MUNSTER | NorthWest Indiana Bancorp, the holding company for Peoples Bank, reported a first quarter earnings increase of 23.3 percent.
Net income was $1.7 million, or $0.59 per share, for the three months that ended March 31, compared to $1.4 million in the same period of 2012.
The return on average assets was 0.97 percent and the return on equity was 9.52 percent, according to the company. At the end of the quarter, the bank's assets totaled $688.8 million.
Chairman and CEO David Bochnowski said the bank is off to a solid start for 2013.
"Loan balances are up, asset quality is stable, and operating costs are down," he said in a statement. "We are pleased that the market has responded to our strong performance with a 20 percent increase in our share price since the beginning of the year."
NorthWest Indiana Bancorp’s common stock is traded on the OTC Bulletin Board under the symbol NWIN. Peoples Bank has offices in Crown Point, Dyer, East Chicago, Gary, Hammond, Hobart, Merrillville, Munster, St. John, Schererville and Valparaiso. For more information, visit ibankpeoples.com.