Tuesday, October 15th, 2019

Northeast Indiana Bancorp announces earnings

Posted: Friday, July 19, 2019

Northeast Indiana Bancorp, Inc. (OTCQB:  NIDB), the parent company of First Federal Savings Bank, announced net income for the six months ended June 30, 2019 increased by $49,000 to $2.18 million ($1.82 per diluted common share) when compared to net income of $2.13 million ($1.78 per diluted common share) for the six months ended June 30, 2018. The current six months earnings equate to an annualized ROA of 1.25% and an ROE of 11.32% compared to an annualized ROA of 1.33% and an annualized ROE of 11.91% for the six months ended June 30, 2018.

Net income also increased by $93,000 or 9.1% to $1.12 million ($0.94 per diluted common share) for the company’s second quarter ended June 30, 2019 when compared to net income of $1.03 million ($0.86 per diluted common share) for the second quarter ended June 30, 2018. The current three months earnings equate to an annualized return on average assets (ROA) of 1.26% and a return on average equity (ROE) of 11.45% compared to an annualized ROA of 1.27% and a ROE of 11.42% for the three months ended June 30, 2018.

Total assets increased $24.5 million or 7.3% (14.6% annualized) to $358.7 million at June 30, 2019 compared to $334.2 million at December 31, 2018. Net loans increased $13.7 million or 5.7% to $253.8 million at June 30, 2019 compared to $240.1 million at December 31, 2018. Total deposits increased $12.4 million or 5.3% to $245.8 million at June 30, 2019 compared to $233.4 million at December 31, 2018. Shareholder’s equity increased $2.9 million or 7.7% to $40.2 million at June 30, 2019 compared to $37.3 million at December 31, 2018. The book value of NIDB’s stock was $33.34 per common share as of June 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 July 16, 2019 was $36.50 per common share.