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, 2000
NORTHEAST INDIANA BANCORP, INC.
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(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)
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Registrant's telephone number, including area code: (219) 356-3311
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 21, 2000,
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 21, 2000.
<PAGE>
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 21, 2000 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 21, 2000
FOR ADDITIONAL INFORMATION
CONTACT: DARRELL E. BLOCKER
SR VICE PRESIDENT, CFO
(219) 356-3311
NORTHEAST INDIANA BANCORP, INC.
ANNOUNCES CASH DIVIDEND, HOLDS FIFTH ANNUAL SHAREHOLDER MEETING
AND ANNOUNCES FIRST QUARTER EARNINGS
HUNTINGTON, INDIANA, -- Northeast Indiana Bancorp, Inc., (NEIB), the parent
company of First Federal Savings Bank, has announced that the Corporation will
pay a cash dividend of $0.10 per share for the quarter ended March 31, 2000. The
dividend will be payable on May 22, 2000 to shareholders of record on May 8,
2000.
NEIB held its fifth annual shareholders' meeting April 19, 2000. The
shareholders elected Randall C. Rider and Michael S. Zahn as directors of NEIB
for a term to expire in 2003. The shareholders have ratified the appointment of
Crowe, Chizek and Company, LLP to be the Company's auditors for the fiscal year
ending 2000.
Chairman Zahn regretfully reported the passing on March 12, 2000 of Director
Samuel Preston, Jr. Mr. Preston had faithfully served as a member of the Board
of Directors since March 1966 and his dedication and service to the Board will
be greatly missed. Mr. Zahn also recognized the retirement on January 28, 2000
of DeEtta L. Hinthorn. Mrs. Hinthorn began employment with First Federal in
September 1970 most recently holding the positions of Secretary of the
Corporations, Secretary to the Board of Directors and Manager of Retail Banking.
Northeast Indiana Bancorp Inc, also announced net income of $519,000 for the
first quarter ended March 31, 2000 or a 10.7% decrease compared to $581,000 for
the first quarter ended March 31, 1999. This represents a diluted net income per
share of $0.32 for the three month period ending March 31, 2000 compared to
$0.34 for the same period 1999. The current three months earnings represents an
annualized return on average equity (ROE) of 8.03% compared to 9.18% for the
three months ended March 1999.
Results for the quarter ended March 31, 2000 showed net interest income of $1.93
million compared to $1.89 million for the corresponding quarter ended March 31,
1999 or a 2.3% increase. The net interest margin was 3.14% at March 31, 2000
compared to 3.70% for the same period 1999.
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This decrease is primarily a result of shorter-term interest bearing liabilities
repricing faster than the interest earning assets during this rising rate
environment. Provisions for loan losses of $191,000 for the first quarter 2000
increased by $91,000 over the $100,000 for the first quarter 1999. The bank
continues to build the allowance for loan losses because of the increases in the
commercial and consumer loan portfolios. This growth recognizes the increased
risk associated with the commercial and consumer portfolios. A Commercial Loan
Officer has been added to the staff to manage this growing segment of our
business. The bank will continue to monitor the loan portfolio and provide for
the allowances as necessary.
Non-interest income of $299,000 for the first quarter 2000 compares to $189,000
for the same period 1999 or a 21.2% increase. Non-interest expenses increased
$138,000 to $1.17 million for the first quarter 2000 compared to $1.03 million
for the first quarter 1999 or a 13.4% increase.
Total Assets at March 31, 2000 of $256.7 million compared to $214.4 million at
March 31, 1999 reflects a 19.8% increase. The return on average assets (ROA) of
0.81% for the current quarter ended compares to first quarter 1999 of 1.10%.
Shareholder equity at March 31, 2000 was $25.9 million compared to Shareholder
equity at March 31, 1999 of $25.2 million.
The book value of NEIB's stock was $14.89 per share as of March 31, 2000. The
last reported trade of the stock at the close of business on April 20, 2000 was
$10.875 per share and the number of outstanding shares was 1,743,036. There are
still approximately 127,000 shares of the Company's current repurchase program
that may be repurchased over the next three months.
First Federal Savings Bank serves primarily Huntington County, Indiana through
its three full service offices located in Huntington, Indiana.
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 March 31, 2000 December 31, 1999
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<S> <C> <C>
Interest-earning cash and cash equivalents $ 4,398,782 $ 2,938,701
Noninterest earning cash and cash equivalents 2,112,863 2,960,502
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Total cash and cash equivalents 6,511,645 5,899,203
Interest earning deposits in financial institutions 100,000 100,000
Securities available for sale 33,152,210 33,192,217
Securities held to maturity estimated market value of $420,251
and $456,511 at March 31, 2000 and December 31, 1999
420,251 456,511
Loans receivable, net of allowance for loan loss March 31, 2000
$1,876,987 and December 31, 1999 $1,766,700
209,063,014 208,394,576
Real estate owned
Accrued interest receivable 983,635 839,967
Premises and equipment 2,295,754 2,292,342
Investments in limited liability partnerships 1,304,732 1,332,128
Other assets 2,914,347 2,239,874
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Total Assets $ 256,745,588 $ 254,746,818
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LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits 141,500,072 143,211,593
Borrowed Funds 87,994,439 84,753,919
Accrued interest payable and other liabilities 1,303,850 1,126,007
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Total Liabilities $ 230,798,361 $ 229,091,519
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Retained earnings - substantially restricted 25,947,227 25,655,299
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Total Liabilities and Shareholder's Equity $ 256,745,588 $ 254,746,818
============== ==============
</TABLE>
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CONSOLIDATED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
Three Months Ended
March 31,
2000 1999
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<S> <C> <C>
Total interest income $4,840,919 $4,050,135
Total interest expense 2,912,550 2,166,212
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Net interest income $1,928,369 $1,883,923
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Provision for loan losses 191,250 100,500
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</TABLE>
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CONSOLIDATED STATEMENTS OF INCOME (Continued)
Net interest income after provision for
Loan losses $1,737,119 $1,783,423
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Total noninterest income 229,496 189,291
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Total noninterest expenses 1,169,213 1,031,403
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Income before income tax expenses $ 797,402 $ 941,311
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Income tax expenses 278,428 360,287
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Net Income $ 518,974 $ 581,024
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SELECTED FINANCIAL DATA
<TABLE>
<CAPTION>
Three Months Ended
March 31,
2000 1999
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<S> <C> <C>
Basic Earnings per share $ 0.32 $ 0.35
Dilutive Earnings per share $ 0.32 $ 0.34
Net interest margin 3.14% 3.70%
Return on average assets 0.81% 1.10%
Return on average equity 8.03% 9.18%
At March 31st
Stockholders' equity as a % of total assets 10.11% 11.74%
Book value per share $ 14.89 $ 13.84
</TABLE>
