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NORTHEAST INDIANA BANCORP, INC. ANNOUNCES RECORD ANNUAL EARNINGS

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January 28, 2022 3:27 PM EST

HUNTINGTON, Ind., Jan. 28, 2022 /PRNewswire/ -- Northeast Indiana Bancorp, Inc., (OTCQB:  NIDB), the parent company of First Federal Savings Bank (FFSB), today announced earnings increased $1.7 million, or 30.3% to $7.3 million ($6.08 per diluted common share) for the full year 2021 when compared to full year 2020 earnings of $5.6 million ($4.64 per diluted common share).  2021 annual earnings represent the highest earnings level ever recorded for the Company.  The full year 2021 earnings equal a return on average assets of 1.77% and a return on average equity of 15.31% compared to an ROA of 1.44% and an ROE of 12.63% for the full year 2020.

Total assets increased $26.4 million, or 6.7% to $417.7 million at December 31, 2021 compared to December 31, 2020 assets of $391.3 million.  Total net loans increased $10.0 million, or 3.8% to $274.3 million at December 31, 2021 from $264.2 million at December 31, 2020.  Total deposits increased $45.0 million, or 15.2% to $341.9 million at December 31, 2021 from $297.0 million at December 31, 2020.  Total borrowings decreased $22.8 million, or 49.8% to $23.0 million at December 31, 2021 compared to December 31, 2020 borrowings of $45.8 million.   

The Company paid out cash dividends of $2.9 million to shareholders during the year ended December 31, 2021 including roughly $1.5 million from a Special Cash Dividend ($1.25 per common share) that was paid to shareholders in December 2021 for the 7th year in a row of Special Cash Dividends.  The book value of NIDB stock increased to $40.49 per common share as of December 31, 2021 from $37.73 per common share as of December 31, 2020.  The Company's stock closed at $47.00 per common share on December 31, 2021.

First Federal Savings Bank President and CEO Michael S. Zahn stated, "2021 continued to be challenging as the pandemic lingers.  I am proud to work side-by-side with our FFSB team who continues to step up to the challenges to serve our customers and our communities."  Zahn continues, "FFSB was able to achieve record earnings while helping commercial customers secure much needed relief, allowing homeowners to obtain low interest rate mortgages and providing financial services to help our communities."

First Federal Savings Bank was a source of strength to small business clients and non-profits in Northeast Indiana during 2021 and 2020.  The Bank participated in the SBA's Paycheck Protection Program ("PPP") and helped over 800 clients receive roughly $68.7 million in PPP funding. 

The Company also announced quarterly earnings for the three months ended December 31, 2021 increased by $61,000, or 4.1% to $1.54 million ($1.28 per diluted common share) when compared to earnings for the three months ended December 31, 2020 of $1.48 million ($1.23 per diluted common shares).  The current quarter's earnings equal a ROA of 1.43% and an ROE of 12.57% compared to an ROA of 1.49% and an ROE of 12.90% for the prior year quarter ended December 31, 2020.

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.

NORTHEAST INDIANA BANCORP CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

CONSOLIDATED STATEMENT OF FINANCIAL CONDITION

ASSETS

    December 31, 2021

December  31,  2020

Interest-earning cash and cash equivalents

$

12,185,155

$

12,397,471

Noninterest earning cash and cash equivalents

3,595,989

2,311,822

   Total cash and cash equivalents

15,781,144

14,709,93

Interest-earning time deposits

2,210,000

3,681,000

Securities available for sale

89,070,934

78,418,462

Securities held to maturity

11,916,667

9,442,271

Loans held for sale

538,635

137,000

Loans receivable, net of allowance for loan loss Dec. 31, 2021 $11,714,560 and Dec. 31, 2020 $3,851,897

274,267,094

264,220,486

Accrued interest receivable

1,489,036

1,516,929

Premises and equipment

6,937,418

5,282,884

Investments in limited liability partnerships

1,528,334

1,828,334

Cash surrender value of life insurance

11,331,941

10,071,443

Other assets

2,585,660

1,969,048

    Total Assets

$

417,656,863

$

391,277,150

LIABILITIES AND STOCKHOLDERS' EQUITY

Non-interest bearing deposits

56,435,410

46,257,438

Interest bearing deposits

285,513,161

250,700,577

Borrowed Funds

23,001,166

45,805,419

Accrued interest payable and other liabilities

3,903,575

2,852,005

    Total Liabilities

368,853,312

345,615,439

Retained earnings – substantially restricted

48,803,551

45,661,711

    Total Liabilities and Shareholders' Equity

$

417,656,863

$

391,277,150

CONSOLIDATED STATEMENTS OF INCOME

Three Months Ended

Twelve Months Ended

December 31,

December 31,

2021

2020

2021

2020

Total interest income

$

4,104,650

$

4,115,656

$

16,353,194

$

15,449,662

Total interest expense

724,329

619,374

2,107,592

3,041,269

    Net interest income

$

3,380,321

$

3,496,282

$

14,245,602

$

12,408,353

Provision for loan losses

-

120,000

120,000

580,000

  Net interest income after provision for loan losses

$

3,380,321

$

3,376,282

$

14,125,602

$

11,828,353

     Service charges on deposit accounts

184,310

190,312

673,080

659,683

     Interchange fees

168,400

150,561

664,608

569,959

     Net gain (loss) on sale of securities

-

-

-

-

     Net gain on sale of loans

407,181

874,069

1,972,217

2,715,931

     Net gain (loss) on sale of repossessed assets

(5,000)

