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Evans Bancorp, Inc. - EVBN STOCK NEWS

Welcome to our dedicated page for Evans Bancorp news (Ticker: EVBN), a resource for investors and traders seeking the latest updates and insights on Evans Bancorp stock.

Evans Bancorp Inc (symbol: EVBN) is a full-service financial institution with nearly a century of local management, operating primarily in Western New York. The company is divided into two main segments: Banking Activities and Insurance Agency Activities. Through its subsidiaries, Evans Bancorp provides a broad range of banking services to both consumer and commercial clients.

The Banking Activities segment encompasses commercial and consumer banking services, including lending, depository services, and the provision of non-deposit investment products such as annuities and mutual funds. This segment is designed to meet the varied financial needs of individuals, businesses, and municipalities in the region.

The Insurance Agency Activities segment operates through The Evans Agency, LLC, offering a variety of premium-based insurance policies on a commission basis. This includes business and personal insurance, employee benefits, surety bonds, risk management, life, disability, and long-term care coverage. Additionally, the segment provides claims adjusting services to various insurance companies.

Evans Investment Services, Inc., another subsidiary, delivers non-deposit investment and wealth management services, catering to clients’ broader financial planning and investment needs.

With fourteen neighborhood banking offices and seven insurance offices, Evans Bancorp is deeply rooted in its community values and maintains strong relationships based on trust and reliability. The company continues to evolve and expand its service offerings to better meet the needs of its customers.

Recent developments include the signing of a definitive agreement by Arthur J. Gallagher & Co. to acquire The Evans Agency, LLC. This transaction, expected to close in the fourth quarter of 2023, will see The Evans Agency operate under Gallagher's Northeast region retail property/casualty brokerage operations, enhancing their capabilities in Western New York.

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Evans Bancorp (NYSE American: EVBN) has announced its second quarter 2024 conference call and webcast schedule. The company, which has been serving Western New York since 1920, will release its Q2 2024 results after market close on Tuesday, July 30, 2024. A conference call and webcast will follow at 4:45 p.m. Eastern Time to discuss financial and operating results, corporate strategy, and outlook.

Investors can access the call via phone at (201) 689-8471 or through the company's website at www.evansbancorp.com. A replay will be available until August 13, 2024, by dialing (412) 317-6671 with conference ID 13746898. The webcast replay and transcript will also be posted on the company's website.

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Evans Bancorp, Inc. reported a net income of $2.3 million in the first quarter of 2024, showcasing a 4% increase in total loan balances, a 10% rise in total deposits, and a $95 million robust loan pipeline. The net interest margin expanded slightly to 2.79% sequentially. Despite a decrease in net income compared to previous quarters, the company remains optimistic about future asset growth, supported by expense management and strengthened capital. There was a decrease in non-interest income, a slight increase in non-interest expenses, and a change in asset quality. Overall, Evans Bancorp emphasizes a focus on balance sheet strength, liquidity, and maintaining regulatory capital ratios.

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Evans Bancorp, Inc. (EVBN) announced its first-quarter 2024 conference call and webcast to review financial results and corporate strategy. The call will take place on April 30, 2024, at 4:45 p.m. ET, with a question-and-answer session to follow. Investors can access the call via phone or internet, with a replay available until May 14, 2024.
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Evans Bancorp, Inc. declares a cash dividend of $0.66 per share on its outstanding common stock, payable on April 9, 2024, to shareholders of record as of March 12, 2024. The Company has approximately 5.5 million shares outstanding.
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Evans Bancorp, Inc. reported a pretax gain of $20.2 million in the fourth quarter of 2023, with a net income of $10.2 million. The company repositioned its balance sheet, resulting in a 25% increase in tangible book value per share. Total loan balances increased by 1% in the quarter and 3% year-over-year. However, the net interest margin declined 4 basis points sequentially. The Company's GAAP efficiency ratio was 50.2% in the fourth quarter of 2023. The Company's provision for credit loss was less than $0.1 million, reflecting improving economic conditions, and the ratio of non-performing loans to total loans was 1.59% compared with 1.48% in 2022.
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Evans Bancorp, Inc. will release its fourth quarter and full year 2023 results on February 1, 2024, followed by a conference call and webcast to discuss the financial and operating results, corporate strategy, and outlook. The telephonic replay will be available until February 15, 2024.
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Arthur J. Gallagher & Co. (NYSE:AJG) has completed the acquisition of The Evans Agency, LLC, a subsidiary of Evans Bancorp, Inc. The global insurance brokerage, risk management, and consulting services firm operates in approximately 130 countries worldwide.
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Evans Bancorp, Inc. (EVBN) announced the sale of The Evans Agency, LLC (TEA) to Arthur J. Gallagher & Co. (AJG) for $40 million. The sale is expected to be completed in Q4 2023, with a net gain on sale of approximately $15.1 million. The transaction is financially compelling, with significant improvements in capital and tangible book value. The sale provides potential net income and earnings per share enhancements as generated capital is deployed through strategic and franchise growth initiatives over time.
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Arthur J. Gallagher & Co. (NYSE:AJG) has signed a definitive agreement to acquire The Evans Agency, LLC, a subsidiary of Evans Bancorp, Inc. The acquisition is expected to close in Q4 2023. The Evans Agency is a commercial property/casualty insurance broker with expertise in public entity and scholastic services, operating in Western New York. The agency also offers personal lines and employee benefits services. This acquisition is expected to enhance Gallagher's capabilities in the region.
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Evans Bancorp reports Q3 2023 results, with total loan balances up 2% and net income of $3.6 million. Net interest margin declined 31 basis points sequentially. Return on average equity was 9.06% in Q3 2023.
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FAQ

What services does Evans Bancorp Inc provide?

Evans Bancorp Inc provides commercial and consumer banking, insurance, and wealth management services.

Where is Evans Bancorp Inc located?

Evans Bancorp Inc operates primarily in Western New York with fourteen neighborhood banking offices and seven insurance offices.

What recent developments have occurred at Evans Bancorp Inc?

Arthur J. Gallagher & Co. has signed an agreement to acquire The Evans Agency, LLC, a subsidiary of Evans Bancorp Inc. The deal is expected to close in Q4 2023.

What are the main segments of Evans Bancorp Inc?

The main segments are Banking Activities and Insurance Agency Activities.

How does Evans Bancorp Inc serve its local community?

Evans Bancorp Inc offers trusted financial services and maintains strong community relationships through nearly a century of local management.

What types of insurance does The Evans Agency, LLC offer?

The Evans Agency, LLC offers business and personal insurance, employee benefits, surety bonds, risk management, life, disability, and long-term care coverage.

Who will lead The Evans Agency after the acquisition by Arthur J. Gallagher & Co.?

Aaron Whitehouse and his team will operate under the direction of Patrick Kennedy, head of Gallagher's Northeast region retail property/casualty brokerage operations.

What investment services does Evans Investment Services, Inc. provide?

Evans Investment Services, Inc. offers non-deposit investment and wealth management services.

How long has Evans Bancorp Inc been in operation?

Evans Bancorp Inc has been providing local financial services for nearly 100 years.

What is the mission of Evans Bancorp Inc?

Evans Bancorp Inc aims to provide better personal and business banking, insurance, and wealth management solutions to its customers.

Evans Bancorp, Inc.

NYSE:EVBN

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EVBN Stock Data

157.46M
5.52M
4.93%
63.39%
3.24%
Commercial Banking
Finance and Insurance
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United States of America
HAMBURG