NIDB.. $9.00 Another Sm Bk that rocks..
Bought 900 @9.00..hank
Northeast Indiana Bancorp, Inc. Announces Increased Second Quarter Earnings
HUNTINGTON, Ind., July 13 /PRNewswire-FirstCall/ -- Northeast Indiana Bancorp, Inc. (OTC:NIDB) (BULLETIN BOARD: NIDB) , the parent company of First Federal Savings Bank, today announced net income of $476,000 ($0.39 per diluted common share) for the Company's second quarter ended June 30, 2009 compared to net income of $408,000 ($0.32 per diluted common share) for the second quarter ended June 30, 2008. The current three months earnings equates to an annualized return on average assets (ROA) of 0.77% and a return on average equity (ROE) of 8.61% compared to an annualized ROA of 0.66% and an ROE of 7.18% for the months ended June 30, 2008.
Net interest income increased sharply by $353,000 or 21.5% to $2.0 million for the quarter ended June 30, 2009 when compared to $1.6 million for the quarter ended June 30, 2008. The Company's net interest margin increased significantly by sixty-one basis points to 3.43% for the current quarter compared to 2.82% in the year earlier quarter. Sequentially, the current quarter's 3.43% net interest margin was also a six basis point improvement over the quarter ended March 31, 2009 net interest margin of 3.37%.
The Company made a $300,000 provision for loan loss during the quarter ended June 30, 2009 compared to a $90,000 provision for loan loss for the quarter ended June 30, 2008. Management feels it is prudent to increase the allowance for loan losses by setting aside provisions for loan losses at higher levels during these uncertain economic conditions. The bank recorded net charge-offs of $25,000 for the quarter ended June 30, 2009 compared to net recoveries of ($8,000) for the quarter ended June 30, 2008.
Noninterest income increased sharply to $628,000 during the quarter ended June 30, 2009 when compared to $490,000 in the same quarterly period a year ago. This was primarily due to a significant increase in gains on the sale of loans of $190,000 from heavy refinancing activity between quarterly periods which helped to offset losses on the sale of securities and decreased brokerage fees.
Noninterest expense increased by $119,000 to $1.6 million for the current quarter compared with $1.5 million for the quarter ended June 30, 2008. The increase was due to FDIC insurance premiums increasing $178,000 between quarterly periods. Of the $178,000 increase, roughly $115,000 was directly related to the non-recurring FDIC Special Assessment levied on all FDIC - insured financial institutions as of June 30, 2009 but payable September 30, 2009. This substantial increase was partially offset by decreases in salaries and benefits, occupancy, and other expense. The Company's efficiency ratio improved to 61.9% for the current three month period compared to 70.5% in the prior year three month period.
Net income for the six months ended June 30, 2009 increased $243,000 or 31.7% to $1.0 million ($0.82 per diluted common share) compared to net income of $766,000 ($0.60 per diluted common share) for the six months ended June 30, 2008.
The sharp increase in net income between six month periods is due to both significantly improved net interest income from expanded net interest margins as well as record six month gains on loan sales activity due to the record refinance activity processed by First Federal Savings Bank. These improvements were partially offset by increased loan loss provisions, sharply higher FDIC insurance premiums, and increased net losses on the sale of repossessed assets.
Total assets decreased $13.8 million to $246.4 million at June 30, 2009 compared to December 31, 2008 assets of $260.2 million. The asset decline is primarily due to large non-interest bearing funds on hand at year end 2008 clearing early in first quarter 2009 as well as a reduction in single family portfolio mortgage balances due to most fixed rate originations being sold servicing retained to FHLMC. Net loans decreased $6.2 million to $197.9 million at June 30, 2009 compared to $204.2 million at December 31, 2008. Total deposits decreased $2.3 million to $153.4 million at June 30, 2009 from $155.7 million at December 31, 2008. Borrowed funds decreased $11.5 million to $68.5 million at June 30, 2009 compared to $80.0 million at December 31, 2008. Proceeds from the sale of fixed rate mortgages to FHLMC were used to pay down borrowed funds.
