Centier Bank reported an annual profit of $38 million in 2017, a 5.8 percent increase over the previous year.
The Merrillville-based bank grew loans by more than $420 million, a 14 percent increase over 2016. The family-owned bank, the largest privately owned bank in the state that often touts that it's "Not for Sale," achieved a 1.04 percent return on average assets last year.
“2017 was a banner year for Centier Bank, with an 11 percent increase in total deposits, a 26 percent rise in mortgage loans, and a 13 percent increase in total assets,” Centier Bank President and CEO Mike Schrage said. “Last year, we also implemented a new warehouse lending program that has expanded our offerings and made our bank a stronger, more diversely invested entity.”
Last year, Centier established a new Community Relations and Business Development division that aims to build relationships with its communities that oversaw donations to 683 organizations across the state. As part of the initiative, Centier employees volunteered for 13,351 hours to 798 nonprofits in the Hoosier state, including financial literacy programs.
“At the heart of it all, we remain a true community bank,” Schrage said. “Through improvements to our online experience, additional communication through social media channels, and an even stronger presence in community initiatives and events, our associates will look to 'wow' and make an impact in our communities.”
Centier continues to grow throughout the state, opening a downtown South Bend branch in the historic JMS Building, as well as new branches in Lafayette, Goshen, Granger and the South Bend Meijer.