Centier's 3Q bank earnings on the rise

2012-10-24T12:00:00Z 2012-10-24T15:09:18Z Centier's 3Q bank earnings on the riseBy Bowdeya Tweh bowdeya.tweh@nwi.com, (219) 933-3316 nwitimes.com

Merrillville-based Centier Bank said its third quarter profit was up 44 percent to $7.2 million, according to a news release issued Tuesday.

Earnings in the third quarter helped bring net income in the first nine months of 2012 to $18.3 million, which is up from $10.5 million through the comparable 2011 period.

The bank had $15.6 million in net growth in loans in the three months ending Sept. 30 compared to the previous three-month period. Total loans reached $1.75 billion as of Sept. 30.

In a news release, the bank said it benefited from an "extremely active" residential mortgage market and has helped 1,021 customers buy or refinance their mortgages on more than $156 million of home loans in 2012. 

Centier Bank President and CEO Mike Schrage said loan delinquencies continue to improve and loan losses have been reduced by more than $8 million from the previous year.

Centier had total assets of $2.13 billion as of Sept. 30, down 1.4 percent from June 30.

He also said he is optimistic for a strong fourth quarter performance for the bank and there should be a lot of activity planned next year.

"We are gearing up for a busy year in 2013, and are looking forward to expanding our lending services in newer markets and updating and increasing our retail presence in others."

Centier plans to complete renovations at bank branches in Crown Point and Valparaiso next year. It also plans to add branch locations in Strack & Van Til in Cedar Lake and at the Van Til store in Hammond. The bank also will add to its service teams in Mishawaka, Fort Wayne and Carmel loan production offices.

Centier is the largest privately owned independent bank in Indiana and it ranked No. 2 in deposit market share in Northwest Indiana's seven-county area.

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