Wednesday, December 13th, 2017

NEIB announces record quarterly earnings

Posted: Friday, October 16, 2015

Northeast Indiana Bancorp, Inc. (OTCQB: NIDB), the parent company of First Federal Savings Bank, announced net income increased to $1.01 million ($0.84 per diluted common share) for the company’s third quarter ended September 30, 2015, an increase of $273,000 or 36.9% when compared to net income of $739,000 ($0.61 per diluted common share) for the third quarter ended September 30, 2014. The current three months earnings equates to an annualized return on average assets (ROA) of 1.45% and a return on average equity (ROE) of 11.96% compared to an annualized ROA of 1.09% and an ROE of 10.02% for the three months ended September 30, 2014.

Net income for the nine months ended September 30, 2015 increased to $2.82 million ($2.35 per diluted common share), an increase of $569,000 or 25.2% when compared to net income of $2.25 million ($1.86 per diluted common share) for the nine months ended September 30, 2014.  The current nine months earnings equates to an annualized ROA of 1.35% and an ROE of 11.74% compared to an annualized ROA of 1.11% and an annualized ROE of 10.40% for the nine months ended September 30,2014.

Commenting on the financial results, First Federal Savings Bank president and CEO Michael S. Zahn stated, “I’m very pleased with our continued high performance. We’ve been able to maintain strong earnings led by an incredible team and a diverse revenue stream. As a community bank, we appreciate our customers and the relationships we have with them.”

Shareholder's equity was $32.3 million at September 30, 2015 compared to $30.4 million at December 31, 2014. The book value of NIDB’s stock was $26.94 per common share as of September 30, 2015. The number of outstanding common shares was 1,199,879 as of the same date. The last reported trade of the stock on October 9, 2015 was $28.50 per common share. This is an increase of $2.50 or 9.6% over the last reported trade of the stock on December 31, 2014 of $26.00 per common share.