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

NORTHEAST INDIANA BANCORP

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF FINANCIAL CONDITION

ASSETS

June 30,

2017

December  31,
2016

Interest-earning cash and cash equivalents

$

6,125,057

$

4,591,440

Noninterest earning cash and cash equivalents

3,058,333

2,493,983

   Total cash and cash equivalents

9,183,390

7,085,423

Interest-earning time deposits

735,000

9,082,982

Securities available for sale

66,168,235

66,171,764

Securities held to maturity

1,825,790

2,582,029

Loans held for sale

199,000

109,000

Loans receivable, net of allowance for loan loss June 30, 2017 $2,660,491 and December 31, 2016 $3,144,092

205,256,025

196,781,434

Accrued interest receivable

1,126,555

1,161,779

Premises and equipment

4,112,423

4,060,931

Investments in limited liability partnerships

2,808,333

2,908,333

Cash surrender value of life insurance

8,271,443

8,160,693

Other assets

2,100,430

2,855,115

    Total Assets

$

301,786,624

$

300,959,483

LIABILITIES AND STOCKHOLDERS' EQUITY

Non-interest bearing deposits

22,628,592

24,218,658

Interest bearing deposits

186,218,572

194,192,875

Borrowed Funds

52,511,658

42,650,461

Accrued interest payable and other liabilities

5,010,052

6,259,318

    Total Liabilities

266,368,874

267,321,312

Retained earnings – substantially restricted

35,417,750

33,638,171

    Total Liabilities and Shareholder's Equity

$

301,786,624

$

300,959,483

Three Months Ended

Six Months Ended

June 30,

June 30,

2017

2016

2017

2016

Total interest income

$

2,987,039

$

2,796,367

$

5,922,032

$

5,644,342

Total interest expense

513,589

415,423

974,831

823,539

   Net interest income

$

2,473,450

$

2,380,944

$

4,947,201

$

4,820,803

Provision for loan losses

50,000

-

50,000

-

  Net interest income after provision for loan losses

$

2,423,450

$

2,380,944

$

4,897,201

$

4,820,803

    Service charges on deposit accounts

148,545

168,401

287,709

308,963

   Net gain (loss) on sale of securities

-

-

(7,716)

(1,457)

    Net gain on sale of loans

139,533

250,935

344,770

727,667

    Net gain (loss) on sale of repossessed assets

-

-

(7,798)

(12,759)

    Brokerage fees

45,949

71,482

111,652

151,038

    Increase in cash surrender value of life insurance

55,375

56,113

110,750

110,425

    Other income

257,307

259,713

510,219

515,316

Total noninterest income

$

646,709

$

806,644

$

1,349,586

$

1,799,193

    Salaries and employee benefits

1,080,139

1,045,085

2,193,623

2,016,753

    Occupancy

249,202

256,283

501,470

521,474

    Data processing

262,965

211,097

534,549

402,938

    Deposit insurance premiums

20,000

45,000

50,000

90,000

    Professional fees

109,420

73,006

164,841

136,541

    Correspondent bank charges

33,473

37,178

62,705

70,018

    Other expense

314,992

276,923

627,004

556,170

Total noninterest expenses

$

2,070,191

$

1,944,572

$

4,134,192

$

3,793,894

  Income before income tax expenses

$

999,968

$

1,243,016

$

2,112,595

$

2,826,102

Income tax expense

240,338

356,105

523,346

866,533

Net Income

$

759,630

$

886,911

$

1,589,249

$

1,959,569

Three Months Ended

June 30,

Six Months Ended

June 30,

2017

2016

2017

2016

Basic Earnings per common share

0.63

0.74

1.32

1.63

Dilutive Earnings per share

0.63

0.74

1.32

1.63

Net interest margin

3.49%

3.44%

3.51%

3.52%

Return on average assets

1.00%

1.19%

1.05%

1.34%

Return on average equity

8.68%

10.49%

9.20%

11.72%

Efficiency ratio

66.35%

61.00%

65.66%

57.31%

Average shares outstanding - primary

1,199,279

1,198,979

1,203,461

1,198,934

Average shares outstanding - diluted

1,199,279

1,199,112

1,203,511

1,199,246

Allowance for loan losses:

   Balance at beginning of period

$

3,148,496

$

3,277,180

$

3,144,092

$

3,196,953

   Charge-offs:

      One-to-four family

-

6,837

-

6,837

      Commercial real estate

530,692

-

530,692

-

      Land/land development

-

-

-

-

      Commercial

-

476

-

476

      Consumer

57,236

68,117

98,709

95,348

         Gross charge-offs

587,928

76,030

629,401

102,661

   Recoveries:

      One-to-four family

437

4,689

1,375

10,709

      Commercial real estate

414

-

414

-

      Land/land development

-

-

-

-

      Commercial

25,000

-

25,000

13,129

      Consumer

24,072

25,972

69,011

113,681

         Gross recoveries

49,923

30,661

95,800

137,519

   Net charge-offs/(recoveries)

538,005

45,369

533,061

(34,858)

   Additions charged to operations

50,000

-

50,000

-

   Balance at end of period

$

2,660,491

$

3,231,811

$

2,660,491

$

3,231,811

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

1.03%

0.09%

0.52%

Nonperforming assets (000's)

At June 30,

At March 31,

At December 31,

   Loans:

2017

2017

2016

      Non-accrual

$

2,904

$

2,406

$

3,595

      Past 90 days or more and still accruing

-

-

-

      Troubled debt restructured

356

1,084

1,232

         Total nonperforming loans

3,260

3,490

4,827

   Real estate owned

9

9

69

   Other repossessed assets

-

-

-

         Total nonperforming assets

$

3,269

$

3,499

$

4,893

   Nonperforming assets to total assets

1.08%

1.15%

1.63%

   Nonperforming loans to total loans

1.57%

1.70%

2.41%

   Allowance for loan losses to nonperforming loans

81.60%

90.20%

65.13%

   Allowance for loan losses to net loans receivable

1.30%

1.55%

1.60%

                         At June 30,

2017

2016

Stockholders' equity as a % of total assets

11.74%

11.61%

Book value per share

$

29.15

$

28.49

Common shares outstanding- EOP

1,214,879

1,199,879

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