2022-04-14 | OTCQB:NIDB | Press release

HUNTINGTON, Ind., April 14, 2022 /PRNewswire/ — Northeast Indiana Bancorp, Inc., (OTCQB: NIDB), the parent company of First Federal Savings Bank, reported net income of $1.78 million ($1.49 per diluted common share) for the first quarter ended March, 31st2022. This pay level was a decrease of $112,000or 5.9% over earnings for the quarter ended March 31, 2021 of $1.89 million ($1.57 per diluted common share). Current earnings for the three months correspond 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, 31st2021.

Total assets increased $1.8 millioni.e. 1.8% at an annualized rate, at $419.5 million to March 31, 2022 compared to the total assets of $417.7 million to the 31st of December2021. Total loans increased $5.4 millioni.e. 7.8% annualized, at $279.6 million to March 31, 2022 compared to the total loans of $274.3 million to the 31st of December2021. Total deposits increased $14.7 millioni.e. 17.2% annualized, at $356.6 million to March 31, 2022 compared to $341.9 million to the 31st of December2021.

Equity has decreased $3.4 million for $45.3 million to March 31, 2022 compared to $48.7 million to the 31st of December2021. The decrease in equity is due to the decrease in accumulated other comprehensive income $4.8 million due to a reduction in the fair value of the investment portfolio due to rising market interest rates. Book value of NIDB shares declined $2.80 for $37.60 per ordinary share at March 31, 2022 compared to $40.40 to the 31st of December2021. The number of common shares outstanding was 1,205,435 as of March, 31st2022. The last reported transaction of the action on April 11, 2022 been $46.60 per ordinary share.

Net interest income increased $274,000 in the first quarter of 2022 compared to the same period in 2021. The increase is the 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 decreased $323,000 in the first quarter of 2022 compared to the same period in 2021. The decrease is the result of a decrease in $387,000 in gain on the sale of loans due to the slowdown in mortgage refinances in the first quarter of 2022. Non-interest expenses increased $248,000 in the first quarter of 2022 compared to the first quarter of 2021. The increase is mainly due to a $280,000 increased salaries and benefits due to fewer FAS 91 salary deferrals in Q1 2022 without the PPP production and mortgage refinancing activity that was more prevalent in Q1 2021.

Michael S. Zahnthe Chairman and 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 to weather rising rates.

Northeast Indiana Bancorp, Inc. is headquartered at 648 N. Jefferson Street, Huntington, Indiana. The company offers a full range of banking and financial brokerage services to its customers through its head office in Huntington and five full services Indiana offices at Huntington (2), Warsaw and Fort Wayne (2). The Company is listed on OTC Markets Group, Inc. (www.otcmarkets.com) using the OTCQB platform under the symbol “NIDB”. Our website 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 matters. Factors that could cause future results to differ materially include, but are not limited to, general economic conditions, changes in interest rates, loan demand and competition. Other factors include changes in accounting principles, policies or guidelines; legislative or regulatory changes; and other economic, competitive, regulatory and technological factors affecting each company’s operations, prices, products and services.

BANCORP OF NORTHEAST INDIANA

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

ASSETS

March, 31st,

2022

The 31st of December,

2021

Interest-bearing cash and cash equivalents

$

8,040,570

$

12 185 155

Cash and cash equivalents not bearing interest

4,216,611

3,595,989

Cash and cash equivalents

12,257,181

15,781,144

Interest-bearing term deposits

2,210,000

2,210,000

Titles 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 losses 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-share

2,101,600

2,426,500

Investments in limited liability companies

1,453,334

1,528,334

Cash 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 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 responsibilities

374 178 189

368 963 311

Retained earnings – substantially restricted

45,322,678

48,693,552

Total Liabilities and Equity

$

419 500 867

$

417 656 863

CONSOLIDATED INCOME STATEMENTS

Three months completed

March, 31st,

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

Allowance 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 life insurance cash value

75 134

64,631

Other income

215,866

148,302

Total non-interest income

$

904 976

$

1,227,708

Salaries and benefits

1,410,259

1,130,162

Occupation

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 costs

57,088

56,597

Correspondent bank fees

25,742

25,604

Other expenses

242 259

310 424

Total non-interest expense

$

2,486,139

$

2,237,838

Profit before tax expenses

$

2,161,279

$

2,338,572

income tax expense

380 167

445,664

Net revenue

$

1,781,112

$

1 892 908

BANCORP OF NORTHEAST INDIANA

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Three months completed

March, 31st,

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%

Average return on assets

1.70%

1.88%

return on average equity

15.07%

16.47%

Efficiency report

53.50%

47.65%

Average number of shares outstanding – primary

1,199,001

1,200,351

Average number of shares outstanding – diluted

1,199,318

1,200,618

Allowance for loan losses:

Balance at beginning of period

$

3,998,392

$

3,851,897

Dump :

Family of 1 to 4 people

Commercial real estate

Land/Land development

Commercial

Consumer

17,435

50,261

Gross postings

17,435

50,261

Recoveries:

Family of 1 to 4 people

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 charges/(recoveries)

(5,682)

(2,578)

Surcharges charged to operations

120,000

Balance at end of period

$

4,004,074

$

3,974,475

Net amortizations/(recoveries) on average loans (1)

(0.01%)

(0.00%)

Non-performing assets (in thousands)

As of March 31,

As of December 31,

Loans:

2022

2021

Not cumulated

$

2,024

$

2,859

90 or more days past and still accumulating

Restructured distressed debt

364

365

Total non-performing loans

2,388

3,224

Real estate owned

Other assets taken over

Total non-performing assets

$

2,388

$

3,224

Non-performing assets to total assets

0.57%

0.77%

Non-performing loans to total loans

0.84%

1.16%

Provision for loan losses to non-performing loans

167.71%

124.01%

Allowance for loan losses to net loans receivable

1.41%

1.44%

As of March 31,

2022

2021

Equity as % of total assets

10.80%

11.32%

Book value per share

$37.60

$38.22

Outstanding Common Shares – EOP

1,205,435

1,202,985

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

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SOURCE Northeast Indiana Bancorp, Inc.

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