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Edgewater Bancorp Reports First Quarter Earnings

SAINT JOSEPH, Mich., May 03, 2019 (GLOBE NEWSWIRE) -- Edgewater Bancorp, Inc. (EGDW) announced year-to-date March 31, 2019 net income of $184,006, or $0.27 per share, compared to net income of $230,905 or $0.36 per share, for the first quarter of 2018.A  The net income number suggests a material reduction in earnings, however operating income for the first quarter was flat compared to the first quarter of 2018.A  $43,264 of income tax expense was recognized in 2019, compared to no income tax expense in 2018 due to the use of a portion of the deferred tax asset valuation allowance.A  Net income before income tax for the first quarter of 2019 was $227,270 compared to $230,905 for the first quarter of 2018.
Net interest income increased $146,733, or 11.3% to $1.4 million for the quarter, compared to $1.3 million during the first quarter of 2018.A  Total loan loss provision expense was $12,500 for the first quarter of 2019 compared to $20,000 for the first quarter of 2018.A  The level of provision expense is calculated based on growth and other various asset quality considerations.Total non-interest income was down $44,261 from $211,899 during the first quarter of 2018 to $167,638 during the first quarter of 2019.A  The decrease is primarily the result of slower residential mortgage loan volume during the first quarter.A  Total non-interest expense increased by $113,607 from the prior year to $1.4 million.A  The increase is attributed to expenses related to new computer software, professional fees for human resource consulting, and personnel costs.A  A portion of the personnel cost increase realized during the first quarter of 2019 is attributed to a one-time transaction.A  As previously stated, the first quarter 2019 income statement includes a tax provision expense whereas the first quarter of 2018 does not include tax expense.Total consolidated assets at March 31, 2019 were $169.3 million, down slightly from $170.0 million at December 31, 2018.A  Loans receivable, net of allowance, increased from $126.9 million at December 31, 2018 to $127.1 million at March 31, 2019.A  Bank securities and interest-bearing time deposits decreased slightly for the quarter to $15.1 million, compared to $15.4 million at December 31, 2018.A Total deposits increased by $848,532 to $144.6 million during the quarter while the Federal Home Loan Bank Advances decreased by $2.0 million to $5 million at March 31, 2019.Total equity increased to $15.6 million at March 31, 2019 compared to $15.2 million at December 31, 2018.A  A A A Based in Saint Joseph, Michigan, Edgewater Bancorp is the bank holding company for Edgewater Bank.A  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 Bancorpa??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, Inc.
Coleen Rossman
EVP & Chief Financial Officer
crossman@edgewaterbank.com
(269) 982-4175
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