Centier Bank reported its third quarter financial results with total assets at $2.128 billion for the period ending September 30, 2012. The earnings for the third quarter were $7.2 million and this increased the nine-month period earnings to $18.3 million. This is a $7.8 million or 74% increase over the $10.5 million of earnings for the same nine-month period of 2011. The Bank continued to see loan growth with an additional $15.6 million of net growth in the third quarter. This increases the loan growth for the nine-month period to $61 million and total loans reached $1.75 billion on September 30th.
The Bank continues to see an extremely active residential mortgage market and has helped 1,021 customers purchase or refinance their mortgages on more than $156 million of home loans in 2012. The loan delinquencies continue to improve significantly and loan losses have been reduced by over $8 million from the prior year. This has been the largest contributing factor to the earnings improvement in 2012. Equity capital reached $197.6 million, an increase of $15.7 million in 2012 and $18.3 million over the past year. The Bank remains well capitalized by all regulatory standards.
Centier Bank is optimistic for a strong fourth-quarter. “This year, we have made great strides in expanding our corporate team, which included adding four new board of director members,” stated Mike Schrage, Centier Bank President & CEO. “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.”
Next year, Centier is planning four grand opening events during the late spring and early summer months. Centier is in the process of rebuilding its Crown Point Downtown and Valparaiso South branches, due to be completed next year. Centier is also looking forward to two new grocery store branch locations in both the Cedar Lake Strack & Van Til store and Hammond Van Til’s.
In addition to retail expansion, Centier Bank is forging ahead with plans to expand service teams at its loan production offices in Mishawaka, Fort Wayne, and Carmel. Next month, Centier celebrates the grand opening of a new mortgage and consumer lending office in Lafayette. “We are currently searching for seasoned mortgage and loan originators to staff our expanding teams,” stated Schrage. “Our hope is to build strong, well-known teams in these communities before we begin looking for new retail opportunities to build new branches in our growing markets.”