Evans Bancorp Reports Net Income of $2.9 Million In Third Quarter 2024
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 (EVBN) ha riportato un utile netto di 2,9 milioni di dollari nel terzo trimestre del 2024, corrispondenti a $0,53 per azione diluita. Durante il trimestre, la società ha annunciato un accordo definitivo per fondersi con NBT Bancorp. I punti salienti includono: un margine di interesse netto del 2,80% (in aumento di 9 punti base), una crescita totale dei prestiti di 67 milioni di dollari (4%) rispetto alla fine del 2023, e un aumento totale dei depositi di 182 milioni di dollari (11%). Il trimestre ha incluso spese legate alla fusione per 0,6 milioni di dollari compensate da un guadagno dalla vendita di beni. La fusione con NBT, del valore di circa 236 milioni di dollari, è prevista per chiudere nel secondo trimestre del 2025 con un rapporto di scambio di 0,91 azioni NBT per ciascuna azione di Evans.
Evans Bancorp (EVBN) reportó un ingreso neto de 2.9 millones de dólares en el tercer trimestre de 2024, equivalente a $0.53 por acción diluida. Durante el trimestre, la compañía anunció un acuerdo definitivo para fusionarse con NBT Bancorp. Los puntos destacados incluyen: un margen de interés neto del 2.80% (un aumento de 9 puntos básicos), un crecimiento total de los préstamos de 67 millones de dólares (4%) desde finales de 2023, y un aumento total de los depósitos de 182 millones de dólares (11%). El trimestre incluyó gastos relacionados con la fusión por 0.6 millones de dólares compensados por una ganancia de la venta de propiedades. Se espera que la fusión con NBT, valorada en aproximadamente 236 millones de dólares, se cierre en el segundo trimestre de 2025 con un ratio de intercambio de 0.91 acciones de NBT por cada acción de Evans.
Evans Bancorp (EVBN)는 2024년 3분기에 290만 달러의 순이익을 기록했으며, 이는 희석 주당 $0.53에 해당합니다. 이 기간 동안 회사는 NBT Bancorp와의 합병에 대한 확정 계약을 발표했습니다. 주요 하이라이트에는 다음과 같은 내용이 포함됩니다: 2.80%의 순이자마진(9bp 증가), 2023년 말 이후 6700만 달러(4%)의 총 대출 증가, 1억8200만 달러(11%)의 총 예금 증가가 있습니다. 이번 분기에는 합병 관련 비용으로 60만 달러가 포함되었으며, 이는 자산 매각으로 인한 이익으로 상쇄되었습니다. 약 2억3600만 달러로 평가되는 NBT와의 합병은 2025년 2분기에 종료될 것으로 예상되며, Evans 주식 1주당 NBT 주식 0.91주를 교환할 것입니다.
Evans Bancorp (EVBN) a annoncé un revenu net de 2,9 millions de dollars pour le troisième trimestre 2024, soit 0,53 $ par action diluée. Au cours du trimestre, la société a annoncé un accord définitif pour fusionner avec NBT Bancorp. Les points clés incluent : une marge d'intérêt nette de 2,80 % (en hausse de 9 points de base), une croissance totale des prêts de 67 millions de dollars (4 %) depuis la fin de l'année 2023, et une augmentation totale des dépôts de 182 millions de dollars (11 %). Le trimestre a inclus des dépenses liées à la fusion s'élevant à 0,6 million de dollars, compensées par un gain provenant de la vente de biens. La fusion avec NBT, évaluée à environ 236 millions de dollars, devrait se clôturer au deuxième trimestre de 2025, avec un ratio d'échange de 0,91 action NBT pour chaque action Evans.
