Friday, May 27 2022

OAK STREAMSick. , May 4, 2022 /PRNewswire/ —

First quarter results
Bancorp Financial, Inc. (the “Company”), the parent company of Evergreen Bank Group (the “Bank” or “Evergreen”), today announced its first quarter 2022 results.

The Company’s net income was $4.9 million for 2022, compared to $5.1 million for 2021.

  • Net interest income was $14.2 millionrepresenting a net interest margin of 4.85%, compared to $14.2 million and a margin of 4.75% for the same period in 2021. The Bank’s domestic powersports portfolio continues to drive strong returns from earning assets.
  • There was no provision for loan losses in the first quarter of 2022 compared to $0.6 million for 2021. The allowance for loan losses stands at 1.85%, which remains significantly higher than pre-pandemic levels. The Bank has acknowledged very small losses due to Covid and remains cautiously optimistic that the recovery will continue.
  • The Bank’s non-interest income was $0.5 million for 2022 compared to $0.6 million in 2021. Non-interest expenses $8.3 million for 2022 compared to $7.4 million in 2021, mainly due to personnel and infrastructure costs for new digital initiatives.
  • Total assets were $1.21 billion as of March 31, 2022, up slightly from $1.20 billion at the end of 2021. Growth in the first quarter was driven by consumer lending sectors. Business growth continues to be challenging due to competitive lending terms in the Chicago market.

Future prospects in 2022 – “We delivered strong first quarter results while making significant technology investments related to our digital and FinTech strategies. We believe these technology enhancements will create increased value for shareholders,” said Jill Voss, Vice President executive and chief financial officer.

Dividend from shareholders
The Company was pleased to once again declare a $0.20 dividend per share during the first quarter paid in April to its ordinary shareholders. Although capital and earnings remain strong, the Company intends to continue paying a quarterly dividend throughout 2022.

BALANCE SHEET




Unaudited


Checked

Assets

03/31/2022


31/12/2021

Cash and cash equivalents

$136,233,593


$116,536,612

Investments

90 089 385


96 113 046

Loans, net

942 722 897


951 287 254

Bank-owned life insurance

12,756,342


12,680,356

other assets

30,163,462


24,179,299

Total assets

$1,211,965,679


$1,200,796,567

Liabilities and equity




Deposits

$999,468,647


$994,057,949

Notes payable

59,400,000


57,700,000

Other liabilities

18,411,991


14,510,993

Total responsibilities

$1,077,280,638


$1,066,268,942

Equity

$134,685,041


$134,527,625

Total Liabilities and Equity

$1,211,965,679


$1,200,796,567

Evergreen Bank Group capital ratios:




Common Equity Tier 1 capital ratio

16.14%


15.61%

Capital ratio based on Tier 1 risk

16.14%


15.61%

Risk-Based Total Capital Ratio

17.39%


16.87%

Tier 1 leverage ratio

13.61%


13.23%






INCOME STATEMENTS

March unaudited

Year-to-date 2022


March unaudited

Year-to-date 2021





Interest income on loans

$14,878,216


$16,305,022

Interest income on investments and cash at bank

$508,090


$412,302

Total interest income

$15,386,306


$16,717,324

Interest charges on deposits

884 113


2,042,112

Interest expense on debt

305 357


466 554

Total interest expense

$1,189,470


$2,508,666

Net interest income

$14,196,836


$14,208,658

Allowance for loan losses

0


600,000

Other non-interest income

530 230


597 393

Other non-interest expense

8,293,344


7,402,861

Net profit before taxes

$6,433,722


$6,803,190

income tax expense

1,543,556


1,693,185

Net revenue

$4,890,166


$5,110,005

Average return on assets

1.64%


1.69%

return on average equity

14.51%


17.83%

Evergreen Bank Group (the “Bank”) is an Illinois chartered community bank wholly owned by Banotvsohrp Financial, Inc., a Delaware corporation (the “Company”). The Bank was established in 1999 and became a subsidiary of the Company through a merger transaction in 2007. The Bank’s head office is located in Oak Brook, Illinois.

JhIs Dohvsyoumandnotyou vsohnotyouaInots vsandryouaInot FohrwarDIohkInotg syouayouandmandnotyous as Ddefined Inot aapplicable federal securities laws. These forward-looking statements describe future plans or strategies and may include the Company’s and the Bank’s expectations regarding future results. The ability of the Company and the Bank to predict the 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.

SOURCE Evergreen Bank Group

Previous

The main risk of recession comes from the lax policy of the ECB

Next

Oak Park Village Board debates public restroom due to past issues; ultimately OKs one – Chicago Tribune

Check Also