You choose, we deliver
If you are interested in this story, you might be interested in others from The Journal Gazette. Go to www.journalgazette.net/newsletter and pick the subjects you care most about. We'll deliver your customized daily news report at 3 a.m. Fort Wayne time, right to your email.

Business

  • OPEC seen unlikely to cut output despite oil glut
    VIENNA (AP) — OPEC oil ministers meeting in Vienna today are in a bind. Prices are plunging — and in the short term, the cartel may not be able to do much about it.
  • Toyota recalls more cars for air bag problems
    TOKYO (AP) — Toyota Motor Corp. recalled more than 40,000 vehicles in Japan today as part of a worldwide scare over defective air bags and officials are investigating a new type of air bag problem that could lead to further recalls.
  • Obama's immigration move disappoints businesses
    WASHINGTON (AP) — President Barack Obama's executive actions on immigration left out some of the business community's top priorities, disappointing business leaders who might have stepped up to defend his policies in the face of Republican
Advertisement

Northeast Indiana Bancorp quarterly profits fall 21%

Parent of First Federal Savings Bank says it ends quarter in stronger position

Northeast Indiana Bancorp Inc. today reported first-quarter earnings of $547,128, or 44 cents per diluted common share, a 21 percent decline from the $693,708, or 56 cents a share, posted for last year’s first quarter.The Huntington-based parent of First Federal Savings Bank collected more in collateral than it lost to bad loans during the most recent quarter, ending with net recoveries of $33,512 as of March 31. That compares to a $920,589 net loss on bad loans for the same three months of the prior year.

The company ended the quarter in a stronger financial position, the result of a $700,000 increase in its allowance for loan losses, for a total of $4.18 million.

CEO Michael Zahn said profits were lower because of weak demand for loans and low interest rates, among other factors.

sslater@jg.net

Advertisement