Evans Bancorp Reports Net Income of $3.7 Million In Fourth Quarter 2024
HIGHLIGHTS
-
Net income per share was
in the fourth quarter, which included$0.67 in merger-related expenses and a partially offsetting benefit from the recognition of a real estate historic tax credit investment$1.1 million -
Fourth quarter net interest margin was
2.96% , up 16 basis points sequentially driven by strategic deposit pricing -
Total loans grew by
, or$63 million 4% , since December 31, 2023 -
Strong loan pipeline of
$76 million -
Total deposits up
, or$148 million 9% , from December 31, 2023 - Evans shareholders approved the merger with NBT Bancorp Inc.
Net income of
For the full year of 2024, net income was
David J. Nasca, President and CEO of Evans Bancorp, Inc., commented, “As we close out 2024, we reflect on a transformative year for our organization, marked by solid growth and progress, as well as key milestones related to our pending merger with NBT Bancorp Inc. Throughout this process, we have remained focused on execution, maintaining strong credit quality, and ensuring a smooth transition that prioritizes the needs of our customers, employees and shareholders.
“This quarter, Evans shareholders approved the merger with NBT, a pivotal step in our journey. We are confident that this partnership will enhance our long-term ability to deliver exceptional service, strengthen our position in the market, and create lasting value for all stakeholders – the community, clients, associates, and stockholders. We thank our team members for their dedication and our customers and shareholders for their continued trust as we look forward to a bright future.”
On September 9, 2024, NBT Bancorp Inc. (“NBT”) (Nasdaq: NBTB) and Evans announced that they had entered into a definitive agreement pursuant to which Evans will merge with and into NBT. In accord with the merger agreement, NBT will acquire
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Net Interest Income |
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($ in thousands) |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4Q 2024 |
|
|
3Q 2024 |
|
|
4Q 2023 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
28,031 |
|
|
$ |
28,698 |
|
|
$ |
25,205 |
Interest expense |
|
|
12,334 |
|
|
|
13,654 |
|
|
|
11,259 |
Net interest income |
|
|
15,697 |
|
|
|
15,044 |
|
|
|
13,946 |
Provision for credit losses |
|
|
1,103 |
|
|
|
570 |
|
|
|
282 |
Net interest income after provision |
|
$ |
14,594 |
|
|
$ |
14,474 |
|
|
$ |
13,664 |
|
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|
Net interest income of
Fourth quarter net interest margin of
The
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Asset Quality |
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($ in thousands) |
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4Q 2024 |
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|
3Q 2024 |
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|
4Q 2023 |
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|||
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|
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|
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|
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|
|
|
Total non-performing loans |
|
$ |
20,275 |
|
|
$ |
32,598 |
|
|
$ |
27,325 |
|
Total net loan charge-offs |
|
|
18 |
|
|
|
41 |
|
|
|
11 |
|
Non-performing loans / Total loans |
|
|
1.14 |
% |
|
|
1.82 |
% |
|
|
1.59 |
% |
Net loan charge-offs / Average loans |
|
|
- |
% |
|
|
0.01 |
% |
|
|
- |
% |
Allowance for credit losses / Total loans |
|
|
1.36 |
% |
|
|
1.29 |
% |
|
|
1.28 |
% |
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||
Non-Interest Income |
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($ in thousands) |
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|
4Q 2024 |
|
|
3Q 2024 |
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|
4Q 2023 |
|
||||
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||
Deposit service charges |
|
$ |
728 |
|
|
|
$ |
699 |
|
|
$ |
670 |
|
Insurance service and fee revenue |
|
|
145 |
|
|
|
|
186 |
|
|
|
1,613 |
|
Bank-owned life insurance |
|
|
255 |
|
|
|
|
253 |
|
|
|
230 |
