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|FOR IMMEDIATE RELEASE||FOR FURTHER INFORMATION|
|July 29, 2020||CONTACT BENJAMIN BOCHNOWSKI|
NORTHWEST INDIANA BANCORP
ANNOUNCES EARNINGS FOR THE QUARTER AND SIX MONTHS ENDED
JUNE 30, 2020
Munster, Indiana - NorthWest Indiana Bancorp (the “Bancorp” or “NWIN”), the holding company for Peoples Bank (the “Bank”), reported record net income of $5.1 million, or $1.46 per share, for the quarter ended June 30, 2020. Net income for the quarter ended June 30, 2020, increased by $1.0 million (25.9%), from the quarter ended June 30, 2019, primarily due to higher net interest income and noninterest income. For the quarter ended June 30, 2020, the return on average assets (ROA) was 1.42% and the return on average equity (ROE) was 14.32%.
For the six months ended June 30, 2020, the Bancorp’s net income totaled $8.3 million, or $2.39 per share. Net income for the six months ended June 30, 2020, increased by $2.0 million (32.2%), from the six months ended June 30, 2019, primarily due to higher net interest income and noninterest income. For the first six months of 2020, the ROA was 1.20% and the ROE was 11.90%.
During the six months ended June 30, 2020, total assets increased by $145.3 million (10.9%), with interest-earning assets increasing by $143.0 million (11.7%). On June 30, 2020, interest-earning assets totaled $1.4 billion compared to $1.2 billion at December 31, 2019. Earning assets represented 92.6% of total assets at June 30, 2020, and 92.0% of total assets at December 31, 2019. The increase in total assets and interest earning assets for the six months was primarily the result of involvement in the U.S. Small Business Administration’s Paycheck Protection Program (PPP), increased cash balances related to strong core deposit growth, and investment in securities.
In addition, on May 26, 2020, NWIN announced that its wholly-owned subsidiary, Peoples Bank SB, converted from an Indiana-chartered stock savings bank to an Indiana-chartered commercial bank. The charter conversion became effective following the close of business on May 22, 2020, and the converted bank now operates under the name Peoples Bank.
“Against a backdrop of uncertainty in the COVID-19 pandemic, the first six months of 2020 were a record for Peoples Bank. GAAP net income was up 32% over the same period in 2019. Significantly, second quarter results were up 26% over second quarter 2019. These results reflect the Bank’s organic and inorganic growth over the years, and the second quarter comparison is noteworthy because it is free of any merger-related expenses. We have been able to demonstrate our ability to successfully integrate acquisitions and execute our strategic plan, positioning NorthWest Indiana Bancorp to create value for our shareholders even during difficult times such as these,” said Benjamin Bochnowski, president & chief executive officer.
“The results of the second quarter also reflect the hard work and dedication of our team during the pandemic. We had record mortgage originations and sales, and originated more than $90 million in Paycheck Protection Program loans. The Bank delivered on our mission to help our customers and communities be more successful, even in difficult circumstances. We remain guided by our priorities of health, operations stability, and risk management so that we can weather the storm and emerge stronger on the other side. We continue to manage risk and prepare for continued challenges as we all face the pandemic together,” he continued. “In the meantime, we are investing in technologies and systems that allow us to serve our customers in all conditions, create efficiencies, and deliver on expectations despite the operating environment.”
“The strong earnings for the first six months of 2020 has been driven by an increase to our net interest income and noninterest income. Despite the low interest rate environment, net interest income increased by $287 thousand through effective balance sheet growth and pricing strategies. Noninterest income increased by $3.4 million or 64.0%, driven primarily increased mortgage originations and related loan sales. The increase in gain in the sale of loans is up $3.0 million or 463.4%, driven primarily by the low interest environment and stable housing prices producing a strong refinance environment for our customers. In addition, increased income from Wealth Management operations and securities sales have helped drive the noninterest income increase for the current six month period,” said Robert Lowry, chief financial officer.
The following information was filed by Northwest Indiana Bancorp (NWIN) on Wednesday, July 29, 2020 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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