If you think MRI tests are expensive, try buying a magnetic resonance imaging machine. Some health care providers invest millions in technology to help diagnose patients.Northeast Indiana Bancorp Inc. today reported flat 2011 annual net income of $2.04 million, or $1.65 per diluted common share, compared to $2.01 million, or $1.64 a share, reported for 2010.
The Huntington-based parent of First Federal Savings Bank ended the year on a high note, however, posting its largest profit for any quarter in the company’s 100-year history.
Fourth-quarter earnings were $743,000, or 60 cents per diluted common share, a 40 percent increase from the $530,000, or 43 cents a share, reported for the same three months of 2010.
Northeast Indiana Bancorp made a $2.2 million provision for bad loans last year, compared with $1.7 million put aside in 2010. The company reported assets of almost $262 million as of Dec. 31.
sslater@jg.net
