Join Our
Free
Newsletter

Online Banking

Allstocks.com

Top Ten

Online Stock Trading

Bulletin Board

Stock Market Quotes

Gifts, Shopping

Pink Sheets

Page Builder

CME Globex2 Session

Live Chat Online Trading

Charts & Charting

Currency Rates

Free Auto-refreshin g Custom Pages!

Education

Stock Picks

Real-time News Pages

Internet Lingo

Investment Books

Links Worlds Largest

Stock Quotes

Research

Market Makers A-Z

Message Boards

News and Charts

Online Brokers W/ Phone Numbers

Options Information

Complete listing OTCBB Issues

Overseas Markets

Penny Stocks

S&P Fair Value

SI People & Subject

Site Map

Slang, Internet

Stock Markets

World Markets

Contact

Active Stocks

Disclaimer

Privacy Policy

Affiliate Programs

Advertise

WebSiteSupplier.com

NASCAR Schedule

PGA Schedule

 

 

 

Search:
 

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

 

HUNTINGTON, Ind., July 14, 2017 /PRNewswire/ -- Northeast Indiana Bancorp, Inc. (OTCQB: NIDB), the parent company of First Federal Savings Bank, today announced net income for the six months ended June 30, 2017 of $1.59 million ($1.32 per diluted common share) compared to net income of $1.96 million ($1.63 per diluted common share) for the six months ended June 30, 2016.  The current six months earnings equates to an annualized ROA of 1.05% and an ROE of 9.20% compared to an annualized ROA of 1.34% and an annualized ROE of 11.72% for the six months ended June 30, 2016.   

Net income was $760,000 ($0.63 per diluted common share) for the Company's second quarter ended June 30, 2017 compared to net income of $887,000 ($0.77 per diluted common share) for the second quarter ended June 30, 2016.  The current three months earnings equates to an annualized return on average assets (ROA) of 1.00% and a return on average equity (ROE) of 8.68% compared to an annualized ROA of 1.19% and an ROE of 10.49% for the three months ended June 30, 2016. 

Net loans increased $8.5 million or 4.3% (8.6% annualized) to $205.3 million at June 30, 2017 compared to $196.8 million at December 31, 2016.  Shareholder's equity was $35.4 million at June 30, 2017 compared to $33.6 million at December 31, 2016.  Non-performing loans have also decreased $1.5 million or 32.5% from $4.8 million at December 31, 2016 to $3.3 million at June 30, 2017.  The book value of NIDB's stock was $29.15 per common share as of June 30, 2017.  The number of outstanding common shares was 1,214,879 as of the same date.  The last reported trade of the stock on July 13, 2017 was $33.00 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.bank.

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


CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


(Unaudited)


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




CONSOLIDATED STATEMENTS OF INCOME







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%

(0.04%)
















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.






 

 

View original content:http://www.prnewswire.com/news-releases/northeast-indiana-bancorp-inc-announces-year-to-date-and-second-quarter-earnings-300488551.html

SOURCE Northeast Indiana Bancorp, Inc.

Back to top

RELATED LINKS
http://www.firstfedindiana.bank


 

Allstocks.com  Links  Search   Disclaimer  About Us

webmaster@allstocks.com

Allstocks.com Advertising

© 1995, 1996, 1997, 1998,1999, 2000, 2001 Allstocks.com. All rights reserved.