Please wait while we load the requested 10-K report or click the link below:
|FOR IMMEDIATE RELEASE||FOR FURTHER INFORMATION|
|January 29, 2015||CONTACT BENJAMIN BOCHNOWSKI|
NORTHWEST INDIANA BANCORP
ANNOUNCES RECORD EARNINGS FOR 2014
Munster, Indiana - NorthWest Indiana Bancorp (the “Bancorp”), the holding company for Peoples Bank (the “Bank”), reported an annual earnings increase of 3.9%, as net income totaled $7.4 million for 2014, compared to $7.1 million for 2013. The 2014 net income figure of $7.4 million represents the third consecutive year of record earnings for the Bancorp, exceeding its prior earnings record for 2013.
The 2014 net income of $7.4 million represents $2.60 earnings per basic and diluted share. For 2014, the return on average assets (ROA) was 0.97% and the return on average equity (ROE) was 10.14%. Net revenue, another way of looking at the Bancorp’s core ability to generate earnings before expenses, went from $29.8 million for 2013 to $31.4 million for 2014, or a 5.5% increase.
“For the third consecutive year, Peoples Bank is pleased to report record net income with 2014 operating results of $7.4 million. Our performance reflects the successful execution of our on-going strategies to build on our strengths as an independent community bank with exceptional service and cutting-edge technology. The Bank’s strategic plan focused on expanded core earnings, increased loan production, increased income from our Wealth Management Group, operating efficiency, and the successful completion of the acquisition of First Federal of Hammond,” said David Bochnowski, chairman and chief executive officer.
“The Bank’s balance sheet reflects the underlying strength of our strong capital position as assets grew 11.8 % to $775 million at year end. Our capital position will permit future growth through expansion of our footprint with additional banking centers as well as acquisition opportunities in a consolidating community banking industry,” Bochnowski said.
“During the last year we increased total loan originations to $222.6 million, continued to roll out electronic banking services in response to customer preferences, and increased income from our Wealth Management Group by 14.9%,” Bochnowski noted. He also added, “The Bank’s asset quality continues to remain in a strong position as we utilize the resources entrusted to us to help our communities grow.”
“Our goal is to build for the future, so that we can independently continue to provide value for our stakeholders. Peoples Bank has the earnings, capital and people that will get us to that goal. This year, we are focused on continuing to build our Business Banking team, increasing mortgage originations, growing our Wealth Management footprint, expanding our retail network and further enhancing our already robust cybersecurity defenses. Peoples Bank is stronger than ever, and we will continue to expand as the economy improves,” said Benjamin Bochnowski, president and chief operating officer.
The following information was filed by Northwest Indiana Bancorp (NWIN) on Thursday, January 29, 2015 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.
View differences made from one year to another to evaluate Northwest Indiana Bancorp's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Northwest Indiana Bancorp.