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EVGGQ revoked:
http://www.sec.gov/litigation/admin/2012/34-66339.pdf
"In rare cases, the original stock may retain some value if no new stock is issued and the company comes out of Chapter 11 in sound financial shape."
"If the company files Chapter 7 bankruptcy, you can be almost certain you have lost all your money invested in the company’s stock."
http://stocks.about.com/od/understandingstocks/a/121308bank3.htm
They filed CH 7... there are no assets now... and there will be no surviving corporate assets, and no surviving entity. Once they get the thing through BK court, the court or the CH7 trustee should dissolve the company and file to de-list the stock.
There may be an issue worth addressing in the way the BK process works vs how the market works... as in a CH 7 filing the deliberate lack of any escape for investors, and without an escape for the shell, leaves the value of the structure and listing as a wasted asset. There probably should be an adjustment made to the BK law to enable the "sale" of the shell as an stand alone asset in a form that would have it not inheriting the liabilities... as it would be in the interest of shareholders AND creditors to have the shell survive and provide at least a potential for recouping some lost capital, if the shell company managed to succeed in establishing a new business.
But, as far as this issue ? It was always a very high risk crap shoot that they "might" be able to pull it out. If they had managed to "fix it", it could easily have been a pennies to dollars story... but, they didn't fix it, and filed CH 7, so it isn't going to be a survival story, or a shell stock turn around story, rather than a failure... and that's all.
I still think it is a crime in progress that big banks were "bailed out" while small banks only get "liquidated"... but, given that is the reality, the original premise of the play is still intact, too (if not in this stock): Find a few of those "on the edge" that manage to survive, and you'll likely do very well with only a few winners. As EVGGQ makes clear, finding those with an ability to "survive" likely will mean finding those few that also prove to have an ability to raise new capital... which EVGG might have had, IF... but, they whiffed on the effort.
New 52-week low 0.002 was created yesterday! Sell the CH11 scam bank at the bid ASAP before it hits another new low 0.001...
Another new 52-week low 0.0026 was created last week! Sell the CH11
pos scam at the bid ASAP before it hits another new low 0.0025...
New 52-week low 0.005 was created yesterday! Sell the CH11 pos scam
at the bid ASAP before it hits another new low 0.004 or even 0.003.
New 52-week low 0.0051 was created last week. Sell at the bid ASAP
before the pos scam hits another new low 0.005. It is a CH7 bank!
But the same thing happened to CORS as well. Why their MVs are such
different (CORS is traded 100 times of EVGG). Are those CORS buyers
very stupid? I do think so. Both banks are almost same basically...
they were taken over by FDIC and assets sold, that's why
Why this bank stock is trading at only $0.025M market value vs CORS
is trading over $2.5M MV? Both have not filed the bankruptcy yet! It
seems EVGG has already bottomed out at 0.01. It may bounce to 0.03!
What you guys are waiting for? Only the very bad news (CH7 filing) will kick in anytime since they filed that NT-10K on 03/31/2010. Why
the FDIC closure didn't cause the bottom price breaking down so far?
From the 03/31/10 SEC filing: the bank will file the CH7 very soon. Sell at the bid ASAP before the pos scam hits another new low 0.005!
Why the stock did not break down the previous 52-week low 0.01 after
the FDIC closure even the bank has not filed the bankruptcy yet? Why
the bad news did not have any negative effect to the price so far?
Quick question: why the pre-bankruptcy the pos scam already hit 0.01
and after the bankruptcy the low was only 0.03 yesterday? I bet it
must be the MM's manipulation so that they can get rid of their huge amount of shares (2M+) at higher price. Be very careful, all buyers!
Ouch. Stick a fork in it...
http://apnews.myway.com/article/20100123/D9DD6LEG0.html
yup, i did the same thing and got the same e-mail,lol:)
just sent IR an email asking about any updates and received a response within 10 minutes but he had no new updates and said he would update all shareholds when he gets any news good or bad
Just received an e-mail from the CEO...He says there is no updates as of yet but when something does happen that affects shareholders he will update through an 8-k..So, I guess the wait continues...
