Wednesday, August 16th, 2017

NEIB, Inc. announces record earnings

Posted: Friday, February 12, 2016

Northeast Indiana Bancorp, Inc., (OTCQB:  NIDB), the parent company of First Federal Savings Bank, has announced record annual earnings for the full year 2015 of $3.8 million ($3.19 per diluted common share).  This is an increase of $701,000 or 22.4% compared to net income of $3.1 million ($2.59 per diluted common share) for the full year 2014.  The full year 2015 earnings equates to a return on average assets of 1.37% and a return on average equity of 11.91% compared to an ROA of 1.15% and an ROE of 10.71% for the full year 2014.

The Company also announced quarterly earnings for the three months ended December 31, 2015 of $1.0 million ($0.84 per diluted common share).  This is an increase of $133,000 or 15.2% compared to net income of $875,000 ($0.73 per diluted common share) for the three months ended December 31, 2014.  The current quarter’s earnings equates to an ROA of 1.42% and an ROE of 12.41% compared to an ROA of 1.26% and an ROE of 11.60% for the prior year quarter ended December 31, 2014.

Commenting on the financial results, First Federal Savings Bank President and CEO Michael S. Zahn stated, “Due to the focus and dedication of our staff and the relationships we establish with each and every customer, the bank continues to financially perform at a very high level.  Our performance allowed us to reward our shareholders, not only with the 21st consecutive annual dividend increase, but a first ever special cash dividend in 2015.  I’m excited about what lies ahead as we continue to serve our customers and our communities.”

Total assets increased $8.0 million to $284.1 million at December 31, 2015 compared to December 31, 2014 assets of $276.1 million.  Total deposits decreased $3.6 million to $209.5 million at December 31, 2015 from $213.2 million at December 31, 2014.

The Company paid out cash dividends of $1.6 million to shareholders during the year ended December 31, 2015.  The book value of NIDB stock was $26.95 per common share as of December 31, 2015 an increase of $1.60 or 6.3% compared to book value of $25.35 per common share as of December 31, 2014.  The Company’s stock closed at $30.00 per common share on December 31, 2015, an increase of $4.00 or 15.4% compared to the closing stock price of $26.00 per common share on December 31, 2014.