|
Loss on tax credit investment |
|
|
(484 |
) |
|
|
|
- |
|
|
|
- |
|
Refundable NY state historic tax credit |
|
|
720 |
|
|
|
|
- |
|
|
|
- |
|
Interchange fee income |
|
|
516 |
|
|
|
|
529 |
|
|
|
510 |
|
Gain on sale of other real estate owned |
|
|
- |
|
|
|
|
598 |
|
|
|
- |
|
Gain on sale of insurance agency |
|
|
- |
|
|
|
|
- |
|
|
|
20,160 |
|
Loss on sale of investment securities |
|
|
- |
|
|
|
|
- |
|
|
|
(5,044 |
) |
Other income |
|
|
1,418 |
|
|
|
|
729 |
|
|
|
412 |
|
Total non-interest income |
|
$ |
3,298 |
|
|
|
$ |
2,994 |
|
|
$ |
18,551 |
|
|
|
|
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|
|
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|
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|
Total non-interest income increased
Excluding the 2023 fourth quarter’s transactions relating to the gain on the sale of TEA and loss on sale of securities, non-interest income would have been
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Non-Interest Expense |
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($ in thousands) |
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|
|
4Q 2024 |
|
|
3Q 2024 |
|
|
4Q 2023 |
|||
|
|
|
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|
|
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|
|
Salaries and employee benefits |
|
$ |
7,931 |
|
|
$ |
7,539 |
|
|
$ |
10,251 |
Occupancy |
|
|
1,023 |
|
|
|
1,088 |
|
|
|
1,078 |
Advertising and public relations |
|
|
184 |
|
|
|
327 |
|
|
|
296 |
Professional services |
|
|
776 |
|
|
|
992 |
|
|
|
1,003 |
Technology and communications |
|
|
1,556 |
|
|
|
1,423 |
|
|
|
1,545 |
Amortization of intangibles |
|
|
4 |
|
|
|
4 |
|
|
|
67 |
FDIC insurance |
|
|
350 |
|
|
|
340 |
|
|
|
350 |
Merger related |
|
|
1,073 |
|
|
|
600 |
|
|
|
- |
Other expenses |
|
|
1,454 |
|
|
|
1,274 |
|
|
|
1,710 |
Total non-interest expenses |
|
$ |
14,351 |
|
|
$ |
13,587 |
|
|
$ |
16,300 |
|
|
|
|
|
|
|
|
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|
Non-interest expenses increased
Salaries and employee benefits, the largest component of non-interest expenses, were up
The Company’s GAAP efficiency ratio, or noninterest expenses divided by the sum of net interest income and noninterest income, was
Income tax benefit was
Balance Sheet Highlights
Total assets were
Investment securities were
Total deposits of
At December 31, 2024, Evans had
Capital Management
The Company has consistently maintained regulatory capital ratios measurably above the Federal “well capitalized” standard, including a Tier 1 leverage ratio of
Book value per share was
Non-GAAP tangible book value per share was
2024 Year in Review (compared with prior-year)
Net interest income was
The Company’s provision for credit loss was
Non-interest income was
Non-interest expense decreased
The Company’s GAAP efficiency ratio was
Income tax expense for the year was
About Evans Bancorp, Inc.
Evans Bancorp, Inc. is a financial holding company and the parent company of Evans Bank, N.A., a commercial bank with
Evans Bancorp, Inc. and Evans Bank routinely post news and other important information on their websites, at www.evansbancorp.com and www.evansbank.com.
Safe Harbor Statement: This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning future business, revenue and earnings. These statements are not historical facts or guarantees of future performance, events or results. There are risks, uncertainties and other factors that could cause the actual results of Evans Bancorp to differ materially from the results expressed or implied by such statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include the impacts from competitive pressures among financial services companies, interest rate trends, general economic conditions, changes in legislation or regulatory requirements, effectiveness at achieving stated goals and strategies, and difficulties in achieving operating efficiencies. These risks and uncertainties are more fully described in Evans Bancorp’s Annual and Quarterly Reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. Evans Bancorp undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new, updated information, future events or otherwise.
