Commission File Number: 0-26128 NorthWest Indiana Bancorp ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the quarterly period ended March 31, 2020 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the transition period from ______ to ______ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) (Exact name of registrant as specified in its charter) (State or other jurisdicti ...

Financial Performance - The Bancorp's net income for 2019 was $12.1 million, translating to $3.53 basic and diluted earnings per common share, with a return on average assets of 0.94% and a return on average stockholders' equity of 9.54%[179] - Net income for 2019 was $12.1 million, an increase of $2.8 million (29.6%) from $9.3 million in 2018[222] - Comprehensive income for 2019 was $19,154 thousand, significantly higher than $5,857 thousand in 2018, representing an increase of 226.5%[252] - Net income for the year ended December 31, 2019, was $12,097,000, an increase of 29.8% from $9,337,000 in 2018[255] - The Bancorp reported a net income of $12.1 million for 2019, resulting in basic and diluted earnings per common share of $3.53, an increase from $3.17 in 2018[365] Asset and Deposit Growth - As of December 31, 2019, the Bancorp had total assets of $1.3 billion, total deposits of $1.2 billion, and stockholders' equity of $134.1 million, with a book value per share of $38.85[179] - Total assets increased by $232.6 million (21.2%) during the year ended December 31, 2019, with interest-earning assets rising by $204.2 million (20.1%)[187] - The Bancorp's total deposits increased by $224.6 million (24.2%) to $1.154 billion as of December 31, 2019, primarily due to the AJSB acquisition and internal growth[211] - Total deposits increased to $1,154,370 thousand in 2019, compared to $929,786 thousand in 2018, marking a growth of 24.2%[250] Loan Performance - Loans totaled $906.9 million, representing 68.3% of total assets and 78.6% of total deposits, with residential real estate loans increasing to $299.3 million (33.0% of loans)[187][188] - Total loans receivable increased to $906.9 million in 2019 from $764.4 million in 2018, representing an increase of 18.6%[310] - The allowance for loan losses (ALL) rose to $8.999 million, representing 0.99% of total loans, compared to 1.04% in 2018[205] - The provision for loan losses for 2019 was $2.584 million, significantly higher than $1.308 million in 2018, with commercial business loans contributing $1.295 million to the provision[202] - Non-performing loans totaled $7.373 million, up from $6.916 million in 2018, with the ALL covering 122.1% of non-performing loans[205] Acquisitions - The acquisition of AJSB was completed on January 24, 2019, with an implied valuation of approximately $33.2 million, expanding the Bank's network to 22 banking centers[180][182] - The Bancorp issued 416,478 shares of common stock and paid approximately $15.7 million in cash as part of the AJSB acquisition[182] - The Bancorp completed the acquisition of First Personal Financial Corp. on July 26, 2018, with an implied valuation of approximately $15.6 million[296] - The total purchase price for the AJSB acquisition was allocated as follows: total assets purchased amounted to $178.781 million, with total liabilities assumed of $145.546 million[304] - The Bancorp's banking center network expanded to 22 banking centers following the AJSB Merger, enhancing its retail banking presence in Cook County, Illinois[303] Income and Expense Analysis - Net interest income for 2019 was $43.2 million, an increase of $8.8 million (25.6%) from $34.4 million in 2018[223] - Total noninterest income increased by $1,571 thousand (17.3%) from $9,099 thousand in 2018 to $10,670 thousand in 2019, driven by higher fees and service charges, wealth management operations, and gains on loan sales[227] - Total noninterest expense increased by $6,005 thousand (19.1%) from $31,383 thousand in 2018 to $37,388 thousand in 2019, primarily due to higher compensation and benefits from increased headcount following acquisitions[229] - The efficiency ratio improved to 69.5% in 2019 from 72.2% in 2018, attributed to increased interest income[229] - Income tax expenses increased by $329 thousand (23.0%) from $1.4 million in 2018 to $1.8 million in 2019, with an effective tax rate of 12.7% compared to 13.3% in the previous year[230] Securities and Investments - The securities portfolio increased by $35.5 million (14.7%) to $277.2 million, representing 22.7% of interest-earning assets[207] - The estimated fair value of available-for-sale securities as of December 31, 2019, was $277.219 million, with gross unrealized gains of $6.653 million and losses of $1.267 million[305] - The total proceeds from the sale of available-for-sale securities in 2019 were $37.939 million, with gross gains of $888 thousand and gross losses of $267 thousand[306] - The total temporarily impaired securities amounted to $29.4 million in 2019, with unrealized losses of $1.3 million, compared to $149.7 million and $4.8 million in 2018, respectively[308] Capital and Equity - Stockholders' equity totaled $134.1 million at December 31, 2019, an increase of $32.6 million (32.2%) from $101.5 million at December 31, 2018[217] - The Bancorp's total capital to risk-weighted assets ratio was 12.7% at December 31, 2019, exceeding the minimum required ratio of 8.0%[219] - The Bancorp's common equity tier 1 capital to risk-weighted assets ratio was 11.8%, exceeding the minimum required ratio of 4.5%[355] - The total amount of dividends declared by the Bancorp in 2020 is limited to its net profits for that year[357] Risk Management and Credit Quality - The Bancorp's loan grading system includes categories ranging from minimal risk to substandard, with a focus on assessing borrower credit fundamentals and cash flow[315][316][317][318][319][320][321][322][323] - The overall credit quality indicators reflect a stable portfolio with a focus on maintaining acceptable risk levels across various loan segments[314] - The total past due loans for home equity reached $502,000, with a current loan balance of $49,181,000[328] - The total recorded investments greater than 90 days past due amounted to $5,907,000, with a total current loan balance of $892,219,000[328] Derivative Financial Instruments - Total notational amount of interest rate swap contracts increased from $8,649 thousand in 2018 to $29,466 thousand in 2019, representing a growth of 240%[374] - Total non-hedging derivative financial instruments reported in the Statement of Income increased from $110 thousand in 2018 to $557 thousand in 2019, a rise of 407%[375] - Other income from interest rate swap contracts grew from $110 thousand in 2018 to $371 thousand in 2019, an increase of 237%[375] - Overall, the company demonstrated significant growth in derivative financial instruments and related income, indicating a strategic focus on enhancing financial derivatives management[375]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) [X] Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the quarterly period ended September 30, 2019 or Registrant's telephone number, including area code: (219) 836-4400 N/A (Former name, former address and former fiscal year, if changed since last report) [ ] Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the transition period ...

Financial Performance - Net income for the quarter ended June 30, 2019, was $4.0 million, resulting in earnings per common share of $1.17, with a return on average assets (ROA) of 1.27% and return on average stockholders' equity (ROE) of 12.77%[96] - The Bancorp reported net income of $4.0 million for the quarter ended June 30, 2019, an increase of $1.5 million (60.2%) compared to $2.5 million for the same quarter in 2018[141] - The net income for the six months ended June 30, 2019, was $6.2 million, an increase of $1.2 million (23.1%) compared to $5.1 million for the same period in 2018[151] Asset and Loan Growth - As of June 30, 2019, the Bancorp had total assets of $1.3 billion, total loans receivable of $894.3 million, and total deposits of $1.1 billion[96] - Total assets increased by $213.2 million (19.4%) during the six months ended June 30, 2019, primarily due to the acquisition of AJSB and internal growth[103] - The Bancorp's net loans receivable totaled $885.5 million at June 30, 2019, up from $756.4 million at December 31, 2018[104] - Total assets as of June 30, 2019, were $1,265,132 thousand, compared to $944,348 thousand as of June 30, 2018[144] - Total assets increased to $1,247,870 thousand as of June 30, 2019, compared to $938,738 thousand as of June 30, 2018, representing a growth of 32.9%[154] Deposits and Funding - Total deposits reached $1,127,121 thousand as of June 30, 2019, representing a year-to-date increase of $197,335 thousand or 21.2%[125] - Total deposits increased to $1,097,283 