Northeast Indiana Bancorp, Inc. Announces Year To Date And Second Quarter Earnings

HUNTINGTON, Ind., July 14, 2017

Net income was $760,000 ($0.63 per diluted common share) for the Company's second quarter ended June 30, 2017 compared to net income of $887,000 ($0.77 per diluted common share) for the second quarter ended June 30, 2016.  The current three months earnings equates to an annualized return on average assets (ROA) of 1.00% and a return on average equity (ROE) of 8.68% compared to an annualized ROA of 1.19% and an ROE of 10.49% for the three months ended June 30, 2016. 

Net loans increased $8.5 million or 4.3% (8.6% annualized) to $205.3 million at June 30, 2017 compared to $196.8 million at December 31, 2016.  Shareholder's equity was $35.4 million at June 30, 2017 compared to $33.6 million at December 31, 2016.  Non-performing loans have also decreased $1.5 million or 32.5% from $4.8 million at December 31, 2016 to $3.3 million at June 30, 2017.  The book value of NIDB's stock was $29.15 per common share as of June 30, 2017.  The number of outstanding common shares was 1,214,879 as of the same date.  The last reported trade of the stock on July 13, 2017 was $33.00 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 (2), Warsaw and Fort Wayne (2).  The Company is traded on the OTC Markets Group, Inc. (www.otcmarkets.com) utilizing the OTCQB platform under the symbol "NIDB".  Our web site address is www.firstfedindiana.bank.

This press release may contain forward-looking statements, which are based on management's current expectations regarding economic, legislative and regulatory issues.  Factors which may cause future results to vary materially include, but are not limited to, general economic conditions, changes in interest rates, loan demand, and competition.  Additional factors include changes in accounting principles, policies or guidelines; changes in legislation or regulation; and other economic, competitive, regulatory and technological factors affecting each company's operations, pricing, products and services.