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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

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