Wednesday, August 16th, 2017

NEIB announces record quarterly earnings

Posted: Friday, April 15, 2016

Northeast Indiana Bancorp, Inc., (OTCQB:  NIDB), the parent company of First Federal Savings Bank, has announced that net income increased $181,000 or 20.3% to $1.1 million ($0.89 per diluted common share) for the first quarter ended March 31, 2016 compared to net income of $892,000 ($0.74 per diluted common share) for the first quarter ended March 31, 2015. The current three months earnings equate to an annualized return on average assets (ROA) of 1.49% and a return on average equity (ROE) of 12.98% compared to an ROA of 1.29% and an ROE of 11.59% for the prior year quarter ended March 31, 2015.

Total loans increased $4.0 million or 2.2% to $186.2 million at March 31, 2016 compared to total loans of $182.2 million at December 31, 2015. Total deposits increased $7.5 million or 3.6% to $217.1 million at March 31, 2016 compared to $209.5 million at December 31, 2015. Total assets also increased $6.0 million or 2.1% to $290.1 million at March 31, 2016 compared to $284.1 million at December 31, 2015.

Commenting on the financial results, First Federal Savings Bank CEO Michael S. Zahn stated, “I’m very pleased with our continued strong financial performance. Our first quarter earnings are a record and represent the third quarter in a row in which our earnings have exceeded $1 million. Steady growth, exceptional customer service by a dedicated staff, and strong overhead expense controls continue to fuel our performance.”

Shareholders’ equity increased to $33.3 million at March 31, 2016 compared to $32.3 million at December 31, 2015. The book value of NIDB stock was $27.78 per common share as of March 31, 2016. The number of outstanding common shares was 1,199,879.  The last reported trade of the stock on April 12, 2016 was $30.00 per common share.