NE Indiana Bancorp, Inc. announce earnings
Posted: Friday, July 22, 2016
Northeast Indiana Bancorp, Inc. (OTCQB: NIDB), the parent company of First Federal Savings Bank, announced net income for the six months ended June 30, 2016 increased $149,000 or 8.3% to $1.96 million ($1.63 per diluted common share) compared to net income of $1.81 million ($1.51 per diluted common share) for the six months ended June 30, 2015. The current six months earnings equates to an annualized ROA of 1.34% and an ROE of 11.72% compared to an annualized ROA of 1.31% and an annualized ROE of 11.63% for the six months ended June 30, 2015.
Net income was $887,000 ($0.74 per diluted common share) for the Company’s second quarter ended June 30, 2016 compared to net income of $918,000 ($0.77 per diluted common share) for the second quarter ended June 30, 2015. The current three months earnings equates to an annualized return on average assets (ROA) of 1.19% and a return on average equity (ROE) of 10.49% compared to an annualized ROA of 1.32% and an ROE of 11.66% for the three months ended June 30, 2015.
Total assets increased $10.2 million or 3.6% (7.2% annualized) to $294.3 million at June 30, 2016 compared to $284.1 million at December 31, 2015. Shareholder’s equity was $34.2 million at June 30, 2016 compared to $32.3 million at December 31, 2015. The book value of NIDB’s stock was $28.49 per common share as of June 30, 2016. Book value has increased $2.27 or 8.7% over the past twelve months. The number of outstanding common shares was 1,199,879 as of the same date. The last reported trade of the stock on July 18, 2016 was $29.26 per common share.
First Federal Savings Bank president and CEO, Michael Zahn stated, “I’m proud of our team’s effort through the first six months of 2016. Last year was a great year and to be performing at a higher level this year is quite an accomplishment.” Zahn continues, “I’m most pleased with our growth numbers and am confident we will continue to grow at a manageable pace.”
Northeast Indiana Bancorp, Inc. is headquartered at 648 N. Jefferson Street, Huntington, Indiana. The company offers a full array of banking and financial brokerage services to its customers through its main office in Huntington and five full-service Indiana offices in Huntington (2), Warsaw and Fort Wayne (2). The Company is traded on the OTC Markets Group, Inc. (www.otcmarkets.com) utilizing the OTCQB platform under the symbol “NIDB.” Our web site address is www.firstfedindiana.bank.