NORTHEAST INDIANA BANCORP
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June 30,
December 31,
June 30,
Balance Sheet (Unaudited)
2024
2023
2023
(Audited)
Assets
Non-interest earning cash and cash equivalents
$ 4,440,307
$ 4,304,296
$ 5,035,444
Interest-earning cash and cash equivalents
5,021,811
1,166,180
2,600,052
Total cash and cash equivalents
9,462,118
5,470,476
7,635,496
Interest-earning time deposits
4,520,000
4,320,000
3,433,249
Securities available for sale
73,992,782
76,228,755
74,823,867
Securities held to maturity
12,639,812
12,754,763
12,776,430
Loans held for sale
409,800
–
528,600
Loans, gross
384,550,364
375,992,822
352,224,183
Allowance for credit losses
(5,885,564)
(5,335,305)
(4,508,446)
Loans, net
378,664,800
370,657,517
347,715,737
Accrued interest receivable
2,610,719
2,354,636
2,022,072
Premises and equipment
8,002,138
7,366,169
7,019,007
FHLB Stock
2,835,000
2,227,500
2,101,600
Investment in limited partnerships
778,334
928,334
1,078,334
Cash surrender value of life insurance
11,991,604
11,751,653
11,601,672
Other assets
5,453,041
4,624,206
4,892,556
Total Assets
$ 511,360,148
$ 498,684,009
$ 475,628,620
Liabilities and Stockholders’ Equity
Non-interest bearing deposits
$ 50,734,506
$ 54,764,981
$ 59,627,379
Interest bearing deposits
361,582,411
346,307,200
324,309,052
Borrowed funds
48,500,000
47,250,000
43,500,000
Accrued interest payable and other liabilities
3,323,250
3,941,438
4,024,152
Total Liabilities
464,140,167
452,263,619
431,460,583
Stockholders’ equity
47,219,981
46,420,390
44,168,037
Total Liabilities and Stockholders’ Equity
$ 511,360,148
$ 498,684,009
$ 475,628,620
Three months ended
Six months ended
June 30,
March 31,
June 30,
June 30,
June 30,
Income Statement (Unaudited)
2024
2024
2023
2024
2023
Net interest income
Total interest income
$ 7,082,107
$ 6,729,934
$ 5,713,346
$ 13,812,041
$ 11,101,473
Total interest expense
3,318,155
3,105,342
2,260,069
6,423,497
4,021,964
Net interest income
3,763,952
3,624,592
3,453,277
7,388,544
7,079,509
Provision for credit loss expense
Loans
100,000
500,000
90,000
600,000
180,000
Off-balance sheet credit exposures
(25,000)
–
–
(25,000)
–
Total provision for credit loss expense
75,000
500,000
90,000
575,000
180,000
Net interest income after provision for loan losses
3,688,952
3,124,592
3,363,277
6,813,544
6,899,509
Non-interest income
Service charges on deposit accounts
175,044
178,670
177,656
353,714
365,878
Interchange fees
208,124
200,018
200,186
408,142
392,524
Loan servicing fees
98,161
109,708
101,199
207,869
203,773
Net gain on sale of loans
109,679
36,024
79,680
145,703
145,473
Brokerage fees
988
1,182
43,798
2,170
110,283
Increase in cash surrender value of life insurance
83,254
82,543
73,360
165,797
147,009
Other income
539,086
86,643
275,795
625,729
356,464
Total non-interest income
1,214,336
694,788
951,674
1,909,124
1,721,404
Non-interest expense
Salaries and employee benefits
1,637,218
1,640,271
1,680,705
3,277,489
3,367,950
Occupancy
363,586
355,051
369,466
718,637
710,401
Data processing
397,025
438,832
394,044
835,857
788,641
Deposit insurance premiums
88,000
