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10 bagger   Friday, 10/15/10 12:31:21 PM
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NIDB.. $10.75
Northeast Indiana Bancorp, Inc. Announces Third Quarter Earnings

PR Newswire - Oct 15 at 11:29

Company Symbols: NASDAQ-OTCBB:NIDB


HUNTINGTON, Ind., Oct. 15 /PRNewswire-FirstCall/ -- Northeast Indiana Bancorp, Inc. (OTC Bulletin Board: NIDB), the parent company of First Federal Savings Bank, today announced net income of $539,000 ($0.44 per diluted common share) for the Company&;s third quarter ended September 30, 2010 compared to net income of $518,000 ($0.42 per diluted common share) for the third quarter ended September 30, 2009. The current three months earnings equates to an annualized return on average assets (ROA) of 0.83% and a return on average equity (ROE) of 9.02% compared to an annualized ROA of 0.82% and an ROE of 9.20% for the three months ended September 30, 2009.

Net interest income increased by $82,000 or 3.9% to $2.2 million for the quarter ended September 30, 2010 when compared to $2.1 million for the quarter ended September 30, 2009. The Company&;s net interest margin increased by two basis points to 3.55% for the current quarter compared to 3.53% in the year earlier quarter. On a linked quarter basis, the Company&;s 3.55% net interest margin was unchanged compared to the quarter ended June 30, 2010 net interest margin.

The Company made a $500,000 provision for loan loss during the quarter ended September 30, 2010 compared to a $350,000 provision for loan loss for the quarter ended September 30, 2009. Management continues to feel it is prudent to increase the allowance for loan losses by setting aside provisions for loan losses at higher levels during these weak economic conditions. The Company experienced net charge-offs of $515,000 for the quarter ended September 30, 2010 compared to net charge-offs of $89,000 for the quarter ended September 30, 2009.

Noninterest income increased slightly to $689,000 for the third quarter ended September 30, 2010 compared to $669,000 during the quarter ended September 30, 2009. The modest increase is mostly due to a decrease in net losses on the sale of repossessed assets of roughly $35,000 between quarterly periods.

Noninterest expense was relatively unchanged at $1.6 million for the quarters ended September 30, 2010 and September 30, 2009. Increases in salaries and employee benefits were offset by declines in occupancy, professional fees and other expenses.

Net income for the nine months ended September 30, 2010 decreased slightly to $1.48 million ($1.21 per diluted common share) compared to net income of $1.53 million ($1.24 per diluted common share) for the nine months ended September 30, 2009.

Net interest income increased $247,000 or 3.9% to $6.34 million for the nine months ended September 30, 2010 compared to $6.09 million for the prior year nine month period. Noninterest income was relatively unchanged at $1.87 million for both nine month periods. Noninterest expense was $108,000 higher for the nine months ended September 30, 2010 compared to the nine months ended September 30, 2009. Increases in salaries and employee benefits between nine month periods were mostly due to the opening of our Fort Wayne full service branch during the third quarter of 2009. These increases were partially offset by decreases in deposit insurance premiums and other expenses.

Total assets increased $7.86 million or 3.1% to $260.58 million at September 30, 2010 compared to December 31, 2009 assets of $252.72 million. Net loans decreased $3.45 million to $187.82 million at September 30, 2010 compared to $191.27 million at December 31, 2009. Total deposits increased sharply by $22.42 million or 14.5% to $177.05 million at September 30, 2010 from $154.63 million at December 31, 2009. The significant increase in total deposits came in noninterest bearing DDA, NOW, MMDA and Savings balances through First Federal&;s full service branches. These newly acquired lower-costing deposits were utilized to pay off maturing brokered deposits and wholesale borrowed funds. Borrowed funds decreased $16.23 million or 22.2% to $56.83 million at September 30, 2010 compared to $73.06 million at December 31, 2009.

Shareholder&;s equity at September 30, 2010 was $24.27 million compared to $22.96 million at December 31, 2009. The book value of NEIB&;s stock was $19.58 per common share as of September 30, 2010. The number of outstanding common shares was 1,239,946. The last reported trade of the stock on October 13, 2010 was $10.75 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 its main office in Huntington and four full-service Indiana offices in Huntington (2), Warsaw and Fort Wayne. The Company is traded on the Over the Counter Bulletin Board under the symbol &;NIDB&;. Our web site address is www.firstfedindiana.com.

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.


NORTHEAST INDIANA BANCORP

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

CONSOLIDATED STATEMENT OF FINANCIAL CONDITION



ASSETS September 30, December 31,

2010 2009

Interest-earning cash and cash equivalents $ 9,824,412 $ 10,929,272

Noninterest earning cash and cash equivalents 2,305,206 2,473,235

Total cash and cash equivalents 12,129,618 13,402,507

Securities available for sale 45,332,202 33,025,298

Securities held to maturity 400,000 550,000

Loans held for sale 460,000 53,200

Loans receivable, net of allowance for loan loss
September 30, 2010 $2,823,116 and December 31,
2009 $2,868,468 187,819,947 191,267,218