Evans Bancorp (EVBN) berichtete für das dritte Quartal 2024 von einem Nettoergebnis von 2,9 Millionen Dollar, was $0,53 pro verwässerter Aktie entspricht. Das Unternehmen gab während des Quartals eine endgültige Vereinbarung zur Fusion mit NBT Bancorp bekannt. Zu den wichtigsten Höhepunkten gehören: Nettozinsmarge von 2,80% (ein Anstieg um 9 Basispunkte), ein Wachstum der Gesamtdarlehen von 67 Millionen Dollar (4%) seit Ende 2023 und eine Steigerung der Gesamteinlagen um 182 Millionen Dollar (11%). Im Quartal waren 0,6 Millionen Dollar an Fusionkosten enthalten, die durch einen Gewinn aus dem Verkauf von Immobilien ausgeglichen wurden. Die Fusion mit NBT, die auf etwa 236 Millionen Dollar geschätzt wird, soll im 2. Quartal 2025 abgeschlossen werden, mit einem Umtauschverhältnis von 0,91 NBT-Aktien für jede Evans-Aktie.
- Net interest income increased $0.7 million (5%) quarter-over-quarter
- Total loans grew by $67 million (4%) since year-end 2023
- Total deposits rose by $182 million (11%) from December 31, 2023
- Net interest margin improved to 2.80%, up 9 basis points sequentially
- Strong loan pipeline of $83 million maintained
- Net income decreased from $3.6 million in Q3 2023 to $2.9 million in Q3 2024
- Return on average equity declined to 6.44% from 9.06% year-over-year
- Non-performing loans increased by $7.5 million during the quarter
- Non-performing loans to total loans ratio increased to 1.82% from 1.42% in Q2 2024
Insights
The Q3 2024 results reveal mixed performance with some positive developments.
The pending merger with NBT Bancorp, valued at approximately
HIGHLIGHTS
- Evans announced Definitive Agreement to merge with NBT Bancorp Inc. during the third quarter
-
Net income per share was
in the third quarter, which included$0.53 in merger-related expenses and an offsetting gain from the sale of other real estate owned (OREO) property$0.6 million -
Third quarter net interest margin was
2.80% , up 9 basis points sequentially driven by balance sheet adjustments in the first quarter of 2024 and strategic deposit pricing -
Total loans grew by
, or$67 million 4% , since year-end 2023, and by , or$84 million 5% , compared with the prior-year period -
Maintained a strong loan pipeline of
$83 million -
Total deposits rose by
, or$182 million 11% , from December 31, 2023, and increased , or$95 million 5% , from the end of last year’s third quarter
Net income of
David J. Nasca, President and CEO of Evans Bancorp, Inc., commented, “Evans delivered solid third quarter performance as the rate environment began to improve, driven by growth in our lending portfolio, and deposits, an expanded net interest margin, and continued expense management discipline. We additionally benefited from the sale of an OREO property during the quarter, which boosted non-interest income and helped offset the initial
“As we look ahead, we are excited about the future for Evans as we join with NBT Bancorp. This partnership provides a tremendous opportunity to scale our service to customers and communities by leveraging NBT's strong regional presence and shared community banking values. Together, we are well positioned to deliver long-term value to our shareholders and continue our tradition of supporting the local markets we serve.”