Great post downside:)...Guess we will have to hold tight here and wait for the payoff or for the FDIC, one of the two...
Probably going to give them a call after the New Year so I'll let ya know what i find out...
I've called and chatted with them...
They seem forthcoming enough...
Just not much ability for THEM to see through all the murk the situation presents, now, making it pretty much uncertain, if not quite a total crap shoot, what happens from here.
I don't expect much will happen quickly...
I'm expecting the best thing going for most banks in similar situations, from here, is that the FDIC is running out of money, and Congress isn't showing all that much will for spending more to continue the effort to aggregate more banks, making fewer and fewer, bigger banks over time... when that runs exactly counter to our public policy interest.
The policy makers need to address the systemic level economic failures we see driving this, from a perspective that the FDIC isn't designed or properly equipped to handle.
If they took returned TARP money and funded the FDIC with it... that would make things worse. If the took the TARP money and funded small banks with it, the same way they funded larger banks, giving them the same sweetheart deals on zero interest loans, etc... that would probably level the playing field, at least, and restore basic function necessary to allow community banks to fund small business, which has to happen before job growth can resume.
The big banks won't lend... and you can't make them lend, while they are earning $ the way they are on the spreads they have now just from sitting on the $$$...
The small banks, if you give them the same sort of chance and opportunity, won't have the same sort of options to NOT lend...
We need a program that can kick start new business lending, kick start job growth, create new competition in the range of economic potential, and do all of that without subjecting the result to control by the big banks...
I'm not sure downside, just know we are undervalued here...
We need to just keep the FDIC away and this will be multi-dollas again easy..
i think gumzsa called them recently and the IR guy said they were taking a hit because of the economy but that they were still in business...
That is interesting...
How useful is that value, and how is it accounted for, in the assets vs. liabilities issues that the FDIC will care about ?
Seems likely that is already built into the base value, already accounted for... so that it isn't an overlooked asset value ?
Would be something if it were...
EVGG SS
Common Stock, no par value, outstanding as of December 7, 2009: 2,541,932 shares
No Preferred Stock was issued or outstanding.
Also from the 10Q
The Company, as a Visa member bank, is obligated to indemnify Visa for certain litigation losses. In June 2009, the Company recognized indemnification charges of $255,000 related to this obligation when they were notified that Visa expected to further fund the escrow account set up for future Visa litigation losses. The Company recorded a gain that fully offset the $255,000 indemnification charges when Visa adjusted the conversion rate between Class A and Class B Visa, Inc. shares of common stock in July 2009. The Company currently owns approximately 129,000 shares of Visa, Inc. Class B common stock, which will convert into approximately 75,000 shares of Class A common stock using the current conversion rate as adjusted in July 2009. The Company expects that the remaining shares it owns of Visa Inc., which are currently restricted, will be sufficient to cover any future possible litigation against Visa, Inc.
75,000 x 88.23(V current SP)= $6,617,250
EVGG has over 500 million in assets and has a 1.60 book value per share..
undervalued..
One of these days we gonna see his go sky high if they can worjout things with the FDIC...
if EVGG can make it back to a buck then we should see multiple dollars IMO...i think it's down here cause people are worried about the FDIC coming in and closing us down...
There are some things here that are obviously interesting.
I like their locations...
I like the region they serve...
Growing deposits like crazy... which is counter-intuitive now. How many can you find that are doing that ?
Need to read the filings carefully to see what you can of what is going on... but, I don't read them and think I know what happens next because of it. Like most down here... the whim of the regulators could determine the outcome.
I think their difficulty is tied to the real estate debacle and its fallout... and here that is amplified a bit because their business loan portfolio was also fairly real estate dependent.
That looks like it to me... a good small bank gone bad for reasons that have more to do with things that are outside their control than not...
But, do read through the filings to note the limits the regulators are imposing... and the nature of them...
10Q out .11 cheap here imo.
