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Filed by NorthWest Indiana Bancorp pursuant to
Rule 425 under the Securities Act of 1933
Subject Company: NorthWest Indiana Bancorp
Commission File No. 000-26128
|FOR IMMEDIATE RELEASE||FOR FURTHER INFORMATION|
|July 23, 2018||CONTACT BENJAMIN BOCHNOWSKI|
NORTHWEST INDIANA BANCORP
ANNOUNCES EARNINGS FOR THE SIX AND THREE MONTHS ENDED
JUNE 30, 2018
Munster, Indiana - NorthWest Indiana Bancorp (the “Bancorp” or “NWIN”), the holding company for Peoples Bank (the “Bank”), reported an earnings increase of 5.1% for the six months ended June 30, 2018, compared to the same period in 2017. Net income totaled $5.1 million for the six months ended June 30, 2018, compared to $4.8 million for the six months ended June 30, 2017.
The earnings of $5.1 million for the six months ended June 30, 2018, represent $1.77 earnings per basic and diluted share. For the first six months of 2018, the return on average assets (ROA) was 1.08% and the return on average equity (ROE) was 11.12%. At June 30, 2018, the Bancorp’s assets totaled $959.0 million.
For the three months ended June 30, 2018, the Bancorp’s net income totaled $2.51 million, compared to $2.53 million for the three months ended June 30, 2017, a decrease of 0.7%. The net income of $2.51 million for the three months ended June 30, 2018 represents $0.88 earnings per basic and diluted share. For the three months ended June 30, 2018, the ROA was 1.07% and the ROE was 11.04%.
On February 20, 2018, the Bancorp announced the pending merger with First Personal Financial Corp. (“First Personal”). It is anticipated that the merger will be completed on July 26, 2018. During the first six months of 2018, the Bancorp has recorded one-time acquisition costs of approximately $545 thousand related to the merger with First Personal.
Excluding the one-time acquisition costs, the Bancorp’s earnings for the six months ended June 30, 2018 increased by 14.9% resulting in an ROA of 1.18%. Without the one-time acquisition costs, the Bancorp’s earnings for the three months ended June 30, 2018 increased by 17.7% resulting in an ROA of 1.26%. See Table 1 below for a reconciliation of these non-GAAP figures to the Bancorp’s GAAP net income.
“Financial performance was very strong during the first half of the year, driven primarily by excellent operating results. While we do expect continued acquisition expenses in the second half of the year related to the integration of First Personal, the underlying results provide a substantial foundation for the performance we expect from a fully integrated Bank. Full integration is expected to take place in September 2018, at which point First Personal customers will have full access to our Banking Centers as well as an extended menu of products and services. Additionally, our current customers will have a larger Banking Center network with locations in South Suburban Chicagoland,” said Benjamin Bochnowski, president & chief executive officer.
The following information was filed by Northwest Indiana Bancorp (NWIN) on Tuesday, July 24, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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