Centier Bank reported its first quarter financial results, ending March 31, 2013. Total Assets ended the first quarter at $2.23 billion, a growth of $23 million or 1% for the quarter. Earnings for the first quarter were $7.1 million, which was a 1.32% Return on Average Assets and an improvement over the $5.7 million earned in the first quarter of the prior year. Total capital increased to $216 million and the Bank remains well capitalized by the regulatory standards. Deposits increased $68 million, nearly 4% from the 2012 year end level of $1.89 billion.
Mortgage banking revenues were $1.6 million for the first quarter of 2013, a 105% increase over revenues for the same period last year. “The mortgage market is steadily showing signs of recovery,” stated Michael E. Schrage, President and CEO of Centier Bank. “Our mortgage lending division is working with local realtors and developers to get families into new homes and to help refinance existing homes.”
In addition to its strong financial performance, Centier was named among the top “Best Places to Work in Indiana” by the Indiana Chamber of Commerce for the seventh consecutive year and was named “Best Bank for Business” by the Northwest Indiana Business Quarterly magazine for the eleventh straight year. Centier was also voted “Neighbor’s Choice Best Bank” in Lake and Porter Counties by the Post-Tribune and The Times’ Best of the Region, sweeping the #1 spot for Best Bank, Best Place to Work, Best Customer Service, and Best Financial Advisor.
“We are honored to be so highly regarded in the communities we serve,” stated Schrage. “We appreciate the faith and loyalty of our clients as Centier’s brand and reputation for excellence increases.”
In the first quarter of 2013, Centier Bank opened its first retail banking establishment in Fort Wayne inside of Kroger Marketplace on DuPont Road. The full-service retail branch complements Centier’s Business Banking Center that has been servicing business clients since opening in 2008.
This month, as Centier celebrates its 118th anniversary as an independently owned and operated community bank, the bank is looking forward to continued growth in 2013. Centier Bank will soon open a branch inside of the new Merrillville Ultra branch, which is moving across the street from its current location on Broadway. Next, the bank will open an in-store branch inside of the new Cedar Lake Strack & Van Til’s, and this summer will open a branch inside of Hammond Van Til’s. Renovations of the Crown Point Downtown branch, located at 117 E. Joliet Street, will be completed this June, and shortly thereafter, the branch will open its new Valparaiso South branch.
“It looks to be an exciting year ahead,” stated Schrage. “I appreciate the loyalty and support of our clients and the communities we continue to serve.”
Centier is now the largest privately-owned independent bank in Indiana and remains committed to being owned and operated by the Schrage family in the future. Centier has 46 branch locations throughout Northern Indiana, including business banking centers in Mishawaka and Fort Wayne, and a loan production office serving Carmel/Indianapolis.