thousand for the quarter ended June 30, 2019, from $786,207 thousand in the same quarter of 2018[144] - The Bancorp's total borrowed funds decreased by $16,000 thousand (29.3%) to $38,628 thousand as of June 30, 2019, compared to $54,628 thousand at December 31, 2018[127] Non-Performing Loans and Loan Losses - Non-performing loans increased to $9.9 million (1.11% of total loans) as of June 30, 2019, compared to $6.9 million (0.90% of total loans) at December 31, 2018[108] - Total impaired loans increased to $8,622 thousand as of June 30, 2019, compared to $5,782 thousand in 2018, reflecting a significant rise of 49.5%[112] - The provision for loan losses for the six months ended June 30, 2019, was $828 thousand, up from $638 thousand in the same period of 2018, indicating a 29.8% increase[118] - Non-performing loans totaled $9,900 thousand as of June 30, 2019, up from $6,916 thousand in 2018, marking a 43.0% increase[120] - The increase in commercial business loans contributed $1,200 thousand to the rise in non-performing loans as of June 30, 2019[114] Income and Expense Analysis - Net interest income for the quarter ended June 30, 2019 was $11.2 million, an increase of $3.3 million (42.2%) from $7.9 million for the same quarter in 2018[142] - Total noninterest income for the quarter ended June 30, 2019, was $2,669 thousand, an increase of $466 thousand (21.2%) compared to $2,203 thousand in the same quarter of 2018[146] - Noninterest income totaled $5,238 thousand for the six months ended June 30, 2019, a 12.6% increase from $4,652 thousand in 2018, driven by a 30.8% rise in fees and service charges[156] - Noninterest expense increased by 34.9% to $18,713 thousand for the six months ended June 30, 2019, up from $13,873 thousand in 2018, primarily due to higher compensation and benefits related to acquisitions[159] Capital and Ratios - The Common Equity Tier 1 Capital ratio was 11.5% at June 30, 2019, exceeding the minimum required ratio of 4.5%[138] - The Bancorp's stockholders' equity increased by $27.3 million (27.0%) during the six months ended June 30, 2019, primarily due to net income and the issuance of shares for the acquisition of AJSB[132] - The efficiency ratio improved to 60.7% for the quarter ended June 30, 2019, down from 68.5% for the same quarter in 2018, primarily due to increased interest income[149] - The efficiency ratio for the six months ended June 30, 2019, was 69.2%, compared to 68.1% for the same period in 2018, reflecting increased noninterest expenses[159] Acquisitions - The Bancorp completed the acquisition of AJSB on January 24, 2019, with an implied valuation of approximately $32.9 million, expanding its banking center network to 22 locations[97][99] - The Bancorp issued 416,478 shares of common stock and paid approximately $15.7 million in cash to AJSB stockholders as part of the acquisition[99] - The acquisition of First Personal in July 2018 expanded the Bancorp's retail banking network to 19 banking centers, marking its entry into the South Suburban Chicagoland market[100] Forward-Looking Statements - The company cautions that forward-looking statements regarding future business prospects and financial performance are subject to risks and uncertainties that may cause actual results to differ materially[162]

Financial Performance - Net income for the quarter ended March 31, 2019, was $2.2 million, resulting in earnings per common share of $0.66[91] - Net income for the quarter ended March 31, 2019, was $2.2 million, a decrease of $337 thousand (13.2%) from $2.6 million for the same quarter in 2018[137] - Noninterest income rose to $2,570 thousand for the quarter ended March 31, 2019, up 4.9% from $2,449 thousand in the same quarter of 2018, driven by a 30.3% increase in fees and service charges[142] - Total noninterest expense increased significantly to $10,291 thousand, a 47.7% rise from $6,967 thousand in the prior year, primarily due to acquisitions and increased operational costs[144] - The efficiency ratio for the quarter ended March 31, 2019, was 78.1%, compared to 67.8% for the same quarter in 2018, indicating a decline in operational efficiency[144] - Income tax expenses decreased to $340 thousand for the quarter ended March 31, 2019, down 18.1% from $415 thousand in the same quarter of 2018[145] - The combined effective federal and state tax rates decreased to 13.3% for the quarter ended March 31, 2019, compared to 13.9% for