PR Newswire
HUNTINGTON, Ind., Oct. 12, 2017
HUNTINGTON, Ind., Oct. 12, 2017 /PRNewswire/ -- Northeast Indiana Bancorp, Inc. (OTCQB: NIDB), the parent company of First Federal Savings Bank, today announced net income increased $505,000 or 62.3% to $1.31 million ($1.10 per diluted common share) for the Company's third quarter ended September 30, 2017 compared to net income of $810,000 ($0.67 per diluted common share) for the third quarter ended September 30, 2016. The current three months earnings were impacted by a negative Loan Loss Provision that increased earnings roughly $400,000, net of taxes. This entry was made possible due to two large commercial loan recoveries that were receipted during the quarter. Core earnings for the three months ended September 30, 2017 would have been roughly $915,000 without the negative Loan Loss Provision entry. The current three months earnings equates to an annualized return on average assets (ROA) of 1.74% and a return on average equity (ROE) of 14.70% compared to an annualized ROA of 1.09% and an ROE of 9.38% for the three months ended September 30, 2016.
Net income for the nine months ended September 30, 2017 increased $134,000 or 4.9% to $2.90 million ($2.41 per diluted common share), compared to net income of $2.77 million ($2.31 per diluted common share) for the nine months ended September 30, 2016. The current nine months earnings were also impacted by the negative Loan Loss Provision mentioned above. Core earnings for the nine months ended September 30, 2017 would have been roughly $2.50 million without the negative Loan Loss Provision. The current nine months earnings equates to an annualized ROA of 1.28% and an ROE of 11.08% compared to an annualized ROA of 1.26% and an annualized ROE of 10.92% for the nine months ended September 30, 2016.
Net Loans Receivable have increased $15.0 million or 7.6% to $211.8 million at September 30, 2017 compared to $196.8 million at December 31, 2016. Non-performing Assets have declined $2.1 million or 43.8% to $2.7 million at September 30, 2017 compared to $4.8 million at December 31, 2016. Shareholder's equity was $36.4 million at September 30, 2017 compared to $33.6 million at December 31, 2016. The book value of NIDB's stock was $29.97 per common share as of September 30, 2017. The number of outstanding common shares was 1,214,879 as of the same date. The last reported trade of the stock on October 10, 2017 was $33.70 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 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.
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 | |||||||||||||||||
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION | |||||||||||||||||
| | | |||||||||||||||
ASSETS
| September 30, | December 31, | |||||||||||||||
Interest-earning cash and cash equivalents | $ | 7,625,797 | $ | 4,591,440 | |||||||||||||
Noninterest earning cash and cash equivalents | 3,358,782 | 2,493,983 | |||||||||||||||
Total cash and cash equivalents | 10,984,579 | 7,085,423 | |||||||||||||||
Interest- earning time deposits | 1,470,000 | 9,082,982 | |||||||||||||||
Securities available for sale | 59,979,789 | 66,171,764 | |||||||||||||||
Securities held to maturity | 1,730,352 | 2,582,029 | |||||||||||||||
Loans held for sale | 261,250 | 109,000 | |||||||||||||||
Loans receivable, net of allowance for loan loss |
211,816,388 |
196,781,434 | |||||||||||||||
Accrued interest receivable | 1,098,017 | 1,161,779 | |||||||||||||||
Premises and equipment | 4,116,284 | 4,060,931 | |||||||||||||||
Investments in limited liability partnerships | 2,758,333 | 2,908,333 | |||||||||||||||
Cash surrender value of life insurance | 8,326,818 | 8,160,693 | |||||||||||||||
Other assets | 1,859,044 | 2,855,115 | |||||||||||||||
Total Assets | $ | 304,400,854 | $ | 300,959,483 | |||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | | | |||||||||||||||
Non-interest bearing deposits | 24,199,642 | 24,218,658 | |||||||||||||||
Interest bearing deposits | 191,474,551 | 194,192,875 | |||||||||||||||
Borrowed Funds | 47,646,577 | 42,650,461 | |||||||||||||||
Accrued interest payable and other liabilities | 4,664,961 | 6,259,318 | |||||||||||||||
Total Liabilities | 267,985,731 | 267,321,312 | |||||||||||||||
| | | |||||||||||||||
Retained earnings – substantially restricted | 36,415,123 | 33,638,171 | |||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 304,400,854 | $ | 300,959,483 | |||||||||||||
| |||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||
| | | |||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||||
Total interest income | $ | 3,096,331 | $ Werbung Mehr Nachrichten zur Northeast India Bancorp Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News |