DEAR SHAREHOLDERS:
On behalf of our Management team, our Board of Directors, and employees, I am happy to report that NWSB completed another successful year in 2025.
Highlighting the year was the acquisition of the State Bank of Medora. This transaction grows our footprint in Southern Indiana and allows us to welcome wonderful, talented employees and many new customers with long-term relationships.
Our industry currently is focused on growth and scaling up. This can be accomplished through acquisitions or organically by opening new branches in new markets. NWSB completed both of these types of transactions in the past year. You can only take on two projects like this and create an investment subsidiary if you have employees who are dedicated and committed to the company’ s mission. Fortunately for us, we have exactly that.
Pat Daily
CEO NWSB
Our culture of success creates an environment that attracts new talent, enhances collaborative thinking and planning, and drives growth and earnings. The support and direction from our Board of Directors allows this type of environment, which is necessary in order to enhance shareholder value.
I want to thank our shareholders for the support and encouragement you give us in order to operate this company in a successful way.
6 | 2025 NWSB Annual Report