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Edgewater Bank Marks Solid 1st Quarter, Postpones Annual Stockholder Mtg

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An unfortunate victim of the current Stay Home, Stay Safe Executive Order in Michigan, the annual meeting of stockholders for Edgewater Bancorp in St. Joseph originally slated for this Thursday, May 7th, has been postponed to July 8th.

It’s too bad for everyone involved, inasmuch there’s solid news to report coming out of the first quarter of the year with after tax net income rising by nearly 34-percent over the previous year at the same time.

Edgewater Bancorp, the bank holding company for St. Joseph-based Edgewater Bank, revealed 1st quarter results today, with President & CEO Rick Dyer announcing that year-to-date March 31, 2020 net income was $246,058, or $.38 per share, compared to net income of $184,006 or $0.27 per share, for the first quarter of 2019. The net income after taxes increased $62,052 over first quarter of 2019 or 33.7-percent. Net income before income tax for the first quarter of 2020 was $313,948 compared to $227,270 for the first quarter of 2019 or an increase of $86,678 or 38.1-percent.

Net interest income increased $183,107, or 12.7-percent to $1.6 million for the quarter, compared to $1.4 million during the first quarter of 2019. Total loan loss provision expense was $30,000 for the first quarter of 2020 compared to $12,500 for the first quarter of 2019. The level of provision expense is calculated based on growth and other various asset quality considerations.

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Total non-interest income was up $91,452 from $167,638 during the first quarter of 2019 to $259,090 during the first quarter of 2020. The increase was due to increased residential mortgage sales as a result of the refinance market which was driven by a decline in rates. Total non-interest expense increased by $170,381 from the prior year to $1.5 million. That increase is attributed to expenses related to personnel costs from staff additions over the prior year. Data processing has increased over prior year due to upgrading equipment and support.

Total consolidated assets as of March 31, 2020 were $188.0 million, up from $185.9 million on December 31, 2019. Cash and Cash equivalents increased $7.1 million from $7.4 million on December 31, 2019 to $14.5 million on March 31, 2020. Loans receivable, net of allowance, decreased from $158.1 million on December 31, 2019 to $152.1 million at March 31, 2020. Loans held for sale increased $1.95 million from $50,000 on December 31, 2019 to $2.0 million on March 31, 2020. Bank investment securities and interest-bearing time deposits decreased slightly for the quarter to $12.3 million, compared to $13.5 million on December 31, 2019.

Total deposits increased by $1.3 million to $153.3 million during the quarter while the Federal Home Loan Bank Advances remained the same at $13.0 million.

Total equity increased to $17.2 million at March 31, 2020 compared to $16.8 million at December 31, 2019.

The new date for the annual meeting of stockholders on July 8, 2020, will feature the session at the main office of Edgewater Bank at 321 Main Street in St. Joseph at 5:30pm.  Shareholders who have not already voted are encouraged to cast their vote by returning their completed proxy card or by providing voting direction to their broker if shares are held in a brokerage account.

Based in Saint Joseph, Edgewater Bank provides commercial, mortgage, and consumer loan and deposit banking services from 5 banking offices in St. Joseph, Bridgman, Buchanan, Coloma, and Royalton Township. Edgewater Bancorp’s common stock is listed under the symbol “EGDW.”