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Strong First Quarter Out of the Gate for Edgewater Bank

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If the rest of the year goes as well as the first quarter, stockholders of Edgewater Bancorp will be dancing in the streets for Christmas. Edgewater Bancorp, holding company for Edgewater Bank in St. Joseph, delivered “solid net income results” for the first quarter of 2018 Thursday, with President & CEO Rick Dyer reporting net income of $230,905, or $0.36 per share, as compared to net income of $59,600, or $0.10 per share a year ago in the same time frame.

Dyer says Return on Average Assets (annualized) was 6.67-percent at March 31, 2018 compared to 3.52-percent for December 31, 2017.  As a result he says, “We are pleased to report solid net income results for the first quarter of 2018, and a continuation of improved quarterly financial performance for the organization. The first quarter 2018 net income, following solid net income growth for the year ended December 31, 2017, reflects a very positive trend for Edgewater.”

Net interest income increased $180,965, or 16.3-percent, to $1.3 million for the quarter, compared to $1.1 million during the first quarter of 2017. Total provision expense of $20,000 for the first quarter of 2018 exceeded provision expense of $10,000 for the first quarter of 2017 due to loan portfolio growth, not a deterioration of asset quality.

Total non-interest expense was flat at $1.3 million from the first quarter of 2017 to the first quarter of 2018 as the organization continues to monitor and manage expenses.

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Total consolidated assets at March 31, 2018 were $154.7 million, down from $156.4 million at December 31, 2017. Total gross loans, however, increased to $120.7 million from $120.2 million while bank securities increased from $11.2 million to $16.2 million. The increase in available-for-sale securities was funded through a reduction in Fed Funds and other deposits from $20.1 million to $13.1 million, as funds were redeployed into higher-yielding investments.

Total deposits were flat at $137.6 million while borrowings from Federal Home Loan Bank decreased $2.0 million from $4.0 million at December 31, 2017 to $2.0 million at March 31, 2018.

Total equity increased to $14.1 million as of March 31, 2018, with Edgewater’s Tier 1 capital ratio improving from 8.67-percent at March 31, 2017 and 9.01-percent at December 31, 2017, to  9.18-percent at March 31, 2018.

Based in Saint Joseph, Edgewater Bancorp is the bank holding company for Edgewater Bank.  Edgewater 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.”

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