A 7 percent increase in loans, accompanied by a slight dip in loan losses, was given major credit for a 22 percent increase in earnings at First Evanston Bancorp, Inc., the parent company of First Bank and Trust, for the first nine months of 2015.
In a report of the company’s financial performance for the first three quarters of the year, the numbers were all favorable, when compared with the same period last year.
Net income for the period was $4,665,000, up 22 percent from $3,809,000 for the first nine months of 2014. Net income per share was $2.91, up 20 percent from $2.43 in 2014.
Total loans, net of losses, were $718 million and total deposits were $878 million. Comparable figures a year ago were $670 million and $840 million, respectively.
In the meantime, total assets continued to climb towards the billion-dollar mark, standing at $971,725,000 on Sept. 30, compared with $924,949,000 a year earlier and $948,102,000 at the end of June.
“The first nine months of the year have gone very well for the company,” said managing director and chief executive officer Robert R. Yohanan in a letter to stockholders. “We are hopeful that the remaining three months will continue the established trend,” he added.
He noted that the bank maintained Veribank’s highest Green 3-Star rating for strength and stability, as of June 30.
“Our general performance against both local and national peers,” he told stockholders, “is very favorable, and has provided us with the ability to continue to attract new business and individual relationships.”