On September 9, 2024, NBT Bancorp Inc. (“NBT”) (Nasdaq: NBTB) and Evans announced that they entered into a definitive agreement pursuant to which Evans will merge with and into NBT. In accord with the merger agreement, NBT will acquire
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Net Interest Income |
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($ in thousands) |
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3Q 2024 |
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2Q 2024 |
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3Q 2023 |
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|
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Interest income |
|
$ |
28,698 |
|
|
$ |
27,815 |
|
|
$ |
24,292 |
Interest expense |
|
|
13,654 |
|
|
|
13,495 |
|
|
|
10,036 |
Net interest income |
|
|
15,044 |
|
|
|
14,320 |
|
|
|
14,256 |
Provision for credit losses |
|
|
570 |
|
|
|
297 |
|
|
|
506 |
Net interest income after provision |
|
$ |
14,474 |
|
|
$ |
14,023 |
|
|
$ |
13,750 |
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|
Net interest income of
Third quarter net interest margin of
The
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Asset Quality |
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($ in thousands) |
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3Q 2024 |
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2Q 2024 |
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3Q 2023 |
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Total non-performing loans |
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$ |
32,598 |
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|
$ |
25,128 |
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|
$ |
27,311 |
|
Total net loan charge-offs |
|
|
40 |
|
|
|
22 |
|
|
|
35 |
|
Non-performing loans / Total loans |
|
|
1.82 |
% |
|
|
1.42 |
% |
|
|
1.60 |
% |
Net loan charge-offs / Average loans |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
Allowance for credit losses / Total loans |
|
|
1.29 |
% |
|
|
1.28 |
% |
|
|
1.28 |
% |
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|
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|
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|
|
|
|
|
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Non-Interest Income |
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($ in thousands) |
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|
3Q 2024 |
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|
2Q 2024 |
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3Q 2023 |
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|
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|
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Deposit service charges |
|
$ |
699 |
|
|
$ |
667 |
|
|
$ |
665 |
Insurance service and fee revenue |
|
|
186 |
|
|
|
176 |
|
|
|
3,498 |
Bank-owned life insurance |
|
|
253 |
|
|
|
252 |
|
|
|
239 |
Interchange fee income |
|
|
529 |
|
|
|
504 |
|
|
|
516 |
Other income |
|
|
1,327 |
|
|
|
801 |
|
|
|
638 |
Total non-interest income |
|
$ |
2,994 |
|
|
$ |
2,400 |
|
|
$ |
5,556 |
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Total non-interest income increased
The
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Non-Interest Expense |
