Contacts:Gerald O. Hatler, President and CEO 206/628-4250
Gordon D. Browning, EVP & Chief Financial Officer 206/749-7350
EvergreenBancorp Grows Deposits 12% and Loans 19% Earns $3.5 Million or $1.45 per Diluted Share in YTD 2008
SEATTLE, WA – November 5, 2008 – EvergreenBancorp, Inc. (OTCBB: EVGG),the holding company for EvergreenBank today reported a 19% increase in loans and a 12% increase in deposits which helped counter margin compression and a $377,000 after-tax charge for the Visa litigation settlement, which produced a small loss in the third quarter. In the third quarter of 2008, Evergreen reported a loss of $47,000, or $0.02 per share, compared to earnings of $802,000, or $0.33 per diluted share in the third quarter a year ago. In the first nine months of 2008, net income totaled $3.5 million, or $1.45 per diluted share, compared to $2.2 million, or $0.92 per diluted share, in the first nine months of 2007. Operating profits were reduced by $572,000 pretax, or $0.16 per share after-tax, in the third quarter and boosted by $5.6 million pretax, or $1.42 per diluted share after tax, from the ownership of Visa, Inc., its litigation settlement and IPO.
“The investment in our branch network is showing positive results generating solid growth in deposits and loans in the past year,” said Gerald O. Hatler, president and chief executive officer. “We have added a number of experienced banking professionals to our retail team, which has raised the caliber of service and professionalism throughout the franchise. In addition, we opened the Kent Branch this summer and it has already brought in $8.8 million in deposits in less than two quarters of operations.”
Third Quarter 2008 Financial Highlights(9/30/2008 compared with 9/30/2007)
| · | | Total assets rose 14% to $466 million. |
| · | | Capital ratios for the Bank remained strong with Tier 1 Capital to average assets of 8.84%, well |
| | | above the regulatory requirements of 5% for well-capitalized institutions. |
| · | | On August 22, a cash dividend of $0.07 per share was paid to shareholders of record August 6, |
| | | 2008. |
| · | | Total loans increased 19% to $423 million from $354 million. |
| · | | Commercial real estate loans grew 49% and account for 52% of the portfolio; |
| · | | Construction loans declined 7% and now represent only 13% of the portfolio. |
Balance Sheet and Asset Quality
|
Total assets grew 14% to $466 million at September 30, 2008, from $410 million at September 30, 2007. Investment securities, which are classified as available for sale, totaled $14.6 million and are primarily U.S. government or agency backed securities with an average life of less than five years. Of the total investments, Federal Home Loan Bank stock accounted for $3.6 million and mortgage backed securities totaled $3.0 million. There were no Fannie Mae or Freddie Mac securities in the investment portfolio.
Net loans increased 19% to $416 million from $351 million a year ago. The loan portfolio continues to be well secured and well diversified. At September 30, 2008, commercial loans accounted for 22% of the portfolio, commercial real estate loans accounted for 52%, construction and land development loans were equal to 13% of the portfolio, single family residential loans accounted for 8% and consumer loans contributed 5% of gross loans.
| EVGG Reports Third -Quarter 2008 Profits | | | | | | | | | | |
| November 5, 2008 | | | | | | | | | | | | |
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| LOANS | | September | | June 30, | | March 31, | | June 30, | | September | | Third |
| | | 30, | | | | | | | | 30, | | Quarter |
| (in thousands) | | 2008 | | 2008 | | 2008 | | 2007 | | 2007 | | % Change |
| |
| |
| |
| |
| |
| |
|
| Commercial | | $94,503 | | $97,975 | | $88,058 | | $88,173 | | $87,906 | | 8% |
| Real estate: | | | | | | | | | | | | |
| Commercial | | 218,556 | | 196,960 | | 174,340 | | 134,557 | | 146,539 | | 49% |
| Construction | | 53,276 | | 56,947 | | 62,738 | | 55,337 | | 57,041 | | -7% |
| Residential 1-4 family | | 33,232 | | 36,711 | | 40,778 | | 34,739 | | 40,442 | | -18% |
| Consumer and other | | 22,954 | | 22,401 | | 23,430 | | 21,119 | | 22,510 | | 2% |
| |
| |
| |
| |
| | | | |
| |
| Total | | $422,521 | | $410,994 | | $389,344 | | $333,925 | | $354,438 | | 19% |
| |
| |
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| | |
“Our asset quality is not at the pristine levels we have seen in past years, although the problem credits are limited to just a few relationships which are all secured by real estate,” said Gordon Browning, chief financial officer. Total nonperforming loans rose to $8.7 million, or 1.86% of assets at September 30, 2008, from $7.5 million or 1.64% of assets at June 30, 2008 and $1.1 million, or 0.26% of total assets at September 30, 2007.
