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 percent 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 percent. The full year 2014 earnings equates to a return on average assets of 1.15 percent and a return on average equity of 10.71 percent compared to an ROA of 0.92 percent and an ROE of 8.85 percent for the full year 2013.

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

Total assets increased $7.5 million to $276.1 million at Dec. 31, 2014, compared to Dec. 31, 2013, assets of $268.6 million. Total deposits increased $4.3 million to $213.2 million at Dec. 31, 2014 from $208.9 million at Dec. 31, 2013.

The company paid out cash dividends of $952,000 to shareholders during the year ended Dec.31, 2014. The book value of NIDB stock was $25.35 per common share as of Dec. 31, 2014, an increase of $2.70 or 11.9 percent compared to book value of $22.65 per common share as of Dec. 31, 2013. The company also repurchased 29,567 shares for treasury in 2014 under a previously announced stock repurchase program. The number of outstanding common shares was 1,199,879. The last reported trade of the stock on Feb. 5, 2015 was $26.20 per common share.

Northeast Indiana Bancorp, Inc. is headquartered at 648 N. Jefferson St., Huntington, Indiana. 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, Warsaw and Fort Wayne. The company is traded on the OTC Markets Group, Inc. (www.otcmarkets.com) utilizing the OTCQB platform under the symbol “NIDB”. For more information visit www.firstfedindiana.com.