15 mil AS
OS from 10Q: Common Stock, no par value, outstanding as of December 7, 2009: 2,541,932 shares
No Preferred Stock was issued or outstanding.
It looks like they are under capitalized but i like these parts of the 10Q:
Deposits
At September 30, 2009, total deposits were $438,756,000, compared to $358,890,000 at December 31, 2008, a 22 percent increase. Noninterest-bearing deposits totaled $46,044,000 at September 30, 2009 compared to $50,044,000 at December 31, 2008, a decrease of $4,000,000 or 8 percent. Interest-bearing deposits totaled $392,712,000 at September 30, 2009, compared to $308,846,000 at December 31, 2008, an increase of $83,866,000 or 27 percent. Approximately $57,477,000 or 69 percent of the net growth in interest-bearing deposits in the first nine months of 2009 was through the use of non-retail deposit sources, including brokered and internet bulletin board certificates of deposit.
As of September 30, 2009, the Company had cash, cash equivalents, and available-for-sale securities totaling $105,148,000. During the first nine months of 2009, the Company experienced strong retail deposit growth and has been able to attract substantial amounts of internet deposits from financial institutions across the country, at competitive rates, in a variety of maturities.
and
Book value per share was ($1.74) at September 30, 2009
http://www.pinksheets.com/edgar/GetFilingHtml?FilingID=6933125
Whatever IS happening... from a couple of pennies to a couple of dimes in the blink of an eye... is the sort of chart noise that I'd love to be able to get used to in my trading.
Someone knows something, big news could be right around the corner.
I agree. What's with the 60k at the ask? Big gap between bid/ask.
Crazy movement today!
NT10Q Late Filing Notice
http://www.sec.gov/Archives/edgar/data/1143566/000119312509235925/dnt10q.htm
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Outstanding Shares: 2,544,819 Shares.
Authorized Shares: 15,000,000 Shares.
Note, FDIC closed the bank on 01/23/2010, not bankruptcy filing yet.
EvergreenBancorp Earns $152,000 or $0.06 Per Diluted Share in 2Q08
SEATTLE, Jul 31, 2008 (PrimeNewswire via COMTEX) -- EvergreenBancorp, Inc. (OTCBB:EVGG), the holding company for EvergreenBank, today reported investments in its branch franchise produced a 23% increase in loans. In the second quarter of 2008, Evergreen earned $152,000, or $0.06 per diluted share, compared to $747,000, or $0.31 per diluted share in the second quarter a year ago. In the first half of 2008, operating profits were boosted by a gain from its ownership of Visa, Inc. of $5.6 million pretax, or $1.58 per diluted share after tax. In the first six months of 2008, net income totaled $3.6 million, or $1.47 per diluted share, compared to $1.4 million, or $0.59 per diluted share in the first six months of 2007.
"As we continue to invest in our branch network, we are generating solid growth in loans throughout our system, although the cost of expansion continues to impact earnings in the short term. Open just a few months, our new office in Kent has gotten off to an excellent start," stated Gerald O. Hatler, president and chief executive officer.
Second Quarter 2008 Financial Highlights
(6/30/2008 compared with 6/30/2007)
* Net loans increased 23% to $405 million, with construction loans
representing 14% of the portfolio.
* Total assets rose 18% to $457 million.
* Capital ratios for the Bank remained strong with Tier 1 Capital
to average assets of 9.12%, well above the regulatory
requirements for well-capitalized institutions of 5% for the
Bank.
* A cash dividend of $0.07 per share will be paid August 22 to
shareholders of record August 6, 2008.
Balance Sheet and Asset Quality
Total assets grew 18% to $457 million at June 30, 2008, from $387 million at June 30, 2007. Net loans increased 23% to $405 million from $331 million a year ago. The loan portfolio continues to be well diversified and well secured. At June 30, 2008, commercial loans accounted for 24% of the portfolio, commercial real estate loans were 48%, construction and land development loans were 14%, single family residential loans totaled 9% and consumer loans contributed 5% of gross loans.
