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14.07.2020 23:32:00
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Northeast Indiana Bancorp, Inc. Announces Record Year To Date And Record Quarterly Earnings
HUNTINGTON, Ind., July 14, 2020 /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, 2020 increased by $298,000 or 13.7% to $2.48 million ($2.06 per diluted common share) when compared to net income of $2.18 million ($1.82 per diluted common share) for the six months ended June 30, 2019. The current six months earnings equate to an annualized ROA of 1.31% and a ROE of 11.58% compared to an annualized ROA of 1.25% and an annualized ROE of 11.32% for the six months ended June 30, 2019. The current earnings level represents Record net income for any six-month period ended June 30 in the Company's history.
Net income also increased by $323,000 or 28.9% to $1.44 million ($1.20 per diluted common share) for the Company's second quarter ended June 30, 2020 when compared to net income of $1.12 million ($0.94 per diluted common share) for the second quarter ended June 30, 2019. The current three months earnings equate to an annualized return on average assets (ROA) of 1.44% and a return on average equity (ROE) of 13.24% compared to an annualized ROA of 1.26% and a ROE of 11.45% for the three months ended June 30, 2019. The current quarterly earnings level represents Record net income for any quarterly period in the Company's history.
Total Assets increased $51.2 million or 14.5% to $405.1 million at June 30, 2020 compared to $353.9 million at December 31, 2019. Net loans increased $23.2 million or 9.1% to $276.6 million at June 30, 2020 compared to $253.5 million at December 31, 2019. Total deposits increased $48.9 million or 19.4% to $301.2 million at June 30, 2020 compared to $252.3 million at December 31, 2019. Shareholder's equity increased $2.9 million or 6.9% to $44.2 million at June 30, 2020 compared to $41.3 million at December 31, 2019. The book value of NIDB's stock was $36.49 per common share as of June 30, 2020. The number of outstanding common shares was 1,210,327 as of the same date. The last reported trade of the stock on July 13, 2020 was $32.00 per common share.
First Federal Savings Bank supported small business clients and non-profits in Northeast Indiana, utilizing the SBA's Paycheck Protection Program ("PPP"), during the quarter ended June 30, 2020. Those efforts resulted in 400 small business or non-profit clients receiving $39.2 million in PPP funding. These efforts helped to support or retain 6,000 jobs in the communities we serve.
First Federal Savings Bank also had Record 1-4 family mortgage production during the quarter ended June 30, 2020. We originated mortgage loans in the amount of $33.3 million in total for our retail clients which should help households with lower payments or lower interest over the life of their mortgage loans. We anticipate mortgage production continuing to remain at these elevated levels at least over the next three months if not longer.
Michael S. Zahn, President and CEO, commented "in addition to our Record financial performance, I'm especially proud of our team's efforts to serve those in need in these unprecedented times. As an essential business, we never shut down or slowed down over the past few months. By providing small businesses and non-profits a financial lifeline through the Paycheck Protection Program and working with homeowners to ease their mortgage burdens, First Federal Savings Bank has shown the importance of Community Banking."