Components of nonperforming loans were as follows:
·A $4 million loan secured by a residential land parcel in Redmond, Washington, currently valued at $7 million, and was originally valued at $11 million. This loan is currently the subject of a dispute between its two business partners who are working to dissolve their business and the property is scheduled to go into foreclosure in the near future.
·Two construction loans to a single party totaling $3.1 million for two high-end homes in Seattle and North Pierce County, for which additional reserves were booked in the first quarter.·A residential development loan in East Snohomish County, with EvergreenBank participating with other institutions for $1.1 million. The Bank’s exposure to the development includes 8 lots and 3 single family homes, which are near completion. The loans, net of recorded impairment amounts included in the allowance for loan losses, have an aggregate principal balance of approximately 95% of the current appraised value.
“In addition, we have a few large relationships which are showing 30 to 89 days delinquent. The largest such relationship is for $6 million secured by multi-family properties in King County, and we are working with the estate attorney to bring the loans current,” Browning noted.
The allowance for loan losses stood at $6.1 million or 1.44% of total loans at September 30, 2008, compared with $3.7 million or 1.05% of total loans at September 30, 2007. In the third quarter of 2008, net charge-offs totaled $9,000 compared to net charge-offs of $66,000 for the same quarter a year ago. Year-to-date, net charge-offs were $923,000, or 0.23% of average loans, compared to net charge-offs of $95,000 in the first nine months of 2007.
At September 30, 2008, deposits grew 12% to $360 million, a $40 million increase from one year ago. Core deposits (excluding time deposits over $100,000) accounted for 50% of total deposits. Noninterest bearing deposits accounted for 14% of total deposits, and other transaction accounts contributed 23% of the total. Time deposits were $89 million and brokered and bulletin board CD’s were $137 million at quarter end. “The increases in FDIC insurance limits is a welcome change and should reassure depositors in the safety and soundness of their savings,” said Hatler.
Shareholders’ equity increased 12% year over year to $28.7 million. Book value per share was up 11% to $11.85 at September 30, 2008, from $10.80 at September 30, 2007. The estimated 92,000 equivalent
EVGG Reports Third -Quarter 2008 Profits
November 5, 2008
Page 3 of 9
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restricted shares of Visa, Inc. (NYSE:V) that Evergreen owns are carried on its books at zero value, but may eventually add value to the franchise.
“While we have strong capital ratios, we are investigating the possibility of participating in the new TARP Capital Purchase Program proposed by the Treasury Department,’ added Hatler. “We are in the process of preparing our application, but whether we choose to accept some or all of the funding we expect to qualify for is still under consideration. The Board has been very clear that they will make the determination on taking TARP funds based on their estimation of the long-term impact on capital levels, shareholder dilution and the operating restrictions associated with these funds. So we are not making plans for any additional capital until the dust settles.”
Third quarter operating revenue (net interest income, before provision for loan loss, plus noninterest income excluding Visa gain or expenses) totaled $4.5 million compared to $4.8 million in the third quarter a year ago. For the first nine months of 2008, operating revenues were flat at $13.3 million compared to the year ago period.
Third quarter net interest income, before the provision for loan losses, declined 4% to $4.1 million and grew 2% in the first nine months of 2008 to $12.0 million compared to the year ago periods. In the third quarter of 2008, Evergreen’s net interest margin (taxable-equivalent) was 3.80% compared to 4.51% for the third quarter of last year. In the first nine months of 2008, net interest margin fell to 3.79% from 4.44% in the first nine months of 2007, reflecting the sharp decline in short term interest rates in the past year. “We are beginning to see some pricing power on the lending side in the current market environment, although competition for deposits remains high,” said Hatler.
“Due to the increase in our non-performing loans and because our loan portfolio is growing, we continue to build reserves,” said Michael Tibbits, chief credit officer. Evergreen provisioned $501,000 for loan losses in the third quarter compared to $525,000 in the third quarter of 2007. Year-to-date, the provision for loan losses totaled $2.8 million compared to $1.0 million in the first nine months of 2007.
