MUNSTER — NorthWest Indiana Bancorp (the “Bancorp”), the holding company for Peoples Bank (the “Bank”), reported a nine month earnings increase of 10.0%. Net income totaled $5.8 million for the nine months ended September 30, 2013, compared to $5.2 million for the nine months ended September 30, 2012.
The earnings of $5.8 million for the nine months ended September 30, 2013, represent $2.02 earnings per basic and diluted share. For the first nine months of 2013, the return on average assets (ROA) was 1.11% and the return on equity (ROE) was 10.99%. At September 30, 2013, the Bancorp’s assets totaled $693.4 million.
For the three months ended September 30, 2013, the Bancorp’s earnings increased by 5.4%. Net income totaled $2.4 million, compared to $2.3 million for the three months ended September 30, 2012. The earnings for the current three months represent $0.84 per basic and diluted share. For the three months ended September 30, 2013, the ROA was 1.37% and the ROE was 13.87%.
“Our strong earnings and strong balance sheet through the first nine months of the year demonstrate that the Bank has put to rest the lingering effects of the Great Recession on our performance. Income is ahead of pre-recession levels along with asset quality and capital,” said David Bochnowski, chairman and chief executive officer.
