Evans Bancorp Reports Net Income of $3.7 Million In Fourth Quarter 2024

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Insights

Evans Bancorp's Q4 results reveal a complex financial picture beneath the headline numbers. The sequential improvement in net interest margin to 2.96% (up 16 basis points) demonstrates successful deposit pricing management amid a shifting rate environment. This expansion occurred despite intense deposit competition, suggesting effective balance sheet management.

Credit quality metrics present a mixed signal. While non-performing loans decreased significantly from $32.6 million to $20.3 million quarter-over-quarter, the $1.1 million provision for a single credit exposure warrants attention. The allowance for credit losses to total loans ratio increased to 1.36%, indicating prudent reserve building.

The pending NBT merger, expected to close in Q2 2025, represents a strategic pivot. With an exchange ratio of 0.91 NBT shares for each Evans share, the deal values Evans at approximately $236 million. The strong shareholder approval (96%) suggests confidence in the strategic rationale.

Core business metrics show resilience with $63 million loan growth year-over-year and a robust $76 million pipeline. The $148 million deposit growth (9% YoY) is particularly impressive given the competitive funding environment, though Q4 saw expected seasonal municipal outflows.

The effective tax rate benefits from historic tax credits and TEA sale deductions demonstrate sophisticated tax planning, contributing to improved bottom-line results despite merger-related expenses of $1.1 million.

02/04/2025 - 04:15 PM

WILLIAMSVILLE, N.Y.--(BUSINESS WIRE)-- Evans Bancorp, Inc. (the “Company” or “Evans”) (NYSE American: EVBN), a community financial services company serving Western New York since 1920, today reported results of operations for the fourth quarter and full year ended December 31, 2024. The prior-year periods include business activity relating to The Evans Agency (“TEA”) prior to the sale to Arthur J. Gallagher & Co. on November 30, 2023.

HIGHLIGHTS

Net income per share was $0.67 in the fourth quarter, which included $1.1 million in merger-related expenses and a partially offsetting benefit from the recognition of a real estate historic tax credit investment
Fourth quarter net interest margin was 2.96%, up 16 basis points sequentially driven by strategic deposit pricing
Total loans grew by $63 million, or 4%, since December 31, 2023
Strong loan pipeline of $76 million
Total deposits up $148 million, or 9%, from December 31, 2023
Evans shareholders approved the merger with NBT Bancorp Inc.

Net income of $3.7 million, or $0.67 per diluted share, in the fourth quarter of 2024 was up sequentially and reflected higher net interest income of $0.7 million and an increase in non-interest income of $0.3 million offset by higher provision for credit losses of $0.5 million and an increase in non-interest expense of $0.8 million, which included $1.1 million of merger related costs. Last year’s fourth quarter had net income of $10.2 million, or $1.85 per diluted share. The prior year period included the sale of The Evans Agency to Arthur J. Gallagher & Co., and recognized a pretax gain of $20.2 million. In addition, in the fourth quarter of 2023, the Company strategically repositioned its balance sheet by selling $78 million of investment securities, primarily available-for-sale U.S. Treasuries and government-sponsored agency securities, and used the proceeds to pay down short-term borrowings. This action resulted in $5.0 million of pretax losses on investment securities during the fourth quarter of 2023. Return on average equity was 8.06% for the fourth quarter of 2024, compared with 6.44% in the third quarter of 2024 and 25.73% in the fourth quarter of 2023.

For the full year of 2024, net income was $12.0 million, or $2.16 per diluted share, compared with $24.5 million, or $4.48 per diluted share, in 2023. The change largely reflected the gain on sale of the insurance agency, which benefited the 2023 period. The return on average equity was 6.65% in 2024 compared with 15.47% in 2023.

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 100% of the outstanding shares of Evans in exchange for common shares of NBT. The exchange ratio will be fixed at 0.91 NBT shares for each share of Evans, resulting in an aggregate transaction value of approximately $236 million based on NBT’s closing stock price of $46.28 on September 6, 2024. On December 20, 2024, the shareholders of Evans voted to approve the merger. In addition, regulatory approval was received for the merger in December. Evans reported over 75% of the issued and outstanding shares of Evans were represented at a special shareholder meeting and over 96% of the votes cast were voted to approve the merger. The merger is expected to close in the second quarter of 2025 in conjunction with the system conversion.


