Evergreen Bank Group Reports First Quarter Earnings

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May 05, 2022, 18:07 ET

OAK BROOK, Ill. , May 4, 2022 /PRNewswire/ --

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.

BALANCE SHEETS
	Unaudited	Audited
Assets	03/31/2022	12/31/2021
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 Stockholders' 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 Liabilities	$ 1,077,280,638	$ 1,066,268,942
Stockholders' Equity	$ 134,685,041	$ 134,527,625
Total Liabilities and Stockholders' Equity	$ 1,211,965,679	$ 1,200,796,567
Evergreen Bank Group Capital Ratios:
Common equity tier 1 capital ratio	16.14%	15.61%
Tier 1 risk-based capital ratio	16.14%	15.61%
Total risk-based capital ratio	17.39%	16.87%
Tier 1 leverage ratio	13.61%	13.23%

INCOME STATEMENTS	Unaudited March YTD 2022	Unaudited March YTD 2021

Interest income on loans	$ 14,878,216	$ 16,305,022
Interest income on investments and cash in banks	$ 508,090	$ 412,302
Total Interest Income	$ 15,386,306	$ 16,717,324
Interest expense 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
Provision 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 Income before Taxes	$ 6,433,722	$ 6,803,190
Income tax expense	1,543,556	1,693,185
Net Income	$ 4,890,166	$ 5,110 005
Return on Average 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 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.