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Oct 2021 Evergreen Bank Group, one of the Chicago area’s most dynamic, independently owned banks, announced today its year-to-date financial results for 2021, key national expansion plans, and industry recognition.

Evergreen Bank Group, Oak Brook, IL | October 27, 2021

Strong Financial Results

Bancorp Financial, Inc. (the “Company”), the parent company of Evergreen Bank Group (the “Bank” or “Evergreen”) today announced strong financial results as of September 30, 2021.  The Company’s net income was $17.843 million for the nine months ended September 30, 2021 as compared to $9.689 million for the same period in 2020. 

  • Net interest income at the Bank for the first nine months of 2021 was $44.266 million, representing a net interest margin of 4.84%, as compared to $40.106 million and a margin of 4.39% for the same period in 2020.  The Bank’s powersport portfolio continues to drive the strong yield on earning assets.
  • Provision for loan losses was $.525 million for the first nine months of 2021 as compared to $8.300 million during the same period in 2020.  The allowance for loan losses stands at 1.99%, still significantly elevated over pre-pandemic levels. The Bank has recognized low losses as a result of Covid and remains cautiously optimistic about continued recovery.
  • Non-interest income at the Bank was $2.496 million for the first nine months of 2021 as compared to $1.744 million in 2020. 
  • Non-interest expense was $22.792 million for the first nine months of 2021 as compared to $20.587 million in 2020, primarily due to infrastructure costs for the new digital strategy and staffing related to overall growth.

Net income for the 2021 calendar year is on a record pace for the bank and the company. “Our robust margin and limited losses have fueled stellar financial results this year”, said Jill Voss, Chief Financial Officer.  “Due to limited loss projections for the remainder of the year, the bank is in a strong position to reverse some of the 2020 allocation for loan losses and still maintain a solid coverage as we are going into the 4th Quarter of 2021.”

Total assets were $1.220 billion on September 30, 2021, down 2.2% from $1.247 billion on December 31, 2020 primarily due to lower loan demand.  Commercial lending growth has been challenging as the primary focus has been on current customers impacted by Covid-19.  Additionally, there have been fewer physical contacts and in-person touchpoint opportunities to source new business due to pandemic concerns and social distancing measures.  Powersport demand is at an all-time high, but 2021 originations are only up slightly as powersport inventories have been lower in 2021 because of supply chain issues. As powersport inventory issues are resolved throughout 2022, pent up demand should result in substantial loan growth in 2022.  Other lending areas within the Bank have also seen lower growth as a result of the ongoing pandemic but are also expected to pick up pace over the next few quarters.

BALANCE SHEETS

 

 

 

 

 

Assets

 

Unaudited
9/30/2021

 

Audited
12/31/2020

 

 

 

Cash and cash equivalents

 $      122,664,620

 

 $      153,516,636

 

 

 

Investments

103,788,103

 

85,362,728

 

 

 

Loans, net

957,687,966

 

972,799,291

 

 

 

Bank owned life insurance

12,602,613

 

13,088,565

 

 

 

Other assets

22,816,818

 

22,181,794

 

 

Total Assets

 $   1,219,560,120

 

 $   1,246,949,014

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Deposits

 $   1,018,976,911

 

 $   1,048,619,471

 

 

 

Notes Payable

56,207,997

 

63,426,647

 

 

 

Subordinated debt

0

 

12,500,000

 

 

 

Other liabilities

13,885,762

 

9,558,419

 

 

Total Liabilities

 $   1,089,070,670

 

 $   1,134,104,537

 

 

 

 

 

 

 

 

 

 

 

Stockholders' Equity

 $      130,489,450

 

 $      112,844,477

 

 

Total Liabilities and Stockholders' Equity

 $   1,219,560,120

 

 $   1,246,949,014

 

 

 

 

 

 

 

 

 

 

 

Evergreen Bank Group Capital Ratios:

 

 

 

 

 

 

Common equity tier 1 capital ratio

14.93%

 

13.07%

 

 

 

Tier 1 risk-based capital ratio

14.93%

 

13.07%

 

 

 

Total risk-based capital ratio

16.18%

 

14.33%

 

 

 

Tier 1 leverage ratio

12.81%

 

10.72%

 

 

 

 

 

 

 

 

 

 

 

INCOME STATEMENTS

Unaudited September YTD 2021

 

Unaudited September YTD 2020

 

 

 

 

 

 

 

 

 

 

 

 

Interest income on loans

48,930,093

 

51,069,898

 

 

 

Interest income on investments and cash in banks

 $          1,384,872

 

 $          1,988,693

 

 

 

 

 

Total Interest Income

 $        50,314,965

 

 $        53,058,591

 

 

 

Interest expense on deposits

4,820,733

 

11,403,401

 

 

 

Interest expense on debt

1,227,971

 

1,549,335

 

 

 

 

 

Total Interest Expense

 $          6,048,704

 

 $        12,952,736

 

 

 

 

Net Interest Income

 $        44,266,261

 

 $        40,105,855

 

 

 

Provision for loan losses

525,000

 

8,300,000

 

 

 

Other non-interest income

2,495,665

 

1,744,403

 

 

 

Other non-interest expense

22,792,113

 

20,587,310

 

 

 

 

Net Income before Taxes

 $        23,444,813

 

 $        12,962,948

 

 

 

Income tax expense

5,602,209

 

3,274,334

 

 

Net Income

 $        17,842,604

 

 $          9,688,614

 

 

Return on Average Assets

1.96%

 

1.07%

 

 

Return on Average Equity

19.58%

 

12.14%

 

 

 

Evergreen Bank Group and Polaris Sales Inc. Renew and Expand Multiyear Retail Financing Program Contract

Evergreen Bank Group and Polaris Sales Inc., recently agreed to a multi-year financing services program agreement, expanding the relationship between the two companies.  The Bank focuses on providing financing to Polaris customers through its Performance Finance division.  Performance Finance is a trademark of Polaris Industries Inc. and Indian Motorcycles International LLC.

