Edgewater Bancorp Reports Earnings for First Quarter 2018

SAINT JOSEPH, Mich., May 03, 2018 (GLOBE NEWSWIRE) -- Edgewater Bancorp, Inc. EGDW announced first quarter 2018 net income of $230,905, or $0.36 per share, compared to net income of $59,600, or $0.10 per share, for the first quarter of 2017.

Return on Average Assets (annualized) was 6.67% at March 31, 2018 compared to 3.52% for December 31, 2017.  Dyer indicated, "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%, 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.

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% at March 31, 2017 and 9.01% at December 31, 2017, to  9.18% at March 31, 2018.

Based in Saint Joseph, Michigan, 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."

This news release contains comments or information that constitute forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Actual results may differ materially from the results expressed in forward-looking statements. Factors that might cause such a difference include changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and nontraditional competitors; changes in banking regulation or actions by bank regulators; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in local real estate values; changes in the national and local economies; and other factors. Edgewater undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:
Edgewater Bancorp
Coleen Rossman
SVP & Chief Financial Officer
crossman@edgewaterbank.com
(269) 982-4175