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EVANS BANCORP, INC. AND SUBSIDIARIES |
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SELECTED FINANCIAL DATA (UNAUDITED) |
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(in thousands, except shares and per share data) |
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|
12/31/2024 |
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|
9/30/2024 |
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|
6/30/2024 |
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3/31/2024 |
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|
12/31/2023 |
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ASSETS |
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|
|||||
Interest-bearing deposits at banks |
|
$ |
28,095 |
|
|
|
$ |
107,296 |
|
|
|
$ |
110,042 |
|
|
|
$ |
164,400 |
|
|
|
$ |
3,798 |
|
|
Securities AFS |
|
|
258,677 |
|
|
|
|
271,232 |
|
|
|
|
263,740 |
|
|
|
|
268,476 |
|
|
|
|
275,680 |
|
|
Securities HTM |
|
|
4,347 |
|
|
|
|
4,376 |
|
|
|
|
3,626 |
|
|
|
|
3,611 |
|
|
|
|
2,059 |
|
|
Loans |
|
|
1,783,664 |
|
|
|
|
1,787,957 |
|
|
|
|
1,765,116 |
|
|
|
|
1,721,876 |
|
|
|
|
1,720,946 |
|
|
Allowance for credit losses |
|
|
(24,176 |
) |
|
|
|
(23,091 |
) |
|
|
|
(22,562 |
) |
|
|
|
(22,287 |
) |
|
|
|
(22,114 |
) |
|
Goodwill and intangible assets |
|
|
1,846 |
|
|
|
|
1,850 |
|
|
|
|
1,854 |
|
|
|
|
1,858 |
|
|
|
|
1,862 |
|
|
All other assets |
|
|
135,012 |
|
|
|
|
130,386 |
|
|
|
|
135,551 |
|
|
|
|
122,010 |
|
|
|
|
126,432 |
|
|
Total assets |
|
$ |
2,187,465 |
|
|
|
$ |
2,280,006 |
|
|
|
$ |
2,257,367 |
|
|
|
$ |
2,259,944 |
|
|
|
$ |
2,108,663 |
|
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LIABILITIES AND STOCKHOLDERS' |
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|||||
EQUITY |
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|
|
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|
|||||
Demand deposits |
|
$ |
373,240 |
|
|
|
$ |
435,358 |
|
|
|
$ |
397,535 |
|
|
|
$ |
399,558 |
|
|
|
$ |
390,238 |
|
|
NOW deposits |
|
|
399,046 |
|
|
|
|
372,462 |
|
|
|
|
382,513 |
|
|
|
|
381,798 |
|
|
|
|
345,279 |
|
|
Savings deposits |
|
|
699,635 |
|
|
|
|
706,849 |
|
|
|
|
710,596 |
|
|
|
|
715,495 |
|
|
|
|
649,621 |
|
|
Time deposits |
|
|
394,556 |
|
|
|
|
386,049 |
|
|
|
|
400,897 |
|
|
|
|
394,515 |
|
|
|
|
333,623 |
|
|
Total deposits |
|
|
1,866,477 |
|
|
|
|
1,900,718 |
|
|
|
|
1,891,541 |
|
|
|
|
1,891,366 |
|
|
|
|
1,718,761 |
|
|
Securities sold under agreement to repurchase |
|
|
6,586 |
|
|
|
|
8,282 |
|
|
|
|
7,684 |
|
|
|
|
6,873 |
|
|
|
|
9,475 |
|
|
Subordinated debt |
|
|
31,279 |
|
|
|
|
31,254 |
|
|
|
|
31,228 |
|
|
|
|
31,203 |
|
|
|
|
31,177 |
|
|
Other borrowings |
|
|
80,000 |
|
|
|
|
128,000 |
|
|
|
|
129,006 |
|
|
|
|
131,023 |
|
|
|
|
145,123 |
|
|
Other liabilities |
|
|
19,980 |
|
|
|
|
25,905 |
|
|
|
|
20,259 |
|
|
|
|
24,884 |
|
|
|
|
25,908 |
|
|
Total stockholders' equity |
|
$ |
183,143 |
|
|
|
$ |
185,847 |
|
|
|
$ |
177,649 |
|
|
|
$ |