Shareholder's equity was $22.2 million at June 30, 2009 compared to $21.8 million at December 31, 2008. The book value of NIDB's stock was $18.04 per common share as of June 30, 2009. The number of outstanding common shares was 1,230,670 as of the same date. The last reported trade of the stock on July 10, 2009 was $9.50 per common share.
Northeast Indiana Bancorp, Inc. is headquartered at 648 North Jefferson Street, Huntington, Indiana. The company offers a full array of banking and financial brokerage services to its customers through three full service branches located in Huntington, Indiana and one full service branch located in Warsaw, Indiana. The Company announced during the quarter ended March 31, 2009 that it will build a full service branch in Fort Wayne, Indiana. That branch is currently under construction with an anticipated completion date during the third quarter of 2009. The Company is traded on the Over the Counter Bulletin Board ("OTCBB") under the symbol "NIDB".
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Northeast Indiana Bancorp, Inc. Announces Quarterly Cash Dividend
HUNTINGTON, Ind., July 28 /PRNewswire-FirstCall/ -- Northeast Indiana Bancorp, Inc., (OTC:NIDB) (BULLETIN BOARD: NIDB) , the parent company of First Federal Savings Bank, has announced that the Corporation will pay a cash dividend of $0.165 per common share. The dividend will be payable on August 25, 2009 to shareholders of record on August 11, 2009.
The book value of NIDB's stock was $18.04 per common share as of June 30, 2009. The last reported trade of stock at the close of business on July 27, 2009 was $8.50 per common share and the number of outstanding shares was 1,230,670 as of the same date. The annualized dividend yield is currently 7.80% when annualizing the current quarter cash dividend of $0.165 per common share against the July 27, 2009 closing price of $8.50 per common share.
Northeast Indiana Bancorp, Inc. is headquartered at 648 North Jefferson Street, Huntington, Indiana. The company offers a full array of banking and financial brokerage services to its customers through three full service branches located in Huntington, Indiana and one full service branch located in Warsaw, Indiana. The Company announced during the quarter ended March 31, 2009 that it will build a full service branch in Fort Wayne, Indiana. That branch is currently under construction with an anticipated completion date during the third quarter of 2009. The Company is traded on the Over the Counter Bulletin Board ("OTCBB") under the symbol "NIDB".
DATASOURCE: Northeast Indiana Bancorp, Inc.
CONTACT: Randy J. Sizemore, Senior Vice President, CFO of Northeast
Indiana Bancorp, Inc., +1-260-358-4680
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Northeast Indiana Bancorp, Inc. Announces Substantial Increase In First Quarter Earnings
HUNTINGTON, Ind., April 13 /PRNewswire-FirstCall/ -- Northeast Indiana Bancorp, Inc., (OTC:NIDB) (BULLETIN BOARD: NIDB) , the parent company of First Federal Savings Bank, has announced net income of $533,000 ($0.43 per diluted common share) for the first quarter ended March 31, 2009, an increase of $175,000 or 48.9% compared to $358,000 ($0.27 per diluted common share) for the first quarter ended March 31, 2008. The current three months earnings equates to an annualized return on average assets (ROA) of 0.84% and a return on average equity (ROE) of 9.72% as compared to an ROA of 0.59% and an ROE of 6.23% for the three months ended March 31, 2008.
Net interest income increased $544,000 or 37.3% to $2.0 million for the quarter ended March 31, 2009 when compared to $1.5 million for the quarter ended March 31, 2008. The increase was related to both rates decreasing faster on interest bearing liabilities than on interest earning assets as well as increases in interest earning asset balances between periods. The Company's net interest margin increased significantly to 3.37% for the current quarter compared to 2.58% for the year earlier quarter. Sequentially, the current quarter's 3.37% net interest margin was also a thirty-four basis point improvement over the quarter ended December 31, 2008 net interest margin of 3.03%.
