,092

$

3,196,953

$

3,144,092

$

3,196,953

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

0.00%

0.03%

0.03%

0.12%

Nonperforming assets (000's)

At December 31,

At September 30,

    At June 30,

At December 31,

   Loans:

2016

2016

2016

2015

      Non-accrual

$

3,595

$

4,019

$

4,198

$

3,793

      Past 90 days or more and still accruing

-

-

-

-

      Troubled debt restructured

1,232

1,248

814

592

         Total nonperforming loans

4,827

5,267

5,012

4,385

   Real estate owned

69

126

76

117

   Other repossessed assets

-

-

-

-

         Total nonperforming assets

$

4,893

$

5,393

$

5,088

$

4,502

   Nonperforming assets to total assets

1.63%

1.82%

1.73%

1.58%

   Nonperforming loans to total loans

2.41%

2.70%

2.62%

2.36%

   Allowance for loan losses to nonperforming loans

65.13%

59.80%

64.47%

72.91%

   Allowance for loan losses to total receivable

1.60%

1.65%

1.72%

1.75%

At December 31,

2015

Stockholders' equity as a % of total assets

11.18%

11.38%

Book value per share

$

27.86

$

26.95

Common shares outstanding- EOP

1,207.379

1,199,879

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