Friday, June 23rd, 2017

Northeast Indiana Bancorp reports earnings

Posted: Friday, February 13, 2015

Northeast Indiana Bancorp, Inc., (OTCQB:  NIDB), the parent company of First Federal Savings Bank, today announced record annual earnings for the full year 2014 of $3.1 million ($2.59 per diluted common share).  This is an increase of $651,000 or 26.3% compared to net income of $2.5 million ($2.01 per diluted common share) for the full year 2013. This record annual earnings total of $3.1 million in 2014 breaks our former record annual earnings total of $2.9 million from 2012 by $271,000 or 9.5%. The full year 2014 earnings equates to a return on average assets of 1.15% and a return on average equity of 10.71% compared to an ROA of 0.92% and an ROE of 8.85% for the full year 2013.

The Company also announced quarterly earnings for the three months ended December 31, 2014 of $875,000 ($0.73 per diluted common share). This is an increase of $223,000 or 34.2% compared to net income of $652,000 ($0.53 per diluted common share) for the three months ended December 31, 2013. The current quarter’s earnings equates to an ROA of 1.26% and an ROE of 11.60% compared to an ROA of 0.96% and an ROE of 9.31% for the prior year quarter ended December 31, 2013.

Commenting on the financial results, First Federal Savings Bank president and CEO Michael S. Zahn stated, “I’m very pleased with the financial performance of First Federal Savings Bank in 2014. Our record earnings, double digit loan growth, significant improvement in asset quality and strong net interest margin expansion can be attributed to the staff embracing our mission as a community bank. Our continued high performance allowed us to reward our shareholders with increased dividends for the 20th year in a row. I’m excited about our future and the opportunities in front of us.”