LOANS June 30, March 31, June 30, Second Quarter
(in thousands) 2008 2008 2007 % Change
------------------------------------------
Commercial $97,975 $88,058 $88,173 11%
Real estate:
Commercial 196,960 174,340 134,557 46%
Construction 56,947 62,738 55,337 3%
Residential 1-4 family 36,711 40,778 34,739 6%
Consumer and other 22,401 23,430 21,119 6%
----------------------------
Total $410,994 $389,344 $333,925 23%
============================
"While the bulk of our loans continue to perform well, two substantial relationships are not performing, causing asset quality to decline in the quarter," said Gordon Browning, chief financial officer. Total nonperforming loans rose to $7.5 million, or 1.64% of assets. One of the nonperforming loans is for $3.9 million and is secured by a residential land parcel in Redmond, Washington valued recently at $7 million. This loan is currently the subject of a dispute between its two business partners who are working to dissolve their business. The other nonperforming relationship totals $3.1 million in construction loans for two high end homes in Seattle and North Pierce County, for which additional reserves were booked in the first quarter.
The allowance for loan losses stood at $5.6 million or 1.36% of total loans at June 30, 2008, compared with $3.3 million or 0.97% of total loans at June 30, 2007. In the second quarter of 2008, net charge-offs totaled $187,000, or 0.05% of average loans, compared to net recoveries of $35,000 for the same quarter a year ago. Year-to-date, net charge-offs were $914,000, or 0.23% of average loans, compared to net charge-offs of $29,000 in the first six months of 2007.
Deposits rose 7% to $320 million, a $20 million increase from one year ago. Shareholders' equity was up 16% year over year to $28.8 million. Book value per share was up 13% to $11.98 at June 30, 2008, from $10.57 at June 30, 2007. The 92,000 equivalent restricted shares of Visa, Inc.(NYSE:V) that Evergreen owns are carried on its books at zero value, but will eventually add value to the franchise.
Operating Results
Second quarter operating revenue totaled $4.3 million compared to $4.4 million in the second quarter a year ago. For the first six months of 2008, operating revenues were $14.3 million compared to $8.5 million in the first six months of 2007. Revenue includes net interest income before provision for loan losses and non interest income excluding Visa gain or expenses.
Second quarter net interest income, before the provision for loan losses, rose 1% to $3.9 million and grew 5% in the first six months of 2008 to $7.9 million compared to the year ago periods. In the second quarter of 2008, net interest margin (taxable-equivalent) was 3.73% compared to 4.40% for the second quarter of last year. In the first six months of 2008, net interest margin fell to 3.83% from 4.40% in the first half of 2007, reflecting the sharp decline in short term interest rates in the past year.
"We are continuing to build reserves both because our loan portfolio is growing, but also due to the increase in our non-performing loans," said Michael Tibbits, chief credit officer. Evergreen provisioned $509,000 for loan losses in the second quarter compared to $233,000 in the second quarter of 2007. In the first six months of 2008, the provision for loan losses totaled $2.3 million compared to $496,000 in the first six months of 2007.
After the provision for loan losses, net interest income totaled $3.4 million in the second quarter of 2008, compared to $3.6 million in the second quarter a year ago. Year to date, net interest income after the provision was $5.5 million compared to $7.0 million in the first half of 2007.
Second quarter noninterest income was $408,000 compared to $521,000 in the second quarter a year ago, reflecting lower fee income from service charges and credit card processing. In the first six months of 2008, noninterest income was $6.4 million compared to $1.0 million in the first six months of 2007. Excluding the Visa gain, noninterest income in the first half of 2008 totaled $846,000.
The significant impact from Visa's initial public offering contributed to a large gain on the income statement in the first half of the year. The shares of Visa were valued at more than $6.6 million, as of yesterday's close, although this value will not be reflected on the balance sheet until they are sold, and are restricted from sale for at least three years to offset Visa's possible litigation exposure.
