NORTHEAST INDIANA BANCORP, INC. ANNOUNCEMENT OF RECORD ANNUAL PROFITS

HUNTINGTON, Indiana, January 28, 2022 /PRNewswire/ — Northeast Indiana Bancorp, Inc., (OTCQB: NIDB), the parent company of First Federal Savings Bank (FFSB), today announced increased earnings $1.7 millioni.e. 30.3% at $7.3 million ($6.08 per diluted ordinary share) for the full year 2021 compared to full year 2020 earnings of $5.6 million ($4.64 per diluted common share). The 2021 annual revenue represents the highest level of revenue ever recorded for the Company. The results for 2021 correspond to a return on average assets of 1.77% and a return on average equity of 15.31%, compared to an ROA of 1.44% and a ROE of 12.63% for the year 2020.

Total assets increased $26.4 millioni.e. 6.7% to $417.7 million at December 31, 2021 compared to December 31, 2020 assets of $391.3 million. Total net lending increased $10.0 millioni.e. 3.8% to $274.3 million at December 31, 2021 from $264.2 million at the 31st of December2020. Total deposits increased $45.0 millioni.e. 15.2% to $341.9 million at December 31, 2021 from $297.0 million at the 31st of December2020. Total borrowing decreased $22.8 millioni.e. 49.8% at $23.0 million at December 31, 2021 compared to December 31, 2020 loans from $45.8 million.

The Company paid cash dividends of $2.9 million to shareholders during the year ended December 31, 2021 of which approximately $1.5 million a special cash dividend ($1.25 per common share) which was paid to shareholders in December 2021 for the 7and consecutive year of special cash dividends. The book value of the NIDB shares increased to $40.49 per ordinary share at December 31, 2021 from $37.73 per ordinary share at the 31st of December2020. The Company’s shares closed at $47.00 per ordinary share on December 31, 2021.

First President and Chief Executive Officer of the Federal Savings Bank Michael S. Zahn said: “2021 has continued to be difficult as the pandemic persists. I am proud to work alongside our FFSB team who continue to rise to the challenges to serve our customers and our communities.” Zahn continues, “The FFSB has been able to make record profits while helping business customers get much-needed help, enabling homeowners to get low-interest mortgages, and providing financial services to help our communities. .

First Federal Savings Bank has been a source of strength for small business customers and nonprofits in Northeast Indiana in 2021 and 2020. The Bank participated in the SBA’s Paycheck Protection Program (“PPP”) and has helped more than 800 customers receive approximately $68.7 million in PPP financing.

The Company also announced its quarterly results for the three months ended December 31, 2021 increased by $61,000i.e. 4.1% to $1.54 million ($1.28 per diluted common share) to earnings for the three months ended December 31, 2020 of $1.48 million ($1.23 per diluted common share). Current quarter earnings equate to ROA of 1.43% and ROE of 12.57%, compared to ROA of 1.49% and ROE of 12.90% for the prior year quarter ended December 31, 2020.

Northeast Indiana Bancorp, Inc. is headquartered at 648 N. Jefferson Street, Huntington, Indiana. The company offers a full range of banking and financial brokerage services to its customers through its head office in Huntington and five full services Indiana offices at Huntington (2), Warsaw and Fort Wayne (2). The Company is listed on OTC Markets Group, Inc. (www.otcmarkets.com) using the OTCQB platform under the symbol “NIDB”. Our website address is www.firstfedindiana.bank.

BANCORP OF NORTHEAST INDIANA
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


CONSOLIDATED STATEMENT OF FINANCIAL POSITION






ASSETS

The 31st of December, 2021

December 31, 2020


Interest-bearing cash and cash equivalents

$

12 185 155

$

12,397,471


Cash and cash equivalents not bearing interest

3,595,989

2,311,822


Cash and cash equivalents

15,781,144

14,709.93


Interest-bearing term deposits

2,210,000

3,681,000


Titles available for sale

89 070 934

78,418,462


Securities held to maturity

11,916,667

9,442,271


Loans held for sale

538 635

137,000


Loans receivable, net of allowance for loan losses December 31, 2021 $3,998,392 and
Dec 31 2020 $3,851,897