Accrued interest receivable 1,048,063 1,040,528

Premises and equipment 2,092,115 2,158,406

Investments in limited liability partnerships 252,798 317,643

Cash surrender value of life insurance 6,702,509 6,514,390

Other assets 4,344,203 4,395,150

Total Assets $ 260,581,455 $ 252,724,340

LIABILITIES AND STOCKHOLDERS' EQUITY

Non-interest bearing deposits 12,136,512 11,065,663

Interest bearing deposits 164,915,548 143,563,858

Borrowed Funds 56,831,370 73,064,228

Accrued interest payable and other liabilities 2,424,227 2,065,832

Total Liabilities 236,307,657 2,229,759,581



Retained earnings – substantially restricted 24,273,798 22,964,759

Total Liabilities and Shareholders' Equity $ 260,581,455 $ 252,724,340











CONSOLIDATED STATEMENTS OF INCOME



Three Months Ended Nine Months Ended

September 30, September 30,

2010 2009 2010 2009

Total interest income $ 3,248,075 $ 3,462,834 $ 9,691,357 $ 10,446,720

Total interest
expense 1,072,797 1,369,172 3,349,686 4,351,652

Net interest income $ 2,175,278 $ 2,093,662 $ 6,341,671 $ 6,095,068

Provision for loan
losses 500,000 350,000 1,350,000 925,000

Net interest income
after provision for
loan losses $ 1,675,278 $ 1,743,662 $ 4,991,671 $ 5,170,068

Service charges on
deposit accounts 172,027 188,516 515,344 519,706

Net (loss) on sale of
securities (29,412) (37,346) (69,259) (84,135)

Other than temporary
impairment-securities - - - -

Net gain on sale of
loans 235,142 232,774 480,709 662,010

Net (loss) on sale of
repossessed assets (742) (35,711) (54,083) (126,656)

Brokerage fees 87,169 77,279 304,914 215,690

Increase in cash
surrender value of
life insurance 61,481 61,626 188,119 189,499

Other income 161,171 181,964 510,238 493,521

Total noninterest
income $ 686,836 $ 669,102 $ 1,875,982 $ 1,869,635

Salaries and employee
benefits 848,710 817,746 2,553,739 2,314,347

Occupancy 226,371 234,574 654,757 629,670

Data processing 188,722 181,915 566,441 566,629

Deposit insurance
premiums 84,000 90,000 233,400 326,000

Professional fees 77,412 89,276 221,122 202,156

Correspondent bank
charges 32,319 28,729 92,867 91,448

Valuation allowances
– repossessed
assets - - - -

Other expense 174,785 204,388 560,359 644,631

Total noninterest
expenses $ 1,632,319 $ 1,646,628 $ 4,882,685 $ 4,774,881

Income before income
tax expense $ 729,795 $ 766,136 $ 1,984,968 $ 2,264,822

Income tax expense 190,325 248,048 502,430 737,567

Net Income $ 539,470 $ 518,088 $ 1,482,538 $ 1,527,255








NORTHEAST INDIANA BANCORP

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)



Three Months Ended Nine Months Ended

September 30, September 30,

2010 2009 2010 2009

Basic Earnings
per common share 0.44 0.42 1.21 1.24

Dilutive Earnings
per share 0.44 0.42 1.21 1.24

Net interest
margin 3.55% 3.53% 3.53% 3.45%

Return on average
assets 0.83% 0.82% 0.77% 0.81%

Return on average
equity 9.02% 9.20% 8.42% 9.17%

Efficiency ratio 57.03% 59.60 59.42% 59.95%

Average shares
outstanding-
primary 1,229,589 1,228,539 1,229,235 1,228,060

Average shares
outstanding-
diluted 1,229,872 1,228,615 1,229,919 1,228,780

Allowance for
loan losses:

Balance at
beginning of
period $ 2,838,360 $ 2,161,415 $ 2,868,468 $ 1,750,605

Charge-offs:

One-to-four
family 213,145 9,695 312,504 203,962

Commercial real
estate 174,286 - 302,368 -

Commercial 126,046 59,834 801,106 74,192

Consumer 21,933 26,493 31,286 144,030

Gross charge-offs 535,410 96,022 1,447,264 422,184

Recoveries:

One-to-four
family 975 625 2,925 1,755

Commercial real
estate 455 - 455 -

Commercial 6,791 - 6,791 136,635

Consumer 11,945 6,856 41,742 31,063

Gross recoveries 20,166 7,481 51,912 169,453

Net charge-offs 515,244 88,541 1,395,352 252,731

Additions charged
to operations 500,000 350,000 1,350,000 925,000

Balance at end of
period $ 2,823,116 $ 2,422,874 $ 2,823,116 $ 2,422,874



Net loan
charge-offs to
average loans (1) 1.06% 0.18% 0.95% 0.17%



Nonperforming
assets (000's) At September 30, At September 30, At June 30, At December 31,

Loans: 2010 2009 2010 2009

Non-accrual $ 6,246 $ 2,251 $ 4,552 $ 2,826

Past 90 days or
more and still
accruing - - - -

Troubled debt
restructured 708 3,000 621 3,008

Total
nonperforming
loans 6,954 5,251 5,173 5,834

Real estate owned 1,487 1,556 1,058 934

Other repossessed
assets 19 7 6 11

Total
nonperforming
assets $ 8,460 $ 6,814 $ 6,237 $ 6,779



Nonperforming
assets to total
assets 3.28% 2.75% 2.42% 2.68%

Nonperforming
loans to total
loans 3.65% 2.63% 2.68% 3.01%

Allowance for
loan losses to
nonperforming
loans 40.59% 46.14% 54.86% 49.16%

Allowance for
loan losses to
net loans
receivable 1.48% 1.21% 1.49% 1.50%












At September 30,

2010 2009



Stockholders' equity as a % of total assets 9.32% 9.25%

Book value per share $ 19.58 $ 18.60

Common shares outstanding- EOP 1,239,946 1,230,670



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




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