Thursday, October 19th, 2017

Northeast Indiana Bancorp announces earnings

Posted: Friday, July 25, 2014

Northeast Indiana Bancorp, Inc. (OTCQB:  NIDB), the parent company of First Federal Savings Bank, today announced net income for the six months ended June 30, 2014 increased $298,000 or 25% to $1.5 million ($1.24 per diluted common share) compared to net income of $1.2 million ($0.98 per diluted common share) for the six months ended June 30, 2013. The current six months earnings equates to an annualized ROA of 1.12% and an ROE of 10.60% compared to an annualized ROA of 0.91 and an annualized ROE of 8.61% for the six months ended June 30, 2013.

Net income of $674,000 ($0.56 per diluted common share) for the Company’s second quarter ended June 30, 2014 compared to net income of $669,000 ($0.54 per diluted common share) for the second quarter ended June 30, 2013. The current three months earnings equates to an annualized return on average assets (ROA) of 1.00% and a return on average equity (ROE) of 9.32% compared to an annualized ROA of 0.99% and an ROE of 9.41% for the three months ended June 30, 2013.

Commenting on the financial results, First Federal Savings Bank CEO Michael S. Zahn stated, “I am very pleased with our continued strong earnings. Margins continue to increase and asset quality is improving. I’m also personally pleased that we’ve been able to increase loan balances $8.8 million or 5.8% (11.6% annualized) through the first six months of 2014 in a very tough and competitive lending environment. The dedication of our staff has made all of this possible and has allowed us to be recognized as one of the top 200 community banks in the nation, determined by American Banker Magazine, for the third year in a row.”

Shareholder’s equity was $29.2 million at June 30, 2014 compared to $27.8 million at December 31, 2013. The book value of NIDB’s stock was $24.19 per common share as of June 30, 2014. The number of outstanding common shares was 1,205,279 as of the same date. The last reported trade of the stock on July 16, 2014 was $22.80 per common share.  This is an increase of $1.80 or 8.6% over the last reported trade of the stock on December 31, 2013 of $21.00 per common share.