Northeast Indiana Bancorp Inc. on Wednesday reported third-quarter earnings of $608,857, or 49 cents per diluted common share, a 3 increase over the $593,735, or 48 cents a share, posted for the same three months of 2012.
The Huntington-based parent of First Federal Savings Bank reduced the amount of money it set aside during the month for bad loans by $200,000. The amount is more than the reported earnings gain.
In the quarter ended Sept. 30, the financial services company put aside $200,000 in profits compared with $400,000 during the same quarter of last year.
The financial services provider’s total income from interest paid on loans fell by more than by more than $350,000 during the most recent quarter.