174,595 |
|
|
|
$ |
178,219 |
|
|
|
|
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|
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|
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SHARES AND CAPITAL RATIOS |
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|||||
Common shares outstanding |
|
|
5,567,833 |
|
|
|
|
5,534,239 |
|
|
|
|
5,525,838 |
|
|
|
|
5,521,009 |
|
|
|
|
5,499,772 |
|
|
Book value per share |
|
$ |
32.89 |
|
|
|
$ |
33.58 |
|
|
|
$ |
32.15 |
|
|
|
$ |
31.62 |
|
|
|
$ |
32.40 |
|
|
Tangible book value per share (Non-GAAP) |
|
$ |
32.56 |
|
|
|
$ |
33.25 |
|
|
|
$ |
31.81 |
|
|
|
$ |
31.29 |
|
|
|
$ |
32.07 |
|
|
Tier 1 leverage ratio |
|
|
10.37 |
|
% |
|
|
10.01 |
|
% |
|
|
10.04 |
|
% |
|
|
10.52 |
|
% |
|
|
10.37 |
|
% |
Tier 1 risk-based capital ratio |
|
|
13.63 |
|
% |
|
|
13.38 |
|
% |
|
|
13.55 |
|
% |
|
|
13.63 |
|
% |
|
|
13.80 |
|
% |
Total risk-based capital ratio |
|
|
14.88 |
|
% |
|
|
14.63 |
|
% |
|
|
14.80 |
|
% |
|
|
14.89 |
|
% |
|
|
15.05 |
|
% |
|
|
|
|
|
|
|
|
|
|
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|
|||||
ASSET QUALITY DATA |
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|||||
Total non-performing loans |
|
$ |
20,275 |
|
|
|
$ |
32,598 |
|
|
|
$ |
25,128 |
|
|
|
$ |
27,977 |
|
|
|
$ |
27,325 |
|
|
Total net loan charge-offs (recoveries) |
|
|
18 |
|
|
|
|
41 |
|
|
|
|
22 |
|
|
|
|
93 |
|
|
|
|
11 |
|
|
Other real estate owned (OREO) |
|
$ |
- |
|
|
|
$ |
- |
|
|
|
$ |
6,902 |
|
|
|
$ |
- |
|
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-performing loans/Total loans |
|
|
1.14 |
|
% |
|
|
1.82 |
|
% |
|
|
1.42 |
|
% |
|
|
1.62 |
|
% |
|
|
1.59 |
|
% |
Net loan charge-offs (recoveries)/Average loans |
|
|
- |
|
% |
|
|
0.01 |
|
% |
|
|
0.01 |
|
% |
|
|
0.02 |
|
% |
|
|
- |
|
% |
Allowance for credit losses/Total loans |
|
|
1.36 |
|
% |
|
|
1.29 |
|
% |
|
|
1.28 |
|
% |
|
|
1.29 |
|
% |
|
|
1.28 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
EVANS BANCORP, INC AND SUBSIDIARIES |
|||||||||||||||||||||||||
SELECTED OPERATIONS DATA (UNAUDITED) |
|||||||||||||||||||||||||
(in thousands, except share and per share data) |
|||||||||||||||||||||||||
|
|
|
2024 |
|
|
|
2024 |
|
|
2024 |
|
2024 |
|
2023 |
|||||||||||
|
|
Fourth Quarter |
|
|
Third Quarter |
|
|
Second Quarter |
|
First Quarter |
|
Fourth Quarter |
|||||||||||||
Interest income |
|
$ |
28,031 |
|
|
|
$ |
28,698 |
|
|
$ |
27,815 |
|
|
$ |
25,374 |
|
|
$ |
25,205 |
|
|
|||
Interest expense |
|
|
12,334 |
|
|
|
|
13,654 |
|
|
|
13,495 |
|
|
|
11,467 |
|
|
|
11,259 |
|
|
|||
Net interest income |
|
|
15,697 |
|
|
|
|
15,044 |
|
|
|
14,320 |
|
|
|
13,907 |
|
|
|
13,946 |
|
|
|||
Provision for credit losses |
|
|
1,103 |
|
|
|
|
570 |
|
|
|
297 |
|
|
|
266 |
|
|
|
282 |
|
|
|||
Net interest income after provision for credit losses |
|
|
14,594 |
|
|
|
|
14,474 |
|
|
|
14,023 |
|
|
|
13,641 |
|
|
|
13,664 |
|
|
|||
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|
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|
|