Noninterest expense rose 18% in the second quarter of 2008 to $3.6 million compared with $3.0 million in the same quarter a year ago, reflecting overall franchise growth and increased FDIC insurance premiums. Noninterest expense in the first half of 2008 increased 15% to $6.9 million from $5.9 million in the first half of 2007. The ratio of annualized noninterest expense to average assets was 3.29% for the second quarter and 3.20% for the first six months of 2008 compared to 3.29% and 3.31% for the respective periods of 2007.
EvergreenBancorp, Inc.
GAAP Reconciliation Table
Core Earnings to GAAP reconciliation (1)
(in thousands except share
and per share data) 2Q08 1Q08 2Q07
-----------------------------------
GAAP net income $ 152 $ 3,882 $ 747
Visa related costs or gains -- (5,587) --
Net tax effect -- 1,749 --
Core earnings $ 152 $ 44 $ 747
===================================
Core earnings per share (1)
Basic core earnings per share $ 0.06 $ 0.02 $ 0.32
Diluted core earnings per share $ 0.06 $ 0.02 $ 0.31
Weighted average basic common
shares outstanding 2,401,556 2,392,074 2,357,308
Weighted average diluted common
shares outstanding 2,417,669 2,422,054 2,395,827
(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. Visit www.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.
EvergreenBancorp Inc.
Consolidated Financial Highlights
Quarterly
(unaudited) -----------------------------------
(in thousands except per share 2008 2007 2nd Quarter
and ratio data) 2nd Qtr 2nd Qtr % Change
EARNINGS RESULTS
Revenue $ 4,319 $ 4,384 -1%
Net interest income $ 3,911 $ 3,863 1%
Provision for loan losses $ 509 $ 233 118%
Noninterest income $ 408 $ 521 -22%
Noninterest expense $ 3,598 $ 3,040 18%
Net income $ 152 $ 747 -80%
Basic earnings per share $ 0.06 $ 0.32 -80%
Diluted earnings per share $ 0.06 $ 0.31 -80%
Weighted average basic
shares outstanding 2,401,556 2,357,308 2%
Weighted average diluted
shares outstanding 2,417,669 2,395,827 1%
PERFORMANCE RATIOS
Return on average assets
(annualized) 0.14% 0.81%
Return on average common
equity (annualized) 2.12% 12.22%
Net interest margin
(fully tax-equivalent) 3.73% 4.40%
Noninterest expense to
average assets (annualized) 3.29% 3.29%
CAPITAL
Equity to assets 6.31% 6.45%
Book value per share $ 11.98 $ 10.57 13%
ASSET QUALITY
Net loan charge-offs (recoveries) $ 187 $ (35) -635%
Allowance for loan losses $ 5,593 $ 3,251 72%
Allowance for losses
to total loans 1.36% 0.97%
Nonperforming loans $ 7,492 $ 1,407 432%
Nonperforming assets
to total assets 1.64% 0.36%
END OF PERIOD BALANCES
Total loans $ 410,994 $ 333,925 23%
Total assets $ 456,789 $ 386,622 18%
Deposits $ 320,447 $ 300,234 7%
Shareholders' equity $ 28,837 $ 24,935 16%
AVERAGE BALANCES
Total loans $ 399,561 $ 320,167 25%
Earning assets $ 423,540 $ 353,774 20%
Total assets $ 439,511 $ 370,066 19%
Deposits $ 310,796 $ 287,883 8%
Shareholders' equity $ 28,865 $ 24,511 18%
EvergreenBancorp Inc.
