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Investor Relations For Immediate Release
BANK OF EVANSVILLE, N.A. CONTINUES TO EXCEED EXPECTATIONS Assets rise to more than $70 million at quarter ending March 31, 2002 Evansville, Indiana, April 23, 2002 - Bank of Evansville, N.A. (OTCBB: BEVN) posted its third consecutive quarter of solid growth with a 20 percent increase in assets, 18 percent rise in loans, and 25 percent jump in deposits, Thomas L. Austerman, President and Chief Executive Officer reported today. "Our performance for the first quarter of 2002 and our third quarter of operations continue to exceed management's forecasts and expectations. Based on the first nine months in business, I think it is clear that we have one of the best banking teams in Southwestern Indiana, and Bank of Evansville, N. A. has enjoyed tremendous acceptance by both the business and consumer communities," Austerman said. Stephen C. Byelick, Jr., Chief Financial Officer, reported "For the first quarter ending March 31, 2002, assets rose to $70.4 million from the $58.8 million at December 31, 2001. Loans outstanding exceeded $58.4 million at the end of the first quarter, up 18 percent from loans outstanding of $49.4 million at year-end, 2001. Deposits rose 25 percent during the quarter to $61.0 million, compared to the $48.6 million at the end of the previous quarter." Mr. Byelick continued by saying, "Revenue results were equally positive across the board. Net interest income was $519,064, up 37 percent from the net income for the previous quarter, and non-interest income rose 53 percent to $26,150 from $17,095 in the quarter ending December 31, 2001." Mr. Byelick concluded his comments by saying, "The net loss for the first quarter of 2002 was $106,356, including a $138,100 provision for loan losses. The allowance for loan losses at March 31, 2002, was $877,600, or 1.50 percent of loans outstanding. To date no loans have been charged off and no loans are past due more than 30 days. The net loss for the quarter was equivalent to $0.09 per share. The net loss for the last quarter of 2001 was $0.32 per share. As of March 31, 2002, shareholders equity was $9,066,589 or $7.79 per share based on 1,163,708 shares outstanding. Michael S. Sutton, Executive Vice President and Chief Lending Officer said, "We are very optimistic about the remainder of 2002. The local economy is strong, and business activity is increasing. We have an experienced and respected group of Evansville banking professionals with strong long-term ties to our community, and we expect substantial demand for our commercial and consumer services to continue." 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 SB2, which is on file with the Office of the Comptroller of the Currency. |
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