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.
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BALANCE SHEET |
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Unaudited |
Checked |
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Assets |
03/31/2022 |
31/12/2021 |
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Cash and cash equivalents |
$136,233,593 |
$116,536,612 |
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Investments |
90 089 385 |
96 113 046 |
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Loans, net |
942 722 897 |
951 287 254 |
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Bank-owned life insurance |
12,756,342 |
12,680,356 |
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other assets |
30,163,462 |
24,179,299 |
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Total assets |
$1,211,965,679 |
$1,200,796,567 |
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Liabilities and equity |
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Deposits |
$999,468,647 |
$994,057,949 |
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Notes payable |
59,400,000 |
57,700,000 |
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Other liabilities |
18,411,991 |
14,510,993 |
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Total responsibilities |
$1,077,280,638 |
$1,066,268,942 |
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Equity |
$134,685,041 |
$134,527,625 |
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Total Liabilities and Equity |
$1,211,965,679 |
$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% |
15.61% |
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Capital ratio based on Tier 1 risk |
16.14% |
15.61% |
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Risk-Based Total Capital Ratio |
17.39% |
16.87% |
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Tier 1 leverage ratio |
13.61% |
13.23% |
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INCOME STATEMENTS |
March unaudited Year-to-date 2022 |
March unaudited Year-to-date 2021 |
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Interest income on loans |
$14,878,216 |
$16,305,022 |
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Interest income on investments and cash at bank |
$508,090 |
$412,302 |
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Total interest income |
$15,386,306 |
$16,717,324 |
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Interest charges on deposits |
884 113 |
2,042,112 |
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Interest expense on debt |
305 357 |
466 554 |
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Total interest expense |
$1,189,470 |
$2,508,666 |
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Net interest income |
$14,196,836 |
$14,208,658 |
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Allowance for loan losses |
0 |
600,000 |
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Other non-interest income |
530 230 |
597 393 |
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Other non-interest expense |
8,293,344 |
7,402,861 |
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Net profit before taxes |
$6,433,722 |
$6,803,190 |
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income tax expense |
1,543,556 |
1,693,185 |
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Net revenue |
$4,890,166 |
$5,110,005 |
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Average return on assets |
1.64% |
1.69% |
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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 FohrwarD–IohkInotg 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
