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, 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
Northeast Indiana Bancorp, Inc. issued a press release dated April 13, 1999,
attached hereto as 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 13, 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.
By: \s\ STEPHEN E. ZAHN
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Date: April 13, 1999 Stephen E. Zahn
President and Chief Executive Officer
Exhibit 28.1
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FOR IMMEDIATE RELEASE
APRIL 13, 1999
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 $581,000 for
the first quarter ended March 31, 1999 or a 6.8% increase compared to $544,000
for the first quarter ended March 31, 1998. This represents a net income of
$0.39 per share (basic) for the first quarter 1999 an increase of 21.9% compared
to $0.32 per share (basic) for the same quarter 1998. The current three months
earnings represents an annualized return on average equity (ROE) of 9.18%
compared to 7.96% for the three months ended March 31, 1998 or a 15.3% increase.
Results for the quarter ended March 31, 1999 showed net interest income of $1.88
million compared to $1.77 million for the corresponding quarter ended March 31,
1998 or a 6.2% increase. The net interest margin of 3.70% is based on net
interest income divided by average earning assets net of reserves. The net
interest margin for March 31, 1999 increased 0.4% compared to the same period
1998 of 3.65%.
Total Assets at March 31, 1999 of $214.4 million compared to $200.3 million at
March 31, 1998 reflects a 7.0% increase. The return on average assets (ROA) of
1.10% for the current quarter ended compares to first quarter 1998 of 1.09%.
Shareholder equity at March 31, 1999 was $25.2 million compared to Shareholder
equity at March 31, 1998 of $26.7 million.
The company continues to buyback its own stock and has purchased $3.9 million of
Treasury Stock during the last year. The current stock repurchase program
announced in July 1998 is continuing. Through today NEIB has purchased
approximately 160,000 of the 181,000 shares authorized to be repurchased by
NEIB's board. The approximately 21,000 shares remaining can be purchased from
time to time over the remaining three months. The book value of NEIB's stock is
$15.23 compared to last year's corresponding period of $14.39 and the last
reported trade of the stock in March 1999 was $14.25 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".
-More-
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NORTHEAST INDIANA BANCORP
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
ASSETS March 31, December 31,
1999 1998
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<S> <C> <C>
Interest-earning cash and cash equivalents $ 3,614,309 $ 4,079,792
Noninterest earning cash and cash equivalents 2,181,317 2,215,845
------------ ------------
Total cash and cash equivalents 5,795,626 6,295,637
Interest earning deposits in financial institutions 100,000 100,000
Securities available for sale 11,961,484 13,658,691
Securities held to maturity estimated market value of $493,160 and $528,424 at
March 31, 1999 493,160 528,424
and December 31, 1998
Loans receivable, net of allowance for loan loss March 31, 1999 $1,558,346 and
December 31, 1998 $1,454,000 190,600,078 185,906,309
Real estate owned 52,496 110,712
Accrued interest receivable 416,978 487,393
Premises and equipment 2,365,602 2,265,347
Investments in limited liability partnerships 1,383,032 1,400,000
Other assets 1,194,010 1,672,079
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Total Assets $214,362,466 212,424,592
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LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits 123,170,320 123,335,582
Borrowed Funds 65,203,942 63,080,275
Accrued interest payable and other liabilities 818,577 1,004,099
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Total Liabilities $189,192,839 187,419,956
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Retained earnings - substantially restricted 25,169,627 25,004,636
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Total Liabilities and Shareholder's Equity $214,362,466 212,424,592
============ ===========
</TABLE>
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CONSOLIDATED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
Three Months Ended
March 31,
1999 1998
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<S> <C> <C>
Total interest income $4,050,135 $3,973,254
Total interest expense 2,166,212 2,205,722
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Net interest income $1,883,923 $1,767,532
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Provision for loan losses 100,500 90,000
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Net interest income after provision for
loan losses $1,783,423 $1,677,532
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Total noninterest income 189,291 169,407
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Total noninterest expenses 1,031,403 947,225
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Income before income tax expenses $ 941,311 $ 899,716
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Income tax expenses 360,287 356,171
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Net Income $ 581,024 $ 543,545
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</TABLE>
SELECTED FINANCIAL DATA
<TABLE>
<CAPTION>
Three Months Ended
March 31,
1999 1998
-------- --------
<S> <C> <C>
Basic Earnings per share $ 0.39 $ 0.32
Dilutive Earnings per share $ 0.37 $ 0.31
Net interest margin 3.70% 3.65%
Return on average assets 1.10% 1.09%
Return on average equity 9.18% 7.96%
At March 31st
Stockholders' equity as a % of total assets 11.74% $ 13.34%
Book value per share $ 15.23 $ 14.39
</TABLE>
