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|FOR IMMEDIATE RELEASE||FOR FURTHER INFORMATION|
|January 26, 2017||CONTACT BENJAMIN BOCHNOWSKI|
NORTHWEST INDIANA BANCORP
ANNOUNCES RECORD EARNINGS FOR 2016
Munster, Indiana - NorthWest Indiana Bancorp (the “Bancorp”), the holding company for Peoples Bank (the “Bank”), reported an annual earnings increase of 16.4%, as net income totaled $9.1 million for 2016, compared to $7.9 million for 2015. The 2016 net income figure of $9.1 million represents the fifth consecutive year of record earnings for the Bancorp, exceeding its prior earnings record for 2015. At December 31, 2016, the Bancorp’s assets totaled $913.6 million compared to $864.9 million at December 31, 2015, an increase of $48.7 million or 5.6%.
The 2016 net income of $9.1 million represents $3.20 earnings per basic and diluted share. For 2016, the return on average assets (ROA) was 1.03% and the return on average equity (ROE) was 10.65%.
“I am proud to announce that the Bancorp posted record earnings for the fifth consecutive year, driven home by outstanding 16.4% earnings per share growth. The Bancorp’s results this year are the culmination of a multi-year plan during which the Bank invested in people, platforms and products. The Bank’s two recent mergers have also been fully integrated, and together have produced the growth that we are reporting today. As a result, Peoples Bank is better positioned to serve its customers than ever before” said Benjamin Bochnowski, president and CEO.
“These results are consistent with our operating plan for the year, and are remarkable in that they significantly outpace growth in our core markets. This has allowed the Bank to continue to reinvest for growth, as significant investments were made in both technology and people. Notably in 2017, the Bank will be opening a new Banking Center in Highland, demonstrating our commitment to our core markets and the continued execution of our core banking strategy. The Bank was also able to make investments that will help keep the company safe – primarily in the areas of cybersecurity and managing credit risk. Capital also continues to build, which will fuel future growth”, said Bochnowski.
“The Bancorp’s record earnings were driven by strong core earnings, as net interest income totaled $30.1 million, an increase of $2.7 million or 9.8%. During 2016, average interest-earning assets increased by $67.8 million or 8.9%, as a result of management’s focused growth strategies. Also driving record earnings was the Bancorp’s average core deposit growth of $56.3 million or 11.6%. During 2016, we were successful growing both our consumer and business deposit base. The growth strategies along with pricing discipline increased the Bancorp’s net interest margin to 3.85% for 2016”, said Robert Lowry, chief financial officer.
The following information was filed by Northwest Indiana Bancorp (NWIN) on Thursday, January 26, 2017 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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