Northeast Indiana Bancorp, Inc., (OTCQB: NIDB), the parent company of First Federal Savings Bank, has announced that net income increased $52,000 or six percent to $892,000 ($0.74 per diluted common share) for the first quarter ended March 31 compared to net income of $840,000 ($0.69 per diluted common share) for the first quarter ended March 31, 2014.

The current three months earnings equate to an annualized return on average assets (ROA) of 1.29 percent and a return on average equity (ROE) of 11.59 percent compared to an ROA of 1.24 percent and an ROE of 11.91 percent for the prior year quarter ended March 31, 2014.

Credit quality continued to improve as total non-performing assets declined $2.0 million or 31.9 percent to $4.4 million at March 31 compared to $6.4 million at Dec. 31, 2014.

This sharp decrease in non-performing assets improved the non-performing loan coverage ratio to 77.4 percent at the current quarter end as compared to 54.4 percent at the prior quarter end. This enabled the company to take no provision for loan losses during the three months ended March 31.

Shareholders’ equity increased to $31.1 million at March 31 compared to $30.4 million at Dec. 31, 2014. The book value of NIDB stock was $25.94 per common share as of March 31. The number of outstanding common shares was 1,199,879. The last reported trade of the stock on April 10 was $26.35 per common share.

Northeast Indiana Bancorp, Inc. is headquartered at 648 N. Jefferson Street, 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.