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|FOR IMMEDIATE RELEASE||FOR FURTHER INFORMATION|
|January 28, 2016||CONTACT BENJAMIN BOCHNOWSKI|
NORTHWEST INDIANA BANCORP
ANNOUNCES RECORD EARNINGS FOR 2015
Munster, Indiana - NorthWest Indiana Bancorp (the “Bancorp”), the holding company for Peoples Bank (the “Bank”), reported an annual earnings increase of 6.2%, as net income totaled $7.9 million for 2015, compared to $7.4 million for 2014. The 2015 net income figure of $7.9 million represents the fourth consecutive year of record earnings for the Bancorp, exceeding its prior earnings record for 2014. At December 31, 2015, the Bancorp’s assets totaled $864.9 million compared to $775.0 million at December 31, 2014, an increase of $89.8 million or 11.6%.
The 2015 net income of $7.9 million represents $2.75 earnings per basic and diluted share. For 2015, the return on average assets (ROA) was 0.96% and the return on average equity (ROE) was 9.90%.
“Peoples Bank reported another strong year as our income for 2015 rose to an all-time high of $7.9 million. Not only did we exceed the prior record set in 2014, but we successfully completed the merger with Liberty Savings. Peoples Bank now has 16 locations to better serve our retail and small business customers throughout Lake and Porter counties,” said David A. Bochnowski, chairman and chief executive officer.
“Our loan growth during 2015 demonstrates that small business and retail customers look to Peoples to fulfill their lending needs. During the year, the Bank originated $321.3 million in new loans, an increase of 44.3% over 2014. The local economy is on the upswing, and the Peoples team continues to work very hard to respond on a timely basis to lending opportunities,” Bochnowski said.
“As a community bank with local decision makers, Peoples is well positioned to compete with large regional and national banking competitors. Our loan officers know our community, and we bring to the table up-to-date personal and electronic banking services to match our one hundred and five years of experience serving the banking needs of our customers,” Bochnowski noted.
Bochnowski attributed the Bank’s record earnings to the successful acquisition of Liberty Savings, loan growth, core deposit growth, core earnings, income from banking operations including mortgage loan sales and wealth management operations, and continued strong asset quality. The Bank’s total assets under management including wealth management operations were $1.15 billion at year end.
“This year shows the results of everyone’s hard work here at Peoples Bank. With another year of solid performance, we have created a platform that will allow us to continue to grow and remain independent. For 2016, we are focused on Business Banking, Wealth Management, Mortgage Lending, and Core Funding. Cybersecurity remains a priority to the industry and to our company, and we will continue to enhance our technology and human intelligence in order to keep the Bank safe,” said Benjamin Bochnowski, president and chief operating officer. “We have all the tools and talent necessary to create value for all of our stakeholders: our shareholders, our employees, our customers and our communities,” Bochnowski said.
The following information was filed by Northwest Indiana Bancorp (NWIN) on Thursday, January 28, 2016 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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