274 267 094

264 220 486


Accrued interest receivable

1,489,036

1,516,929


Premises and equipment

6,937,418

5,282,884


Investments in limited liability companies

1,528,334

1,828,334


Cash value of life insurance

11,331,941

10,071,443


other assets

2,585,660

1,969,048


Total assets

$

417 656 863

$

391 277 150


LIABILITIES AND EQUITY




Non-interest bearing deposits

56,435,410

46,257,438


Interest-bearing deposits

285 513 161

250 700 577


Borrowed funds

23,001,166

45 805 419


Accrued interest payable and other liabilities

3,903,575

2,852,005


Total responsibilities

368 853 312

345 615 439






Retained earnings – substantially restricted

48,803,551

45,661,711


Total Liabilities and Equity

$

417 656 863

$

391 277 150




CONSOLIDATED INCOME STATEMENTS







Three months completed

Twelve month period ended



The 31st of December,

The 31st of December,



2021

2020

2021

2020


Total interest income

$

4,104,650

$

4,115,656

$

16,353,194

$

15,449,662


Total interest expense


724 329


619 374


2,107,592


3,041,269


Net interest income

$

3,380,321

$

3,496,282

$

14,245,602

$

12,408,353


Allowance for loan losses



120,000


120,000


580,000


Net interest income after provision for loan losses

$

3,380,321

$

3,376,282

$

14,125,602

$

11,828,353


Service charges on deposit accounts


184,310


190 312


673,080


659 683


Interchange fees


168,400


150,561


664 608


569 959


Net gain (loss) on sale of securities






Net gain on sale of loans

407 181

874 069

1,972,217

2,715,931


Net gain (loss) on sale of repossessed assets

(5,000)

(7,954)

(16,535)


Brokerage fees

59,556

47,501

251,429

189,633


Increase in life insurance cash value

66,604

62,731

260 498

232 250


Other income

392,040

90,884

832 213

276,408


Total non-interest income

$

1,273,091

$

1,416,058

$

4,646,091

$

4,627,329


Salaries and benefits


1,683,090


1,867,398


5,412,488


5,591,328


Occupation

285,047

263,635

1,073,356

1,033,583


Data processing

322,827

312 385

1,342,766

1,138,073


Deposit insurance premiums

25,500

21,000

101,000

99,000


Professional fees

95,581

138,055

354 263

341 229


Advertising and Marketing

64,776

63,444

224 336

212 313


Correspondent bank fees

22,128

18,942

102,369

109,344


Other expenses

311 341

324 403

1,219,987

1,171,571


Total non-interest expense

$

2,810,290

$

3,009,262

$

9,830,565

$

9,696,441


Profit before income tax expense

$

1,843,122

$

1,783,078

$

8,941,128

$

6,759,241


income tax expense


306,031


307 137


1,644,000


1,159,619


Net revenue

$

1,537,091

$

1,475,941

$

7,297,128

$

5,599,622
























BANCORP OF NORTHEAST INDIANA
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)










Three months completed
The 31st of December,

Twelve month period ended
The 31st of December,



2021

2020

2021

2020


Basic earnings per common share

1.28

1.23

6.09

4.65


Dilutive earnings per share

1.28

1.23

6.08

4.64


Net interest margin

3.33%

3.76%

3.66%

3.41%


Average return on assets

1.43%

1.49%

1.77%

1.44%


return on average equity

12.57%

12.90%

15.31%

12.63%


Efficiency report

60.39%

61.26%

52.04%

56.92%


Average number of shares outstanding – primary

1,198,285

1,201,827

1,198,314

1,204,352


Average number of shares outstanding – diluted

1,198,410

1,201,827

1,199,630

1,205,602






Allowance for loan losses:






Balance at beginning of period

$

4,013,967

$

3,781,578

$

3,851,897

$

3,191,605





Dump :






Family of 1 to 4 people

15,194

17,952


Commercial real estate

13,865


Land/Land development


Commercial

13,865


Consumer

38,699

53,434

113,891

137,577


Gross postings

38,699

67,299

129,085

169,394


Recoveries:






Family of 1 to 4 people

935

1,411

11,315

4,242


Commercial real estate

111

19,393


Land/Land development


Commercial

2,550

691

3,540

106,609


Consumer

19,528

15,516

121,332

138,835


Gross recoveries

23 124

17,618

155,580

249,686


Net charges/recoveries

15,575

49,681

(26,495)

(80,292)


Surcharges charged to operations

120,000

120,000

580,000


Balance at end of period

$

3,998,392

$

3,851,897

$

3,998,392

$

3,851,897














Net write-offs (recoveries) of loans on average loans (1)

0.02%

0.07%

(0.01%)

(0.03%)














Non-performing assets (in thousands)

As of December 31,

As of September 30,

As of June 30,

As of December 31,


Loans:

2021

2021

2021

2020


Not cumulated

$

2,859

$

2,467

$

1,800

$

5,034


90 or more days past and still accumulating


Restructured distressed debt

365

361

362

374


Total non-performing loans

3,224

2,828

2,162

5,408


Real estate owned

5

255

5


Other assets taken over


Total non-performing assets

$

3,224

$

2,833

$

2,417

$

5,413






Non-performing assets to total assets

0.77%

0.68%

0.59%

1.38%


Non-performing loans to total loans

1.16%

1.00%

0.77%

2.02%


Provision for loan losses to non-performing loans

124.01%

141.94%

184.42%

71.23%


Allowance for loan losses to total receivables

1.44%

1.44%

1.44%

1.44%



As of December 31,



2021

2020




Equity as % of total assets

11.90%

11.67%




Book value per share

$

40.49

$

37.73




Outstanding Common Shares – EOP

1,205,435

1,210,327










(1) The ratios for the three-month periods are annualized.


























SOURCE Northeast Indiana Bancorp, Inc.

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