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($ in thousands) |
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|
3Q 2024 |
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|
2Q 2024 |
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|
3Q 2023 |
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Salaries and employee benefits |
|
$ |
7,539 |
|
|
$ |
7,330 |
|
|
$ |
8,735 |
Occupancy |
|
|
1,088 |
|
|
|
1,089 |
|
|
|
1,109 |
Advertising and public relations |
|
|
327 |
|
|
|
254 |
|
|
|
348 |
Professional services |
|
|
992 |
|
|
|
870 |
|
|
|
869 |
Technology and communications |
|
|
1,423 |
|
|
|
1,596 |
|
|
|
1,517 |
Amortization of intangibles |
|
|
4 |
|
|
|
4 |
|
|
|
100 |
FDIC insurance |
|
|
340 |
|
|
|
300 |
|
|
|
350 |
Merger related |
|
|
600 |
|
|
|
- |
|
|
|
- |
Other expenses |
|
|
1,274 |
|
|
|
1,115 |
|
|
|
1,379 |
Total non-interest expenses |
|
$ |
13,587 |
|
|
$ |
12,558 |
|
|
$ |
14,407 |
|
|
|
|
|
|
|
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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 expense was
Balance Sheet Highlights
Total assets were
Investment securities were
Total deposits of
At September 30, 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
On August 21, 2024, the Company declared a cash dividend of
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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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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9/30/2023 |
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ASSETS |
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Interest-bearing deposits at banks |
|
$ |
107,296 |
|
|
$ |
110,042 |
|
|
$ |
164,400 |
|
|
$ |
3,798 |
|
|
$ |
7,468 |
|
Securities AFS |
|
|
271,232 |
|
|
|
263,740 |
|
|
|
268,476 |
|
|
|
275,680 |
|
|
|
334,460 |
|
Securities HTM |
|
|
4,376 |
|
|
|
3,626 |
|
|
|
3,611 |
|
|
|
2,059 |
|
|
|
2,170 |
|
Loans |
|
|
1,787,957 |
|
|
|
1,765,116 |
|
|
|
1,721,876 |
|
|
|
1,720,946 |
|
|
|
1,704,400 |
|
Allowance for credit losses |
|
|
(23,091) |
|
|
|
(22,562) |
|
|
|
(22,287) |
|
|
|
(22,114) |
|
|
|
(21,846) |
|
Goodwill and intangible assets |
|
|
1,850 |
|
|
|
1,854 |
|
|
|
1,858 |
|
|
|
1,862 |
|
|
|
13,629 |
|
All other assets |
|
|
130,386 |
|
|
|
135,551 |
|
|
|
122,010 |
|
|
|
126,432 |
|
|
|
134,462 |
|
Total assets |
|
$ |
2,280,006 |
|
|
$ |
2,257,367 |
|
|
$ |
2,259,944 |
|
|
$ |
2,108,663 |
|
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$ |
2,174,743 |
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LIABILITIES AND STOCKHOLDERS' |
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|
EQUITY |
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Demand deposits |
|
$ |
435,358 |
|
|
$ |
397,535 |
|
|
$ |
399,558 |
|
|
$ |
390,238 |
|
|
$ |
447,306 |
|
NOW deposits |
|
|
372,462 |
|
|
|
382,513 |
|
|
|
381,798 |
|
|
|
345,279 |
|
|
|
324,219 |
|
Savings deposits |
|
|
706,849 |
|
|
|
710,596 |
|
|
|
715,495 |
|
|
|
649,621 |
|
|
|
698,653 |
|
Time deposits |
|
|
386,049 |
|
|
|
400,897 |
|
|
|
394,515 |
|
|
|
333,623 |
|
|
|
335,228 |
|
Total deposits |
|
|
1,900,718 |
|
|
|
1,891,541 |
|
|
|
1,891,366 |
|
|
|
1,718,761 |
|
|
|
1,805,406 |
|
Securities sold under agreement to repurchase |
|
|
8,282 |
|
|
|
7,684 |
|
|
|
6,873 |
|
|
|
9,475 |
|
|
|
13,447 |
|
