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|FOR IMMEDIATE RELEASE||FOR FURTHER INFORMATION|
|January 27, 2021||CONTACT INVESTOR RELATIONS|
NORTHWEST INDIANA BANCORP
ANNOUNCES EARNINGS FOR THE QUARTER AND TWELVE MONTHS ENDED
DECEMBER 31, 2020
Munster, Indiana - NorthWest Indiana Bancorp (the “Bancorp” or “NWIN”), the holding company for Peoples Bank (the “Bank”), reported record net income of $16.6 million, or $4.80 per share, for the twelve months ended December 31, 2020. Net income for the twelve months ended December 31, 2020, increased by $4.5 million (37.3%), from the twelve months ended December 31, 2019, primarily due to lower interest expense and higher noninterest income. For the twelve months of ended December 31, 2020, the return on average assets (ROA) was 1.16% and the return on average equity (ROE) was 11.51%.
For the quarter ended December 31, 2020, the Bancorp’s net income totaled $3.4 million, or $1.00 per share. Net income for the quarter ended December 31, 2020, increased by $806 thousand (30.5%), from the quarter ended December 31, 2019, primarily due to lower interest expense and higher noninterest income. For the quarter ended December 31, 2020, the ROA was 0.93% and the ROE was 9.02%.
During the twelve months ended December 31, 2020, total assets increased by $168.8 million (12.7%), with interest-earning assets increasing by $177.7 million (14.5%). On December 31, 2020, interest-earning assets totaled $1.4 billion compared to $1.2 billion at December 31, 2019. Earning assets represented 93.5% of total assets at December 31, 2020, and 92.0% of total assets at December 31, 2019. The increase in total assets and interest earning assets for the twelve months was primarily the result of involvement in the U.S. Small Business Administration’s Paycheck Protection Program (PPP), and increased cash balances related to strong core deposit growth.
“2020 started with strong tailwinds that quickly turned to headwinds in the wake of COVID-19. As our team adjusted to new operating conditions during a time of extreme economic stress, we were able to meet customer demand and continue to create value for our shareholders by effectively capitalizing on opportunities in the local market. Peoples Bank had a record year for earnings, and at the same time was able to build capital for future growth and reserves to address any continued economic stress,” said Benjamin Bochnowski, president and chief executive officer. “Our primary concern during the pandemic has been the health and safety of our team, our customers, and our community. Operations adapted in order to maintain stability, and digital banking allowed our customers to do their banking as usual despite the unstable environment. During the year, the PPP was a resounding success, and we are looking forward to the opportunity to support our customers as another round of funding is released. Despite the hardships posed by the pandemic, our customers, team, shareholders, and community all answered the call and working together, helped produce a record year for the Bank in 2020. I want to recognize all of our stakeholders for stepping up to the challenge of 2020,” he continued. “That success has set the stage for Northwest Indiana Bancorp to take the next step as a public company, announcing our intention to apply for listing on the NASDAQ during the second quarter of 2021.”
“Despite the many difficulties faced during 2020, the Bancorp’s sales and operational teams managed to improve the efficiency ratio to 63.8% and drive record earnings. Falling yields on interest earning assets continued to challenge net interest income during the year. However, despite falling yields, the ability to increase investments in loans and securities, while also benefiting from additional liquidity and lower costs for deposits and borrowings has allowed for net interest income growth. We continue to closely monitor credit risk, despite relatively low net charge-offs for 2020, as the benefits of stimulus and opportunities for troubled borrowers to defer payments under the CARES Act may be muting the effects of the pandemic. As a result, the allowance for loan loss increased by 38.4%, primarily as general allowances at the portfolio level. By far the primary driver of the record net income achieved in 2020 was the 266.4% increase in gains on the sale of mortgage loans, which resulted in an increase of $5.5 million over 2019. All said, the Bancorp’s strong financial performance resulted in an increase of 36% in earnings per share, while also building reserves for potential loan losses,” said Peymon Torabi, chief financial officer.
The following information was filed by Northwest Indiana Bancorp (NWIN) on Wednesday, January 27, 2021 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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