|
|
|
|
|
|||||
Deposit service charges |
|
|
728 |
|
|
|
|
699 |
|
|
|
667 |
|
|
|
681 |
|
|
|
670 |
|
|
|||
Insurance service and fee revenue |
|
|
145 |
|
|
|
|
186 |
|
|
|
176 |
|
|
|
149 |
|
|
|
1,613 |
|
|
|||
Bank-owned life insurance |
|
|
255 |
|
|
|
|
253 |
|
|
|
252 |
|
|
|
246 |
|
|
|
230 |
|
|
|||
Interchange fee income |
|
|
516 |
|
|
|
|
529 |
|
|
|
504 |
|
|
|
466 |
|
|
|
510 |
|
|
|||
Gain on sale of other real estate owned |
|
|
- |
|
|
|
|
598 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|||
Gain on sale of insurance agency |
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
20,160 |
|
|
|||
Loss on sale of investment securities |
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(5,044 |
) |
|
|||
Loss on tax credit investment |
|
|
(484 |
) |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|||
Refundable NY state historic tax credit |
|
|
720 |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|||
Other income |
|
|
1,418 |
|
|
|
|
729 |
|
|
|
801 |
|
|
|
725 |
|
|
|
412 |
|
|
|||
Total non-interest income |
|
|
3,298 |
|
|
|
|
2,994 |
|
|
|
2,400 |
|
|
|
2,267 |
|
|
|
18,551 |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Salaries and employee benefits |
|
|
7,931 |
|
|
|
|
7,539 |
|
|
|
7,330 |
|
|
|
7,837 |
|
|
|
10,251 |
|
|
|||
Occupancy |
|
|
1,023 |
|
|
|
|
1,088 |
|
|
|
1,089 |
|
|
|
1,157 |
|
|
|
1,078 |
|
|
|||
Advertising and public relations |
|
|
184 |
|
|
|
|
327 |
|
|
|
254 |
|
|
|
171 |
|
|
|
296 |
|
|
|||
Professional services |
|
|
776 |
|
|
|
|
992 |
|
|
|
870 |
|
|
|
895 |
|
|
|
1,003 |
|
|
|||
Technology and communications |
|
|
1,556 |
|
|
|
|
1,423 |
|
|
|
1,596 |
|
|
|
1,409 |
|
|
|
1,545 |
|
|
|||
Amortization of intangibles |
|
|
4 |
|
|
|
|
4 |
|
|
|
4 |
|
|
|
4 |
|
|
|
67 |
|
|
|||
FDIC insurance |
|
|
350 |
|
|
|
|
340 |
|
|
|
300 |
|
|
|
325 |
|
|
|
350 |
|
|
|||
Merger related |
|
|
1,073 |
|
|
|
|
600 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|||
Other expenses |
|
|
1,454 |
|
|
|
|
1,274 |
|
|
|
1,115 |
|
|
|
1,129 |
|
|
|
1,710 |
|
|
|||
Total non-interest expenses |
|
|
14,351 |
|
|
|
|
13,587 |
|
|
|
12,558 |
|
|
|
12,927 |
|
|
|
16,300 |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income before income taxes |
|
|
3,541 |
|
|
|
|
3,881 |
|
|
|
3,865 |
|
|
|
2,981 |
|
|
|
15,915 |
|
|
|||
Income tax (benefit) provision |
|
|
(190 |
) |
|
|
|
938 |
|
|
|
919 |
|
|
|
647 |
|
|
|
5,741 |
|
|
|||
Net income |
|
|
3,731 |
|
|
|
|
2,943 |
|
|
|
2,946 |
|
|
|
2,334 |
|
|
|
10,174 |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income per common share-diluted |
|
$ |
0.67 |
|
|
|
$ |
0.53 |
|
|
$ |
0.53 |
|
|
$ |
0.42 |
|
|
$ |
1.85 |
|
|
|||
Cash dividends per common share |
|
$ |
- |
|
|
|
$ |
0.66 |
|
|
$ |
- |
|
|
$ |
0.66 |
|
|
$ |
- |
|
|
|||
Weighted average number of diluted shares |
|
|
5,562,972 |
|
|
|
|
5,542,694 |
|
|
|
5,530,120 |
|
|
|
5,519,244 |
|
|
|
5,497,029 |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
