Exhibit 99.1

FOR IMMEDIATE RELEASE
FOR FURTHER INFORMATION
February 9, 2011
CONTACT DAVID A. BOCHNOWSKI
 
(219) 853-7575

 

NORTHWEST INDIANA BANCORP

REPORTS 2010 ANNUAL AND FOURTH QUARTER RESULTS

 
Munster, Indiana - NorthWest Indiana Bancorp, the holding company for Peoples Bank, reported net income of $5.2 million for the twelve months ended December 31, 2010, a 108.2% increase over the $2.5 million net income reported for the twelve months ended December 31, 2009.  Earnings for the three-month period ended December 31, 2010 were $1.1 million, a $7 thousand increase over the net income reported for the same period in 2009.  At the end of 2010, the Bancorp’s assets totaled $631.1 million.

“Peoples Bank continues to generate operating profits that outpace industry performance,” said David A. Bochnowski, Chairman and Chief Executive Officer.  “The Bank doubled our earnings in 2010 despite the lingering effects of the worst recession in modern times.  Our results can be attributed to a strong management team, dedicated community bank employees, core earnings, and efficient banking operations.”

The 2010 earnings of $5.2 million, or $1.83 earnings per basic and diluted share, compares to earnings of $2.5 million, or $0.88 earnings per basic and diluted share for 2009.  For the current year, the return on average assets (ROA) was 0.77% and the return on average assets (ROE) was 9.03%.

The fourth quarter 2010 net income of $1.132 million, or $0.40 earnings per basic and diluted share, compares to net income of $1.125 million, or $0.40 earnings per basic and diluted share for the fourth quarter of 2009.  The 2010 fourth quarter net income was negatively impacted by a $190 thousand impairment charge for a decline in appraised value for a property held for future banking center expansion.  For the current quarter, the ROA was 0.70% and the ROE was 7.68%.

“Our performance has been driven by banking fundamentals as the Bank continues to be strategically positioned with core funding as the driver of profitability.  Peoples Bank prudently manages the resources entrusted to us by our customers with an outcome that provides sustainable earnings that fund our operations, permits capital growth, and establishes reserves for troubled loans in these challenging times, said Bochnowski.

The Bancorp and our operating subsidiary, Peoples Bank, continue to be well capitalized under applicable federal banking regulations.  Our capital strength exceeds all regulatory requirements with the Bancorp’s and Bank’s Tier 1 capital ratio at 8.5% and Total Risk Based Capital for the Bancorp at 12.9% with the Bank’s Total Risk Based Capital at 12.8% at the end of 2010, he said.
 

The following information was filed by Northwest Indiana Bancorp (NWIN) on Wednesday, February 9, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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