MUNSTER – NorthWest Indiana Bancorp, the holding company for Peoples Bank, reported an annual earnings increase of 27.3 percent, as net income totaled $6.9 million for 2012, compared to $5.4 million for 2011.
The 2012 net income of $6.9 million represents $2.41 earnings per basic and diluted share.
For the three months ended Dec. 31 earnings increased by 15.6 percent. Net income totaled $1.6 million, compared to $1.4 million for the three months ended Dec. 31, 2011.
“2012 proved to be our best year of performance ever at the Bank as our community banking effort provided record earnings of $6.9 million,” said David A. Bochnowski, chairman and chief executive officer.
“Our results reflect a 27.3 percent jump in earnings over last year and were driven by loan and core deposit growth, improved asset quality, increased income from banking operations, and stable operating expenses. At year end, our loan balances were up 8.9 percent over 2011, core deposits were up 12.8 percent, non-performing loans decreased 19.6 percent, income from banking operations increased 20.6 percent, and our operating costs rose only 1 percent,” Bochnowski noted.