Financial Information
NEWS RELEASE
BANCORP FINANCIAL, INC. RELEASE FIRST QUARTER 2013 RESULTS
Contact: Jill Wachholz, Chief Financial Officer
630-413-9563
Oak Brook, Illinois - May 1, 2013 - Bancorp Financial, lnc., parent company of Evergreen BankGroup, today announced its unaudited results for the first quarter of 2013.
"We are pleased to report our twelfth consecutive quarterly profit, higher earnings, solid growth and excellent asset quality," said Darin Campbell, President & CEO. "Our first quarter 2013 net income is up 35 percent over the first quarter of 2013. The quality of our loan portfolio remains strong."
Income Statement ($000's)
| Income Statement ($000's) | 3/31/2013 | 3/31/2012 | Percent Change |
|---|---|---|---|
| Interest Income | $5,812 | $5,183 | 12.1% |
| Interest Expense | $891 | $1,038 | -14.2% |
| Net Interest Income | $4,921 | $4,145 | 18.7% |
| Provision for Loan Losses | $125 | $450 | -72.2% |
| Net Interest Income after Provision for Loan Losses | $4,796 | $3,695 | 29.8% |
| Non-Interest Income | $365 | $581 | -37.2% |
| Non-Interest Expense | $3,168 | $2,803 | 13.0% |
| Income before Income Taxes | $1,993 | $1,473 | 35.3% |
| Income Tax Expense | $762 | $501 | 52.1% |
| Net Income | $1,231 | $972 | 26.6% |
| Dividends and Discount Accretion on Preferred Shares | ($162) | ($178) | -9.0% |
| Net Income available to Common Shareholders | $1,069 | $794 | 34.6% |
| Net Income Per Common Share | $0.55 | $0.41 | 34.1% |
Balance Sheet Data ($000's)
| Balance Sheet Data ($000's) | 3/31/2013 | 3/31/2012 | Percent Change |
|---|---|---|---|
| Liquid Assets | $92,293 | $113,848 | -18.9% |
| Gross Loans | $362,312 | $289,921 | 25.0% |
| Allowance for Loan Losses | ($6,006) | ($6,151) | -2.4% |
| Other Assets | $16,178 | $8,630 | 87.5% |
| Total Assets | $464,777 | $406,248 | 14.4% |
| Deposits | $413,299 | $361,300 | 14.4% |
| Borrowing | $4,875 | $4,000 | 21.9% |
| Other Liabilities | $3,478 | $1,495 | 132.6% |
| Preferred Equity | $14,643 | $14,643 | 0.0% |
| Common Equity | $28,482 | $24,810 | 14.8% |
| Liabilities and Equity | $464,777 | $406,248 | 14.4% |
| Book Value per Common Share | $14.54 | $12.68 | 14.7% |
Other Ratios
| Other Ratios | 3/31/2013 | 3/31/2012 | Percent Change |
|---|---|---|---|
| Net Interest Spread | 4.54% | 4.27% | 6.3% |
| Net Interest Margin | 4.62% | 4.38% | 5.5% |
| ALL as a % of Loans | 1.66% | 2.12% | -21.7% |
| Loan to Deposit Ratio | 87.67% | 80.23% | 9.3% |
Evergreen Bank Group Capital Ratios
| Evergreen Bank Group Capital Ratios | 3/31/2013 | 3/31/2012 | Percent Change |
|---|---|---|---|
| Tier 1 Capital | 11.73% | 13.35% | -12.1% |
| Total Capital | 12.99% | 14.61% | -11.1% |
| Leverage Ratio | 9.92% | 10.19% | -2.6% |
"We continue to be encouraged by our bank's growth, profitability, and strong asset quality," said Jill Wachholz, the Company's Chief Financial Officer.
About the Bank
Bancorp Financial is the bank holding company for Evergreen Bank Group, an Illinois-chartered bank headquartered in Oak Brook, Illinois. Evergreen provides full-service, community and business banking from its retail location in Oak Brook, Illinois and from a branch office located in Evergreen Park, Illinois. Evergreen also provides comprehensive motorsport financing from a loan production office located in Reno, Nevada operating under the name FreedomRoad Financial.