Subordinated debt |
|
|
31,254 |
|
|
|
31,228 |
|
|
|
31,203 |
|
|
|
31,177 |
|
|
|
31,152 |
|
Other borrowings |
|
|
128,000 |
|
|
|
129,006 |
|
|
|
131,023 |
|
|
|
145,123 |
|
|
|
151,252 |
|
Other liabilities |
|
|
25,905 |
|
|
|
20,259 |
|
|
|
24,884 |
|
|
|
25,908 |
|
|
|
22,551 |
|
Total stockholders' equity |
|
$ |
185,847 |
|
|
$ |
177,649 |
|
|
$ |
174,595 |
|
|
$ |
178,219 |
|
|
$ |
150,935 |
|
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SHARES AND CAPITAL RATIOS |
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Common shares outstanding |
|
|
5,534,239 |
|
|
|
5,525,838 |
|
|
|
5,521,009 |
|
|
|
5,499,772 |
|
|
|
5,483,591 |
|
Book value per share |
|
$ |
33.58 |
|
|
$ |
32.15 |
|
|
$ |
31.62 |
|
|
$ |
32.40 |
|
|
$ |
27.52 |
|
Tangible book value per share (Non-GAAP) |
|
$ |
33.25 |
|
|
$ |
31.81 |
|
|
$ |
31.29 |
|
|
$ |
32.07 |
|
|
$ |
25.04 |
|
Tier 1 leverage ratio |
|
|
10.01 |
% |
|
|
10.04 |
% |
|
|
10.52 |
% |
|
|
10.37 |
% |
|
|
9.40 |
% |
Tier 1 risk-based capital ratio |
|
|
13.38 |
% |
|
|
13.55 |
% |
|
|
13.63 |
% |
|
|
13.80 |
% |
|
|
12.04 |
% |
Total risk-based capital ratio |
|
|
14.63 |
% |
|
|
14.80 |
% |
|
|
14.89 |
% |
|
|
15.05 |
% |
|
|
13.29 |
% |
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ASSET QUALITY DATA |
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|
Total non-performing loans |
|
$ |
32,598 |
|
|
$ |
25,128 |
|
|
$ |
27,977 |
|
|
$ |
27,325 |
|
|
$ |
27,311 |
|
Total net loan charge-offs (recoveries) |
|
|
41 |
|
|
|
22 |
|
|
|
93 |
|
|
|
11 |
|
|
|
35 |
|
Other real estate owned (OREO) |
|
$ |
- |
|
|
$ |
6,902 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
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|
|
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|
|
|
|
|
|
|
|
|
|
Non-performing loans/Total loans |
|
|
1.82 |
% |
|
|
1.42 |
% |
|
|
1.62 |
% |
|
|
1.59 |
% |
|
|
1.60 |
% |
Net loan charge-offs (recoveries)/Average loans |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
|
0.02 |
% |
|
|
- |
% |
|
|
0.01 |
% |
Allowance for credit losses/Total loans |
|
|
1.29 |
% |
|
|
1.28 |
% |
|
|
1.29 |
% |
|
|
1.28 |
% |
|
|
1.28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EVANS BANCORP, INC AND SUBSIDIARIES |
||||||||||||||||||||
SELECTED OPERATIONS DATA (UNAUDITED) |
||||||||||||||||||||
(in thousands, except share and per share data) |
||||||||||||||||||||
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
|
Third Quarter |
|
|
|
Second Quarter |
|
|
|
First Quarter |
|
|
|
Fourth Quarter |
|
|
|
Third Quarter |
|
Interest income |
|
$ |
28,698 |
|
|
$ |
27,815 |
|
|
$ |
25,374 |
|
|
$ |
25,205 |
|
|
$ |
24,292 |
|
Interest expense |
|
|
13,654 |
|
|
|
13,495 |
|
|
|
11,467 |
|
|
|
11,259 |
|
|
|
10,036 |
|
Net interest income |
|
|
15,044 |
|
|
|
14,320 |
|
|
|
13,907 |
|
|
|
13,946 |
|
|
|
14,256 |
|
Provision for credit losses |
|
|
570 |
|
|
|
297 |
|
|
|
266 |
|
|
|
282 |
|
|
|
506 |
|
Net interest income after provision for credit losses |
|
|
14,474 |
|
|
|
14,023 |
|
|
|
13,641 |
|
|
|
13,664 |
|
|
|
13,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit service charges |
|
|
699 |
|
|
|
667 |
|
|
|
681 |
|
|
|
670 |
|
|
|
665 |
|
Insurance service and fee revenue |
|
|
186 |
|
|
|
176 |
|
|
|
149 |
|
|
|
1,613 |
|
|
|
3,498 |
|
Bank-owned life insurance |