74,000
56,000
162,000
105,500
Professional fees
171,275
104,013
143,224
275,288
254,260
Advertising and marketing fees
101,095
87,680
76,513
188,775
168,230
Correspondent bank charges
44,094
39,596
35,342
83,690
74,074
Other expense
332,658
341,495
292,984
674,153
546,235
Total non-interest expense
3,134,951
3,080,938
3,048,278
6,215,889
6,015,291
Income before income taxes
1,768,337
738,442
1,266,673
2,506,779
2,605,623
Income tax expense
174,809
16,252
149,993
191,061
318,487
Net income
$ 1,593,528
$ 722,190
$ 1,116,680
$ 2,315,718
$ 2,287,136
Three months ended
Six months ended
June 30,
March 31,
June 30,
June 30,
June 30,
Selected Financial Ratios and Other Financial Data (Unaudited)
2024
2024
2023
2024
2023
Average shares outstanding – basic
2,401,499
2,405,122
2,402,070
2,403,311
2,401,702
Average shares outstanding – diluted
2,401,499
2,405,122
2,402,070
2,403,311
2,401,745
Basic earnings per share
$ 0.66
$ 0.30
$ 0.46
$ 0.96
$ 0.95
Diluted earnings per share
$ 0.66
$ 0.30
$ 0.46
$ 0.96
$ 0.95
Net interest margin
3.05 %
2.99 %
3.09 %
3.02 %
3.22 %
Return on average assets
1.24 %
0.57 %
0.96 %
0.91 %
1.00 %
Return on average equity
13.80 %
6.26 %
10.16 %
10.01 %
10.46 %
Efficiency ratio
62.97 %
71.33 %
69.20 %
66.85 %
68.35 %
Allowance for loan losses:
Balance, beginning of period
$ 5,790,301
$ 5,335,305
$ 4,421,505
$ 5,335,305
$ 3,996,619
Charge-offs:
One-to-four family
–
–
6,009
–
6,009
Commercial real estate
–
–
–
–
–
Land/land development
–
–
–
–
–
Commercial
–
–
–
–
–
Consumer
24,953
69,725
20,811
94,678
56,941
Gross charge-offs
24,953
69,725
26,820
94,678
62,950
Recoveries:
One-to-four family
–
–
–
–
–
Commercial real estate
–
–
–
–
–
Land/land development
–
–
–
–
–
Commercial
–
–
2,207
–
3,130
Consumer
20,216
24,721
21,554
44,937
41,647
Gross recoveries
20,216
24,721
23,761
44,937
44,777
Net charge-offs (recoveries)
4,737
45,004
3,059
49,741
18,173
CECL adjustment
–
–
–
–
350,000
Provision for loan loss expense
100,000
500,000
90,000
600,000
180,000
Balance, end of period
$ 5,885,564
$ 5,790,301
$ 4,508,446
$ 5,885,564
$ 4,508,446
Net loan charge-offs (recoveries) to average loans
0.00 %
0.05 %
0.00 %
0.03 %
0.01 %
As of
June 30,
March 31,
June 30,
Non-performing assets
2024
2024
2023
Loans:
Non-accrual
$ 5,222,476
$ 6,547,940
$ 6,302,505
Past 90 days or more and still accruing
–
–
–
Troubled debt restructured
524,970
524,970
525,020
Total non-performing loans
5,747,446
7,072,910
6,827,525
Real estate owned
–
–
–
Other repossessed assets
–
–
–
Total non-performing assets
$ 5,747,446
$ 7,072,910
$ 6,827,525
Non-performing assets to total assets
1.12 %
1.39 %
1.44 %
Non-performing loans to gross loans
1.49 %
1.84 %
1.94 %
Allowance for loan losses to non-performing loans
102.40 %
81.87 %
66.03 %
Allowance for loan losses to gross loans
1.53 %
1.50 %
1.28 %
Other financial ratios
Tangible common equity
9.23 %
9.09 %
9.29 %
Book value per share
$ 19.53
$ 19.05
$ 18.21
Common shares outstanding
2,417,283
2,429,698
2,425,670
(1) Ratios for three and six-month periods are annualized
(2) All share data has been adjusted for the 2:1 stock split on July 14, 2023.