Northeast Indiana Bancorp, Inc. Announces Record Quarterly And Record Year To Date Earnings

NORTHEAST INDIANA BANCORP

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF FINANCIAL CONDITION

ASSETS

December 31,

2021

2020

Interest-earning cash and cash equivalents

$

14,716,427

$

12,397,471

Noninterest earning cash and cash equivalents

3,709,841

2,311,822

   Total cash and cash equivalents

18,426,268

14,709,293

Interest- earning time deposits

2,210,000

3,681,000

Securities available for sale

82,515,533

78,418,462

Securities held to maturity

11,926,106

9,442,271

Loans held for sale

1,408,000

137,000

Loans receivable, net of allowance for loan loss September 30, 2021 $4,013,967 and December 31, 2020 $3,851,897

278,472,147

264,220,486

Accrued interest receivable

1,561,054

1,516,929

Premises and equipment

6,806,146

5,282,884

Investments in limited liability partnerships

1,603,334

1,828,334

Cash surrender value of life insurance

10,265,336

10,071,443

Other assets

2,196,937

1,969,048

    Total Assets

$

417,390,861

$

391,277,150

LIABILITIES AND STOCKHOLDERS' EQUITY

Non-interest bearing deposits

59,659,995

46,257,438

Interest bearing deposits

267,089,646

250,700,577

Borrowed Funds

37,711,346

45,805,419

Accrued interest payable and other liabilities

3,347,304

2,852,005

    Total Liabilities

367,808,291

345,615,439

Retained earnings – substantially restricted

49,582,570

45,661,711

    Total Liabilities and Shareholders' Equity

$

417,390,861

$

391,277,150

Three Months Ended

Nine Months Ended

September 30,

September 30,

2021

2020

2021

2020

Total interest income

$

4,381,819

$

3,734,822

$

12,248,544

$

11,333,967

Total interest expense

418,799

694,908

1,383,263

2,421,893

    Net interest income

$

3,963,020

$

3,039,914

$

10,865,281

$

8,912,074

Provision for loan losses

-

120,000

120,000

460,000

  Net interest income after provision for loan losses

$

3,963,020

$

2,919,914

$

10,745,281

$

8,452,074

     Service charges on deposit accounts

181,654

148,651

488,770

469,371

     Interchange Fees

164,120

122,189

496,208

419,398

     Net gain (loss) on sale of securities

-

-

-

-

     Net gain on sale of loans

332,411

799,857

1,565,034

1,841,861

     Net gain (loss) on sale of repossessed assets

-

-

-

(16,535)

     Brokerage fees

59,658

45,849

191,873

142,132

     Increase in cash surrender value of life insurance

64,631

56,506

193,894

169,519

     Other income

162,629

144,977

440,173

185,528

Total noninterest income

$

965,103

$

1,318,029

$

3,375,952

$

3,211,274

     Salaries and employee benefits

1,408,744

1,242,653

3,729,398

3,723,935

     Occupancy

262,437

256,947

788,309

769,947

     Data processing

350,898

223,506

1,019,939

825,688

     Deposit insurance premiums

25,500

32,500

75,500

78,000

     Professional fees

96,921

82,144

258,682

203,174

     Advertising / marketing fees

64,072

65,120

159,559

148,869

     Correspondent bank charges

27,977

31,299

80,241

90,402

     Other expense

308,973

281,095

911,599

847,170

Total noninterest expenses

$

2,545,522

$

2,215,264

$

7,023,227

$

6,687,185

Income before income tax expense

$

2,382,601

$

2,022,679

$

7,098,006

$

4,976,163

Income tax expense

443,200

375,565

1,337,969

852,482

Net Income

$

1,939,401

$

1,647,114

$

5,760,037

$

4,123,681

Three Months EndedSeptember 30,

Nine Months EndedSeptember 30,

2021

2020

2021

2020

Basic Earnings per common share

1.62

1.37

4.81

3.43

Dilutive Earnings per share

1.62

1.37

4.80

3.43

Net interest margin

4.06%

3.24%

3.79%

3.28%

Return on average assets

1.88%

1.65%

1.90%

1.43%

Return on average equity

15.81%

14.33%

15.77%

12.54%

Efficiency ratio

51.83%

50.83%

49.31%

55.16%

Average shares outstanding- primary

1,197,861

1,201,419

1,198,323

1,203,856

Average shares outstanding- diluted

1,198,028

1,201,586

1,200,079

1,205,523

Allowance for loan losses:

   Balance at beginning of period

$

3,987,013

$

3,664,820

$

3,851,897

$

3,191,605

   Charge-offs:

      One-to-four family

-

-

-

-

      Commercial real estate

-

-

15,194

17,951

      Land/land development

-

-

-

-

      Commercial

-

-

-

-

      Consumer

13,103

39,016

75,191

84,143

         Gross charge-offs

13,103

39,016

90,385

102,094

   Recoveries:

      One-to-four family

7,503

1,417

10,380

2,831

      Commercial real estate

9,086

-

19,281

-

      Land/land development

-

-

-

-

      Commercial

250

-

990

105,919

      Consumer

23,218

34,357

101,804

123,318

         Gross recoveries

40,057

35,774

132,455

232,067

   Net charge-offs

(26,954)

3,242

(42,070)

(129,973)

   Additions charged to operations

-

120,000

120,000

460,000

   Balance at end of period

$

4,013,967

$

3,781,578

$

4,013,967

$

3,781,578

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

(.04%)

(0.03%)

(0.06%)

Nonperforming assets (000's)

At September 30,

At June 30,

At March 31,

At December 31,

2021

2021

2021

2020

      Non-accrual

$

2,467

$

1,800

$

4,538

$

5,034

      Past 90 days or more and still accruing

-

-

-

-

      Troubled debt restructured

361

362

364

374

         Total nonperforming loans

2,828

2,162

4,902

5,408

   Real estate owned

5

255

5

5

   Other repossessed assets

-

-

-

-

         Total nonperforming assets

$

2,833

$

2,417

$

4,907

$

5,413

   Nonperforming assets to total assets

0.68%

0.59%

1.21%

1.38%

   Nonperforming loans to total loans

1.00%

0.77%

1.79%

2.02%

   Allowance for loan losses to nonperforming loans

141.94%

184.42%

81.07%

71.23%

   Allowance for loan losses to net loans receivable

1.44%

1.44%

1.48%

1.46%

At September 30,

2021

2020

Stockholders' equity as a % of total assets

11.86%

11.60%

Book value per share

$

40.75

$

37.66

Common shares outstanding- EOP

1,202,985

1,210,327

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