HUNTINGTON — Northeast Indiana Bancorp Inc., the parent company of First Federal Savings Bank, announced net income increased to $1.01 million for the company’s third quarter, which ended Sept. 30. This is an increase of $273,000 or 36.9 percent when compared to net income of $739,000 for the third quarter that ended Sept. 30, 2014. The current three months’ earnings equate to an annualized return on average assets of 1.45 percent and a return on average equity of 11.96 percent compared to an annualized ROA of 1.09 percent and an ROE of 10.02 percent for the three months ended Sept. 30, 2014.

Net income for the nine months ended Sept. 30, increased to $2.82 million, an increase of $569,000 or 25.2 percent when compared to net income of $2.25 million for the nine months ended Sept. 30, 2014. The current nine months’ earnings equate to an annualized ROA of 1.35 percent and an ROE of 11.74 percent, compared to an annualized ROA of 1.11 percent and an annualized ROE of 10.40 percent for the nine months ended Sept. 30, 2014.

Commenting on the financial results, First Federal Savings Bank CEO Michael S. Zahn stated, “I’m very pleased with our continued high performance. We’ve been able to maintain strong earnings led by an incredible team and a diverse revenue stream. As a community bank, we appreciate our customers and the relationships we have with them.”

Shareholder’s equity was $32.3 million at Sept. 30, compared to $30.4 million at Dec. 31, 2014. The book value of NIDB’s stock was $26.94 per common share as of Sept. 30. The number of outstanding common shares was 1,199,879 as of the same date. The last reported trade of the stock on Oct. 9, was $28.50 per common share. This is an increase of $2.50 or 9.6 percent over the last reported trade of the stock on Dec. 31, 2014 of $26 per common share.

Northeast Indiana Bancorp Inc. is headquartered at 648 N. Jefferson St., Huntington. It 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., utilizing the OTCQB platform under the symbol “NIDB.”

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.