Edgar County Bank & Trust Co. has reported $247.3 million in assets and $1.43 million in net income for the six months ending June 30.
This represents a 25 percent growth in assets and a 32 percent growth in net income for the corresponding period ending June 30, 2008. This increase in net income was also achieved in spite of a $240,000 increase in the provision for loan losses and a $173,330 increase in FDIC insurance expense, bank President and CEO Eric Volkmann announced.
“Economic times and market conditions make it difficult to achieve measurable and predictable results; however, delivering quality service to our customers despite economic times fosters relationships,” Volkmann said. “The bank’s increase in assets and earnings, supported by Prospect Bank’s expansion in Champaign in late 2008, proved that delivering traditional lending and deposit services in a tough economic cycle will grow assets prudently and cultivate earnings momentum. The increase in customer numbers helped us realize organic growth, which outpaced our peers nationwide.”
In addition, the cost of opening Prospect Bank was absorbed earlier than anticipated, yielding better results.
Edgar County Bank and Trust Co. has served surrounding communities for more than 135 years. Edgar County Bank & Trust Company is a privately owned financial institution with facilities in Paris, Kansas, Brocton, and Ashmore, Ill. Prospect Bank, located in Champaign, Ill., is a division of Edgar County Bank & Trust Co.
