HUNTINGTON — Northeast Indiana Bancorp Inc., parent company of First Federal Savings Bank, announced net income for the six months ended June 30, increased $149,000 or 8.3 percent to $1.96 million compared to net income of $1.81 million for the six months ended June 30, 2015.

The current six months earnings equates to an annualized ROA of 1.34 percent and an ROE of 11.72 percent, compared to an annualized ROA of 1.31 percent and an annualized ROE of 11.63 percent for the six months ended June 30, 2015.

Net income was $887,000 for the company’s second quarter ended June 30, compared to net income of $918,000 for the second quarter ended June 30, 2015. The current three months earnings equates to an annualized return on average assets of 1.19 percent and a return on average equity of 10.49 percent compared to an annualized ROA of 1.32 percent and an ROE of 11.66 percent for the three months ended June 30, 2015.

Total assets increased $10.2 million or 3.6 percent to $294.3 million at June 30, compared to $284.1 million at Dec. 31, 2015. Shareholders’ equity was $34.2 million at June 30, compared to $32.3 million at Dec. 31, 2015. The book value of NIDB’s stock was $28.49 per common share as of June 30. Book value has increased $2.27 or 8.7 percent over the past 12 months. The number of outstanding common shares was 1,199,879 as of the same date. The last reported trade of the stock on July 18, was $29.26 per common share.

First Federal Savings Bank President and CEO, Michael Zahn said, “I’m proud of our team’s effort through the first six months of 2016.  Last year was a great year and to be performing at a higher level this year is quite an accomplishment.” Zahn continued, “I’m most pleased with our growth numbers and am confident we will continue to grow at a manageable pace.”