-

(7,954)

(16,535)

     Brokerage fees

59,556

47,501

251,429

189,633

     Increase in cash surrender value of life insurance

66,604

62,731

260,498

232,250

     Other income

392,040

90,884

832,213

276,408

Total noninterest income

$

1,273,091

$

1,416,058

$

4,646,091

$

4,627,329

     Salaries and employee benefits

1,683,090

1,867,398

5,412,488

5,591,328

     Occupancy

285,047

263,635

1,073,356

1,033,583

     Data processing

322,827

312,385

1,342,766

1,138,073

     Deposit insurance premiums

25,500

21,000

101,000

99,000

     Professional fees

95,581

138,055

354,263

341,229

     Advertising and marketing

64,776

63,444

224,336

212,313

     Correspondent bank charges

22,128

18,942

102,369

109,344

     Other expense

311,341

324,403

1,219,987

1,171,571

Total noninterest expenses

$

2,810,290

$

3,009,262

$

9,830,565

$

9,696,441

  Income before income tax expense

$

1,843,122

$

1,783,078

$

8,941,128

$

6,759,241

Income tax expense

306,031

307,137

1,644,000

1,159,619

Net Income

$

1,537,091

$

1,475,941

$

7,297,128

$

5,599,622

 

NORTHEAST INDIANA BANCORP CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Three Months Ended December 31,

Twelve Months Ended December 31,

2021

2020

2021

2020

Basic Earnings per common share

1.28

1.23

6.09

4.65

Dilutive Earnings per share

1.28

1.23

6.08

4.64

Net interest margin

3.33%

3.76%

3.66%

3.41%

Return on average assets

1.43%

1.49%

1.77%

1.44%

Return on average equity

12.57%

12.90%

15.31%

12.63%

Efficiency Ratio

60.39%

61.26%

52.04%

56.92%

Average shares outstanding - primary

1,198,285

1,201,827

1,198,314

1,204,352

Average shares outstanding - diluted

1,198,410

1,201,827

1,199,630

1,205,602

Allowance for loan losses:

   Balance at beginning of period

$

4,013,967

$

3,781,578

$

3,851,897

$

3,191,605

   Charge-offs:

      One-to-four family

-

-

15,194

17,952

      Commercial real estate

-

-

-

13,865

      Land/land development

-

-

-

-

      Commercial

-

13,865

-

-

      Consumer

38,699

53,434

113,891

137,577

         Gross charge-offs

38,699

67,299

129,085

169,394

   Recoveries:

      One-to-four family

935

1,411

11,315

4,242

      Commercial real estate

111

-

19,393

-

      Land/land development

-

-

-

-

      Commercial

2,550

691

3,540

106,609

      Consumer

19,528

15,516

121,332

138,835

         Gross recoveries

23,124

17,618

155,580

249,686

   Net charge-offs / recoveries

15,575

49,681

(26,495)

(80,292)

   Additions charged to operations

-

120,000

120,000

580,000

   Balance at end of period

$

3,998,392

$

3,851,897

$

3,998,392

$

3,851,897

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

0.02%

0.07%

(0.01%)

(0.03%)

Nonperforming assets (000's)

At December 31,

At September 30,

At June 30,

At December 31,

   Loans:

2021

2021

2021

2020

      Non-accrual

$

2,859

$

2,467

$

1,800

$

5,034

      Past 90 days or more and still accruing

-

-

-

-

      Troubled debt restructured

365

361

362

374

         Total nonperforming loans

3,224

2,828

2,162

5,408

   Real estate owned

-

5

255

5

   Other repossessed assets

-

-

-

-

         Total nonperforming assets

$

3,224

$

2,833

$

2,417

$

5,413

   Nonperforming assets to total assets

0.77%

0.68%

0.59%

1.38%

   Nonperforming loans to total loans

1.16%

1.00%

0.77%

2.02%

   Allowance for loan losses to nonperforming loans

124.01%

141.94%

184.42%

71.23%

   Allowance for loan losses to total receivable

1.44%

1.44%

1.44%

1.44%

                         At December 31,

2021

2020

Stockholders' equity as a % of total assets

11.90%

11.67%

Book value per share

$

40.49

$

37.73

Common shares outstanding- EOP

1,205,435

1,210,327

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

 

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/northeast-indiana-bancorp-inc-announces-record-annual-earnings-301470927.html

SOURCE Northeast Indiana Bancorp, Inc.


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