Evergreen Bank Group Reports First Quarter Earnings
05/04/2022
OAK BROOK, IL., May 4, 2022
First Quarter Earnings
Bancorp Financial, Inc. (the "Company"), the parent company of Evergreen Bank Group (the "Bank" or "Evergreen"), today announced first quarter earnings for 2022.
The Company's net income was $4.9 million for 2022 as compared to $5.1 million for 2021.
Net interest income was $14.2 million, representing a net interest margin of 4.85%, as compared to $14.2 million and a margin of 4.75% for the same period in 2021. The Bank's nationwide powersport portfolio continues to drive the strong yield on earning assets.
There was no provision for loan losses in the first quarter of 2022 as compared to $0.6 million for 2021. The allowance for loan losses stands at 1.85%, still significantly elevated over pre- pandemic levels. The Bank has recognized very low losses from Covid and remains cautiously optimistic about continued recovery.
Non-interest income at the Bank was $0.5 million for 2022 as compared to $0.6 million in 2021. Non-interest expense was $8.3 million for 2022 as compared to $7.4 million in 2021, primarily due to staffing and infrastructure costs for new digital initiatives.
Total assets were $1.21 billion at March 31, 2022, up slightly from $1.20 billion at year-end 2021. Growth in the first quarter was driven by consumer lending areas. Commercial growth continues to be challenging due to competitive terms on loans in the Chicago market.
Looking ahead in 2022 - "We had solid first quarter results while recording significant technology investments as it relates to our digital and FinTech strategies. We believe these technology enhancements will create increased shareholder value," said Jill Voss, EVP and Chief Financial Officer.
Shareholder Dividend
The Company was excited to again declare a $0.20 dividend per share during the first quarter paid in April to its common shareholders. While capital and earnings continue to be strong, the Company intends to continue to pay a quarterly dividend throughout 2022.
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BALANCE SHEETS |
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Unaudited |
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Audited |
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Assets |
03/31/2022 |
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12/31/2021 |
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Cash and cash equivalents |
$ 136,233,593 |
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$ 116,536,612 |
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Investments |
90,089,385 |
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96,113,046 |
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Loans, net |
942,722,897 |
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951,287,254 |
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Bank owned life insurance |
12,756,342 |
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12,680,356 |
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Other assets |
30,163,462 |
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24,179,299 |
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Total Assets |
$ 1,211,965,679 |
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$ 1,200,796,567 |
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Liabilities and Stockholders' Equity |
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Deposits |
$ 999,468,647 |
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$ 994,057,949 |
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Notes Payable |
59,400,000 |
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57,700,000 |
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Other liabilities |
18,411,991 |
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14,510,993 |
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Total Liabilities |
$ 1,077,280,638 |
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$ 1,066,268,942 |
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Stockholders' Equity |
$ 134,685,041 |
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$ 134,527,625 |
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Total Liabilities and Stockholders' Equity |
$ 1,211,965,679 |
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$ 1,200,796,567 |
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Evergreen Bank Group Capital Ratios: |
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Common equity tier 1 capital ratio |
16.14% |
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15.61% |
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Tier 1 risk-based capital ratio |
16.14% |
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15.61% |
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Total risk-based capital ratio |
17.39% |
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16.87% |
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Tier 1 leverage ratio |
13.61% |
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13.23% |
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INCOME STATEMENTS |
Unaudited March YTD 2022 |
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Unaudited March YTD 2021 |
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Interest income on loans |
$ 14,878,216 |
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$ 16,305,022 |
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Interest income on investments and cash in banks |
$ 508,090 |
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$ 412,302 |
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Total Interest Income |
$ 15,386,306 |
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$ 16,717,324 |
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Interest expense on deposits |
884,113 |
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2,042,112 |
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Interest expense on debt |
305,357 |
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466,554 |
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Total Interest Expense |
$ 1,189,470 |
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$ 2,508,666 |
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Net Interest Income |
$ 14,196,836 |
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$ 14,208,658 |
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Provision for loan losses |
0 |
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600,000 |
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Other non interest income |
530,230 |
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597,393 |
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Other non interest expense |
8,293,344 |
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7,402,861 |
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Net Income before Taxes |
$ 6,433,722 |
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$ 6,803,190 |
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Income tax expense |
1,543,556 |
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1,693,185 |
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Net Income |
$ 4,890,166 |
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$ 5,110 005 |
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Return on Average Assets |
1.64% |
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1.69% |
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Return on Average Equity |
14.51% |
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17.83% |
Evergreen Bank Group (the "Bank") is an Illinois-chartered community bank wholly-owned by Bancorp Financial, Inc., a Delaware corporation (the "Company"). The Bank was formed in 1999 and became a subsidiary of the Company as a result of a merger transaction during 2007. The Bank is headquartered in Oak Brook, Illinois.
This document contains certain forward-looking statements as defined in applicable federal securities laws. These forward-looking statements describe future plans or strategies and may include the Company's and the Bank's expectations of future results. The Company's and the Bank's ability to predict results or the effect of future plans or strategies or qualitative or quantitative changes is inherently uncertain. Actual results may differ materially from stated expectations.