HUNTINGTON, Ind., April 14, 2022 /PRNewswire/ -- Northeast Indiana Bancorp, Inc., (OTCQB:  NIDB), the parent company of First Federal Savings Bank, has announced net income of $1.78 million ($1.49 per diluted common share) for the first quarter ended March 31, 2022.  This earnings level was a decrease of $112,000, or 5.9% when compared to earnings from the quarter ended March 31, 2021 of $1.89 million ($1.57 per diluted common share).  The current three months earnings equate to an annualized return on average assets (ROA) of 1.70% and a return on average equity (ROE) of 15.07% compared to an ROA of 1.88% and an ROE of 16.47% for the prior year quarter ended March 31, 2021.       

(PRNewsfoto/Northeast Indiana Bancorp, Inc.)

Total assets increased $1.8 million, or 1.8% on an annualized basis, to $419.5 million at March 31, 2022 compared to total assets of $417.7 million at December 31, 2021.  Total loans increased $5.4 million, or 7.8% annualized, to $279.6 million at March 31, 2022 compared to total loans of $274.3 million at December 31, 2021.  Total deposits increased $14.7 million, or 17.2% annualized, to $356.6 million at March 31, 2022 compared to $341.9 million at December 31, 2021.    

Shareholders' equity decreased $3.4 million to $45.3 million at March 31, 2022 compared to $48.7 million at December 31, 2021.  The decrease in shareholders' equity was a result of accumulated other comprehensive income declining $4.8 million due to a reduction in the fair value of the investment portfolio due to increased market interest rates.  The book value of NIDB stock declined $2.80 to $37.60 per common share as of March 31, 2022 compared to $40.40 at December 31, 2021.  The number of outstanding common shares was 1,205,435 as of March 31, 2022.  The last reported trade of the stock on April 11, 2022 was $46.60 per common share.

Net interest income increased $274,000 in the first quarter of 2022 compared to the same period in 2021.  The increase was a result of an eight-basis point increase in net interest margin to 3.80% and an increase in average earning assets of $19.0 million for the first quarter of 2022 compared to the first quarter of 2021. 

Non-interest income declined $323,000 in first quarter of 2022 compared to the same period in 2021.  The decrease was a result of a decline of $387,000 in gain on sale of loans due to slower mortgage refinances in the first quarter of 2022.  Non-interest expense increased $248,000 in the first quarter of 2022 compared to the first quarter of 2021.  The increase was primarily due to a $280,000 increase in salaries and employee benefits due to fewer FAS 91 salary deferrals in the first quarter of 2022 without the PPP production and mortgage refinance business that was more prevalent in the first quarter of 2021.

Michael S. Zahn, President/CEO said, "We are very pleased with the start of 2022.  We continue to see strong loan and deposit growth in our markets and believe we are well positioned for the increasing rate environment."

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,

2022

December 31,
2021


Interest-earning cash and cash equivalents

$

8,040,570

$

12,185,155


Noninterest earning cash and cash equivalents

4,216,611

3,595,989


   Total cash and cash equivalents

12,257,181

15,781,144


Interest-earning time deposits

2,210,000

2,210,000


Securities available for sale

85,245,995

86,644,434


Securities held to maturity

11,791,172

11,916,667


Loans held for sale

1,313,598

538,635


Loans receivable, net of allowance for loan loss March 31, 2022 $4,004,074 and December 31, 2021
$3,998,392

 

279,624,004

 

