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)
December 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
January 29, 1998, attached hereto as Exhibit 28.1 announcing Cash Dividends and
Fourth Quarter Earnings.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Exhibit 28.1 Press Release dated January 29, 1998.
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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: January 29, 1998 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
JANUARY 29, 1998
FOR ADDITIONAL INFORMATION
CONTACT: DARRELL E. BLOCKER
SR VICE PRESIDENT, CFO
(219) 356-3311
NORTHEAST INDIANA BANCORP, INC.
ANNOUNCES CASH DIVIDENDS AND FOURTH QUARTER EARNINGS
HUNTINGTON, INDIANA, -- Northeast Indiana Bancorp, Inc. (NEIB), parent
corporation of First Federal Savings Bank, has announced that the Corporation
will pay a cash dividend for the quarter ended December 31, 1997. This will be
the tenth consecutive quarterly cash dividend the Corporation has paid. The cash
dividend of $0.085 will be payable on February 26, 1998 to shareholders of
record on February 12, 1998. All earnings per share are reported under FASB's
128 basic earnings per share basis. NEIB also announced today net income of
$591,209 ($0.37 per share) for the Company's fourth quarter ended December 31,
1997, compared to net income of $482,000 ($0.28 per share) for the fourth
quarter ended December 31, 1996. The current three months earnings represents an
annualized return on average assets (ROA) of 1.20% and a return on average
equity (ROE) of 8.65%.
Net income for the year ended December 31, 1997 was $2.19 million ($1.35 per
share) compared with net income of $1.57 million ($0.84 per share) for the same
period in 1996 a 60.7% increase in earnings per share. For the year ended
December 1997, NEIB's earnings represent an annualized ROA of 1.20% and a ROE of
8.18% using average assets and equity, respectively.
Stephen E. Zahn, President, Chief Executive Officer, attributes the $625,439
increase in net income for the year ended December 1997 compared to the year
ended December 1996 to higher net interest income of $6.37 million compared to
$5.57 million in 1996. This increase in net interest income is the result of
higher average net interest earning assets and higher average spreads. This
increase is complimented by decreased noninterest expenses, reduced to $3.09
million in 1997 compared to $3.21 million in 1996. The 1996 expense included the
additional FDIC assessment for the one time recapitalization of the SAIF fund of
$453,000 taken in September 1996 which reduced net income for the year ended
December 31, 1996 by approximately $274,000, net of tax ($0.14 per share).
The Corporation showed $199.4 million in assets at December 31, 1997 which is a
17.6% growth compared to the December 31, 1996 total of $169.5 million. The
majority of this asset growth was in net loans receivable which increased to
$174.5 million at December 31, 1997 compared to $146.9 million at December 31,
1996 a 18.8% growth.
The book value of NEIB's stock is $15.76 per share as of December 31, 1997
compared to $14.65 per share as of December 31, 1996. The last reported trade of
the stock was at $22.13 per share on December 31, 1997. NEIB continues to focus
on improvement in shareholder value. During the year the Company announced it's
fourth stock repurchase program to buy outstanding shares of stock. The stock
when purchased becomes treasury shares and can be used for general corporate
purposes, including the issuance of shares in connection with grants and awards
under the Company's stock benefit plans. The Company as of December 31, 1997 had
repurchased 31,000 shares of the 176,273 shares to be repurchased in the
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currently approved repurchase program. The Company has a total of 449,798 shares
in treasury stock and 1,732,327 shares outstanding at the end of period December
31, 1997. Total shareholder's equity at December 31, 1997 is $27.3 million
compared to $26.5 million at December 31, 1996. This increase is predominantly
due to 1997 net income of $2.19 million less the repurchase of treasury shares
which amounted to approximately $1.33 million.
The Company has purchased additional shares as treasury stock in January 1998 to
further reduce our end of period outstanding shares to 1,716,327 as of today.
Over the past three months, the shares traded between $18.25 and $22.75 per
share. The Company's stock closed at $21.00 as of January 28, 1998.
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'.
