NIDB - Northeast Indiana Bancorp Inc. Announces Record Quarterly Earnings

April, 13 2021 09:00 AM Northeast Indiana Bancorp Inc

PR Newswire

HUNTINGTON, Ind. , April 13, 2021 /PRNewswire/ -- Northeast Indiana Bancorp, Inc., (OTCQB: NIDB), the parent company of First Federal Savings Bank, has announced net income of $1.89 million ( $1.58 per diluted common share) for the first quarter ended March 31 , 2021. This earnings level was an increase of $860,000 or 83.2% when compared to earnings from the quarter ended March 31, 2020 of $1.03 million ( $0.86 per diluted common share). The current three months earnings equate to an annualized return on average assets (ROA) of 1.88% and a return on average equity (ROE) of 14.87% compared to an ROA of 1.16% and an ROE of 9.86% for the prior year quarter ended March 31 , 2020.

Total assets increased $15.0 million or 3.8% to $406.3 million at March 31, 2021 compared to total assets of $391.3 million at December 31 , 2020. Total loans increased $5.1 million or 1.9% to $269.3 million at March 31, 2021 compared to total loans of $264.2 million at December 31 , 2020. Total deposits increased $17.7 million or 6.0% to $314.7 million at March 31, 2021 compared to $297.0 million at December 31 , 2020.

Shareholders' equity increased $300,000 to $46.0 million at March 31, 2021 compared to $45.7 million at December 31 , 2020. The book value of NIDB stock increased $0.49 to $38.22 per common share as of March 31, 2021 compared to $37.73 at December 31 , 2030. The number of outstanding common shares was 1,202,985. The last reported trade of the stock on April 12, 2021 was $42.00 per common share.

First Federal Savings Bank continued to be a source of strength to small business clients and non-profits in Northeast Indiana during the quarter ended March 31 , 2021. The Bank participated in the SBA's 2021 Paycheck Protection Program ("PPP") and helped over 300 clients secure roughly $25 million in PPP funding. We also continue to work with clients, who received PPP loans in 2020, on forgiveness applications.

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*
March 31, 2021
December 31, 2020
Interest-earning cash and cash equivalents
$
14,118,528
$
12,397,471
Noninterest earning cash and cash equivalents
3,639,359
2,311,822
Total cash and cash equivalents
17,757,887
14,709,293
Interest-earning time deposits
2,946,000
3,681,000
Securities available for sale
82,483,945
78,418,462
Securities held to maturity
11,298,326
9,442,271
Loans held for sale
1,457,450
137,000
Loans receivable, net of allowance for loan loss March 31, 2021 $3,974,475 and December 31, 2020 $3,851,897
269,293,761
264,220,486
Accrued interest receivable
1,514,335
1,516,929
Premises and equipment
5,591,737
5,282,884
Investments in limited liability partnerships
1,753,334
1,828,334
Cash surrender value of life insurance
10,136,074
10,071,443
Other assets
2,035,848
1,969,048
*Total Assets*
$
406,268,697
$
391,277,150
*LIABILITIES AND STOCKHOLDERS' EQUITY*


Non-interest bearing deposits
60,323,371
46,257,438
Interest bearing deposits
254,331,424
250,700,577
Borrowed Funds
41,093,101
45,805,419
Accrued interest payable and other liabilities
4,540,509
2,852,005
*Total Liabilities*
360,288,405
345,615,439



Retained earnings – substantially restricted
45,980,292
45,661,711
*Total Liabilities and Shareholders' Equity*
$
406,268,697
$
391,277,150




CONSOLIDATED STATEMENTS OF INCOME



Three Months Ended

March 31,

2021
2020
Total interest income
$
3,984,611
$
3,772,563
Total interest expense

515,909

944,368
Net interest income
$
3,468,702
$
2,828,195
Provision for loan losses

120,000

220,000
Net interest income after provision for loan losses
$
3,348,702
$
2,608,195
Service charges on deposit accounts

150,822

186,039
Interchange fees
157,127
146,906
Net gain on sale of loans
629,489
277,171
Net loss on sale of repossessed assets
-
(18,186)
Brokerage fees
77,337
56,760
Increase in cash surrender value of life insurance
64,631
57,350
Other income
148,302
144,388
Total noninterest income
$
1,227,708
$
850,428
Salaries and employee benefits

1,130,162

1,296,191
Occupancy
271,275
245,504
Data processing
324,992
270,101
Deposit insurance premiums
24,500
20,000
Professional fees
94,284
64,436
Advertising and marketing fees
56,597
55,603
Correspondent bank charges
25,604
32,735
Other expense
310,424
269,671
Total noninterest expenses
$
2,237,838
$
2,254,241
Income before income tax expenses
$
2,338,572
$
1,204,382
Income tax expense

445,664

171,083
Net Income
$
1,892,908
$
1,033,299



NORTHEAST INDIANA BANCORP
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


Three Months Ended March 31,

2021
2020
Basic Earnings per common share
1.58
0.86
Dilutive Earnings per share
1.57
0.86
Net interest margin
3.72%
3.40%
Return on average assets
1.88%
1.16%
Return on average equity
14.87%
9.86%
Efficiency ratio
47.65%
61.28%
Average shares outstanding- primary
1,200,351
1,201,805
Average shares outstanding- diluted
1,200,618
1,201,805
Allowance for loan losses:


Balance at beginning of period
$
3,851,897
$
3,191,605
Charge-offs:


One-to-four family
-
17,952
Commercial real estate
-
-
Land/land development
-
-
Commercial
-
-
Consumer
50,261
33,443
Gross charge-offs
50,261
51,395
Recoveries:


One-to-four family
1,479
903
Commercial real estate
-
-
Land/land development
-
-
Commercial
390
54,000
Consumer
50,969
28,473
Gross recoveries
52,839
83,376
Net charge-offs/(recoveries)
(2,578)
(31,981)
Additions charged to operations
120,000
220,000
Balance at end of period
$
3,974,475
$
3,443,586



Net loan charge-offs / (recoveries)to average loans (1)
(0.00%)
(0.05%)



Nonperforming assets (000's)
At March 31,
At December 31,
Loans:
2021
2020
Non-accrual
$
4,538
$
5,034
Past 90 days or more and still accruing
-
-
Troubled debt restructured
364
374
Total nonperforming loans
4,902
5,408
Real estate owned
5
5
Other repossessed assets
-
-
Total nonperforming assets
$
4,907
$
5,413


Nonperforming assets to total assets
1.21%
1.38%
Nonperforming loans to total loans
1.79%
2.02%
Allowance for loan losses to nonperforming loans
81.07%
71.23%
Allowance for loan losses to net loans receivable
1.48%
1.46%





At March 31,

2021
2020
Stockholders' equity as a % of total assets
11.32%
11.81%
Book value per share
$ 38.22
$ 35.43
Common shares outstanding- EOP
1,202,985
1,210,379

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

SOURCE Northeast Indiana Bancorp, Inc.

Company Name:	Northeast Indiana Bancorp Inc
Stock Symbol:	NIDB
Market:	OTC
Website:	firstfedindiana.bank

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