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12.07.2013 17:29:00
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Northeast Indiana Bancorp, Inc. Announces Second Quarter Earnings
HUNTINGTON, Ind., July 12, 2013 /PRNewswire/ -- Northeast Indiana Bancorp, Inc. (OTCQB: NIDB), the parent company of First Federal Savings Bank, today announced net income of $669,000 ($0.54 per diluted common share) for the Company's second quarter ended June 30, 2013 compared to net income of $656,000 ($0.53 per diluted common share)for the second quarter ended June 30, 2012. The current three months earnings equates to an annualized return on average assets (ROA) of 0.99% and a return on average equity (ROE) of 9.41% compared to an annualized ROA of 0.98% and an ROE of 9.76% for the three months ended June 30, 2012.
Net income for the six months ended June 30, 2013 was $1.2 million ($0.98 per diluted common share) compared to net income of $1.3 million ($1.09 per diluted common share) for the six months ended June 30, 2012. The current six months earnings equates to an annualized ROA of 0.91% and an ROE of 8.61% compared to an annualized ROA of 1.02% and an annualized ROE of 10.13% for the six months ended June 30,2012.
Commenting on the financial results, CEO Michael S. Zahn stated, "We are pleased with our continued financial success. Margin pressure is still an issue, but we have been able to offset this challenge by controlling overhead and maintaining strong mortgage banking and SBA loan production. Our asset quality continues to improve as the economy stabilizes."
Shareholder's equity was $27.6 million at June 30, 2013 compared to $27.9 million at December 31, 2012. The book value of NIDB's stock was $22.25 per common share as of June 30, 2013. The number of outstanding common shares was 1,239,946 as of the same date. The last reported trade of the stock on July 10, 2013 was $19.00 per common share. This is an increase of $2.60 or 15.9% over the last reported trade of the stock on December 31, 2012 of $16.40 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 | |||||||||||||||||||
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION | |||||||||||||||||||
ASSETS
| June 30, 2013 | December 31, | |||||||||||||||||
Interest-earning cash and cash equivalents | $ | 19,624,761 | $ | 16,687,647 | |||||||||||||||
Noninterest earning cash and cash equivalents | 2,801,766 | 3,997,988 | |||||||||||||||||
Total cash and cash equivalents | 22,426,527 | 20,685,635 | |||||||||||||||||
Interest-earning time deposits | 6,400,000 | 5,910,000 | |||||||||||||||||
Securities available for sale | 82,294,007 | 71,353,159 | |||||||||||||||||
Securities held to maturity | 1,496,264 | 1,326,984 | |||||||||||||||||
Loans held for sale | 1,356,350 | 1,549,475 | |||||||||||||||||
Loans receivable, net of allowance for loan loss June 30, 2013 $3,718,475 and December 31, 2012 $3,846,021 | 143,067,421 | 154,746,404 | |||||||||||||||||
Accrued interest receivable | 938,234 | 929,061 | |||||||||||||||||
Premises and equipment | 2,966,337 | 2,989,226 | |||||||||||||||||
Investments in limited liability partnerships | 35,031 | 74,625 | |||||||||||||||||
Cash surrender value of life insurance | 7,379,618 | 7,261,343 | |||||||||||||||||
Other assets | 3,421,572 | 4,577,142 | |||||||||||||||||
Total Assets | $ | 271,781,361 | $ | 271,403,054 | |||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||||
Non-interest bearing deposits | 19,878,880 | 20,123,659 | |||||||||||||||||
Interest bearing deposits | 190,894,644 | 191,462,228 | |||||||||||||||||
Borrowed Funds | 30,199,028 | 28,902,484 | |||||||||||||||||
Accrued interest payable and other liabilities | 3,225,488 | 2,975,529 | |||||||||||||||||
Total Liabilities | 244,198,040 | 243,463,900 | |||||||||||||||||
Retained earnings – substantially restricted | 27,583,321 | 27,939,154 | |||||||||||||||||
Total Liabilities and Shareholder's Equity | $ | 271,781,361 | $ | 271,403,054 | |||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Total interest income | $ | 2,419,264 | $ | 2,832,239 | $ | 4,886,773 | $ | 5,756,176 | |||||||||||
Total interest expense | 337,081 | 551,083 | 710,281 | 1,176,172 | |||||||||||||||
Net interest income | $ | 2,082,183 | $ | 2,281,156 | $ | 4,176,492 | $ | 4,580,004 | |||||||||||
Provision for loan losses | 300,000 | 300,000 | 600,000 | 600,000 | |||||||||||||||
Net interest income after provision for loan losses | $ | 1,782,183 | $ | 1,981,156 | $ | 3,576,492 | $ | 3,980,004 | |||||||||||
Service charges on deposit accounts | 124,681 | 132,286 | 247,322 | 270,465 | |||||||||||||||
Net gain on sale of securities | 36,978 | - | 36,360 | - | |||||||||||||||
