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

  • RV industry leaders say rebound picking up speed
    ELKHART – The RV industry is enjoying a smooth ride as the recession that devastated it fades into the distance.
  • Alibaba IPO comes with unusual structure
    Foreigners who want to buy Alibaba Group shares in the Chinese e-commerce giant’s U.S. public offering will need to get comfortable with an unusual business structure.
  • Used furniture boasts big value
    Company name: Finders KeepersAddress: 2608 S. Calhoun St.At a glance: A used furniture and home furnishings storeEmployees: Three full- and part-timeAnnual revenue:
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