After the provision for loan losses, net interest income totaled $3.6 million in the third quarter of 2008, compared to $3.8 million in the third quarter a year ago. In the first nine months of 2008, net interest income after the provision was $9.2 million compared to $10.8 million for the like period in 2007.
Third quarter noninterest income was $404,000 compared to $515,000 in the third quarter a year ago, reflecting lower fee income from service charges and credit card processing. In the first nine months of 2008, noninterest income was $6.8 million compared to $1.5 million in the first nine months of 2007. Excluding the first quarter 2008 Visa gain, noninterest income in the first nine months of 2008 totaled $1.3 million.
The significant impact from Visa’s initial public offering contributed to a large gain on the income statement in the first nine months of the year. The value of the shares of Visa will not be reflected on the balance sheet until they are sold, and they are restricted from sale for at least three years to offset Visa’s possible litigation exposure.
Noninterest expense rose 34% in the third quarter of 2008 to $4.1 million compared with $3.1 million in the same quarter a year ago, reflecting a Visa indemnification charge (expected to be offset by a
EVGG Reports Third -Quarter 2008 Profits
November 5, 2008
Page 4 of 9
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comparable fourth quarter gain), overall franchise growth and increased FDIC insurance premiums. Noninterest expense in the first nine months of 2008 also increased 22% to $11.0 million from $9.0 million in the first nine months of 2007. The ratio of annualized noninterest expense to average assets was 3.62% for the third quarter and 3.34% for the first nine months of 2008 in line with year ago levels.
| EvergreenBancorp, Inc. | | | | | | | | |
| GAAP Reconciliation Table | | | | | | | | |
| Core Earnings to GAAP reconciliation (1) | | | | | | | | |
| (in thousands except share and per share data) | | YTD08 | | YTD07 | | 3Q08 | | 3Q07 |
| GAAP net income | | $3,511 | | $2,205 | | $(47) | | $802 |
| Visa related costs or gains | | (5,015) | | - | | 572 | | - |
| Net tax effect | | 1,554 | | - | | (195) | | - |
| Core earnings | | $50 | | $2,205 | | $330 | | $802 |
| |
| Core earnings per share (1) | | | | | | | | |
| Basic core earnings per share | | $0.02 | | $0.94 | | $0.14 | | $0.34 |
| Diluted core earnings per share | | $0.02 | | $0.92 | | $0.14 | | $0.33 |
| |
| Weighted average basic common shares outstanding | | 2,400,723 | | 2,356,095 | | 2,408,984 | | 2,358,394 |
| Weighted average diluted common shares outstanding | | 2,417,801 | | 2,394,676 | | 2,410,490 | | 2,397,211 |
| (1) | Core earnings is defined as reported net income excluding certain non-routine items that occur infrequently. These non-routine items include significant infrequent gains, losses, or expenses that are not reflective of continuing operations. |
| |
| | Core earnings is a non-GAAP financial measure. |
| |
About EvergreenBancorp and EvergreenBank
Founded in 1971, EvergreenBank is a subsidiary of EvergreenBancorp, Inc., a bank holding company headquartered in Seattle, Washington. EvergreenBank is a community bank with seven offices located in Seattle, Bellevue, Lynnwood, Federal Way and Kent. The Bank offers a full suite of personal and business banking services. Services include commercial, real estate, and consumer lending; savings, checking, and certificate of deposit accounts; health savings accounts; Internet banking and merchant credit card processing services. Visitwww.EvergreenBancorp.com to learn more.
This press release contains "forward-looking statements" within the meaning of federal securities law, including statements concerning business strategies and their intended results, and similar statements concerning expectations that are not historical facts. The forward-looking statements in this press release are subject to numerous risks and uncertainties, including the effects of economic conditions, demand for financial services, competitive conditions, regulatory changes, and the availability of capital to finance growth, which could cause actual results to differ materially from those expressed in or implied by the statements herein.