PERFORMANCE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Return on average total assets |
|
|
0.67 |
|
% |
|
|
0.52 |
% |
|
|
0.52 |
% |
|
|
0.44 |
% |
|
|
1.90 |
|
% |
|||
Return on average stockholders' equity |
|
|
8.06 |
|
% |
|
|
6.44 |
% |
|
|
6.76 |
% |
|
|
5.28 |
% |
|
|
25.73 |
|
% |
|||
Return on average tangible common stockholders' equity (Non-GAAP)* |
|
|
8.14 |
|
% |
|
|
6.51 |
% |
|
|
6.83 |
% |
|
|
5.33 |
% |
|
|
27.37 |
|
% |
|||
Efficiency ratio |
|
|
75.55 |
|
% |
|
|
75.32 |
% |
|
|
75.11 |
% |
|
|
79.92 |
% |
|
|
50.16 |
|
% |
|||
Efficiency ratio (Non-GAAP)** |
|
|
70.76 |
|
% |
|
|
71.98 |
% |
|
|
75.08 |
% |
|
|
79.90 |
% |
|
|
93.40 |
|
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
* The calculation of the average tangible common stockholders' equity ratio excludes goodwill and intangible assets from average stockholders equity. |
|||||||||||||||||||||||||
** The calculation of the non-GAAP efficiency ratio excludes amortization of intangibles, gains and losses from investment securities, gains from sale of subsidiaries, merger-related expenses and the impact of historic tax credit transactions. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
EVANS BANCORP, INC AND SUBSIDIARIES |
|||||||||||||||||||||||||
SELECTED AVERAGE BALANCES AND YIELDS/RATES (UNAUDITED) |
|||||||||||||||||||||||||
(in thousands) |
|||||||||||||||||||||||||
|
|
2024 |
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|||||||||||||||
|
|
Fourth Quarter |
|
Third Quarter |
|
Second Quarter |
|
First Quarter |
|
Fourth Quarter |
|||||||||||||||
AVERAGE BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loans, net |
|
$ |
1,764,789 |
|
|
$ |
1,743,042 |
|
|
$ |
1,715,280 |
|
|
$ |
1,703,320 |
|
|
$ |
1,682,177 |
|
|||||
Investment securities |
|
|
278,658 |
|
|
|
278,956 |
|
|
|
275,854 |
|
|
|
280,975 |
|
|
|
327,303 |
|
|||||
Interest-bearing deposits at banks |
|
|
64,793 |
|
|
|
117,326 |
|
|
|
137,442 |
|
|
|
18,889 |
|
|
|
5,916 |
|
|||||
Total interest-earning assets |
|
|
2,108,240 |
|
|
|
2,139,324 |
|
|
|
2,128,576 |
|
|
|
2,003,184 |
|
|
|
2,015,396 |
|
|||||
Non interest-earning assets |
|
|
123,718 |
|
|
|
126,056 |
|
|
|
123,457 |
|
|
|
117,646 |
|
|
|
128,915 |
|
|||||
Total Assets |
|
$ |
2,231,958 |
|
|
$ |
2,265,380 |
|
|
$ |
2,252,033 |
|
|
$ |
2,120,830 |
|
|
$ |
2,144,311 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
NOW |
|
|
391,931 |
|
|
|
381,054 |
|
|
|
374,910 |
|
|
|
347,908 |
|
|
|
333,893 |
|
|||||
Savings |
|
|
713,921 |
|
|
|
707,742 |
|
|
|
718,627 |
|
|
|
658,656 |
|
|
|
687,223 |
|
|||||
Time deposits |
|
|
392,134 |
|
|
|
399,180 |
|
|
|
399,476 |
|
|
|
342,358 |
|
|
|
335,646 |
|
|||||
Total interest-bearing deposits |
|
|
1,497,986 |
|
|
|
1,487,976 |
|
|
|
1,493,013 |
|
|
|
1,348,922 |
|
|
|
1,356,762 |
|
|||||
Borrowings |
|
|
129,608 |
|
|
|
168,630 |
|
|
|
168,856 |
|
|
|
166,948 |
|
|
|
197,363 |
|
|||||
Total interest-bearing liabilities |
|
|
1,627,594 |
|
|
|
1,656,606 |
|
|
|
1,661,869 |
|
|
|
1,515,870 |
|
|
|
1,554,125 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Demand deposits |
