A developer known for its senior citizen complexes has invested $6 million to acquire a Kosciusko County lakeside resort.Northeast Indiana Bancorp Inc. today reported second-quarter earnings of $655,836, or 53 cents per diluted common share, a 3 percent decline from the $676,779, or 55 cents a share, posted for the same three months of 2011.
The Huntington-based parent of First Federal Savings Bank set aside $300,000 in a fund to cover bad loans, 14 percent less than last year’s provision of $350,000.
“Management continues to feel it is prudent to maintain or increase the allowance for loan losses by setting aside provisions for loan losses at high levels during these uncertain economic conditions,” the company said in its earnings release.
The company also reported total assets of almost $272 million as of June 30, $10 million more than last year’s second quarter.
sslater@jg.net