| EVGG Reports Third -Quarter 2008 Profits | | | | | | | | |
| November 5, 2008 | | | | | | | | |
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| EvergreenBancorp Inc. | | | | | | |
| Consolidated Financial Highlights | | | | |
| | | | | Quarterly | | |
| |
| |
| |
|
| | | | | | | | | 3rd |
| (unaudited) | | 2008 | | 2008 | | 2007 | | Quarter |
| | | | | | | | | % |
| (in thousands except per share and ratio data) | | 3rd Qtr | | 2nd Qtr | | 3rd Qtr | | Change |
| EARNINGS RESULTS | | | | | | | | |
| Revenue | | $4,545 | | $4,319 | | $4,813 | | -6% |
| Net interest income | | $4,141 | | $3,911 | | $4,298 | | -4% |
| Provision for loan losses | | $501 | | $509 | | $525 | | -5% |
| Noninterest income | | $404 | | $408 | | $515 | | -22% |
| Noninterest expense | | $4,148 | | $3,598 | | $3,103 | | 34% |
| Net income (loss) | | $(47) | | $152 | | $802 | | -106% |
| Basic earnings (loss) per share | | $(0.02) | | $0.06 | | $0.34 | | -106% |
| Diluted earnings (loss) per share | | $(0.02) | | $0.06 | | $0.33 | | |
| Weighted average basic shares outstanding | | 2,408,984 | | 2,401,556 | | 2,358,394 | | 2% |
| Weighted average diluted shares outstanding | | 2,410,490 | | 2,417,669 | | 2,397,211 | | 1% |
| |
| PERFORMANCE RATIOS | | | | | | | | |
| Return on average assets (annualized) | | -0.04% | | 0.14% | | 0.81% | | |
| Return on average common equity (annualized) | | -0.65% | | 2.12% | | 12.76% | | |
| Net interest margin (fully tax-equivalent) | | 3.80% | | 3.73% | | 4.51% | | |
| Noninterest expense to average assets (annualized) | | 3.62% | | 3.29% | | 3.14% | | |
| |
| CAPITAL | | | | | | | | |
| Equity to assets | | 6.17% | | 6.31% | | 6.26% | | |
| Book value per share | | $11.85 | | $11.98 | | $10.80 | | 10% |
| |
| ASSET QUALITY | | | | | | | | |
| Net loan charge-offs (recoveries) | | $9 | | $187 | | $66 | | -86% |
| Allowance for loan losses | | $6,085 | | $5,593 | | $3,710 | | 64% |
| Allowance for losses to total loans | | 1.44% | | 1.36% | | 1.05% | | |
| Nonperforming loans | | $8,670 | | $7,492 | | $1,072 | | 709% |
| Nonperforming assets to total assets | | 1.86% | | 1.64% | | 0.26% | | |
| |
| END OF PERIOD BALANCES | | | | | | | | |
| Total loans | | $422,521 | | $410,994 | | $354,438 | | 19% |
| Total assets | | $465,535 | | $456,789 | | $409,965 | | 14% |
| Deposits | | $360,262 | | $320,447 | | $320,498 | | 12% |
| Shareholders' equity | | $28,708 | | $28,837 | | $25,678 | | 12% |
| |
| AVERAGE BALANCES | | | | | | | | |
| Total loans | | $419,240 | | $399,561 | | $344,978 | | 22% |
| Earning assets | | $440,556 | | $423,540 | | $380,117 | | 16% |
| Total assets | | $456,470 | | $439,511 | | $396,380 | | 15% |
| Deposits | | $349,217 | | $310,796 | | $317,887 | | 10% |
| Shareholders' equity | | $28,914 | | $28,865 | | $25,211 | | 15% |
| EVGG Reports Third -Quarter 2008 Profits | | | | | | |
| November 5, 2008 | | | | | | |
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| EvergreenBancorp Inc. | | | | | | |
| Consolidated Financial Highlights | | | | | | |
| | | Nine months ended |
| |
|
| (unaudited) | | September | | September | | YTD to |
| | | 30, | | 30, | | YTD |
| (in thousands except per share and ratio data) | | 2008 | | 2007 | | % Change |
| EARNINGS RESULTS | | | | | | |
| Revenue | | $18,854 | | $13,311 | | 42% |
| Net interest income | | $12,017 | | $11,800 | | 2% |
| Provision for loan losses | | $2,842 | | $1,021 | | 178% |
| Noninterest income | | $6,837 | | $1,511 | | 352% |
| Noninterest expense | | $11,002 | | $9,038 | | 22% |
| Net income | | $3,511 | | $2,205 | | 59% |
