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Northeast Indiana Bancorp earnings increased 22.1%

Staff Writer | February 4, 2019
Northeast Indiana Bancorp, the parent company of First Federal Savings Bank, announced earnings increased $754,000 or 22.1% to $4.2 million ($3.49 per diluted common share) for the full year 2018 when compared to full year 2017 earnings of $3.4 million ($2.84 per diluted common share).
Northeast Indiana Bancorp
Northeast Indiana Bancorp   2018 annual earnings represent the highest earnings level ever recorded
2018 annual earnings represent the highest earnings level ever recorded for the company.

The full year 2018 earnings equates to a return on average assets of 1.28% and a return on average equity of 11.48% compared to an ROA of 1.12% and an ROE of 9.66% for the full year 2017.

Total assets increased $20.0 million or 6.4% to $334.2 million at December 31, 2018 compared to December 31, 2017 assets of $314.2 million.

Total net loans increased $15.0 million or 6.6% to $240.1 million at December 31, 2018 from $225.1 million at December 31, 2017.

Total deposits increased $21.2 million or 10.0% to $233.4 million at December 31, 2018 from $212.2 million at December 31, 2017.

The Company also announced quarterly earnings for the three months ended December 31, 2018 increased by $497,000 or 97.8% to $1.0 million ($0.84 per diluted common share) when compared to earnings for the three months ended December 31, 2017 of $509,000 ($0.42 per diluted common shares).

Fourth quarter 2017 earnings were negatively impacted by a $328,000 increase in tax expense from a non-cash impairment to our Deferred Tax Assets ("DTA's").

The current quarter's earnings equates to an ROA of 1.21% and an ROE of 10.90% compared to an ROA of 0.66% and an ROE of 5.58% for the prior year quarter ended December 31, 2017.


 

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