Net Interest Income
($ 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

Net interest income of $15.7 million increased $0.7 million, or 4%, over the third quarter of 2024 due to higher average loans originated and reductions in the cost of funds as the competitive market for funding decreases in response to the federal reserve’s rate cuts. Compared with last year’s fourth quarter, net interest income was higher by $1.8 million, or 13%, due to higher average loan balances and higher yields on those balances.

Fourth quarter net interest margin of 2.96% increased 16 basis points from the trailing third quarter and was up 21 basis points over the prior-year period. The yield on loans decreased 8 basis points compared with the third quarter, though was up 29 basis points year-over-year. The cost of interest-bearing liabilities was 3.01% compared with 3.28% in the third quarter of 2024 and 2.87% in the fourth quarter of 2023.

The $1.1 million provision for credit losses in the fourth quarter was due mostly to a specific reserve taken on one loan previously classified as non-performing. A new appraisal related to this loan identified a reduction in value as the business vacated the property. The decrease in non-performing loans of $12.3 million during the quarter was due largely to one loan that was 90 days past due and still accruing in the third quarter of 2024, which renewed early in the fourth quarter.


Asset Quality
($ in thousands)

	4Q 2024			3Q 2024			4Q 2023

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	%


Non-Interest Income
($ in thousands)
	4Q 2024			3Q 2024		4Q 2023

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

Total non-interest income increased $0.3 million from the sequential quarter, due in part to the net incremental impact of a historic tax credit placed in service during the fourth quarter. The amounts are reflected on the refundable NY state tax credit and the loss on tax credit investment lines on the income statement. Additionally, the Company received $0.3 million gain from the payment of an additional tax credit investment, which was recognized in the other income category. These increases were partially offset in comparison with the third quarter due to a gain on the sale of a property that the Company had in other real estate owned during the sequential quarter.

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 $3.4 million.


Non-Interest Expense
($ in thousands)
	4Q 2024		3Q 2024		4Q 2023

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

Non-interest expenses increased $0.8 million from the sequential quarter, which included an additional $0.5 million of merger-related expenses in support of the planned merger with NBT.

Salaries and employee benefits, the largest component of non-interest expenses, were up $0.4 million, or 5%, from the third quarter of 2024 largely due to higher incentive accruals of $0.5 million. Compared with last year’s fourth quarter, the decrease of $2.3 million, or 23%, was primarily due to salaries and employee benefit expenses related to TEA of $0.8 million and a $1.4 million larger incentive accrual in the prior year’s fourth quarter.

The Company’s GAAP efficiency ratio, or noninterest expenses divided by the sum of net interest income and noninterest income, was 75.55% in the fourth quarter of 2024, 75.32% in the third quarter of 2024, and 50.16% in the fourth quarter of 2023.

Income tax benefit was $0.2 million in the fourth quarter of 2024, mainly a result of the recognition of deductions taken on the 2023 tax return related to the sale of TEA and the impact of the historic tax credit recognized in the fourth quarter. This was compared to tax expense and an effective tax rate of 24.2% in the third quarter of 2024 and 36.1% in last year’s fourth quarter. The elevated tax rate in the 2023 fourth quarter reflected the sale of TEA, which included significant non-deductible goodwill expense.

Balance Sheet Highlights

Total assets were $2.19 billion as of December 31, 2024, a decrease of $93 million, or 4%, since September 30, 2024, though were up $79 million, or 4%, since December 31, 2023. Interest-bearing deposits at banks decreased $79 million for the quarter and increased $24 million since December 31, 2023. In addition, loan growth was $63 million, or 4%, since year end 2023 and flat when compared with the sequential period.

Investment securities were $263 million at December 31, 2024, $13 million lower than the end of the third quarter of 2024 and $15 million lower than the end of last year’s fourth quarter. The primary objectives of the Company’s investment portfolio are to provide liquidity, secure municipal deposits, and maximize income while preserving the safety of principal. The Company has the positive intent and ability to hold the remaining portfolio through recovery of value.

Total deposits of $1.87 billion increased $148 million, or 9%, from the end of last year’s fourth quarter. On a sequential basis, total deposits were down $34 million, or 2%, due mostly to normal municipal seasonality.

At December 31, 2024, Evans had $80 million borrowed at FHLB. Given the current collateral available at FHLB, advances up to $401 million can be drawn on the FHLB via the Company’s overnight line of credit. Additionally, Evans has the ability to borrow from the Federal Reserve. At December 31, 2024, Evans had no short-term borrowings with the Federal Reserve and $96 million in additional availability to borrow against collateral.