| Basic earnings per share | | $1.46 | | $0.94 | | 56% |
| Diluted earnings per share | | $1.45 | | $0.92 | | 58% |
| Weighted average basic shares outstanding | | 2,400,723 | | 2,356,095 | | 2% |
| Weighted average diluted shares outstanding | | 2,417,801 | | 2,394,676 | | 1% |
| |
| PERFORMANCE RATIOS | | | | | | |
| Return on average assets (annualized) | | 1.07% | | 0.79% | | |
| Return on average common equity (annualized) | | 16.86% | | 12.01% | | |
| Net interest margin (fully tax-equivalent) | | 3.79% | | 4.44% | | |
| Noninterest expense to average assets (annualized) | | 3.34% | | 3.23% | | |
| |
| CAPITAL | | | | | | |
| Equity to assets | | 6.17% | | 6.26% | | |
| Book value per share | | $11.85 | | $10.80 | | 10% |
| |
| ASSET QUALITY | | | | | | |
| Net loan charge-offs | | $923 | | $95 | | 872% |
| Allowance for loan losses | | $6,085 | | $3,710 | | 64% |
| Allowance for losses to total loans | | 1.44% | | 1.05% | | |
| Nonperforming loans | | $8,670 | | $1,072 | | 709% |
| Nonperforming assets to total assets | | 1.86% | | 0.26% | | |
| |
| END OF PERIOD BALANCES | | | | | | |
| Total loans | | $422,521 | | $354,438 | | 19% |
| Total assets | | $465,535 | | $409,965 | | 14% |
| Deposits | | $360,262 | | $320,498 | | 12% |
| Shareholders' equity | | $28,708 | | $25,678 | | 12% |
| |
| AVERAGE BALANCES | | | | | | |
| Total loans | | $400,766 | | $323,305 | | 24% |
| Earning assets | | $423,767 | | $357,081 | | 19% |
| Total assets | | $439,461 | | $373,611 | | 18% |
| Deposits | | $322,733 | | $289,080 | | 12% |
| Shareholders' equity | | $27,823 | | $24,550 | | 13% |
| EVGG Reports Third -Quarter 2008 Profits | | | | | | |
| November 5, 2008 | | | | | | |
| Page 7 of 9 | | | | | | |
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| EvergreenBancorp Inc. | | | | | | |
| Consolidated Statements of Income (Loss) | | | | | | |
| | | Three months ended | | |
| (unaudited) | | September | | September | | Third |
| | | 30, | | 30, | | Quarter |
| (in thousands except per share data) | | 2008 | | 2007 | | % Change |
| Interest and dividend income | | | | | | |
| Loans, including fees | | $7,085 | | $7,622 | | -7% |
| Federal funds sold and other | | 31 | | 104 | | -70% |
| Investments securities: | | | | | | |
| Taxable securities | | 117 | | 276 | | -58% |
| Tax exempt securities | | 25 | | 31 | | -19% |
| |
| |
| | |
| Total interest and dividend income | | 7,258 | | 8,033 | | -10% |
| |
| Interest expense | | | | | | |
| Deposits | | 2,380 | | 3,033 | | -22% |
| Federal funds purchased and | | | | | | |
| securities sold under agreements to repurchase | | 6 | | 17 | | -65% |
| Federal Home Loan Bank advances | | 595 | | 470 | | 27% |
| Junior subordinated debt | | 136 | | 215 | | -37% |
| |
| |
| | |
| Total interest expense | | 3,117 | | 3,735 | | -17% |
| |
| Net interest income | | 4,141 | | 4,298 | | -4% |
| Provision for loan losses | | 501 | | 525 | | -5% |
| |
| |
| | |
| |
| Net interest income after provision for loan losses | | 3,640 | | 3,773 | | -4% |
| |
| Noninterest income | | | | | | |
| Service charges on deposit accounts | | 285 | | 363 | | -21% |
| Merchant credit card processing | | 24 | | 45 | | -47% |
| Net earnings on bank owned life insurance | | 58 | | 56 | | 4% |
| Other noninterest income | | 37 | | 51 | | -27% |
| |
| |
| | |
| Total noninterest income | | 404 | | 515 | | -22% |
| |
| Noninterest expense | | | | | | |
| Salaries and employee benefits | | 1,764 | | 1,517 | | 16% |
| Occupancy and equipment | | 533 | | 501 | | 6% |
| Data processing | | 252 | | 232 | | 9% |
