Northeast Indiana Bancorp Inc. has announced that the corporation will pay a cash dividend of $0.17 per common share. This represents a 3.0% increase over the company's previous quarter dividend of $0.165 per common share. The dividend will be payable on November 24, 2009 to shareholders of record on November 10, 2009.

Northeast Indiana Bancorp Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. The company announced net income of $518,088 or $0.42 per diluted common share for the company's third quarter ended September 30, 2009 compared to a net loss of $966,534 or $0.79 per diluted common share for the third quarter ended September 30, 2008. The prior year quarterly period contained non-cash other than temporary impairment write-downs of $1.7 million taken on FHLMC Preferred Shares and in the bank's investment in the Shay Ultrashort Mortgage Fund as well as specific reserves established of $280,000 on four real estate owned properties. The current three months earnings equates to an annualized return on average assets of 0.82% and a return on average equity of 9.20% compared to negative return on average assets of 1.49% and negative return on average equity of 18.00% for the same period last year. Net interest income increased sharply by $341,000 or 19.4% to $2,093,662 for the quarter ended September 30, 2009 when compared to $1,752,860 for the quarter ended September 30, 2008. Income before income tax expense of $766,136 compared to loss before income tax expense of $1,219,077 for the same period last year. Net income for the nine months ended September 30, 2009 increased to $1,527,255 or $1.24 per diluted common share compared to a net loss of $200,239 or $0.16 per diluted common share for the nine months ended September 30, 2008. This increase is mostly due to the non-cash OTTI charges taken during the quarter ended September 30, 2008 as discussed above. Net interest income increased $1,200,000 or 25.5% to $6,095,068 for the nine months ended September 30, 2009 compared to $4,856,518 for the prior year nine month period. The book value of NEIB's stock was $18.60 per common share as of September 30, 2009 compared to $17.47 as of September 30, 2008. Income before income tax expense of $2,264,822 compared to loss before income tax expense of $224,242 for the same period last year. Return on average assets of 0.81% and a return on average equity of 9.17% compared to negative return on average assets of 0.11% and negative return on average equity of 1.19% for the same period last year.

Northeast Indiana Bancorp Inc. has announced that the Corporation will pay a cash dividend of $0.165 per common share. The dividend will be payable on August 25, 2009 to shareholders of record on August 11, 2009.