Consolidated Financial Highlights
Six months ended
(unaudited) -----------------------------------
(in thousands except per share June 30, June 30, YTD to YTD
and ratio data) 2008 2007 % Change
EARNINGS RESULTS
Revenue $ 14,308 $ 8,498 68%
Net interest income $ 7,875 $ 7,502 5%
Provision for loan losses $ 2,341 $ 496 372%
Noninterest income $ 6,433 $ 996 546%
Noninterest expense $ 6,852 $ 5,935 15%
Net income $ 3,559 $ 1,403 154%
Basic earnings per share $ 1.48 $ 0.60 149%
Diluted earnings per share $ 1.47 $ 0.59 151%
Weighted average basic
shares outstanding 2,396,815 2,355,108 2%
Weighted average diluted
shares outstanding 2,419,453 2,395,868 1%
PERFORMANCE RATIOS
Return on average
assets (annualized) 1.66% 0.78%
Return on average common
equity (annualized) 26.24% 11.68%
Net interest margin
(fully tax-equivalent) 3.83% 4.40%
Noninterest expense to average
assets (annualized) 3.20% 3.31%
CAPITAL
Equity to assets 6.31% 6.45%
Book value per share $ 11.98 $ 10.57 13%
ASSET QUALITY
Net loan charge-offs $ 914 $ 29 3052%
Allowance for loan losses $ 5,593 $ 3,251 72%
Allowance for losses
to total loans 1.36% 0.97%
Nonperforming loans $ 7,492 $ 1,407 432%
Nonperforming assets
to total assets 1.64% 0.36%
END OF PERIOD BALANCES
Total loans $ 410,994 $ 333,925 23%
Total assets $ 456,789 $ 386,622 18%
Deposits $ 320,447 $ 300,234 7%
Shareholders' equity $ 28,837 $ 24,935 16%
AVERAGE BALANCES
Total loans $ 391,454 $ 312,321 25%
Earning assets $ 415,301 $ 345,404 20%
Total assets $ 430,887 $ 362,073 19%
Deposits $ 309,368 $ 274,465 13%
Shareholders' equity $ 27,273 $ 24,217 13%
EvergreenBancorp Inc.
Consolidated Statements of Income
(unaudited) Three months ended Second
(in thousands except June 30, June 30, Quarter
per share data) 2008 2007 % Change
Interest and dividend income
Loans, including fees $ 6,820 $ 6,861 -1%
Federal funds sold and other 43 71 -39%
Investments securities:
Taxable securities 115 284 -60%
Tax exempt securities 25 31 -19%
----------------------
Total interest and dividend income 7,003 7,247 -3%
Interest expense
Deposits 2,237 2,595 -14%
Federal funds purchased and
securities sold under agreements
to repurchase 1 28 -96%
Federal Home Loan Bankadvances 718 447 61%
Junior subordinated debt 136 314 -57%
----------------------
Total interest expense 3,092 3,384 -9%
Net interest income 3,911 3,863 1%
Provision for loan losses 509 233 118%
----------------------
Net interest income after
provision for loan losses 3,402 3,630 -6%
Noninterest income
Service charges on
deposit accounts 290 363 -20%
Merchant credit card processing 23 48 -52%
Net earnings on bank
owned life insurance 58 59 -2%
Other noninterest income 37 51 -27%
----------------------
Total noninterest income 408 521 -22%
Noninterestexpense
Salaries and employee benefits 1,625 1,396 16%
Occupancy and equipment 580 484 20%
Data processing 223 272 -18%
Professional fees 86 96 -10%
Marketing 303 165 84%
State & local taxes 140 139 1%
Outside service fees 130 120 8%
Other noninterest expense 511 368 39%
----------------------
Total noninterest expense 3,598 3,040 18%
Income before income tax expense 212 1,111 -81%
Income tax expense 60 364 -84%
----------------------
Net income $ 152 $ 747 -80%
======================
Earnings per share basic $ 0.06 $ 0.32 -80%
Earnings per share diluted $ 0.06 $ 0.31 -80%
Weighted average basic
shares outstanding 2,401,556 2,357,308 2%
Weighted average diluted
shares outstanding 2,417,669 2,395,827 1%
EvergreenBancorp Inc.