|
|
397,425 |
|
|
|
403,182 |
|
|
|
395,876 |
|
|
|
404,053 |
|
|
|
409,115 |
|
|||||
Other non-interest bearing liabilities |
|
|
21,702 |
|
|
|
22,792 |
|
|
|
19,885 |
|
|
|
23,943 |
|
|
|
22,880 |
|
|||||
Stockholders' equity |
|
|
185,237 |
|
|
|
182,800 |
|
|
|
174,403 |
|
|
|
176,964 |
|
|
|
158,191 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Liabilities and Equity |
|
$ |
2,231,958 |
|
|
$ |
2,265,380 |
|
|
$ |
2,252,033 |
|
|
$ |
2,120,830 |
|
|
$ |
2,144,311 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average tangible common stockholders' equity (Non-GAAP)* |
|
|
183,389 |
|
|
|
180,947 |
|
|
|
172,546 |
|
|
|
175,103 |
|
|
|
148,673 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
YIELD/RATE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loans, net |
|
|
5.72 |
% |
|
|
5.80 |
% |
|
|
5.63 |
% |
|
|
5.56 |
% |
|
|
5.43 |
% |
|||||
Investment securities |
|
|
2.49 |
% |
|
|
2.48 |
% |
|
|
2.63 |
% |
|
|
2.53 |
% |
|
|
2.53 |
% |
|||||
Interest-bearing deposits at banks |
|
|
5.72 |
% |
|
|
5.31 |
% |
|
|
5.86 |
% |
|
|
1.68 |
% |
|
|
6.38 |
% |
|||||
Total interest-earning assets |
|
|
5.29 |
% |
|
|
5.34 |
% |
|
|
5.26 |
% |
|
|
5.09 |
% |
|
|
4.96 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
NOW |
|
|
2.47 |
% |
|
|
2.62 |
% |
|
|
2.50 |
% |
|
|
2.30 |
% |
|
|
2.12 |
% |
|||||
Savings |
|
|
2.35 |
% |
|
|
2.56 |
% |
|
|
2.53 |
% |
|
|
2.25 |
% |
|
|
2.09 |
% |
|||||
Time deposits |
|
|
4.07 |
% |
|
|
4.41 |
% |
|
|
4.52 |
% |
|
|
4.24 |
% |
|
|
3.83 |
% |
|||||
Total interest-bearing deposits |
|
|
2.83 |
% |
|
|
3.07 |
% |
|
|
3.05 |
% |
|
|
2.77 |
% |
|
|
2.53 |
% |
|||||
Borrowings |
|
|
5.12 |
% |
|
|
5.09 |
% |
|
|
5.16 |
% |
|
|
5.25 |
% |
|
|
5.27 |
% |
|||||
Total interest-bearing liabilities |
|
|
3.01 |
% |
|
|
3.28 |
% |
|
|
3.27 |
% |
|
|
3.04 |
% |
|
|
2.87 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest rate spread |
|
|
2.28 |
% |
|
|
2.06 |
% |
|
|
1.99 |
% |
|
|
2.05 |
% |
|
|
2.09 |
% |
|||||
Contribution of interest-free funds |
|
|
0.68 |
% |
|
|
0.74 |
% |
|
|
0.72 |
% |
|
|
0.74 |
% |
|
|
0.66 |
% |
|||||
Net interest margin |
|
|
2.96 |
% |
|
|
2.80 |
% |
|
|
2.71 |
% |
|
|
2.79 |
% |
|
|
2.75 |
% |
|||||
* Average tangible common stockholders' equity excludes goodwill and intangible assets from average stockholders equity. |
|
|
|
|
|
|
|
|
||
EVANS BANCORP, INC AND SUBSIDIARIES |
|
|
|
|
|
|
|
||
SELECTED OPERATIONS DATA (UNAUDITED) |
|
|
|
|
|
|
|
||
(in thousands, except share and per share data) |
|
|
|
|
|
|
|
||
|
|
2024 |
|
2023 |
|
||||
|
|
Year to Date |
|
Year to Date |
|
||||
Interest income |
|
$ |
109,918 |
|
|
$ |
96,850 |
|
|
Interest expense |
|
|
50,950 |
|
|
|
35,642 |
|
|
Net interest income |
|
|
58,968 |
|
|
|
61,208 |
|
|
Provision for credit losses |
|
|
2,236 |
|
|
|
18 |
|
|
Net interest income after provision for credit losses |
|
|
56,732 |
|
|
|
61,190 |
|
|
|
|
|
|
|
|
|
|
||
Deposit service charges |
|
|
2,774 |
|
|
|
2,593 |
|
|