The Company made a $275,000 provision for loan loss during the quarter ended March 31, 2009 compared to a $90,000 provision for loan loss for the quarter ended March 31, 2008. Net charge-offs were $139,000 for the quarter ended March 31, 2009 compared to net charge-offs of $44,000 for the quarter ended March 31, 2008. Non performing assets increased slightly to $4.6 million at March 31, 2008 when compared to $4.0 million at December 31, 2008.
Noninterest income increased by $48,000 to $573,000 for the current period compared to $525,000 during the year earlier period. First Federal processed record quarterly refinancing volumes which led to a substantial increase in net gains on the sale of loans of $184,000 between quarterly periods. This increase was partially offset by an increase in losses on the sale of repossessed assets of $74,000 and declines in brokerage fees of $36,000 between the current quarterly period and the prior year quarterly period.
Noninterest expense increased $66,000 to $1.5 million for the quarter ended March 31, 2009 compared to $1.4 million for the quarter ended March 31, 2008. This increase came primarily in increased FDIC premiums, data processing, and professional fees. These increases were partially offset by decreases to salaries and employee benefits between quarterly periods.
Net loans receivable decreased $3.1 million to $201.1 million at March 31, 2009 when compared to $204.2 million at December 31, 2008. Total deposits increased by $2.2 million to $157.9 million at March 31, 2009 compared to $155.7 million at December 31, 2008. Borrowed funds declined to $67.5 million at March 31, 2009 from $80.0 million at December 31, 2008 due to decreases in repurchase agreement account balances and FHLB advances during the current quarter.
Shareholders' equity increased to $22.0 million at March 31, 2009 compared to $21.8 million at December 31, 2008. The book value of NIDB's stock was $17.86 per common share as of March 31, 2009. The number of outstanding common shares was 1,230,670. The last reported trade of the stock on April 09, 2009 was $7.50 per common share.
During the quarter ended March 31, 2009, Northeast Indiana Bancorp, Inc. also announced the Company will not participate in the U.S. Treasury Department's Troubled Asset Relief Program ("TARP"). After a review of the subsidiary bank's operations and financial condition by the bank's primary federal regulator, the Company had received preliminary approval from the U.S. Treasury Department for the placement of $5.5 million in senior preferred stock. The board of directors elected to not participate in the TARP program after careful consideration of the subsidiary bank's Risk-Based Capital as well as core profitability. First Federal's Risk-Based Capital ratio continues to exceed "well capitalized" thresholds defined under existing bank regulations.
Northeast Indiana Bancorp, Inc. is headquartered at 648 North Jefferson Street, Huntington, Indiana. The company offers a full array of banking and financial brokerage services to its customers through three full service branches located in Huntington, Indiana and one full service branch located in Warsaw, Indiana. The Company announced during the quarter ended March 31, 2009 that it will build a full service branch in Fort Wayne, Indiana. That branch is currently under construction with an anticipated completion date during the third quarter of 2009. The Company is traded on the Over the Counter Bulletin Board ("OTCBB") under the symbol "NIDB".
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.
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Northeast Indiana Bancorp, Inc. Announces Increased Fourth Quarter Earnings and Full Year 2008 Earnings
HUNTINGTON, Ind., Feb. 12 /PRNewswire-FirstCall/ -- Northeast Indiana Bancorp, Inc., (OTC:NIDB) (BULLETIN BOARD: NIDB) , the parent company of First Federal Savings Bank, today announced net income of $442,000 ($0.36 per diluted common share) for the fourth quarter ended December 31, 2008 compared to net income of $255,000 ($0.19 per diluted common share) for the fourth quarter ended December 31, 2007. The increase between periods is primarily due to substantial improvement in the bank's net interest margins and core profitability. The current three months earnings equates to an annualized return on average assets (ROA) of 0.69% and a return on average equity (ROE) of 8.31% as compared to an ROA of 0.42% and an ROE of 4.46% for the three months ended December 31, 2007.
