First Federal Savings Bank’s net income up

Northeast Indiana Bancorp, Inc. (OTCQB: NIDB), the parent company of First Federal Savings Bank, has announced net income for the nine months ended Sept. 30, 2019, increased $379,000 or 12.0 percent 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 Sept. 30, 2018.

The current nine months earnings represent a new record for the company and equates to an annualized ROA of 1.34 percent and an annualized ROE of 12.01 percent. This compares to an annualized ROA of 1.31 percent and an annualized ROE of 11.68 percent for the nine months ended Sept. 30, 2018.

Net income increased $330,000 or 32.0 percent to $1.36 million ($1.14 per diluted common share) for the company’s third quarter ended Sept. 30, 2019, compared to net income of $1.03 million ($0.86 per diluted common share) for the third quarter ended Sept. 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 percent and a return on average equity (ROE) of 13.31 percent. This compares to an annualized ROA of 1.27 percent and an annualized ROE of 11.22 percent for the three months ended Sept. 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. “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 percent to $251.4 million at Sept. 30, 2019, compared to $240.1 million at Dec. 31, 2018.

Total deposits have increased $13.0 million or 5.6 percent to $246.3 million at Sept. 30, 2019, compared to $233.3 million at Dec. 31, 2018. Shareholder’s equity increased $4.0 million or 10.8 percent to $41.3 million at Sept. 30, 2019, compared to $37.3 million at Dec. 31, 2018. The book value of NIDB’s stock was $34.28 per common share as of Sept. 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 Oct. 10, 2019, was $39.00 per common share.

Northeast Indiana Bancorp, Inc. is headquartered at 648 N. Jefferson St., Huntington. 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 (two), Warsaw and Fort Wayne (two). The company is traded on the OTC Markets Group, Inc. (www.otcmarkets.com) utilizing the OTCQB platform under the symbol “NIDB.” The company’s web site address is www.firstfedindiana.bank.