Record earnings welcome at region banks

2013-01-25T12:00:00Z 2013-01-29T09:36:04Z Record earnings welcome at region banksBowdeya Tweh bowdeya.tweh@nwi.com, (219) 933-3316 nwitimes.com
January 25, 2013 12:00 pm  • 

Several regionally based banks had a strong 2012 as improved economic conditions allowed banks to boost lending on track to earning record profits.

Horizon Bancorp, 1st Source Corp., and NorthWest Indiana Bancorp are among the institutions that had net income earned during the year reach all-time highs.

*Merrillville-based Centier Bank reported earnings of $24.7 million for 2012. This is a 48 percent increase over the $16.7 million earned in 2011.

Horizon Bancorp, the Michigan City-based parent of Horizon Bank, had net income of $19.5 million, which is up from $12.8 million earned in 2011

South Bend-based 1st Source Corp, parent of 1st Source Bank. had a profit of nearly $50 million in the year.

NorthWest Indiana Bancorp said it set a record in 2012 for net income as the Munster-based company earned $6.9 million, beating its previous high by $200,000.

Among the reasons institutions have been able to boost income levels is the result of less money having to be set aside to cover loan losses. The number of bank failures in the United States is also shrinking as a result of the economy.

In the spring, Centier Bank plans to open three branches in grocery stores in Cedar Lake, Hammond and Fort Wayne. The Cedar Lake location will be inside a Strack & Van Til and another will be in the Van Til's store in Hammond.

*Centier Bank is also expanding residential mortgage lending to its Fort Wayne, Carmel and Mishawaka offices.

Editor's note: This story was updated to correct errors describing Centier's earnings and operations.

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