| Professional fees | | 137 | | 70 | | 96% |
| Visa indemnification charges | | 572 | | - | | |
| Marketing | | 122 | | 140 | | -13% |
| State & local taxes | | 129 | | 150 | | -14% |
| Outside service fees | | 112 | | 131 | | -15% |
| Other noninterest expense | | 527 | | 362 | | 46% |
| |
| |
| | |
| Total noninterest expense | | 4,148 | | 3,103 | | 34% |
| |
| Income (loss) before income tax expense | | (104) | | 1,185 | | -109% |
| Income tax expense (benefit) | | (57) | | 383 | | -115% |
| |
| |
| | |
| |
| Net income (loss) | | $(47) | | $802 | | -106% |
| |
| |
| | |
| |
| Earnings (loss) per share basic | | $(0.02) | | $0.34 | | -106% |
| Earnings (loss) per share diluted | | $(0.02) | | $0.33 | | |
| |
| Weighted average basic shares outstanding | | 2,408,984 | | 2,358,394 | | 2% |
| Weighted average diluted shares outstanding | | 2,410,490 | | 2,397,211 | | 1% |
| EVGG Reports Third -Quarter 2008 Profits | | | | | | | | |
| November 5, 2008 | | | | | | | | |
| Page 8 of 9 | | | | | | | | |
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| EvergreenBancorp Inc. | | | | | | | | |
| Consolidated Statements of Income | | | | | | | | |
| | | Nine months ended | | | | |
| (unaudited) | | September | | September | | Third |
| | | 30, | | 30, | | | | Quarter |
| (in thousands except per share data) | | 2008 | | 2007 | | | | % Change |
| Interest and dividend income | | | | | | | | |
| Loans, including fees | | $21,173 | | $20,878 | | | | 1% |
| Federal funds sold and other | | 138 | | 211 | | | | -35% |
| Investments securities: | | | | | | | | |
| Taxable securities | | 344 | | 848 | | | | -59% |
| Tax exempt securities | | 77 | | 94 | | | | -18% |
| |
| |
| | | | |
| Total interest and dividend income | | 21,732 | | 22,031 | | | | -1% |
| |
| Interest expense | | | | | | | | |
| Deposits | | 7,155 | | 7,799 | | | | -8% |
| Federal funds purchased and | | | | | | | | |
| securities sold under agreements to repurchase | | 9 | | 81 | | | | -89% |
| Federal Home Loan Bank advances | | 2,086 | | 1,588 | | | | 31% |
| Junior subordinated debt | | 465 | | 763 | | | | -39% |
| |
| |
| | | | |
| Total interest expense | | 9,715 | | 10,231 | | | | -5% |
| |
| Net interest income | | 12,017 | | 11,800 | | | | 2% |
| Provision for loan losses | | 2,842 | | 1,021 | | | | 178% |
| |
| |
| | | | |
| |
| Net interest income after provision for loan losses | | 9,175 | | 10,779 | | | | -15% |
| |
| Noninterest income | | | | | | | | |
| Service charges on deposit accounts | | 887 | | 1,061 | | | | -16% |
| Merchant credit card processing | | 71 | | 137 | | | | -48% |
| Net earnings on bank owned life insurance | | 164 | | 171 | | | | -4% |
| Other noninterest income | | 128 | | 142 | | | | -10% |
| Gain on redemption and interest in escrow fund of | | 5,587 | | - | | | | NM |
| Visa stock | | | | | | | | |
| |
| |
| | | | |
| Total noninterest income | | 6,837 | | 1,511 | | | | 352% |
| |
| Noninterest expense | | | | | | | | |
| Salaries and employee benefits | | 4,838 | | 4,370 | | | | 11% |
| Occupancy and equipment | | 1,623 | | 1,464 | | | | 11% |
| Data processing | | 722 | | 710 | | | | 2% |
| Professional fees | | 356 | | 262 | | | | 36% |
| Visa indemnification charges | | 572 | | - | | | | NM |
| Marketing | | 489 | | 366 | | | | 34% |
| State revenue and sales tax expense | | 451 | | 396 | | | | 14% |
| Outside service fees | | 357 | | 375 | | | | -5% |
| Other noninterest expense | | 1,594 | | 1,095 | | | | 46% |
| |
| |
| | | | |
| Total noninterest expense | | 11,002 | | 9,038 | | | | 22% |
| |