|
|
253 |
|
|
|
252 |
|
|
|
246 |
|
|
|
230 |
|
|
|
239 |
|
Interchange fee income |
|
|
529 |
|
|
|
504 |
|
|
|
466 |
|
|
|
510 |
|
|
|
516 |
|
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 |
|
|
729 |
|
|
|
801 |
|
|
|
725 |
|
|
|
412 |
|
|
|
638 |
|
Total non-interest income |
|
|
2,994 |
|
|
|
2,400 |
|
|
|
2,267 |
|
|
|
18,551 |
|
|
|
5,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
7,539 |
|
|
|
7,330 |
|
|
|
7,837 |
|
|
|
10,251 |
|
|
|
8,735 |
|
Occupancy |
|
|
1,088 |
|
|
|
1,089 |
|
|
|
1,157 |
|
|
|
1,078 |
|
|
|
1,109 |
|
Advertising and public relations |
|
|
327 |
|
|
|
254 |
|
|
|
171 |
|
|
|
296 |
|
|
|
348 |
|
Professional services |
|
|
992 |
|
|
|
870 |
|
|
|
895 |
|
|
|
1,003 |
|
|
|
869 |
|
Technology and communications |
|
|
1,423 |
|
|
|
1,596 |
|
|
|
1,409 |
|
|
|
1,545 |
|
|
|
1,517 |
|
Amortization of intangibles |
|
|
4 |
|
|
|
4 |
|
|
|
4 |
|
|
|
67 |
|
|
|
100 |
|
FDIC insurance |
|
|
340 |
|
|
|
300 |
|
|
|
325 |
|
|
|
350 |
|
|
|
350 |
|
Merger related |
|
|
600 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other expenses |
|
|
1,274 |
|
|
|
1,115 |
|
|
|
1,129 |
|
|
|
1,710 |
|
|
|
1,379 |
|
Total non-interest expenses |
|
|
13,587 |
|
|
|
12,558 |
|
|
|
12,927 |
|
|
|
16,300 |
|
|
|
14,407 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
3,881 |
|
|
|
3,865 |
|
|
|
2,981 |
|
|
|
15,915 |
|
|
|
4,899 |
|
Income tax provision |
|
|
938 |
|
|
|
919 |
|
|
|
647 |
|
|
|
5,741 |
|
|
|
1,281 |
|
Net income |
|
|
2,943 |
|
|
|
2,946 |
|
|
|
2,334 |
|
|
|
10,174 |
|
|
|
3,618 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share-diluted |
|
$ |
0.53 |
|
|
$ |
0.53 |
|
|
$ |
0.42 |
|
|
$ |
1.85 |
|
|
$ |
0.66 |
|
Cash dividends per common share |
|
$ |
0.66 |
|
|
$ |
- |
|
|
$ |
0.66 |
|
|
$ |
- |
|
|
$ |
0.66 |
|
Weighted average number of diluted shares |
|
|
5,542,694 |
|
|
|
5,530,120 |
|
|
|
5,519,244 |
|
|
|
5,497,029 |
|
|
|
5,490,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average total assets |
|
|
0.52 |
% |
|
|
0.52 |
% |
|
|
0.44 |
% |
|
|
1.90 |
% |
|
|
0.67 |
% |
Return on average stockholders' equity |
|
|
6.44 |
% |
|
|
6.76 |
% |
|
|
5.28 |
% |
|
|
25.73 |
% |
|
|
9.06 |
% |
Return on average tangible common stockholders' equity (Non-GAAP)* |
|
|
6.51 |
% |
|
|
6.83 |
% |
|
|
5.33 |
% |
|
|
27.37 |
% |
|
|
9.90 |
% |
Efficiency ratio |
|
|
75.32 |
% |
|
|
75.11 |
% |
|
|
79.92 |
% |
|
|
50.16 |
% |
|
|
72.72 |
% |
Efficiency ratio (Non-GAAP)** |
|
|
71.98 |
% |
|
|
75.08 |
% |
|
|
79.90 |
% |
|
|
93.40 |
% |
|
|
72.21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
|
Third Quarter |
|
|
|
Second Quarter |
|
|
|
First Quarter |
|
|
|
Fourth Quarter |
|
|
|
Third Quarter |
|
AVERAGE BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net |
|
$ |
1,743,042 |
|
|
$ |
1,715,280 |
|
|
$ |
1,703,320 |
|
|
$ |
1,682,177 |
|
|
$ |
1,658,132 |
|
Investment securities |
|
|
278,956 |
|
|
|
275,854 |
|
|
|
280,975 |
|
|
|
327,303 |
|
|
|
355,870 |
|
Interest-bearing deposits at banks |
|
|
117,326 |
|
|
|
137,442 |
|
|
|
18,889 |
|
|
|
5,916 |
|
|
|
9,883 |
|
Total interest-earning assets |
|
|
2,139,324 |
|
|
|
2,128,576 |
|
|
|
2,003,184 |
|
|
|
2,015,396 |
|
|
|
2,023,885 |
|
Non interest-earning assets |
|
|
126,056 |
|
|
|
123,457 |
|
|
|
117,646 |
|
|
|
128,915 |
|
|
|
135,896 |
|
Total Assets |
