Northwest Indiana Bancorp Announces Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended Dec. 31, 2013
January 31, 2014 at 09:54 pm IST
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Northwest Indiana Bancorp announced unaudited consolidated earnings results for fourth quarter and full year ended Dec. 31, 2013. For the quarter, the company reported total interest income of $6,171,000, net interest income of $5,759,000, income before income taxes of $1,750,000, net income of $1,364,000 or $0.48 per basic and diluted share compared to the total interest income of $6,431,000, net interest income of $5,916,000, income before income taxes of $2,100,000, net income of $1,623,000 or $0.57 per basic and diluted share for the same quarter a year ago. Return on equity was 7.74% compared to the 9.31% for the same quarter year ago. Return on assets was 0.79% compared to the 0.95% for the same quarter year ago.
For the year, the company reported total interest income of $26,157,000, net interest income of $24,427,000, income before income taxes of $9,515,000, net income of $7,118,000 or $2.5 per basic and diluted share compared to the total interest income of $26,075,000, net interest income of $23,727,000, income before income taxes of $8,794,000, net income of $6,853,000 or $2.41 per basic and diluted share for the previous year. Return on equity was 10.17% compared to the 10.27% for the previous year. Return on assets was 1.03% compared to the 1.02% for the previous year. Book value per share as on December 31, 2013 was $23.50 compared to the $23.83 as on December 31, 2012.
Finward Bancorp is the holding company for Peoples Bank, an Indiana-chartered commercial bank (the Bank). The Bank is primarily engaged in the business of attracting deposits from the general public and the origination of loans, mostly upon the security of single family residences and commercial real estate, as well as, construction loans and various types of consumer loans, commercial business loans and municipal loans, within its primary market areas of Lake and Porter Counties, in Northwest Indiana, and Cook County, Illinois. The Company offers consumer loans to individuals for personal, household or family purposes. Consumer loans are either secured by adequate collateral, or unsecured. In addition, the Company's Wealth Management Group provides estate and retirement planning, custodial services, guardianships, IRA accounts, investment agency accounts, serves as the personal representative of estates, and acts as corporate trustee for revocable and irrevocable trusts.