| Income before income tax expense | | 5,010 | | 3,252 | | | | 54% |
| Income tax expense | | 1,499 | | 1,047 | | | | 43% |
| |
| |
| | | | |
| |
| Net income | | $3,511 | | $2,205 | | | | 59% |
| |
| |
| | | | |
| |
| Earnings per share basic | | $1.46 | | $0.94 | | | | 56% |
| Earnings per share diluted | | $1.45 | | $0.92 | | | | 58% |
| EVGG Reports Third -Quarter 2008 Profits | | | | | | | | |
| November 5, 2008 | | | | | | | | |
| Page 9 of 9 | | | | | | | | |
| |
| Weighted average basic shares outstanding | | 2,400,723 | | 2,356,095 | | 2% | | |
| Weighted average diluted shares outstanding | | 2,417,801 | | 2,394,676 | | 1% | | |
| |
| |
| EvergreenBancorp Inc. | | | | | | | | |
| Consolidated Balance Sheets | | | | | | | | |
| (unaudited) | | September | | | | December 31, | | |
| | | 30, | | | | | | |
| (in thousands except share data) | | 2008 | | 2007 | | 2007 | | % Change |
| |
| |
| |
| |
|
| Assets | | | | | | | | |
| Cash and cash equivalents: | | | | | | | | |
| Cash and due from banks | | $11,058 | | $14,076 | | $8,276 | | 34% |
| Interest-bearing deposits in financial institutions | | 4,528 | | 5,923 | | 8,213 | | -45% |
| Federal funds sold | | 3,294 | | 2,383 | | 1,932 | | 70% |
| |
| |
| |
| | |
| Total cash and cash equivalents | | 18,880 | | 22,382 | | 18,421 | | 2% |
| |
| Investment securities: | | | | | | | | |
| Available for sale | | 14,629 | | 14,446 | | 26,388 | | -45% |
| |
| Loans | | 422,521 | | 375,428 | | 354,438 | | 19% |
| Allowance for loan losses | | (6,085) | | (4,166) | | (3,710) | | 64% |
| |
| |
| |
| | |
| Net Loans | | 416,436 | | 371,262 | | 350,728 | | 19% |
| |
| Premises and equipment | | 3,600 | | 2,886 | | 3,082 | | 17% |
| Bank owned life insurance | | 5,701 | | 5,537 | | 5,487 | | 4% |
| Interest in escrow fund of Visa stock | | 1,009 | | - | | - | | NM |
| Accrued interest and other assets | | 5,280 | | 6,274 | | 5,859 | | -10% |
| |
| |
| |
| | |
| Total assets | | $465,535 | | $422,787 | | $409,965 | | 14% |
| |
| |
| |
| | |
| |
| Liabilities | | | | | | | | |
| Deposits: | | | | | | | | |
| Noninterest bearing | | $51,622 | | $59,458 | | $56,040 | | -8% |
| Interest bearing | | 308,640 | | 250,013 | | 264,458 | | 17% |
| |
| |
| |
| | |
| Total deposits | | 360,262 | | 309,471 | | 320,498 | | 12% |
| |
| Junior subordinated debt | | 12,372 | | 12,372 | | 12,372 | | 0% |
| Federal Home Loan Bank advances | | 59,725 | | 69,910 | | 46,010 | | 30% |
| Indemnification liabilities | | 1,581 | | 2,122 | | - | | NM |
| Accrued expenses and other liabilities | | 2,887 | | 3,476 | | 5,407 | | -47% |
| |
| |
| |
| | |
| Total liabilities | | 436,827 | | 397,351 | | 384,287 | | 14% |
| |
| Stockholders' equity | | | | | | | | |
| Preferred stock: No par value; 100,000 shares | | | | | | | | |
| authorized | | | | | | | | |
| issued and outstanding - none | | - | | - | | - | | NM |
| Common stock and surplus: No par value; | | | | | | | | |
| 15,000,000 shares authorized; 2,423,000 shares | | | | | | | | |
| issued | | | | | | | | |
| and outstanding at September 30, 2008 | | 21,764 | | 21,467 | | 21,277 | | 2% |
| Retained earnings | | 6,978 | | 3,972 | | 5,163 | | 35% |
| Accumulated other comprehensive loss | | (34) | | (3) | | (762) | | -96% |
| |
| |
| |
| | |
| Total stockholders' equity | | 28,708 | | 25,436 | | 25,678 | | 12% |
| |
| |
| |
| | |
| |
| Total liabilities and stockholders' equity | | $465,535 | | $422,787 | | $409,965 | | 14% |
| |
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Note: Transmitted on GlobeNewswire on November 5, 2008 at 1:59 p.m. Pacific Time.
