HUNTINGTON — Northeast Indiana Bancorp Inc., the parent company of First Federal Savings Bank, has announced that net income increased $181,000 or 20.3 percent to $1.1 million (89 cents per diluted common share) for the first quarter ended March 31, compared to net income of $892,000 (74 cents per diluted common share) for the first quarter ended March 31, 2015.
The current three months earnings equate to an annualized return on average assets of 1.49 percent and a return on average equity of 12.98 percent compared to an ROA of 1.29 percent and an ROE of 11.59 percent for the prior year quarter ended March 31, 2015.
Total loans increased $4 million or 2.2 percent to $186.2 million at March 31, compared to total loans of $182.2 million at Dec. 31, 2015. Total deposits increased $7.5 million or 3.6 percent to $217.1 million at March 31, compared to $209.5 million at Dec. 31, 2015. Total assets also increased $6 million or 2.1 percent to $290.1 million at March 31, compared to $284.1 million at Dec. 31, 2015.
Commenting on the financial results, First Federal Savings Bank CEO Michael S. Zahn stated, “I’m very pleased with our continued strong financial performance. Our first-quarter earnings are a record and represent the third quarter in a row in which our earnings have exceeded $1 million. Steady growth, exceptional customer service by a dedicated staff, and strong overhead expense controls continue to fuel our performance.”
Shareholders’ equity increased to $33.3 million at March 31, compared to $32.3 million at Dec. 31, 2015. The book value of NIDB stock was $27.78 per common share as of March 31. The number of outstanding common shares was 1,199,879. The last reported trade of the stock April 12, was $30 per common share.