Sunday, November 17th, 2019

NEIB announces record year to date earnings

Posted: Friday, October 11, 2019

Northeast Indiana Bancorp, Inc. (OTCQB: NIDB), the parent company of First Federal Savings Bank, today announced net income for the nine months ended September 30, 2019 increased $379,000 or 12.0% to $3.54 million ($2.96 per diluted common share), compared to net income of $3.16 million ($2.65 per diluted common share) for the nine months ended September 30, 2018.  The current nine months earnings represent a new record for the Company and equates to an annualized ROA of 1.34% and an annualized ROE of 12.01%. This compares to an annualized ROA of 1.31% and an annualized ROE of 11.68% for the nine months ended September 30, 2018.

Net income increased $330,000 or 32.0% to $1.36 million ($1.14 per diluted common share) for the Company’s third quarter ended September 30, 2019 compared to net income of $1.03 million ($0.86 per diluted common share) for the third quarter ended September 30, 2018. The current three months earnings represent a new record for the Company and equates to an annualized return on average assets (ROA) of 1.53% and a return on average equity (ROE) of 13.31%. This compares to an annualized ROA of 1.27% and an annualized ROE of 11.22% for the three months ended September 30, 2018.

“We are very pleased with our record performance this quarter and year to date,” states Michael Zahn, president and CEO of First Federal Savings Bank. Zahn continues, “We continue to see steady growth in both deposits and loans while maintaining strong profitability. The dedication and execution from our team continues to provide excellent financial results.”

Net loans receivable have increased $11.3 million or 4.7% to $251.4 million at September 30, 2019 compared to $240.1 million at December 31, 2018. Total deposits have increased $13 million or 5.6% to $246.3 million at September 30, 2019 compared to $233.3 million at December 31, 2018. Shareholder’s equity increased $4.0 million or 10.8% to $41.3 million at September 30, 2019 compared to $37.3 million at December 31, 2018. The book value of NIDB’s stock was $34.28 per common share as of September 30, 2019. The number of outstanding common shares was 1,206,327 as of the same date. The last reported trade of the stock on October 10, 2019 was $39.00 per common share.

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.