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, | December 31, | ||||||||||||||
Interest-earning cash and cash equivalents | $ | 28,701,503 | $ | 8,352,340 | ||||||||||||
Noninterest earning cash and cash equivalents | 4,997,320 | 2,863,471 | ||||||||||||||
Total cash and cash equivalents | 33,698,823 | 11,215,811 | ||||||||||||||
Interest-earning time deposits | 3,681,000 | 3,681,000 | ||||||||||||||
Securities available for sale | 67,210,234 | 65,001,858 | ||||||||||||||
Securities held to maturity | 2,033,923 | 1,044,197 | ||||||||||||||
Loans held for sale | 2,564,543 | 134,000 | ||||||||||||||
Loans receivable, net of allowance for loan loss June 30, 2020 $3,664,820 and December 31, 2019 $3,191,605 | 276,620,407 | 253,461,826 | ||||||||||||||
Accrued interest receivable | 1,643,735 | 1,242,788 | ||||||||||||||
Premises and equipment | 4,981,996 | 4,971,271 | ||||||||||||||
Investments in limited liability partnerships | 1,978,334 | 2,128,334 | ||||||||||||||
Cash surrender value of life insurance | 8,952,206 | 8,839,193 | ||||||||||||||
Other assets | 1,741,766 | 2,203,348 | ||||||||||||||
Total Assets | $ | 405,106,967 | $ | 353,923,626 | ||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||
Non-interest bearing deposits | 47,989,030 | 30,011,306 | ||||||||||||||
Interest bearing deposits | 253,188,490 | 222,271,145 | ||||||||||||||
Borrowed Funds | 56,379,114 | 57,237,450 | ||||||||||||||
Accrued interest payable and other liabilities | 3,380,197 | 3,086,817 | ||||||||||||||
Total Liabilities | 360,936,831 | 312,606,718 | ||||||||||||||
Retained earnings – substantially restricted | 44,170,136 | 41,316,908 | ||||||||||||||
Total Liabilities and Shareholder's Equity | $ | 405,106,967 | $ | 353,923,626 | ||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Total interest income | $ | 3,826,584 | $ | 4,094,696 | $ | 7,599,147 | $ | 8,009,553 | ||||||||||||
Total interest expense | 782,621 | 1,158,262 | 1,726,985 | 2,210,956 | ||||||||||||||||
Net interest income | $ | 3,043,963 | $ | 2,936,434 | $ | 5,872,162 | $ | 5,798,597 | ||||||||||||
Provision for loan losses | 120,000 | 75,000 | 340,000 | 150,000 | ||||||||||||||||
Net interest income after provision for loan losses | $ | 2,923,963 | $ | 2,861,434 | $ | 5,532,162 | $ | 5,648,597 | ||||||||||||
Service charges on deposit accounts | 134,682 | 176,845 | 320,719 | 348,902 | ||||||||||||||||
Interchange Fees | 150,302 | 151,683 | 297,208 | 282,867 | ||||||||||||||||
Net gain (loss) on sale of securities | - | 98,036 | - | 98,036 | ||||||||||||||||
Net gain on sale of loans | 764,833 | 117,351 | 1,042,004 | 262,269 | ||||||||||||||||
Net gain (loss) on sale of repossessed assets | 1,651 | - | (16,535) | 7,608 | ||||||||||||||||
Brokerage fees | 39,524 | 59,708 | 96,284 | 123,055 | ||||||||||||||||
Increase in cash surrender value of life insurance | 55,663 | 55,500 | 113,013 | 112,500 | ||||||||||||||||
Other income | (103,838) | 111,545 | 40,550 | 282,561 | ||||||||||||||||
Total noninterest income | $ | 1,042,817 | $ | 770,668 | $ | 1,893,243 | $ | 1,517,798 | ||||||||||||
Salaries and employee benefits | 1,185,091 | 1,311,045 | 2,481,280 | 2,597,374 | ||||||||||||||||
Occupancy | 267,496 | 276,878 | 513,000 | 561,538 | ||||||||||||||||
Data processing | 332,081 | 225,734 | 602,183 | 473,522 | ||||||||||||||||
Deposit insurance premiums | 25,500 | 24,000 | 45,500 | 24,000 | ||||||||||||||||
Professional fees | 56,595 | 123,483 | 121,030 | 233,559 | ||||||||||||||||
Advertising and Marketing Fees | 28,146 | 64,755 | 83,749 | 148,140 | ||||||||||||||||
Correspondent bank charges | 26,370 | 37,237 | 59,103 | 74,553 | ||||||||||||||||
Other expense | 296,399 | 271,765 | 566,076 | 543,003 | ||||||||||||||||
Total noninterest expenses | $ | 2,217,678 | $ | 2,334,897 | $ | 4,471,921 | $ | 4,655,689 | ||||||||||||