Capital Management

The Company has consistently maintained regulatory capital ratios measurably above the Federal “well capitalized” standard, including a Tier 1 leverage ratio of 10.37% at December 31, 2024 compared with 10.01% at September 30, 2024 and 10.37% at December 31, 2023.

Book value per share was $32.89 at December 31, 2024 compared with $33.58 at September 30, 2024 and $32.40 at December 31, 2023. Reflected in the book value changes are the Federal Reserve’s aggressive interest rate hikes that have resulted in significant unrealized losses on investment securities. As of December 31, 2024, this amounted to $7.63 per share impact to book value. Such unrealized gains and losses are due to changes in interest rates and represent the difference, net of applicable income tax effect, between the estimated fair value and amortized cost of investment securities classified as available-for-sale.

Non-GAAP tangible book value per share was $32.56 at December 31, 2024 compared with $33.25 at September 30, 2024 and $32.07 at December 31, 2023.

2024 Year in Review (compared with prior-year)

Net interest income was $59.0 million, down 4%. The yield on loans increased 40 basis points while competition on deposits and changes in customer behaviors contributed to the 82 basis points increase in cost of funds during 2024. Net interest margin was 2.81%, a decrease of 21 basis points.

The Company’s provision for credit loss was $2.2 million, which reflected a reserve taken on one loan previously in non-performing and for loan growth during the full year. Provision for credit losses in 2023 was negligible due to improving economic conditions. The ratio of non-performing loans to total loans was 1.14% compared with 1.59% in 2023.

Non-interest income was $11.0 million in 2024 compared with $32.9 million in 2023. The decrease was due to the gain on sale of the insurance agency of $20.2 million and the related decrease in insurance service and fee income of $9.7 million, partially offset by loss on sale of investment securities of $5.0 million in 2023.

Non-interest expense decreased $6.0 million to $53.4 million, which reflected reductions of $6.7 million related to the sale of TEA offset by merger related expenses of $1.7 million.

The Company’s GAAP efficiency ratio was 76.40% in 2024 compared with 63.09% in 2023.

Income tax expense for the year was $2.3 million, representing an effective tax rate of 16.2% compared with an effective tax rate of 29.4% in 2023.

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 $2.2 billion in assets and $1.9 billion in deposits at December 31, 2024. Evans Bank is a full-service community bank with 18 branches providing comprehensive financial services to consumer, business and municipal customers throughout Western New York. Evans Investment Services provides non-deposit investment products, such as annuities and mutual funds.

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.


EVANS BANCORP, INC. AND SUBSIDIARIES
SELECTED FINANCIAL DATA (UNAUDITED)
(in thousands, except shares and per share data)
		12/31/2024				9/30/2024				6/30/2024				3/31/2024				12/31/2023
ASSETS
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

LIABILITIES AND STOCKHOLDERS'
EQUITY
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

SHARES AND CAPITAL RATIOS
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		%

ASSET QUALITY DATA
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

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.

FAQ

What were Evans Bancorp's (EVBN) Q4 2024 earnings per share?

Evans Bancorp reported earnings of $0.67 per diluted share in Q4 2024.

What is the exchange ratio for the EVBN-NBT merger?

The exchange ratio is fixed at 0.91 NBT shares for each share of Evans Bancorp.

When is the EVBN merger with NBT expected to close?

The merger is expected to close in the second quarter of 2025.

How much did Evans Bancorp's deposits grow in 2024?

Total deposits increased by $148 million, or 9%, from December 31, 2023.

What was Evans Bancorp's net interest margin in Q4 2024?

Evans Bancorp's net interest margin was 2.96% in Q4 2024, up 16 basis points from the previous quarter.

Evans Bancorp Reports Net Income of $3.7 Million In Fourth Quarter 2024

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What were Evans Bancorp's (EVBN) Q4 2024 earnings per share?

What is the exchange ratio for the EVBN-NBT merger?

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What was Evans Bancorp's net interest margin in Q4 2024?

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Evans Bancorp Reports Net Income of $3.7 Million In Fourth Quarter 2024

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What were Evans Bancorp's (EVBN) Q4 2024 earnings per share?

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What was Evans Bancorp's net interest margin in Q4 2024?

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