Friday, April 20th, 2018

NEIB announces increase in earnings

Posted: Thursday, April 12, 2018

Northeast Indiana Bancorp, Inc., (OTCQB:  NIDB), the parent company of First Federal Savings Bank, has announced net income of $1.1 million ($0.92 per diluted common share) for the first quarter ended March 31, 2018.  This was an increase of $273,000 or 32.8% when compared to net income of $830,000 ($0.69 per diluted common share) for the first quarter ended March 31, 2017.  The increase is primarily due to increased net interest income and noninterest income as well as lower federal income tax expense from tax reform that became effective at the start of 2018.  The current three months earnings equate to an annualized return on average assets (ROA) of 1.39% and a return on average equity (ROE) of 12.41% compared to an ROA of 1.10% and an ROE of 9.74% for the prior year quarter ended March 31, 2017.

Total loans increased $2.4 million or 1.1% to $227.5 million at March 31, 2018 compared to total loans of $225.1 million at December 31, 2017.  Total deposits increased $13.8 million or 6.5% to $226.0 million at March 31, 2018 compared to $212.2 million at December 31, 2017.  Total nonperforming assets decreased $121,000 to $2.4 million at March 31, 2018 compared to $2.5 million at December 31, 2017.

Shareholders’ equity was relatively unchanged at $35.7 million at both March 31, 2018 and December 31, 2017.  The Company repurchased 8,552 shares during the quarter ended March 31, 2018 under a previously announced Share Repurchase Program that remained open from a prior reporting period.  The book value of NIDB stock was $29.56 per common share as of March 31, 2018.  The number of outstanding common shares was 1,206,327.  The last reported trade of the stock on April 9, 2018 was $34.50 per common share.