|
$ |
2,265,380 |
|
|
$ |
2,252,033 |
|
|
$ |
2,120,830 |
|
|
$ |
2,144,311 |
|
|
$ |
2,159,781 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW |
|
|
381,054 |
|
|
|
374,910 |
|
|
|
347,908 |
|
|
|
333,893 |
|
|
|
311,624 |
|
Savings |
|
|
707,742 |
|
|
|
718,627 |
|
|
|
658,656 |
|
|
|
687,223 |
|
|
|
708,724 |
|
Time deposits |
|
|
399,180 |
|
|
|
399,476 |
|
|
|
342,358 |
|
|
|
335,646 |
|
|
|
325,667 |
|
Total interest-bearing deposits |
|
|
1,487,976 |
|
|
|
1,493,013 |
|
|
|
1,348,922 |
|
|
|
1,356,762 |
|
|
|
1,346,015 |
|
Borrowings |
|
|
168,630 |
|
|
|
168,856 |
|
|
|
166,948 |
|
|
|
197,363 |
|
|
|
192,277 |
|
Total interest-bearing liabilities |
|
|
1,656,606 |
|
|
|
1,661,869 |
|
|
|
1,515,870 |
|
|
|
1,554,125 |
|
|
|
1,538,292 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
403,182 |
|
|
|
395,876 |
|
|
|
404,053 |
|
|
|
409,115 |
|
|
|
441,149 |
|
Other non-interest bearing liabilities |
|
|
22,792 |
|
|
|
19,885 |
|
|
|
23,943 |
|
|
|
22,880 |
|
|
|
20,529 |
|
Stockholders' equity |
|
|
182,800 |
|
|
|
174,403 |
|
|
|
176,964 |
|
|
|
158,191 |
|
|
|
159,811 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity |
|
$ |
2,265,380 |
|
|
$ |
2,252,033 |
|
|
$ |
2,120,830 |
|
|
$ |
2,144,311 |
|
|
$ |
2,159,781 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible common stockholders' equity (Non-GAAP)* |
|
|
180,947 |
|
|
|
172,546 |
|
|
|
175,103 |
|
|
|
148,673 |
|
|
|
146,122 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YIELD/RATE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net |
|
|
5.80 |
% |
|
|
5.63 |
% |
|
|
5.56 |
% |
|
|
5.43 |
% |
|
|
5.25 |
% |
Investment securities |
|
|
2.48 |
% |
|
|
2.63 |
% |
|
|
2.53 |
% |
|
|
2.53 |
% |
|
|
2.48 |
% |
Interest-bearing deposits at banks |
|
|
5.31 |
% |
|
|
5.86 |
% |
|
|
1.68 |
% |
|
|
6.38 |
% |
|
|
5.29 |
% |
Total interest-earning assets |
|
|
5.34 |
% |
|
|
5.26 |
% |
|
|
5.09 |
% |
|
|
4.96 |
% |
|
|
4.76 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW |
|
|
2.62 |
% |
|
|
2.50 |
% |
|
|
2.30 |
% |
|
|
2.12 |
% |
|
|
1.79 |
% |
Savings |
|
|
2.56 |
% |
|
|
2.53 |
% |
|
|
2.25 |
% |
|
|
2.09 |
% |
|
|
1.85 |
% |
Time deposits |
|
|
4.41 |
% |
|
|
4.52 |
% |
|
|
4.24 |
% |
|
|
3.83 |
% |
|
|
3.45 |
% |
Total interest-bearing deposits |
|
|
3.07 |
% |
|
|
3.05 |
% |
|
|
2.77 |
% |
|
|
2.53 |
% |
|
|
2.22 |
% |
Borrowings |
|
|
5.09 |
% |
|
|
5.16 |
% |
|
|
5.25 |
% |
|
|
5.27 |
% |
|
|
5.14 |
% |
Total interest-bearing liabilities |
|
|
3.28 |
% |
|
|
3.27 |
% |
|
|
3.04 |
% |
|
|
2.87 |
% |
|
|
2.59 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate spread |
|
|
2.06 |
% |
|
|
1.99 |
% |
|
|
2.05 |
% |
|
|
2.09 |
% |
|
|
2.17 |
% |
Contribution of interest-free funds |
|
|
0.74 |
% |
|
|
0.72 |
% |
|
|
0.74 |
% |
|
|
0.66 |
% |
|
|
0.62 |
% |
Net interest margin |
|
|
2.80 |
% |
|
|
2.71 |
% |
|
|
2.79 |
% |
|
|
2.75 |
% |
|
|
2.79 |
% |
* Average tangible common stockholders' equity excludes goodwill and intangible assets from average stockholders equity. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241031920276/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.
FAQ
What was Evans Bancorp's (EVBN) net income for Q3 2024?
What are the terms of Evans Bancorp's merger with NBT Bancorp?
How did Evans Bancorp's (EVBN) deposits perform in Q3 2024?