Northeast Indiana Bancorp, Inc. Announces Third Quarter Earnings

NORTHEAST INDIANA BANCORP

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)
 

CONSOLIDATED STATEMENT OF FINANCIAL CONDITION

ASSETS

    September 30,

2013

December  31, 

2012

Interest-earning cash and cash equivalents

$

4,972,551

$

16,687,647

Noninterest earning cash and cash equivalents

4,628,996

3,997,988

   Total cash and cash equivalents

9,601,547

20,685,635

Interest- earning time deposits

6,400,000

5,910,000

Securities available for sale

90,105,779

71,353,159

Securities held to maturity

1,473,344

1,326,984

Loans held for sale

-

1,549,475

Loans receivable, net of allowance for loan loss September 30, 2013 $3,847,260 and December 31, 2012 $3,846,021

145,351,405

154,746,404

Accrued interest receivable

927,855

929,061

Premises and equipment

2,912,913

2,989,226

Investments in limited liability partnerships

17,314

74,625

Cash surrender value of life insurance

7,438,756

7,261,343

Other assets

3,250,917

4,577,142

    Total Assets

$

267,479,830

$

271,403,054

LIABILITIES AND STOCKHOLDERS' EQUITY

Non-interest bearing deposits

19,380,992

20,123,659

Interest bearing deposits

192,876,640

191,462,228

Borrowed Funds

24,500,823

28,902,484

Accrued interest payable and other liabilities

3,099,733

2,975,529

    Total Liabilities

239,858,188

243,463,900

Retained earnings – substantially restricted

27,621,642

27,939,154

    Total Liabilities and Shareholders' Equity

$

267,479,830

$

271,403,054

Three Months Ended

Nine Months Ended

September 30,

September 30,

2013

2012

2013

2012

Total interest income

$

2,388,031

$

2,741,592

$

7,274,803

$

8,497,766

Total interest expense

322,035

521,996

1,032,315

1,698,169

    Net interest income

$

2,065,996

$

2,219,596

$

6,242,488

$

6,799,597

Provision for loan losses

200,000

400,000

800,000

1,000,000

  Net interest income after provision for loan losses

$

1,865,996

$

1,819,596

$

5,442,488

$

5,799,597

     Service charges on deposit accounts

135,229

123,235

382,551

393,699

     Net gain on sale of securities

-

-

36,360

-

     Net gain on sale of loans

189,774

224,275

739,033

691,945

     Net gain (loss) on sale of repossessed assets

(1,498)

(47,289)

15,050

(85,476)

     Brokerage fees

111,408

95,673

321,706

317,238

     Increase in cash surrender value of life insurance

59,138

62,213

177,413

186,638

     Other income

183,853

170,688

503,888

467,162

Total noninterest income

$

677,904

$

628,795

$

2,176,001

$

1,971,206

     Salaries and employee benefits

894,069

865,730

2,650,837

2,645,954

     Occupancy

262,252

237,524

805,297

709,296

     Data processing

205,239

180,675

595,704

619,927

     Deposit insurance premiums

60,000

60,000

180,000

180,000

     Professional fees

57,932

79,132

199,969

277,882

     Correspondent bank charges

30,656

28,462

90,426

88,543

     Other expense

213,733

208,897

649,572

614,912

Total noninterest expenses

$

1,723,881

$

1,660,420

$

5,171,805

$

5,136,514

Income before income tax expense

$

820,019

$

787,971

$

2,446,684

$

2,634,289

Income tax expense

211,162

194,236

621,812

691,010

Net Income

$

608,857

$

593,735

$

1,824,872

$

1,943,279

Three Months Ended

September 30,

Nine Months Ended

September 30,

2013

2012

2013

2012

Basic Earnings per common share

0.49

0.48

1.48

1.57

Dilutive Earnings per share

0.49

0.48

1.48

1.57

Net interest margin

3.30%

3.46%

3.32%

3.65%

Return on average assets

0.91%

0.86%

0.91%

0.97%

Return on average equity

8.89%

8.65%

8.70%

9.46%

Efficiency ratio

62.83%

58.29%

61.43%

58.56%

Average shares outstanding- primary

1,231,452

1,234,380

1,234,453

1,234,211

Average shares outstanding- diluted

1,231,452

1,234,410

1,234,704

1,234,417

Allowance for loan losses:

   Balance at beginning of period

$

3,718,475

$

3,721,360

$

3,846,021

$

4,061,508

   Charge-offs:

      One-to-four family

46,253

32,767

75,186

131,055

      Commercial real estate

-

136,360

8,483

181,926

      Land/land development

-

-

145,000

653,451

      Commercial

-

-

637,391

176,345

      Consumer

43,982

109,845

140,638

139,107

         Gross charge-offs

90,235

278,972

1,006,698

1,281,884

   Recoveries:

      One-to-four family

1,672

2,226

4,987

8,835

      Commercial real estate

-

-

72,801

-

      Land/land development

-

-

30,000

-

      Commercial

-

1,238

25,847

1,233

      Consumer

17,348

20,060

74,301

76,215

         Gross recoveries

19,020

23,519

207,937

86,283

   Net charge-offs

71,215

255,453

778,761

1,195,601

   Additions charged to operations

200,000

400,000

800,000

1,000,000

   Balance at end of period

$

3,847,260

$

3,865,907

$

3,847,260

$

3,865,907

      Net loan charge-offs to average loans (1)      

0.19%

0.59%

0.70%

0.91%

Nonperforming assets (000's)

At September 30,

At June 30,

     At March 30,

At December 31,

   Loans:

2013

2013

2013

2012

      Non-accrual

$

6,461

$

5,553

$

7,194

$

5,464

      Past 90 days or more and still accruing

-

-

-

-

      Troubled debt restructured

1,379

1,666

1,662

3,347

         Total nonperforming loans

7,840

7,219

8,856

8,811

   Real estate owned

589

906

1,362

1,719

   Other repossessed assets

4

-

17

-

         Total nonperforming assets

$

8,433

$

8,126

$

10,235

$

10,530

   Nonperforming assets to total assets

3.10%

2.99%

3.89%

3.88%

   Nonperforming loans to total loans

5.26%

4.92%

5.71%

5.56%

   Allowance for loan losses to nonperforming loans

49.07%

51.51%

47.20%

43.65%

   Allowance for loan losses to net loans receivable

2.58%

2.53%

2.69%

2.43%

At September 30,

2013

2012

Stockholders' equity as a % of total assets

10.33%

9.87%

Book value per share

$

22.42

$

22.27

Common shares outstanding- EOP

1,231,946

1,239,946

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