the same quarter in 2018[145] Asset and Loan Growth - As of March 31, 2019, total assets were $1.3 billion, total loans receivable were $865.0 million, and total deposits were $1.1 billion[91] - Total assets increased by $172.2 million (15.7%) during the three months ended March 31, 2019[98] - Net loans receivable increased to $856.8 million, up from $756.4 million at December 31, 2018[99] - Total interest earning assets increased to $1,134,840 thousand for the quarter ended March 31, 2019, compared to $875,474 thousand for the same period in 2018, representing a growth of 29.6%[140] - Outstanding commitments to fund loans totaled $191.4 million at March 31, 2019, with approximately 54.1% at variable rates[128] Acquisition Impact - The Bancorp completed the acquisition of AJSB on January 24, 2019, with an implied valuation of approximately $32.9 million[94] - The acquisition of AJSB expanded the Bank's full-service retail banking network to 22 banking centers[94] - The Bancorp issued 416,478 shares of common stock and paid approximately $15.4 million in cash as part of the AJSB acquisition[94] - Nonperforming loans increased by $1.1 million due to the AJSB acquisition, contributing to a total of $8,361 thousand in non-performing loans as of March 31, 2019, compared to $6,916 thousand at December 31, 2018[109] - Total deposits rose to $1,101,653 thousand as of March 31, 2019, marking an increase of $171,867 thousand (18.5%) from $929,786 thousand at December 31, 2018, primarily due to the AJSB acquisition[122] - Interest-bearing deposits in other financial institutions increased by $12,139 thousand (389.6%) to $15,255 thousand as of March 31, 2019, primarily due to the AJSB acquisition[119] Loan Quality and Reserves - Nonperforming loans totaled $8.361 million, representing 0.97% of total loans as of March 31, 2019[101] - The allowance for loan losses (ALL) increased to $8,236 thousand as of March 31, 2019, from $7,962 thousand at December 31, 2018, representing a coverage ratio of 98.5% for non-performing loans[116] - The Bancorp's troubled debt restructured loans decreased from $2,031 thousand on December 31, 2018, to $2,023 thousand on March 31, 2019, reflecting a reduction of $8 thousand[108] - The total purchased credit impaired loans reserves decreased to $3.0 million at March 31, 2019, from $3.1 million at December 31, 2018[115] Capital and Equity - Stockholders' equity increased by $21.8 million (21.5%) during the three months ended March 31, 2019, primarily due to net income and unrealized gains on available securities[129] - The Bancorp's Common Equity Tier 1 Capital ratio was 11.6% at March 31, 2019, exceeding the minimum required ratio of 4.5%[135] - The Bancorp's total capital to risk-weighted assets ratio was 12.6% at March 31, 2019, above the minimum required ratio of 8.0%[135] Interest Income and Expenses - Net interest income increased by $2.8 million (35.3%) to $10.6 million for the quarter ended March 31, 2019, compared to $7.8 million for the same quarter in 2018[138] - The weighted-average yield on interest-earning assets was 4.40% for the quarter ended March 31, 2019, up from 3.99% for the same period in 2018[138] - Total deposits reached $1,038,380 thousand, with an interest expense of $1,672 thousand, compared to $782,382 thousand and $675 thousand in the same quarter of 2018[140] - The increase in compensation and benefits was primarily due to the acquisition of AJSB and First Personal, contributing to a total of $4,676 thousand in expenses, up 21.1% from the previous year[144] Cash Flow and Investments - Cash provided from investing activities totaled $37.4 million for the current period, compared to cash outflows of $6.7 million for the same period in 2018[126] - Cash and cash equivalents increased by $43.7 million for the three months ended March 31, 2019, compared to a $9.4 million increase for the same period in 2018[126] - Foreclosed real estate totaled $1.5 million as of March 31, 2019, slightly down from $1.6 million at December 31, 2018, with net gains from sales amounting to $27 thousand for the quarter[117] - The gain on sale of securities decreased by 53.6% to $352 thousand, reflecting current market conditions[142]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________ FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number 0-26128 NorthWest Indiana Bancorp (Exact name of registrant as specified in its charter) Indiana ...