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)
September 30, 1999
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)
Registrant's telephone number, including area code: (219) 356-3311
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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
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Northeast Indiana Bancorp, Inc. issued a press release dated October 21, 1999,
attached hereto as Exhibit 28.1 announcing Third Quarter Earnings.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(c) Exhibits
Exhibit 28.1 Press Release dated October 21, 1999.
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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: October 21, 1999 By: \s\ Stephen E. Zahn
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Stephen E. Zahn
Stephen E. Zahn
President and Chief Executive Officer
FOR IMMEDIATE RELEASE
OCTOBER 21, 1999
FOR ADDITIONAL INFORMATION
CONTACT: DARRELL E. BLOCKER
SR VICE PRESIDENT, CFO
(219) 356-3311
NORTHEAST INDIANA BANCORP, INC.
ANNOUNCES THIRD QUARTER EARNINGS
HUNTINGTON, INDIANA, -- Northeast Indiana Bancorp, Inc. (NEIB), the parent
company of First Federal Savings Bank, today announced basic and diluted
earnings per share of $0.46 and $0.45 for its third quarter ended September 30,
1999. This represents a 21% increase over 1998 third quarter earnings per share
of $0.38 basic and $0.37 diluted. Net income for the third quarter ended 1999
was $672,000 compared to third quarter 1998 of $586,000 a 14.68% increase. For
the year-to-date period ended September 30, 1999, basic and diluted earnings
were $1.31 and $1.26 per share respectively compared to $1.05 and $1.00 for the
same periods in 1998. Year-to-date net income for 1999 was $1.9 million compared
to $1.7 million for the nine months ended 1998.
Results for September 30, 1999 year to date showed net interest income at $5.8
million compared to $5.3 million for September 30, 1998 year to date, a 9.4%
increase. Net interest margin of 3.56% is based on net interest income divided
by average earning assets net of reserves. The net interest margin for September
30, 1999 year to date of 3.56% has decreased compared to the same period 1998 of
3.59%. This decrease is a result of leveraging capital and lower net interest
earning assets.
Deposits decreased from $123.3 million at December 31, 1998 to $120.3 million at
September 30, 1999 a 2.5% decrease. This decrease is due to the jumbo time
deposits outflow that occurred in third quarter 1999.
Total assets at September 30, 1999 of $245.2 million compared to December 31,
1998 assets of $212.4 million reflects a 15.4% increase. Asset growth at
September 30, 1999 compared to December 31, 1998 was partially due to a $14.0
million increase in net loans receivable. The investments available for sale
increased $19.8 million as a result of growth in the bank's funding sources
including advances and securities sold with repurchase agreements.
Shareholder equity at September 30, 1999 was $25.7 million compared to $25.0
million at December 31, 1998.
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The buybacks of Treasury stock during that period and dividends paid partially
reduced the increase from net income year to date in equity. These reductions
help leverage the Company's remaining equity and tend to improve return on
shareholder's equity.
The book value of NEIB's stock is $15.84 per share as of September 30, 1999 and
the last reported trade of the stock in September was at $14.50 per share.
The board of directors of First Federal Savings Bank approved at the June board
meeting as previously reported a new stock repurchase program which allows
management to purchase from time to time up to 10% of the outstanding shares
over the next twelve months or up to 163,785 shares. The company has purchased
15,000 shares to date under this new program leaving approximately 149,000
shares left to be repurchased.
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, 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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NORTHEAST INDIANA BANCORP
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
ASSETS September 30, December 31,
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1999 1998
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<S> <C> <C>
Interest-earning cash and cash equivalents $ 2,756,013 4,079,792
Noninterest earning cash and cash equivalents 2,574,862 2,215,845
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Total cash and cash equivalents 5,330,875 6,295,637
Interest earning deposits in financial institutions 100,000 100,000
Securities available for sale 33,542,763 13,658,691
Securities held to maturity estimated market value of $456,000 and $528,000 at September 30, 1999
and December 31, 1998 456,755 528,424
Loans receivable, net of allowance for loan loss September 30, 1999 $1,562,000 and December 31,
1998 $1,454,000 199,901,474 185,906,309
Real estate owned 53,379 110,712
Accrued interest receivable 910,953 487,393
Premises and equipment 2,309,474 2,265,347
Investments in limited liability partnerships 1,349,096 1,400,000
Other assets 1,152,556 1,672,079
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Total Assets $245,160,704 212,424,592
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LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits 120,313,791 123,335,582
Borrowed Funds 98,493,933 63,080,275
Accrued interest payable and other liabilities 653,136 1,004,099
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Total Liabilities 219,460,860 187,419,956
Retained earnings - substantially restricted 25,699,844 25,004,636
Total Liabilities and Shareholder's Equity $245,160,704 212,424,592
</TABLE>
<TABLE>
<CAPTION>
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CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended Nine Months Ended
September September 30,
1999 1998 1999 1998
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<S> <C> <C> <C> <C>
Total interest income $ 4,570,688 4,052,996 12,901,973 12,044,873
Total interest expense 2,569,102 2,298,271 7,052,100 6,762,850
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Net interest income $ 2,001,585 $ 1,754,725 $ 5,849,873 $ 5,282,023
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Provision for loan losses 46,500 90,000 181,500 270,000
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Net interest income after provision for
Loan losses $ 1,955,085 $ 1,664,725 $ 5,668,373 $ 5,012,023
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Total noninterest income 213,600 187,004 611,060 526,543
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Total noninterest expenses $ 1,066,676 903,002 3,127,392 2,736,885
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Income before income tax expenses $ 1,102,009 $ 948,727 $ 3,152,041 $ 2,801,681
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Income tax expenses 429,815 362,551 1,208,782 1,085,274
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Net Income $ 672,194 $ 586,176 $ 1,943,259 $ 1,716,407
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</TABLE>
<TABLE>
<CAPTION>
SELECTED FINANCIAL DATA
Three Months Ended Nine Months Ended
September 30, September 30,
1999 1998 1999 1998
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<S> <C> <C> <C> <C>
Basic Earnings per share 0.46 0.38 1.31 1.05
Dilutive Earnings per share 0.45 0.37 1.26 1.00
Net interest margin 3.43 3.53 3.56 3.59
Return on average assets 1.11% 1.14% 1.15% 1.13%
Return on average equity 10.51% 9.11% 10.19% 8.63%
At September 30
Total non-performing assets as a percentage
of total assets 0.55% 0.29%
Stockholders' equity as a % of total assets 9.54% 8.50%
Book value per share $ 15.84 $ 14.60
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