SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
July 19, 1996
NORTHEAST INDIANA BANCORP, INC.
(Exact name of Registrant as specified in its Charter)
Delaware 0-26012 35-1948594
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(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification
incorporation) Number)
648 North Jefferson Street, Huntington, Indiana 46750
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(Address of principal executive offices) (Zip Code)
(219) 356-3311
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Registrant's telephone number, including area code:
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N/A
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(Former name or former address, if changed since last report)
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Item 5. Other Events
Northeast Indiana Bancorp, Inc. (the "Registrant") issued a press release dated
July 19, 1996, attached hereto as Exhibit 28.1 announcing SECOND QUARTER
EARNINGS.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Exhibit 28.1 Press Release dated July 19, 1996.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
NORTHEAST INDIANA BANCORP, INC.
\S\ STEPHEN E. ZAHN
Date: July 19, 1996 By:
Stephen E. Zahn
President and Chief Executive Officer
Exhibit 28.1
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FOR IMMEDIATE RELEASE
JULY 19, 1996
FOR ADDITIONAL INFORMATION
CONTACT: DARRELL E. BLOCKER
SR VICE PRESIDENT, CFO
(219) 356-3311
NORTHEAST INDIANA BANCORP, INC.
ANNOUNCES SECOND QUARTER 1996 EARNINGS
HUNTINGTON, INDIANA, -- Northeast Indiana Bancorp, Inc. the parent company of
First Federal Savings Bank today announced net income of $463,000 or $0.24 per
share for the second quarter ended June 30, 1996 compared to $265,000 for the
second quarter 1995, a 74% increase over the 1995 second quarter income. Net
income for the six months ended June 30, 1996 was $860,000 or $0.44 per share
compared with net income of $536,000 for the first half of 1995. The Company
completed its initial public offering on June 27, 1995. As the conversion was
effective on June 27, 1995, no earnings per share for the period ended June 30,
1995 was reported.
Net interest income after provision for loan losses for the second quarter of
1996 was $1,332,000 as compared to $878,000 for the second quarter of 1995, an
increase of $454,000. The increase was primarily the result of the Bank's growth
in interest earning assets funded by capital funds available. The additional
income was partially offset by higher interest rates on insured deposits and on
advances to the Federal Home Loan Bank of Indianapolis, while interest rates on
the Bank's loan portfolio increased at a much slower pace. Net interest income
after provision for loan losses for the six months ended June 30, 1996, was $2.6
million as compared to $1.7 million for the first half of 1995. Noninterest
income for the second quarter of 1996 totaled $105,000 as compared to $84,000
earned during the same period in 1995. This increase of $21,000 was primarily
due to additional loan related fees. Noninterest expense increased $107,000 or
18.8% from $571,000 for the second quarter of 1995 to $678,000 for the second
quarter 1996. This increase was primarily attributed to additional cost
associated with the adoption of the Recognition and Retention Plan (RRP)
approved in January 1996. Total assets of the Company were $154.1 million at
June 30, 1996 as compared to $137.6 million at December 31, 1995. The $16.5
million increase was primarily attributable to strong mortgage loan demand.
Deposits increased $6.0 million from December 31, 1995 from $68.2 million to
$74.2 million at June 30, 1996. Stockholders' equity at June 30, 1996 was $29.1
million, which represents a book value per outstanding share of $14.13. At June
30, 1996, the Bank exceeded all regulatory capital requirements.
Having completed its first year as a public company, NEIB continues to sharpen
its focus on the improvement of shareholder value. During the first year, the
Company has initiated three separate stock repurchases, repurchasing in the open
market 196,391 shares of the original 2,182,125 shares issued. Of the amount
repurchased 75,936 shares were purchased in order to fund the RRP and 120,455
shares have become treasury stock. The Company recently announced its intention
to repurchase an additional 5% of the outstanding shares. Upon completion of
this buyback, the Company will have repurchased a total of approximately 223,539
shares to be held as treasury stock.
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Additionally, since becoming a public company on June 27, 1995, the Company has
declared four separate dividends of $0.075 each for a total of $0.30 per share.
Northeast Indiana Bancorp, Inc. is headquartered at 648 North Jefferson Street,
Huntington, Indiana 46750 and is traded on the NASDAQ Market under the symbol
"NEIB."
SEE ATTACHED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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NORTHEAST INDIANA BANCORP
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
June 30, December 31,
1996 1995
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<S> <C> <C>
ASSETS
Cash and due from financial institutions ................................................... 2,921,125 2,467,934
Interest earning deposits in financial institutions-short term ............................. 455,320 2,204,407
Interest earning deposits in financial institutions-long term .............................. 100,000 100,000
Securities available for sale .............................................................. 9,962,085 3,820,759
Securities held to maturity estimated market value of $920,000 and $986,000 at
June 30, 1996 and December 31, 1995 ................................................... 919,000 985,906
Loans receivable, net of allowance for loan loss June 30, 1996 $983,861
and December 31, 1995 $880,566 ........................................................ 133,962,222 122,640,770
Other real estate owned, net ............................................................... 0 0
Federal Home Loan Bank stock, at cost ...................................................... 2,500,000 2,075,000
Premises and equipment ..................................................................... 2,064,577 2,131,617
Other assets ............................................................................... 1,244,133 1,142,188
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Total Assets ........................................................................... $154,128,462 $137,568,581
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits ................................................................................... 74,239,757 68,202,930
Borrowed Funds ............................................................................. 49,995,044 37,500,000
Accrued interest payable and other liabilities ............................................. 768,889 832,606
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Total Liabilities ..................................................................... $125,003,690 $106,535,536
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Retained earnings - substantially restricted ............................................... 29,124,772 31,033,045
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Total Liabilities and Shareholder's Equity ............................................. $154,128,462 $137,568,581
============ ============
</TABLE>
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CONSOLIDATED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30 June 30
1996 1995 1996 1995
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<S> <C> <C> <C> <C>
Total interest income ...................................... 2,845,664 2,359,616 5,512,554 4,565,080
Total interest expense ..................................... 1,463,045 1,418,396 2,811,673 2,725,958
---------- ---------- ---------- ----------
Net interest income ..................................... $1,382,619 $ 941,220 $2,700,881 $1,839,122
Provision for loan losses .................................. 51,000 63,288 133,200 110,538
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Net interest income after provision for
loan losses ............................................. $1,331,619 $ 877,932 $2,567,681 $1,728,584
Total noninterest income ................................... 105,201 83,597 198,734 164,575
Total noninterest expense .................................. 678,468 571,077 1,372,114 1,088,534
---------- ---------- ---------- ----------
Income before income tax expenses ........................ $ 758,352 $ 390,452 $1,394,301 $ 804,625
Income tax expenses ........................................ 295,336 125,022 534,038 268,505
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Net Income ............................................ $ 463,016 $ 265,430 $ 860,263 $ 536,120
</TABLE>
SELECTED FINANCIAL DATA
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30 June 30
1996 1995 1996 1995
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<S> <C> <C> <C> <C>
Earnings per share ............... $ 0.24 N/A $ 0.44 N/A
Net interest margin .............. 3.84 3.08 3.87 3.11
Return on average assets ......... 1.24 0.86 1.19 0.89
Return on average equity ......... 6.42 6.17 5.82 7.78
</TABLE>
<TABLE>
<CAPTION>
At June 30th
1996 1995
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<S> <C> <C>
Stockholders' equity as a % of total assets 18.90 23.34
Book value per share 14.13 13.89
</TABLE>
