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|FOR IMMEDIATE RELEASE||FOR FURTHER INFORMATION|
|July 24, 2019||CONTACT BENJAMIN BOCHNOWSKI|
NORTHWEST INDIANA BANCORP
ANNOUNCES EARNINGS FOR THE QUARTER AND SIX MONTHS ENDED
June 30, 2019
Munster, Indiana - NorthWest Indiana Bancorp (the “Bancorp” or “NWIN”), the holding company for Peoples Bank SB (the “Bank”), reported record net income of $4.0 million, or $1.17 per share, for the quarter ended June 30, 2019. Net income for the quarter ended June 30, 2019, increased by $1.5 million (60.3%), from the quarter ended June 30, 2018. For the second quarter of 2019, the return on average assets (ROA) was 1.27% and the return on average equity (ROE) was 12.77%.
For the six months ended June 30, 2019, the Bancorp’s net income totaled $6.2 million, or $1.84 per share. Net income for the six months ended June 30, 2019, increased by $1.2 million (23.1%), from the six months ended June 30, 2018. For the first six months of 2019, the ROA was 1.00% and the ROE was 10.25%. In connection with the successful acquisition of AJS Bancorp, Inc., (“AJSB”), which closed on January 24, 2019, the Bancorp incurred one-time expenses of approximately $2.1 million, as expansion into the Chicagoland market continued. In addition to the acquisition of AJSB, on July 26, 2018, the Bancorp completed its acquisition of First Personal Financial Corp., (“First Personal”).
Excluding the one-time AJSB acquisition costs, the Bancorp’s net income, as adjusted, was $8.0 million, or $2.36 per share, for the first six months of 2019. Excluding these same one-time AJSB acquisition costs, the Bancorp’s ROA, as adjusted, was 1.28% and its ROE, as adjusted, was 13.14% for the first six months of 2019. See Table 1 below for a reconciliation of these non-GAAP figures to the Bancorp’s GAAP figures.
During the six months ended June 30, 2019, total assets increased by $213.2 million (19.4%), with interest-earning assets increasing by $180.8 million (17.8%). At June 30, 2019, interest-earning assets totaled $1.2 billion compared to $1.0 billion at December 31, 2018. Earning assets represented 91.6% of total assets at June 30, 2019 and 92.9% of total assets at December 31, 2018. The increase in total assets and interest earning assets for the six months was primarily the result of the completion of the acquisition of AJSB as well as internally generated growth.
“The first six months of 2019 were a record for Peoples Bank, with GAAP net income up 23% compared to 2018. Significantly, second quarter results for GAAP net income were up 60% year over year. The second quarter of 2019 was our best quarter to date, and is the result of both inorganic and organic growth as we continue to execute our strategic plan. Second quarter results are also noteworthy because they were free of any merger-related expenses, which were all accrued during the first quarter of 2019. These results reflect fully integrated operations from all of our acquisitions and organic growth, and demonstrate the value we have been able to create through the execution of our strategic plan,” said Benjamin Bochnowski, president & chief executive officer.
“Results connected to our inorganic growth have exceeded internal expectations. Economic conditions have bolstered our efforts to grow organically, as we see this as the greatest driver to create value for all of our stakeholders. We have been deliberately executing our plans to serve our mission to help our customers and communities be more successful. These results further support our goal of maintaining long-term independence as a community bank,” he continued.
“The Bancorp’s 2019 operating results positively impacted by a 18% growth in interest-earning assets during the first six months of the year. The earning asset growth was attributable to both organic commercial loan originations and mortgage loans attained through our recent acquisitions. Because of the strong earnings asset growth and well-managed cost of funds, the Bancorp’s net interest income for 2019 has increased by $6.1 million, 39%. In addition, the Bancorp’s earnings were benefited by an increase in noninterest income from lending activity and wealth management operations,” said Robert Lowry, chief financial officer.
“After completing the most recent acquisition, the Bancorp’s Tier 1 capital to adjusted average assets stood at 8.5%, which exceeded our pre-acquisition pro formas for the merger with AJSB. With the companies’ now fully integrated, net income accretion to the Bancorp’s capital base will allow for continued execution of our strategic priorities,” added Lowry.
The following information was filed by Northwest Indiana Bancorp (NWIN) on Wednesday, July 24, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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