274,267,094


Accrued interest receivable

1,523,198

1,489,036


Premises and equipment

7,122,223

6,937,418


FHLB stock

2,101,600

2,426,500


Investments in limited liability partnerships

1,453,334

1,528,334


Cash surrender value of life insurance

11,407,075

11,331,941


Other assets

3,451,487

2,585,660


    Total Assets

$

419,500,867

$

417,656,863


LIABILITIES AND STOCKHOLDERS' EQUITY




Non-interest bearing deposits

62,072,982

56,435,410


Interest bearing deposits

294,557,300

285,513,161


Borrowed Funds

13,925,706

23,001,166


Accrued interest payable and other liabilities

3,622,201

4,013,574


    Total Liabilities

374,178,189

368,963,311






Retained earnings – substantially restricted

45,322,678

48,693,552


    Total Liabilities and Shareholders' Equity

$

419,500,867

$

417,656,863




CONSOLIDATED STATEMENTS OF INCOME







                     Three Months Ended




                       March 31,




2022

2021




Total interest income

$

4,033,571

$

3,984,611






Total interest expense


291,129


515,909






 Net interest income

$

3,742,442

$

3,468,702






Provision for loan losses


-


120,000






  Net interest income after provision for loan losses

$

3,742,442

$

3,348,702






    Service charges on deposit accounts


154,398


150,822






    Interchange fees

162,545

157,127




    Net gain on sale of loans

242,882

629,489




    Net loss on sale of repossessed assets

-

-




    Brokerage fees

54,151

77,337




    Increase in cash surrender value of life insurance

75,134

64,631




    Other income

215,866

148,302




Total noninterest income

$

904,976

$

1,227,708






    Salaries and employee benefits


1,410,259


1,130,162






    Occupancy

282,467

271,275




    Data processing

356,919

324,992




    Deposit insurance premiums

30,500

24,500




    Professional fees

80,905

94,284




    Advertising and marketing fees

57,088

56,597




    Correspondent bank charges

25,742

25,604




    Other expense

242,259

310,424




Total noninterest expenses

$

2,486,139

$

2,237,838






  Income before income tax expenses

$

2,161,279

$

2,338,572






Income tax expense


380,167


445,664






Net Income

$

1,781,112

$

1,892,908











NORTHEAST INDIANA BANCORP

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)



 

                               Three Months Ended

                                           March 31,




2022

2021




Basic Earnings per common share

1.49

1.58




Dilutive Earnings per share

1.49

1.57




Net interest margin

3.80%

3.72%




Return on average assets

1.70%

1.88%




Return on average equity

15.07%

16.47%




Efficiency ratio

53.50%

47.65%




Average shares outstanding- primary

1,199,001

1,200,351




Average shares outstanding- diluted

1,199,318

1,200,618




 

Allowance for loan losses:






   Balance at beginning of period

$

3,998,392

$

3,851,897










   Charge-offs:






      One-to-four family

-

-




      Commercial real estate

-

-




      Land/land development

-

-




      Commercial

-

-




      Consumer

17,435

50,261




         Gross charge-offs

17,435

50,261




   Recoveries:






      One-to-four family

955

1,479




      Commercial real estate

218

-




      Land/land development

-

-




      Commercial

9,725

390




      Consumer

12,219

50,970




         Gross recoveries

23,117

52,839




   Net charge-offs/(recoveries)

(5,682)

(2,578)




   Additions charged to operations

-

120,000




   Balance at end of period

$

4,004,074

$

3,974,475




















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

(0.01%)

(0.00%)


















Nonperforming assets (000's)

At March 31,

At December 31,



   Loans:

2022

2021



      Non-accrual


$

2,024


$

2,859





      Past 90 days or more and still accruing

-

-




      Troubled debt restructured

364

365




         Total nonperforming loans

2,388

3,224




   Real estate owned

-

-




   Other repossessed assets

-

-




         Total nonperforming assets


$

2,388


$

3,224









   Nonperforming assets to total assets

0.57%

0.77%




   Nonperforming loans to total loans

0.84%

1.16%




   Allowance for loan losses to nonperforming loans

167.71%

124.01%




   Allowance for loan losses to net loans receivable

1.41%

1.44%













                         At March 31,



2022

2021










Stockholders' equity as a % of total assets

10.80%

11.32%




Book value per share


$       37.60


$          38.22




Common shares outstanding- EOP

1,205,435

1,202,985










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






 

 

 

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SOURCE Northeast Indiana Bancorp, Inc.