First Federal parent announces net income growth for 1Q

Northeast Indiana Bancorp, Inc., (OTCQB:  NIDB), the parent company of First Federal Savings Bank, has announced net income of $1.1 million ($0.92 per diluted common share) for the first quarter ended March 31, 2018.

This was an increase of $273,000 or 32.8 percent when compared to net income of $830,000 ($0.69 per diluted common share) for the first quarter ended March 31, 2017.  

The increase is primarily due to increased net interest income and noninterest income as well as lower federal income tax expense from tax reform that became effective at the start of 2018.  The current three months earnings equate to an annualized return on average assets (ROA) of 1.39 percent and a return on average equity (ROE) of 12.41 percent compared to an ROA of 1.10 percent and an ROE of 9.74 percent for the prior year quarter ended March 31, 2017.       

Total loans increased $2.4 million or 1.1 percent to $227.5 million at March 31, 2018 compared to total loans of $225.1 million at Dec. 31, 2017.  Total deposits increased $13.8 million or 6.5 percent to $226.0 million at March 31, 2018 compared to $212.2 million at Dec. 31, 2017.  Total nonperforming assets decreased $121,000 to $2.4 million at March 31, 2018 compared to $2.5 million at Dec. 31, 2017.  

Shareholders’ equity was relatively unchanged at $35.7 million at both March 31, 2018 and Dec. 31, 2017.  The Company repurchased 8,552 shares during the quarter ended March 31, 2018 under a previously announced Share Repurchase Program that remained open from a prior reporting period.  The book value of NIDB stock was $29.56 per common share as of March 31, 2018.  The number of outstanding common shares was 1,206,327.  The last reported trade of the stock on April 9, 2018 was $34.50 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, Warsaw and Fort Wayne.

The company is traded on the OTC Markets Group, Inc.  (otcmarkets. com) utilizing the OTCQB platform under the symbol “NIDB”.  The website address is www.firstfedindiana.bank.