Since 2016, Performance Finance has provided Polaris customers with innovative financing solutions through Indian Motorcycle’s independent network of national dealers.  “Our long-standing relationship with Polaris has been a winning combination – and we are extremely excited to expand our relationship by making our premium financing programs available to the large network of Polaris Off-Road dealers. This will position our company for solid growth over the next several years,” said Darin Campbell, President & CEO.

Launching “Best in Class” Digital Strategy

During the remainder of 2021 Evergreen is focused on enhancing its technology capabilities through several initiatives.  Evergreen has partnered with a premier financial technology (“fintech”) company to launch new best-in-class omni-channel online banking, mobile banking, and online account opening solutions across all three of its brands – Evergreen Bank Group, FreedomRoad Financial and Performance Finance.  Each brand will launch new online banking platforms and new mobile apps, which will greatly enhance the customer experience when banking anywhere via a computer or mobile device and allow current and new customers the ability to open a deposit account online in just minutes. 

In addition to convenient features such as mobile check deposit and bill pay, Evergreen has also partnered with a leader in data aggregation to power a new personal financial management tool within the new platform, giving customers a 360-degree view of all their accounts.  The Evergreen Bank Group brand is expected to launch in the first quarter of 2022, with the FreedomRoad Financial and Performance Finance brands launching in mid-2022.  Evergreen will look to expand the product and service offerings within the platform throughout 2022.

To assist in the rollout of the new platform, Evergreen will also be enhancing its marketing and customer service capabilities.  Evergreen is working to launch a premier customer relationship management system, expected in 2022.  “We’re extremely excited about the steps we’ve taken in our digital transformation process,” said Dan Inendino, SVP - Treasurer & Chief Marketing Officer.  “The upgrades we’re making to our banking and servicing platforms will greatly enhance the customer experience and provide a platform for organic growth years into the future.”

“Our ability to raise and service deposits nationally fits perfectly with our business model as we continue to expand our consumer lending presence nationally.  The new platforms will allow the Bank to generate low-cost deposits to fund our growing consumer finance programs and allows for tremendous scalability.” said Darin Campbell, President & CEO.

Awarded Best Places to Work

Evergreen Bank Group was recently named one of the “Best Banks to Work For” by American Banker.  The 2021 award is the sixth time Evergreen has received this honor.  This prestigious award is based largely on employee feedback – along with other data such as company perks, benefits, diversity, and satisfaction with management. “We are very proud of this acknowledgement and truly believe this would not be possible without the organization’s valued employees and associates, “said Darin Campbell, President & CEO.

In addition to this prestigious recognition, Evergreen has also been consistently recognized among the Best Places to Work in Chicago.  Earlier in 2021, the Bank was named by Crain’s Chicago Business as one of its Best Places to Work for the fourth year in a row.

“Our management team puts a great deal of effort into employee satisfaction because we believe in retaining and attracting high-quality staff,” said Jenny Voss, VP - Human Resources. “Our employees are the reason we have earned the reputation of giving our retail and commercial customers outstanding service, and we are working hard to keep it that way!”

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.

Jan 2020 Evergreen Bank Group Hires New Executive VIce President, Head of Commercial Banking

January 27, 2020

Evergreen Bank Group welcomes Jim McGrath as Executive Vice President, Head of Commercial Banking. This position will report directly to Evergreen Bank’s President & CEO Darin Campbell.

Jim will lead the Commercial Banking team with a focus on developing relationships with small and mid-size companies, and providing customized lending, banking, and treasury management solutions.

As a seasoned Commercial Banking and Lending professional, Jim has been working with privately held businesses, and the people that own and operate them, for over 30 years.  Jim was previously with Oak Brook Bank as Executive Vice President & Head of Commercial Banking. He also served in senior positions with American Chartered Bank, Byline Bank, and FNBC Bank & Trust. Jim graduated from Eastern Illinois University with a degree in Business, Finance, and he earned an MBA from DePaul University with a concentration in Finance. 

Evergreen Bank Group looks forward to using Jim’s expertise in the expansion of its Commercial Banking and Lending area by offering clients strong lending opportunities, great treasury management solutions, and a solid banking relationship with experienced professionals.  

Evergreen Bank Group is an Illinois-chartered bank headquartered in Oak Brook, Illinois. Evergreen provides full-service, community and business banking from its retail locations in Oak Brook, Hinsdale and Evergreen Park, Illinois.  Evergreen also provides comprehensive motorsport financing from a loan production office located in Reno, Nevada operating under the names FreedomRoad Financial and Performance Finance.  This release contains certain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, which statements are made pursuant to the “safe harbor” provisions of such Act.  These forward-looking statements describe future plans or strategies and may include Evergreen Bank Group’s expectations of future results.  The words “believe,” “expect,” “anticipate,” “estimate,” “project,” and similar expressions identify forward-looking statements.  Evergreen Bank Group’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. 

Visit their website at www.EvergreenBankGroup.com or call 1-888-505-BANK (2265).

Sept 2021 Evergreen Bank Group Welcomes New Senior Vice President, Commercial Banking

Evergreen Bank Group is excited to welcome Andrea Tadych as Senior Vice President, Commercial Banking, reporting to Jim McGrath, Executive Vice President, Head of Commercial Banking. Andrea’s focus will be on developing relationships with small/mid-size businesses providing customized lending, banking, and treasury management solutions. Her 15+ years
of commercial banking experience will serve her well as a trusted advisor to her clients as they strive to meet and exceed their business goals.

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