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FOR IMMEDIATE RELEASE
October 23, 2019
FOR FURTHER INFORMATION
CONTACT BENJAMIN BOCHNOWSKI(219) 853-7575
NORTHWEST INDIANA BANCORP
ANNOUNCES EARNINGS FOR THE NINE MONTHS AND QUARTER ENDED
September 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 $9.8 million, or $2.88 per share for the nine months ended September 30, 2019. Net income for the first nine months of 2019, increased by $3.1 million (46.7%), from the nine months ended September 30, 2018. For the first nine months of 2019, the return on average assets (ROA) was 1.03% and the return on average equity (ROE) was 10.54%. 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.
For the quarter ended September 30, 2019, the Bancorp’s net income totaled $3.6 million, or $1.04 per share. Net income for the quarter ended September 30, 2019, increased by $2.0 million (120.2%), from the quarter ended September 30, 2018. For the third quarter of 2019, the ROA was 1.08% and the ROE was 11.05%.
Excluding the one-time AJSB acquisition costs, the Bancorp’s net income, as adjusted, was $11.6 million, or $3.41 per share, for the first nine months of 2019. Excluding these same one-time AJSB acquisition costs, the Bancorp’s ROA, as adjusted, was 1.22% and its ROE, as adjusted, was 12.49% for the first nine months of 2019. See Table 1 below for a reconciliation of these non-GAAP figures to the Bancorp’s GAAP figures.
During the nine months ended September 30, 2019, total assets increased by $234.3 million (21.4%), with interest-earning assets increasing by $202.8 million (19.9%). At September 30, 2019, interest-earning assets totaled $1.2 billion compared to $1.0 billion at December 31, 2018. Earning assets represented 91.8% of total assets at September 30, 2019 and 92.9% of total assets at December 31, 2018. The increase in total assets and interest earning assets for the nine months was primarily the result of the completion of the acquisition of AJSB as well as organic growth.
“The Bancorp’s third quarter results reflect fully integrated operations from the AJSB acquisition. Earnings results continue to grow at a record pace, with nine months earnings for 2019 up 47% from 2018. Despite general downward rate pressures in the macro economy, local demand for lending remained strong. Capital continues to build to support growth, as does strong on-balance sheet liquidity,” said Benjamin Bochnowski, president and chief executive officer. “Management remains focused on strategic execution and value creation for all of our stakeholders,” Bochnowski said.
“During 2019, the Bancorp’s strong balance sheet growth was related to loan growth of $140.0 million, an 18.3% increase, and deposit growth of $222.7 million, a 23.9% increase. The increases were a result of the AJSB acquisition and organic growth strategies. The Bancorp’s management plans on using current cash and cash equivalents to fund future loan growth,” said Robert Lowry, chief financial officer.
“For the current year, the Bancorp’s core revenue driver, net interest income, increased by $7.9 million or 31.8%. The increase is the result of successful acquisition activity, and organic loan and deposit growth. With the recent decline in market interest rates, the Bancorp’s management will continue managing the balance sheet to lessen the impact to the net interest margin. In addition, with management’s continued operating strategies, during 2019 noninterest income increased by $1.3 million or 18.3%,” continued Lowry.
The following information was filed by Northwest Indiana Bancorp (NWIN) on Wednesday, October 23, 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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