Evans Bancorp - EVBN STOCK NEWS

Evans Bancorp (NYSE American: EVBN) reported fourth quarter 2024 net income of $3.7 million, or $0.67 per diluted share, including $1.1 million in merger-related expenses. The company's net interest margin improved to 2.96%, up 16 basis points from the previous quarter.

Key highlights include total loan growth of $63 million (4%) year-over-year, with a strong loan pipeline of $76 million. Total deposits increased by $148 million (9%) from December 2023. Shareholders approved the merger with NBT Bancorp Inc., expected to close in Q2 2025, with an exchange ratio of 0.91 NBT shares for each Evans share.

For full-year 2024, Evans reported net income of $12.0 million ($2.16 per diluted share), compared to $24.5 million in 2023. The year-over-year decrease primarily reflects the impact of the 2023 insurance agency sale.

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.

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.

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.

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.