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)
March 31, 1997
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
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
April 17, 1997, attached hereto as Exhibit 28.1 announcing Misc.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Exhibit 28.1 Press Release dated April 17, 1997.
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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.
Date: April 17, 1997 By: /s/Stephen E. Zahn
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Stephen E. Zahn
President and Chief Executive Officer
Exhibit 28.1
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FOR IMMEDIATE RELEASE
APRIL 17, 1997
FOR ADDITIONAL INFORMATION
CONTACT: DARRELL E. BLOCKER
SR VICE PRESIDENT, CFO
(219) 356-3311
NORTHEAST INDIANA BANCORP, INC.
ANNOUNCES FIRST QUARTER EARNINGS
HUNTINGTON, INDIANA, -- Northeast Indiana Bancorp, Inc. (NEIB), the parent
company of First Federal Savings Bank today announced net income of $494,000
($0.30 per share) for the Company's first quarter ended March 31, 1997 compared
to net income of $397,000 ($0.20 per share) for the first quarter ended March
31, 1996, an increase of 24.3%. The current three months earnings represents an
annualized return on average assets (ROA) of 1.15% and a return on average
equity (ROE) of 7.51%.
Stephen E. Zahn, President and Chief Executive Officer, attributes the $97,000
increase in first quarter earnings for March 31, 1997 compared with March 31,
1996 to improved net interest income of $1,444,000 for the three months ended
March 31, 1997 versus $1,236,000 for the comparable period 1996. This income was
partially reduced by higher non-interest expense of $752,000 for 1997 compared
to $694,000 for 1996. This increased expense was primarily due to costs
associated with employee stock benefit plans and increases in compensation
including additional staff needed to serve our customer growth.
The book value of NEIB's stock is $14.87 per share as of March 31, 1997 and the
last reported trade of the stock in March was at $15.00 per share.
Northeast Indiana Bancorp, Inc. is headquartered at 648 North Jefferson Street,
Huntington, Indiana 46750 and the Company's traded on the Nasdaq National Market
under the symbol "NEIB".
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<TABLE>
<CAPTION>
NORTHEAST INDIANA BANCORP, INC.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
March 31, December 31,
ASSETS 1997 1996
------------ ------------
<S> <C> <C>
Cash and cash equivalents .......................................... 4,835,304 6,672,374
Interest earning deposits in financial institutions-long term ...... 100,000 100,000
Securities available for sale ...................................... 12,421,479 11,496,031
Securities held to maturity estimated market value of
$789,000 and $891,000 at March 31, 1997
and December 31, 1996 ............................................ 789,794 892,036
Loans receivable, net of allowance for loan loss March 31, 1997
$1,079,000 and December 31, 1996 $1,027,000 ...................... 151,296,297 146,854,690
Other real estate owned, net ....................................... -- --
Premises and equipment ............................................. 1,987,610 2,009,026
Other assets ....................................................... 1,443,052 1,519,963
------------ ------------
Total Assets ................................................... $172,873,536 $169,544,120
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits ........................................................... 91,662,998 85,346,241
Borrowed Funds ..................................................... 54,000,000 56,000,000
Accrued interest payable and other liabilities ..................... 997,946 1,668,763
------------ ------------
Total Liabilities .............................................. $146,660,944 $143,015,004
------------ ------------
Retained earnings - substantially restricted ....................... 26,212,592 26,529,116
------------ ------------
Total Liabilities and Shareholder's Equity ..................... $172,873,536 $169,544,120
============ ============
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<CAPTION>
NORTHEAST INDIANA BANCORP, INC.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
March 31
-------------------------
1997 1996
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<S> <C> <C>
Total interest income ............................ 3,315,140 2,666,892
Total interest expense ........................... 1,812,290 1,348,629
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Net interest income ........................... $1,502,850 $1,318,263
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Provision for loan losses ........................ 58,500 82,200
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Net interest income after provision for
loan losses ................................... $1,444,350 $1,236,063
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Total noninterest income ......................... 116,062 93,532
Total noninterest expense without FDIC expense ... 739,358 655,347
FDIC expense ..................................... 12,684 38,298
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Total noninterest expenses .................... 752,042 693,645
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Income before income tax expenses .............. $ 808,370 $ 635,950
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Income tax expenses .............................. 314,630 238,702
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Net Income .................................. $ 493,740 $ 397,248
========== ==========
<CAPTION>
SELECTED FINANCIAL DATA
Three Months Ended
March 31
1997 1996
---- ----
<S> <C> <C>
Earnings per share .......................................... 0.30 0.20
Net interest margin ......................................... 3.61% 3.91%
Return on average assets .................................... 1.15% 1.14%
Return on average equity .................................... 7.51% 5.25%
<CAPTION>
At March 31st
1997 1996
---- ----
<S> <C> <C>
Stockholders' equity as a % of total assets.................. 15.36% 21.69%
Book value per share......................................... 14.87 13.84
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