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Business

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Northeast Indiana Bancorp sets earnings record

Northeast Indiana Bancorp Inc. on Friday reported record annual earnings for last year. The financial services company reported 2012 earnings of $2.86 million, or $2.31 per diluted common share, a 40 percent jump from the $2.04 million, or $1.65 a share, posted for 2011.

The Huntington-based parent of First Federal Savings Bank also reported record fourth-quarter earnings of $913,187, or 74 cents per diluted common share, a 23 percent increase from the $742,814, or 60 cents a share, posted for the same three months of the prior year.

First Federal Savings Bank converted last year from a federal thrift charter to an Indiana commercial bank charter. Bank officials decided to make the change because federal thrift rules require a certain minimum of total assets be used for residential mortgages and no more than 20 percent of total loans be made to business borrowers. The bank is anticipating growth in commercial lending, an official said in June.

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