Exhibit 99.1.

 

 

FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION
January 25, 2019
CONTACT BENJAMIN BOCHNOWSKI
  (219) 853-7575

  

NORTHWEST INDIANA BANCORP

 

ANNOUNCES EARNINGS FOR THE THREE AND TWELVE MONTHS ENDED

DECEMBER 31, 2018

 

Munster, Indiana - NorthWest Indiana Bancorp (the “Bancorp” or “NWIN”), the holding company for Peoples Bank (the “Bank”), reported an earnings increase of 40.0% for the three months ended December 31, 2018, compared to the same period in 2017. Net income totaled $2.6 million for the three months ended December 31, 2018, compared to $1.9 million for the three months ended December 31, 2017. The three-month earnings increase is related to a revaluation of the Bancorp’s net deferred tax asset during December 2017, that resulted in a one-time write down of $517 thousand that was recorded as additional income tax expense. The three-month earnings increase is also related to strong loan originations as well as the effects of the merger with First Personal Financial Corp. (“First Personal”), which closed during the third quarter of 2018.

 

The earnings of $2.6 million for the three months ended December 31, 2018, represent $0.86 earnings per basic and diluted share. For the three months ended December 31, 2018, the return on average assets (ROA) was 0.97% and the return on average equity (ROE) was 10.96%. At December 31, 2018, the Bancorp’s assets totaled $1.1 billion.

 

For the twelve months ended December 31, 2018, the Bancorp’s net income totaled $9.3 million, compared to $9.0 million for the twelve months ended December 31, 2017, an increase of 4.2%. The twelve-month earnings increase is related to strong loan originations as well as the effects of the merger with First Personal and the tax effects from the Tax Cuts and Jobs Act that, among other changes, reduces the corporate federal income tax rate from 34% to 21% and was effective January 1, 2018. The net income of $9.3 million for the twelve months ended December 31, 2018 represents $3.17 earnings per basic and diluted share. For the twelve months ended December 31, 2018, the ROA was 0.93% and the ROE was 9.88%.

 

On July 26, 2018, the Bancorp completed its previously announced acquisition of First Personal. During the twelve months ended December 31, 2018, the Bancorp has recorded one-time acquisition expenses of approximately $1.8 million related to the acquisition of First Personal.

 

In addition, on January 24, 2019, the Bancorp announced that it completed its acquisition of AJS Bancorp, Inc. (“AJSB”). During the twelve months ended December 31, 2018, the Bancorp has recorded one-time acquisition expenses of approximately $245 thousand related to the merger with AJSB.

 

Excluding the one-time acquisition costs, the Bancorp’s earnings for the twelve months ended December 31, 2018 increased by 24.3% resulting in an ROA of 1.11% and an ROE of 11.79%. See Table 1 below for a reconciliation of these non-GAAP figures to the Bancorp’s GAAP net income.

 


The following information was filed by Northwest Indiana Bancorp (NWIN) on Friday, January 25, 2019 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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