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Investor Relations For Immediate Release
BANK OF EVANSVILLE, N.A. POSTS Q2 PROFIT
Assets rise to more than $80 million at quarter ending June 30, 2002 Solid asset, deposit and loan growth drive earnings into black ahead of expectations Evansville, Indiana, July 23, 2002 - Bank of Evansville, N.A. (OTCBB: BEVN) posted its first quarterly profit driven by strong growth in deposits, loans, earning assets, and non-interest income for its second quarter ended June 30, 2002, Thomas L. Austerman, President and Chief Executive Officer reported today. "We are very pleased to report positive earnings in only our fourth quarter of operations. It is not uncommon for DeNovo banks to take as much as two or three years before they report positive quarterly earnings." Austerman said. "Our performance for the second quarter of 2002 and our fourth quarter of operations continue to appreciably surpass management's initial expectations. Based on the first 12 months in business, it is obvious that we have benefited from a marvelous reception in the Evansville market," Austerman said. Stephen C. Byelick, Jr., Chief Financial Officer, reported, "The net profit for the second quarter of 2002 was $11,500, including a $122,000 provision for loan losses. The allowance for loan losses at June 30, 2002, was $1,000,000, or 1.54 percent of loans outstanding. To date, no loans have been charged off and, as of June 30, 2002, no loans are past due more than 30 days. The net profit for the quarter was $0.01 per share. The net loss for the first quarter of 2002 was $0.09 per share. As of June 30, 2002, shareholders equity was $9,168,000, or $7.88 per share based on 1,163,708 shares outstanding. Mr. Byelick continued his remarks by saying, "Revenue results were up across the board. Net interest income was $628,000, up 21.1 percent from the net income for the previous quarter, and non-interest income rose 100.0 percent to $52,000 from $26,000 in the first quarter ending March 31, 2002, principally due to increased income from mortgage loans originated and sold on the secondary market." Mr. Byelick concluded by saying "For the second quarter ending June 30, 2002, assets rose to $80.9 million from the $70.3 million at March 31, 2002. Loans outstanding exceeded $65.1 million at the end of the second quarter, up 11.5 percent from loans outstanding of $58.4 million at March, 2002. Deposits rose 16.9 percent during the quarter to $71.3 million, compared to the $61.0 million at the end of the previous quarter." Michael S. Sutton, Executive Vice President and Chief Lending Officer said, "We continue to be optimistic about the remainder of 2002. The local economy seems to be a little more stable and business activity somewhat stronger than the national economic numbers. We expect local demand for our products and services to continue in double digit growth ranges for the remainder of 2002." Bank of Evansville is a full service, nationally chartered bank that opened on July 2, 2001, to provide real community banking for businesses and consumers in Evansville and Southwestern Indiana. The Bank completed an initial public offering of 1,163,708 shares in June 2001. This news release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Act of 1995. Such statements are based on management's current expectations and are subject to a number of risk factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. These risk factors and uncertainties are contained in the Bank's Registration Statement on Form SB-2 and the Bank's Annual Report on Form 10K-SB for year ended December 31, 2001, which are on file with the Office of the Comptroller of the Currency. |
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