First Evanston Bancorp, Inc., the parent company of First Bank & Trust, reported assets of nearly $1 billion at the end of June, a major milestone for a financial institution in the midst of its 20th year.
In its consolidated financial statement of June 30, distributed last week, the bank’s assets stood at $948,102,000, up from $892,895,000 a year earlier.
The figure included total deposits of $857,170,000, compared with $795,381,000 12 months ago, and total loans net of an allowance for loan losses, of $722,351,000, as compared to $658,185,000 last year.
Thanks primarily to the strong lending performance, net earnings for the six-month period amounted to $3,030,000, or $ 1.89 per share, compared with $2,248,000, or $1.43 a share, for the comparable period last year.
In a letter to shareholders, managing director and CEO Robert R. Yohanan termed the results “significantly better than forecasted.”
He credited the improving economy, along with “the hard work of our loan, wealth management, and personal banking officers at all locations” for the favorable report.
In celebration of the company’s 20th anniversary, Yohanan said the bank will hold an open house for customers and neighbors, featuring Hecky’s BBQ and Actors Gymnasium performers, in the bank’s parking lot at Church Street and Benson Avenue from 11 a.m. to 1 p.m.on Saturday, Sept. 19.
He reminded shareholders that the bank recently signed a lease to move its Main Street branch to a building under construction at Main Street and Chicago Avenue.
“We look forward to moving into the new location by the end of August, 2016, subject to receiving City of Evanston approval,” he wrote.