Net interest income increased sharply by $530,000 or 40.1% to $1.8 million for the quarter ended December 31, 2008 when compared to $1.3 million for the quarter ended December 31, 2007. The Company's net interest margin increased significantly to 3.03% for the three months ended December 31, 2008 versus 2.31% for the three months ended December 31, 2007. Sequentially, the current quarter's 3.03% net interest margin was also a fifteen basis point improvement over the quarter ended September 30, 2008 net interest margin of 2.88%.
The Company made a $150,000 provision for loan loss for the quarter ended December 31, 2008 compared to a $70,000 provision for loan loss for the quarter ended December 31, 2007. Management feels non-performing assets continue to be manageable with total non-performing assets to total assets at 1.56% at the current quarter end, slightly lower than the 1.68% reported at the prior year quarter ended December 31, 2007. The bank recorded net recoveries of ($9,000) for the quarter ended December 31, 2008 compared to net recoveries of ($4,000) for the quarter ended December 31, 2007.
Noninterest income declined to $389,000 for the period ended December 31, 2008 compared to $524,000 for the period ended December 31, 2007. The primary reasons for the decline were a $66,000 net loss on sale of securities in the current quarterly period compared to no loss for the prior year quarterly period as well as a larger loss on the sale of repossessed assets between periods of roughly $24,000. Brokerage fees were also lower due to volatile stock market conditions.
Non-interest expenses decreased $31,000 to $1.4 million for the quarter ended December 31, 2008 compared to $1.5 million for the quarter ended December 31, 2007. This slight decrease came primarily from both decreases in salaries and employee benefits and a decrease in correspondent bank charges due to a statement rendering conversion to in-house processing that was competed late fourth quarter 2007.
Net income was reported at $242,000 for the year ended December 31, 2008 a decrease of $133,000 from net income of $375,000 for the year ended December 31, 2007. Net interest income increased significantly by $1.7 million or 35.0% between yearly periods due to an increasing net interest margin. Noninterest income fell sharply to $246,000 for the year ended December 31, 2008 when compared to $2.2 million for the year ended December 31, 2007. This decrease is primarily attributable to non-cash other than temporary impairment ("OTTI") write-downs of $1.7 million on FHLMC Preferred Shares and in the bank's investment in the Shay Ultrashort Mortgage Fund. We have no further exposure to Freddie Mac or Fannie Mae common or preferred shares and we continue to draw down our position in the Shay fund through quarterly cash redemptions. Noninterest expenses increased $162,000 to $6.1 million for the year ended December 31, 2008 when compared to $5.9 million for the year ended December 31, 2007, primarily due to increases in specific reserves established on repossessed assets and increased FDIC premiums partially offset by lower wages and correspondent bank charges.
Total assets increased $14.4 million or 5.9% to $260.2 million at December 31, 2008 compared to December 31, 2007 assets of $245.8 million. Net loans receivable increased to $204.2 million at December 31, 2008 from $186.4 million at December 31, 2007. Total deposits increased to $155.7 million for the current year end compared to $141.1 million for the previous year end. Borrowed funds were relatively unchanged between yearly periods.
Shareholder's equity at December 31, 2008 was $21.8 million compared to the $23.0 million reported at December 31, 2007. The Company paid out cash dividends of $839,000 to shareholders during the year ended December 31, 2008. In addition, Northeast Indiana Bancorp, Inc. repurchased 83,247 shares of treasury stock, at an average cost of $11.98, for a total cost of approximately $998,000 during the year ended December 31, 2008. In the opinion of management, these repurchases help leverage Northeast Indiana Bancorp's remaining equity and tend to improve return on shareholder's equity.
The book value of NIDB stock was $17.69 per common share as of December 31, 2008 as compared to a book value of $17.53 per common share as of December 31, 2007. The number of outstanding common shares was 1,230,670. The last reported trade of the stock on December 31, 2008 was $6.60 per common share.
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 three full service branches located in Huntington, Indiana and one full service branch located in Warsaw, Indiana. The Company is traded on the Over the Counter Bulletin Board under the symbol "NIDB".
