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.
Evans Bancorp (EVBN) reported third quarter 2024 net income of $2.9 million, or $0.53 per diluted share. The company announced a definitive agreement to merge with NBT Bancorp during the quarter. Key highlights include: net interest margin of 2.80% (up 9 basis points), total loans growth of $67 million (4%) since year-end 2023, and total deposits increase of $182 million (11%). The quarter included $0.6 million in merger-related expenses offset by a gain from property sale. The NBT merger, valued at approximately $236 million, is expected to close in Q2 2025 with an exchange ratio of 0.91 NBT shares for each Evans share.
Evans Bancorp, Inc. (NYSE American: EVBN), a community financial services company serving Western New York since 1920, has announced a semi-annual cash dividend of $0.66 per share on its outstanding common stock. The dividend is set to be paid on October 10, 2024, to shareholders of record as of September 12, 2024. Evans Bancorp currently has approximately 5.5 million shares outstanding. This announcement demonstrates the company's commitment to providing returns to its shareholders and reflects its financial stability in the Western New York market.
Evans Bancorp (NYSE American: EVBN) reported net income of $2.9 million in Q2 2024, with earnings per share of $0.53, up 26% sequentially. The company's performance was marked by strong loan growth and improved net interest margin of 2.71%. Key highlights include:
- Total loans increased to $1.77 billion, up 5% annualized year-to-date
- Total deposits grew to $1.89 billion, a 10% increase year-to-date
- Net interest income rose to $14.3 million, up 3% from Q1 2024
- Non-interest expenses decreased by $0.4 million sequentially
The company maintains a strong capital position with a Tier 1 leverage ratio of 10.04%. Despite economic uncertainties, Evans Bancorp remains focused on strategic priorities, including enhancing digital capabilities and expanding its commercial loan portfolio in the Rochester market.
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.
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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