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Classified in: Business
Subject: ERN

/C O R R E C T I O N -- Northeast Indiana Bancorp, Inc./


In the news release, NORTHEAST INDIANA BANCORP, INC. ANNOUNCES RECORD ANNUAL EARNINGS, issued 28-Jan-2022 by Northeast Indiana Bancorp, Inc. over PR Newswire, we are advised by the company that the first table has been updated. The complete, corrected release follows:

NORTHEAST INDIANA BANCORP, INC. ANNOUNCES RECORD ANNUAL EARNINGS

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 $3,998,392 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.


























 

 

SOURCE Northeast Indiana Bancorp, Inc.


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