Insurance service and fee revenue |
|
|
655 |
|
|
|
10,261 |
|
|
Bank-owned life insurance |
|
|
1,006 |
|
|
|
932 |
|
|
Loss on tax credit investment |
|
|
(484 |
) |
|
|
- |
|
|
Refundable NY state historic tax credit |
|
|
720 |
|
|
|
- |
|
|
Interchange fee income |
|
|
2,015 |
|
|
|
2,047 |
|
|
Gain on sale of insurance agency |
|
|
- |
|
|
|
20,160 |
|
|
Loss on sale of investment securities |
|
|
- |
|
|
|
(5,044 |
) |
|
Other income |
|
|
4,272 |
|
|
|
1,973 |
|
|
Total non-interest income |
|
|
10,958 |
|
|
|
32,922 |
|
|
|
|
|
|
|
|
|
|
||
Salaries and employee benefits |
|
|
30,637 |
|
|
|
37,047 |
|
|
Occupancy |
|
|
4,357 |
|
|
|
4,506 |
|
|
Advertising and public relations |
|
|
935 |
|
|
|
1,207 |
|
|
Professional services |
|
|
3,533 |
|
|
|
3,563 |
|
|
Technology and communications |
|
|
5,984 |
|
|
|
5,959 |
|
|
FDIC insurance |
|
|
1,315 |
|
|
|
1,400 |
|
|
Amortization of intangibles |
|
|
17 |
|
|
|
367 |
|
|
Merger-related expenses |
|
|
1,673 |
|
|
|
- |
|
|
Other expenses |
|
|
4,971 |
|
|
|
5,333 |
|
|
Total non-interest expenses |
|
|
53,422 |
|
|
|
59,382 |
|
|
|
|
|
|
|
|
|
|
||
Income before income taxes |
|
|
14,268 |
|
|
|
34,730 |
|
|
Income tax provision |
|
|
2,314 |
|
|
|
10,206 |
|
|
Net income |
|
|
11,954 |
|
|
|
24,524 |
|
|
|
|
|
|
|
|
|
|
||
PER SHARE DATA |
|
|
|
|
|
|
|
||
Net income per common share-diluted |
|
$ |
2.16 |
|
|
$ |
4.48 |
|
|
Cash dividends per common share |
|
$ |
1.32 |
|
|
$ |
1.32 |
|
|
Weighted average number of diluted shares |
|
|
5,541,373 |
|
|
|
5,471,033 |
|
|
|
|
|
|
|
|
|
|
||
PERFORMANCE RATIOS |
|
|
|
|
|
|
|
||
Return on average total assets |
|
|
0.54 |
|
% |
|
1.14 |
|
% |
Return on average stockholders' equity |
|
|
6.65 |
|
% |
|
15.47 |
|
% |
Return on average tangible common stockholders' equity (Non-GAAP)* |
|
|
6.72 |
|
% |
|
16.82 |
|
% |
Efficiency ratio |
|
|
76.40 |
|
% |
|
63.09 |
|
% |
Efficiency ratio (Non-GAAP)** |
|
|
74.23 |
|
% |
|
74.69 |
|
% |
Net interest margin |
|
|
2.81 |
|
% |
|
3.02 |
|
% |
Net loan charge-offs (recoveries)/Average loans |
|
|
0.01 |
|
% |
|
- |
|
% |
|
|
|
|
|
|
|
|
||
* The calculation of the average tangible common stockholders' equity ratio excludes goodwill and intangible assets from average stockholders equity. |
|||||||||
** The calculation of the non-GAAP efficiency ratio excludes amortization of intangibles, gains and losses from investment securities, gains from sale of subsidiaries, merger-related expenses and the impact of historic tax credit transactions. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250204269416/en/
For more information contact:
John B. Connerton
Executive Vice President and Chief Financial Officer
(716) 926-2000
jconnerton@evansbank.com
-OR-
Deborah K. Pawlowski/Craig Mychajluk
Alliance Advisors IR
(716) 843-3908
dpawlowski@allianceadvisors.com
cmychajluk@allianceadvisors.com
Media Contact:
Kathleen Rizzo Young
Group VP/Public & Community Relations Director
(716) 343-5562
krizzoyoung@evansbank.com
Source: Evans Bancorp, Inc.