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Investor Relations For Immediate Release
BANK OF EVANSVILLE, N.A. POSTS FIRST QUARTER PROFIT Assets rise to more than $98 million at quarter ending March 31, 2003 Evansville, Indiana, April 22, 2003 - Bank of Evansville, N.A. (OTCBB: BEVN) posted its seventh consecutive quarter of solid improvement. Total loans were $79,242,826, an increase of 4.5 percent, compared to the year-end totals. Retail deposits increased 6 percent, or $3,657,700, during the quarter ending March 31, 2003, Thomas L. Austerman, President and Chief Executive Officer reported today. "Our performance for the first quarter of 2003 and our seventh quarter of operations was consistent with our forecast for the quarter," Austerman said. "Based on the first twenty-one months in business, I think it is quite clear that we have developed one of the finest banking teams in the Evansville market. We have enjoyed tremendous acceptance in the business and consumer sectors," Austerman said. Stephen C. Byelick, Jr., Chief Financial Officer, reported, "For the first quarter ending March 31, 2003, assets rose to $98.3 million from the $70.3 million on March 31, 2002." He went on to say, "Revenue results were equally positive across the board. Net interest income was $690,705, up 33 percent, compared to the net interest income for the first quarter of 2002, and non-interest income rose 285 percent to $100,611, compared to the $26,150 in the quarter ending March 31, 2002." Mr. Byelick concluded his comments by saying, "The net income for the first quarter of 2003 was $53,890, including a $50,000 provision for loan losses. The allowance for loan losses at March 31, 2003, was $1,197,000, or 1.51 percent of loans outstanding. To date, no loans have been charged off and no loans are past due more than 30 days. The net income for the quarter was equivalent to five cents per share. The net loss for the first quarter of 2002 was nine cents per share. As of March 31, 2003, shareholders equity was $9,469,115 or $8.14 per share based on 1,163,708 shares outstanding. Michael S. Sutton, Executive Vice President and Chief Lending Officer said, "We are cautiously optimistic about the remainder of 2003. The local economy appears to remain stable, and business activity is fairly steady. We have assembled a strong group of Evansville lending professionals with first-hand knowledge of the Evansville market, and we expect demand for our commercial and consumer services to continue to grow." Bank of Evansville is a full service, nationally chartered bank that opened on July 2, 2001, to provide community banking for businesses and consumers in Evansville and Southwestern Indiana. 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. A partial list of these risk factors and uncertainties is contained in the Bank's Registration Statement on Form SB2 and the Bank's Annual Report on Form 10K-SB for the year ended December 31, 2002, which are on file with the Office of the Comptroller of the Currency. |
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