Income before income tax expenses | $ | 1,749,102 | $ | 1,297,205 | $ | 2,953,484 | $ | 2,510,706 | ||||||||||||
Income tax expense | 305,834 | 176,550 | 476,917 | 332,198 | ||||||||||||||||
Net Income | $ | 1,443,268 | $ | 1,120,655 | $ | 2,476,567 | $ | 2,178,508 | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Basic Earnings per common share | 1.20 | 0.94 | 2.06 | 1.82 | ||||||||||||||||
Dilutive Earnings per share | 1.20 | 0.94 | 2.06 | 1.82 | ||||||||||||||||
Net interest margin | 3.22% | 3.51% | 3.31% | 3.55% | ||||||||||||||||
Return on average assets | 1.44% | 1.26% | 1.31% | 1.25% | ||||||||||||||||
Return on average equity | 13.24% | 11.45% | 11.58% | 11.32% | ||||||||||||||||
Efficiency ratio | 54.26% | 62.98% | 57.59% | 63.63% | ||||||||||||||||
Average shares outstanding - primary | 1,200,327 | 1,197,327 | 1,203,066 | 1,196,619 | ||||||||||||||||
Average shares outstanding - diluted | 1,200,327 | 1,197,327 | 1,203,816 | 1,197,419 | ||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||
Balance at beginning of period | $ | 3,443,586 | $ | 2,823,219 | $ | 3,191,605 | $ | 2,856,319 | ||||||||||||
Charge-offs: | ||||||||||||||||||||
One-to-four family | - | - | - | - | ||||||||||||||||
Commercial real estate | - | - | 17,952 | 73,705 | ||||||||||||||||
Land/land development | - | - | - | - | ||||||||||||||||
Commercial | - | - | - | 25,000 | ||||||||||||||||
Consumer | 11,684 | 20,915 | 45,127 | 85,409 | ||||||||||||||||
Gross charge-offs | 11,684 | 20,915 | 63,079 | 184,114 | ||||||||||||||||
Recoveries: | ||||||||||||||||||||
One-to-four family | 511 | 803 | 1,414 | 1,724 | ||||||||||||||||
Commercial real estate | - | 64,040 | - | 64,040 | ||||||||||||||||
Land/land development | - | - | - | - | ||||||||||||||||
Commercial | 51,919 | 22,068 | 105,919 | 22,068 | ||||||||||||||||
Consumer | 60,488 | 20,692 | 88,961 | 74,870 | ||||||||||||||||
Gross recoveries | 112,918 | 107,603 | 196,294 | 162,702 | ||||||||||||||||
Net charge-offs/(recoveries) | (101,234) | (86,688) | (133,215) | 21,412 | ||||||||||||||||
Additions charged to operations | 120,000 | 75,000 | 340,000 | 150,000 | ||||||||||||||||
Balance at end of period | $ | 3,664,820 | $ | 2,984,907 | $ | 3,664,820 | $ | 2,984,907 | ||||||||||||
Net loan charge-offs/(recoveries) to average loans (1) | (0.14%) | (0.13%) | (0.10%) | 0.02% | ||||||||||||||||
Nonperforming assets (000's) | At June 30, | At March 31, | At December 31, | |||||||||||||||||
Loans: | 2020 | 2020 | 2019 | |||||||||||||||||
Non-accrual | $ | 6,511 | $ | 7,119 | $ | 6,173 | ||||||||||||||
Past 90 days or more and still accruing | - | - | - | |||||||||||||||||
Troubled debt restructured | 448 | 465 | 468 | |||||||||||||||||
Total nonperforming loans | 6,959 | 7,584 | 6,641 | |||||||||||||||||
Real estate owned | 5 | 59 | 262 | |||||||||||||||||
Other repossessed assets | - | - | - | |||||||||||||||||
Total nonperforming assets | $ | 6,964 | $ | 7,643 | $ | 6,903 | ||||||||||||||
Nonperforming assets to total assets | 1.72% | 2.14% | 1.95% | |||||||||||||||||
Nonperforming loans to total loans | 2.48% | 2.97% | 2.59% | |||||||||||||||||
Allowance for loan losses to nonperforming loans | 52.66% | 45.41% | 48.07% | |||||||||||||||||
Allowance for loan losses to net loans receivable | 1.32% | 1.37% | 1.26% | |||||||||||||||||
At June 30, | ||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||
Stockholders' equity as a % of total assets | 10.90% | 11.22% | ||||||||||||||||||
Book value per share | $ | 36.49 | $ | 33.34 | ||||||||||||||||
Common shares outstanding- EOP | 1,210,327 | 1,206,327 | ||||||||||||||||||
(1) Ratios for the three-month periods are annualized. |
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SOURCE Northeast Indiana Bancorp, Inc.
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