Consolidated Statements of Income
(unaudited) Six months ended Second
(in thousands except June 30, June 30, Quarter
per share data) 2008 2007 % Change
Interest and dividend income
Loans, including fees $ 14,088 $ 13,256 6%
Federal funds sold and other 107 107 0%
Investments securities:
Taxable securities 227 572 -60%
Tax exempt securities 52 63 -17%
----------------------
Total interest and dividend income 14,474 13,998 3%
Interest expense
Deposits 4,775 4,766 0%
Federal funds purchased and
securities sold under agreements
to repurchase 3 64 -95%
Federal Home Loan Bankadvances 1,491 1,118 33%
Junior subordinated debt 330 548 -40%
----------------------
Total interest expense 6,599 6,496 2%
Net interest income 7,875 7,502 5%
Provision for loan losses 2,341 496 372%
----------------------
Net interest income after
provision for loan losses 5,534 7,006 -21%
Noninterest income
Service charges on
deposit accounts 602 698 -14%
Merchant credit card processing 47 92 -49%
Net earnings on bank
owned life insurance 106 115 -8%
Other noninterest income 91 91 0%
Gain on redemption and interest
in escrow fund of Visa stock 5,587 -- NM
----------------------
Total noninterest income 6,433 996 546%
Noninterestexpense
Salaries and employee benefits 3,074 2,853 8%
Occupancy and equipment 1,090 963 13%
Data processing 470 478 -2%
Professional fees 219 192 14%
Marketing 367 226 62%
State revenue and sales
tax expense 322 246 31%
Outside service fees 245 244 0%
Other noninterest expense 1,065 733 45%
----------------------
Total noninterest expense 6,852 5,935 15%
Income before income tax expense 5,115 2,067 147%
Income tax expense 1,556 664 134%
----------------------
Net income $ 3,559 $ 1,403 154%
======================
Earnings per share basic $ 1.48 $ 0.60 149%
Earnings per share diluted $ 1.47 $ 0.59 151%
Weighted average basic
shares outstanding 2,396,815 2,355,108 2%
Weighted average diluted
shares outstanding 2,419,453 2,395,868 1%
EvergreenBancorp Inc.
Consolidated Balance Sheets
Second
(unaudited) June 30, Dec. 31, June 30, Qtr %
(in thousands except share data) 2008 2007 2007 Change
------------------------------------
Assets Cash and cash equivalents:
Cash and due from banks $ 6,497 $ 14,076 $ 6,604 -2%
Interest-bearing deposits
in financial institutions 5,858 5,923 6,963 -16%
Federal funds sold 8,010 2,383 414 1835%
------------------------------
Total cash and cash equivalents 20,365 22,382 13,981 46%
Investment securities:
Available for sale 15,208 14,446 27,643 -45%
Loans 410,994 375,428 333,925 23%
Allowance for loan losses (5,593) (4,166) (3,251) 72%
------------------------------
Net Loans 405,401 371,262 330,674 23%
Premises and equipment 3,515 2,886 3,247 8%
Bank owned life insurance 5,643 5,537 5,430 4%
Interest in escrow fund
of Visa stock 2,122 -- -- NM
Accrued interest and other assets 4,535 6,274 5,647 -20%
------------------------------
Total assets $456,789 $422,787 $386,622 18%
==============================
Liabilities
Deposits:
Noninterest bearing $ 50,362 $ 59,458 $ 52,372 -4%
Interest bearing 270,085 250,013 247,862 9%
------------------------------
Total deposits 320,447 309,471 300,234 7%
Junior subordinated debt 12,372 12,372 17,372 -29%
Federal Home Loan Bank advances 89,725 69,910 39,361 128%
Indemnification liabilities 2,122 2,122 -- NM
Accrued expenses and
other liabilities 3,286 3,476 4,720 -30%
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Total liabilities 427,952 397,351 361,687 18%
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; 2,406,339 shares
issued and outstanding at
June 30, 2008 21,708 21,467 21,240 2%
Retained earnings 7,194 3,972 4,527 59%
Accumulated other
comprehensive loss (65) (3) (832) -92%
------------------------------
Total stockholders' equity 28,837 25,436 24,935 16%
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Total liabilities and
stockholders' equity $456,789 $422,787 $386,622 18%
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This news release was distributed by PrimeNewswire, www.primenewswire.com
SOURCE: EvergreenBancorp, Inc.
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