SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K/A
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, 1998
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. has reissued the Edgar version of its recently
issued press release to correct the release date. The original Edgar version had
an incorrect release date of January 29, 1998, the date should have been April
14, 1998. Attached hereto is Exhibit 28.1 announcing First Quarter Earnings.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Exhibit 28.1 Press Release dated April 14, 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: April 16, 1998 By: \S\ STEPHEN E. ZAHN
-------------------
Stephen E. Zahn
President and Chief Executive Officer
FOR IMMEDIATE RELEASE
APRIL 14, 1998
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 $544,000
($0.36 per share) for the Company's first quarter ended March 31, 1998 compared
to net income of $494,000 ($0.31 per share) for the first quarter ended March
31, 1997, an increase of 10.1%. The current three months earnings represents an
annualized return on average assets (ROA) of 1.09% and a return on average
equity (ROE) of 7.96%.
Stephen E. Zahn, President and Chief Executive Officer, attributes the $50,000
increase in first quarter earnings for March 31, 1998 compared with March 31,
1997 to improved net interest income after provision for loss of $1,678,000 for
the three months ended March 31, 1998 versus $1,444,000 for the comparable
period 1997. This income was partially reduced by higher non--interest expense
of $947,000 for 1998 compared to $752,000 for 1997. This increased expense was
due to higher costs associated with employee stock benefit plans and increases
in compensation including additional staff needed to serve our customer growth.
The increase is also due to higher occupancy costs, data processing and other
operating expenses associated with our growth.
The book value of NEIB's stock is $15.83 per share as of March 31, 1997 and the
last reported trade of the stock in March was at $22.63 per share.
Northeast Indiana Bancorp, Inc. is headquartered at 648 North Jefferson Street,
Huntington, Indiana 46750 and the Company is traded on the Nasdaq National
Market under the symbol "NEIB".
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<TABLE>
<CAPTION>
NORTHEAST INDIANA BANCORP
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
ASSETS March 31, December 31,
1998 1997
------------ ------------
<S> <C> <C>
Interest-earning cash and cash equivalents ......................... 3,479,550 3,036,847
Noninterest earning cash and cash equivalents ...................... 1,825,077 1,782,839
------------ ------------
Total cash and cash equivalents ................................. 5,304,627 4,819,686
Interest earning deposits in financial institutions ................ 100,000 100,000
Securities available for sale ...................................... 14,597,047 14,628,590
Securities held to maturity estimated market value of $563,581
and $756,846 at March 31, 1998 and December 31, 1997 ......... 563,581 756,846
Loans receivable, net of allowance for loan loss
March 31, 1998 $1,266,589 and December 31, 1997 $1,194,000 175,662,986 174,538,907
Real estate owned .................................................. 19,500 --
Accrued interest receivable ........................................ 429,300 511,950
Premises and equipment ............................................. 1,978,658 1,964,374
Other assets ....................................................... 1,650,310 2,048,244
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Total Assets ................................................... $200,306,009 $199,368,597
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits ........................................................... 119,853,335 107,549,786
Borrowed Funds ..................................................... 52,479,558 63,521,682
Accrued interest payable and other liabilities ..................... 1,245,744 1,004,495
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Total Liabilities .............................................. $173,578,637 $172,075,963
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Retained earnings - substantially restricted ....................... 26,727,372 27,292,634
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Total Liabilities and Shareholder's Equity ..................... $200,306,009 $199,368,597
============ ============
</TABLE>
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<TABLE>
<CAPTION>
NORTHEAST INDIANA BANCORP
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
March 31
-------------------------------
1998 1997
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<S> <C> <C>
Total interest income ........................... 3,973,254 3,315,140
Total interest expense .......................... 2,205,722 1,812,290
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Net interest income .......................... $1,767,532 $1,502,850
Provision for loan losses ....................... 90,000 58,500
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Net interest income after provision for
loan losses .................................. $1,677,532 $1,444,350
Total noninterest income ........................ 169,408 116,058
Total noninterest expense without FDIC expense .. 932,118 739,353
FDIC expense .................................... 15,107 12,685
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Total noninterest expenses ................... 947,225 752,038
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Income before income tax expenses ............. $ 899,715 $ 808,370
Income tax expenses ............................. 356,171 314,630
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Net Income ................................. $ 543,544 $ 493,740
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<CAPTION>
SELECTED FINANCIAL DATA
Three Months Ended
March 31st
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1998 1997
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<S> <C> <C>
Earnings per share 0.36 0.31
Net interest margin 3.65 3.61
Return on average assets 1.09 1.16
Return on average equity 7.96 7.44
<CAPTION>
At March 31st
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1998 1997
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<S> <C> <C>
Stockholders' equity as a % of total assets 13.68 15.57
Book value per share 15.83 14.87
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