NEIB announces quarterly earnings
Posted: Thursday, April 20, 2017
Northeast Indiana Bancorp, Inc., (OTCQB: NIDB), the parent company of First Federal Savings Bank, has announced net income of $830,000 ($0.69 per diluted common share) for the first quarter ended March 31, 2017 compared to net income of $1.1 million ($0.89 per diluted common share) for the first quarter ended March 31, 2016. The decrease stems primarily from a reduction in loan sale gains from our mortgage banking and SBA programs between quarterly periods. The current three months earnings equate to an annualized return on average assets (ROA) of 1.10% and a return on average equity (ROE) of 9.74% compared to an ROA of 1.49% and an ROE of 12.98% for the prior year quarter ended March 31, 2016.
Total loans increased $5.9 million or 3.0% to $202.7 million at March 31, 2017 compared to total loans of $196.8 million at December 31, 2016. Total deposits increased $5.6 million or 2.6% to $224.0 million at March 31, 2017 compared to $218.4 million at December 31, 2016. Total nonperforming assets decreased $1.4 million or 28.6% to $3.5 million at March 31, 2017 compared to $4.9 million at December 31, 2016.
Shareholders’ equity increased to $34.4 million at March 31, 2017 compared to $33.7 million at December 31, 2016. The book value of NIDB stock was $28.34 per common share as of March 31, 2017. The number of outstanding common shares was 1,214,879. The last reported trade of the stock on April 18, 2017 was $33.75 per common share.
Northeast Indiana Bancorp, Inc. is headquartered at 648 N. Jefferson Street, Huntington. 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.” Visit them on the web at www.firstfedindiana.com.