Northeast Indiana Bancorp, Inc. Announces Quarterly Earnings

CONSOLIDATED STATEMENT OF FINANCIAL CONDITION

ASSETS

March 31,
2017

December 31,
2016

Interest-earning cash and cash equivalents

$

7,423,731

$

4,591,440

Noninterest earning cash and cash equivalents

2,455,448

2,493,983

   Total cash and cash equivalents

9,879,179

7,085,423

Interest-earning time deposits

6,370,000

9,082,982

Securities available for sale

63,724,838

66,171,764

Securities held to maturity

2,194,973

2,582,029

Loans held for sale

286,190

109,000

Loans receivable, net of allowance for loan loss March 31, 2017 $3,148,496 and December 31, 2016
$3,144,092

202,694,656

196,781,434

Accrued interest receivable

1,099,333

1,161,779

Premises and equipment

4,033,411

4,060,931

Investments in limited liability partnerships

2,858,333

2,908,333

Cash surrender value of life insurance

8,216,068

8,160,693

Other assets

2,244,753

2,855,115

    Total Assets

$

303,601,734

$

300,959,483

LIABILITIES AND STOCKHOLDERS' EQUITY

Non-interest bearing deposits

27,924,548

24,218,658

Interest bearing deposits

196,050,429

194,192,875

Borrowed Funds

40,249,405

42,650,461

Accrued interest payable and other liabilities

4,943,273

6,259,318

    Total Liabilities

269,167,655

267,321,312

Retained earnings – substantially restricted

34,434,079

33,638,171

    Total Liabilities and Shareholders' Equity

$

303,601,734

$

300,959,483

CONSOLIDATED STATEMENTS OF INCOME

                 Three Months Ended

                March 31,

2017

2016

Total interest income

$

2,934,994

$

2,847,977

Total interest expense

461,241

408,116

   Net interest income

$

2,473,753

$

2,439,861

Provision for loan losses

-

-

  Net interest income after provision for loan losses

$

2,473,753

$

2,439,861

    Service charges on deposit accounts

139,164

140,561

    Interchange fees

108,546

102,947

    Net loss on sale of securities

(7,716)

(1,457)

    Net gain on sale of loans

205,237

476,732

    Net loss on sale of repossessed assets

(7,798)

(12,759)

    Brokerage fees

65,703

79,556

    Increase in cash surrender value of life insurance

55,375

54,313

    Other income

144,366

152,655

Total noninterest income

$

702,877

$

992,548

    Salaries and employee benefits

1,113,486

971,668

    Occupancy

252,266

265,192

    Data processing

271,586

191,842

    Deposit insurance premiums

30,000

45,000

    Professional fees

55,423

63,535

    Advertising and marketing fees

47,393

48,507

    Correspondent bank charges

29,232

32,840

    Other expense

264,617

230,739

Total noninterest expenses

$

2,064,003

$

1,849,323

  Income before income tax expenses

$

1,112,627

$

1,583,086

Income tax expense

283,008

510,428

Net Income

$

829,619

$

1,072,658

                      Three Months Ended
                    March 31,

2017

2016

Basic Earnings per common share

0.69

0.89

Dilutive Earnings per share

0.69

0.89

Net interest margin

3.53%

3.61%

Return on average assets

1.10%

1.49%

Return on average equity

9.74%

12.98%

Efficiency ratio

64.97%

53.88%

Average shares outstanding- primary

1,200,106

1,198,890

Average shares outstanding- diluted

1,200,206

1,199,235

Allowance for loan losses:

   Balance at beginning of period

$

3,144,092

$

3,196,953

   Charge-offs:

      One-to-four family

-

-

      Commercial real estate

-

-

      Land/land development

-

-

      Commercial

-

-

      Consumer

41,472

26,631

         Gross charge-offs

41,472

26,631

   Recoveries:

      One-to-four family

938

6,020

      Commercial real estate

-

-

      Land/land development

-

-

      Commercial

-

13,129

      Consumer

44,939

87,709

         Gross recoveries

45,877

106,858

   Net charge-offs/(recoveries)

(4,404)

(80,227)

   Additions charged to operations

-

-

   Balance at end of period

$

3,148,496

$

3,277,180

Net loan charge-offs to average loans (1)

(0.01%)

(0.17%)

Nonperforming assets (000's)

At March 31,

At December 31,

2017

2016

      Non-accrual

$

2,406

$

3,595

      Past 90 days or more and still accruing

-

-

      Troubled debt restructured

1,084

1,232

         Total nonperforming loans

3,490

4,827

   Real estate owned

9

69

   Other repossessed assets

-

-

         Total nonperforming assets

$

3,499

$

4,893

   Nonperforming assets to total assets

1.15%

1.63%

   Nonperforming loans to total loans

1.70%

2.41%

   Allowance for loan losses to nonperforming loans

90.20%

65.13%

   Allowance for loan losses to net loans receivable

1.76%

1.60%

                  At March 31,

2017

2016

Stockholders' equity as a % of total assets

11.34%

11.49%

Book value per share

$

28.34

$

27.78

Common shares outstanding- EOP

1,214,879

1,199,879

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