Net gain on sale of loans | 370,064 | 232,078 | 549,259 | 467,670 | |||||||||||||||
Net gain (loss) on sale of repossessed assets | (1,798) | (14,564) | 16,548 | (38,188) | |||||||||||||||
Brokerage fees | 96,001 | 108,019 | 210,298 | 221,565 | |||||||||||||||
Increase in cash surrender value of life insurance | 56,763 | 62,213 | 118,275 | 124,425 | |||||||||||||||
Other income | 154,851 | 138,795 | 320,037 | 296,473 | |||||||||||||||
Total noninterest income | $ | 837,540 | $ | 658,827 | $ | 1,498,099 | $ | 1,342,410 | |||||||||||
Salaries and employee benefits | 871,614 | 905,464 | 1,756,770 | 1,780,223 | |||||||||||||||
Occupancy | 268,697 | 235,613 | 543,044 | 471,772 | |||||||||||||||
Data processing | 194,084 | 222,784 | 390,463 | 439,253 | |||||||||||||||
Deposit insurance premiums | 60,000 | 60,000 | 120,000 | 120,000 | |||||||||||||||
Professional fees | 71,564 | 87,005 | 142,037 | 198,750 | |||||||||||||||
Correspondent bank charges | 30,000 | 29,659 | 59,771 | 60,080 | |||||||||||||||
Other expense | 222,795 | 209,369 | 435,841 | 406,018 | |||||||||||||||
Total noninterest expenses | $ | 1,718,754 | $ | 1,749,894 | $ | 3,447,926 | $ | 3,476,096 | |||||||||||
Income before income tax expenses | $ | 900,969 | $ | 890,089 | $ | 1,626,665 | $ | 1,846,318 | |||||||||||
Income tax expense | 232,082 | 234,253 | 410,650 | 496,774 | |||||||||||||||
Net Income | $ | 668,887 | $ | 655,836 | $ | 1,216,015 | $ | 1,349,544 | |||||||||||
NORTHEAST INDIANA BANCORP | |||||||||||
Three Months Ended | Six Months Ended | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||
Basic Earnings per common share | 0.54 | 0.53 | 0.98 | 1.09 | |||||||
Dilutive Earnings per share | 0.54 | 0.53 | 0.98 | 1.09 | |||||||
Net interest margin | 3.31% | 3.68% | 3.34% | 3.74% | |||||||
Return on average assets | 0.99% | 0.98% | 0.91% | 1.02% | |||||||
Return on average equity | 9.41% | 9.76% | 8.61% | 10.13% | |||||||
Efficiency ratio | 58.87% | 59.52% | 60.76% | 58.69% | |||||||
Average shares outstanding - primary | 1,236,235 | 1,234,380 | 1,235,979 | 1,234,125 | |||||||
Average shares outstanding - diluted | 1,236,402 | 1,234.381 | 1,236,584 | 1,234,434 | |||||||
Allowance for loan losses: | |||||||||||
Balance at beginning of period | $ | 4,179,533 | $ | 3,440,919 | $ | 3,846,021 | $ | 4,061,508 | |||
Charge-offs: | |||||||||||
One-to-four family | 17,587 | 26,968 | 28,933 | 98,288 | |||||||
Commercial real estate | 8,483 | - | 8,483 | 45,566 | |||||||
Land/land development | 145,000 | - | 145,000 | 653,451 | |||||||
Commercial | 637,391 | - | 637,391 | 176,345 | |||||||
Consumer | 16,552 | 21,548 | 96,656 | 29,261 | |||||||
Gross charge-offs | 825,013 | 48,516 | 916,463 | 1,002,911 | |||||||
Recoveries: | |||||||||||
One-to-four family | 1,841 | 5,260 | 3,315 | 6,609 | |||||||
Commercial real estate | 552 | - | 72,801 | - | |||||||
Land/land development | 30,000 | - | 30,000 | - | |||||||
Commercial | 822 | - | 25,847 | - | |||||||
Consumer | 30,740 | 23,697 | 56,954 | 56,164 | |||||||
Gross recoveries | 63,955 | 28,957 | 188,917 | 62,763 | |||||||
Net charge-offs | 761,058 | 19,559 | 727,546 | 940,148 | |||||||
Additions charged to operations | 300,000 | 300,000 | 600,000 | 600,000 | |||||||
Balance at end of period | $ | 3,718,475 | $ | 3,721,360 | $ | 3,718,475 | $ | 3,721,360 | |||
Net loan charge-offs to average loans (1) | 1.98% | 0.04% | 0.94% | 1.06% | |||||||
Nonperforming assets (000's) | At June 30, | At March 31, | At December 31, | ||||||||
Loans: | 2013 | 2013 | 2012 | ||||||||
Non-accrual | $ | 5,553 | $ | 7,194 | $ | 5,464 | |||||
Past 90 days or more and still accruing | - | - | - | ||||||||
Troubled debt restructured | 1,666 | 1,662 | 3,347 | ||||||||
Total nonperforming loans | 7,219 | 8,856 | 8,811 | ||||||||
Real estate owned | 906 | 1,362 | 1,719 | ||||||||
Other repossessed assets | - | 17 | - | ||||||||
Total nonperforming assets | $ | 8,125 | $ | 10,235 | $ | 10,530 | |||||
Nonperforming assets to total assets | 2.99% | 3.89% | 3.88% | ||||||||
Nonperforming loans to total loans | 4.92% | 5.71% | 5.56% | ||||||||
Allowance for loan losses to nonperforming loans | 51.51% | 47.20% | 43.65% | ||||||||
Allowance for loan losses to net loans receivable | 2.53% | 2.69% | 2.43% | ||||||||
At June 30, | |||||||||||
2013 | 2012 | ||||||||||
Stockholders' equity as a % of total assets | 10.15% | 10.00% | |||||||||
Book value per share | $ | 22.25 | $ | 21.90 | |||||||
Common shares outstanding- EOP | 1,239,946 | 1,239,946 | |||||||||
(1) Ratios for the three-month periods are annualized. | |||||||||||
SOURCE Northeast Indiana Bancorp, Inc.
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