News

Release


Evans Bancorp, Inc.  One Grimsby Drive Hamburg, NY  14075

 

FOR IMMEDIATE RELEASE

Evans Bancorp Net Income Increases 12% to $3.7 Million in the 2019 First Quarter

HAMBURG, NY, April 24, 2019 – Evans Bancorp, Inc. (the “Company” or “Evans”) (NYSE American: EVBN), a community financial services company serving Western New York since 1920, today reported its results of operations for the first quarter ended March 31, 2019.

FIRST QUARTER 2019 HIGHLIGHTS (compared with prior-year period unless otherwise noted)

·

Net income of $3.7 million, up 12%; Earnings per diluted share grew 10% to $0.75



·

Net interest income increased 9% to $12.5 million



·

Non-interest income of $4.2 million increased 11% on strength of insurance business



·

Loan portfolio of $1.2 billion up $29 million in the quarter, or 10% on an annualized basis



·

Total deposits grew 12%, or $141 million, year-over-year; Deposits increased 5% in the quarter

Net income was $3.7 million, or $0.75 per diluted share, in the first quarter of 2019, compared with
$4.5 million, or $0.90 per diluted share, in the fourth quarter of 2018 and $3.3 million, or $0.68 per diluted share, in last year’s first quarter.  The increase over prior-year period reflects higher net interest income due to loan growth and higher insurance service and fee revenue primarily resulting from the July 1, 2018 acquisition of Richardson and Stout, Inc. (“R&S”), partially offset by an increase in non-interest expense.  The decrease from the linked quarter reflects higher loan loss provision and income tax provision, partially offset by higher non-interest income.  The fourth quarter of 2018 included a historic rehabilitation tax credit transaction that reduced non interest income by $0.9 million and reduced income tax expense by $1.4 million.  Return on average equity was 11.19% for the first quarter of 2019, compared with 13.86% in the fourth quarter of 2018 and 11.15% in the first quarter of 2018.

“We are pleased to report strong execution against our growth strategies leading to notable performance across lending, deposits and fee-based businesses,” said David J. Nasca, President and CEO of Evans Bancorp, Inc.  “We are addressing the challenges presented in a difficult interest rate environment while adding new capabilities to enhance the client experience and deepen relationships.  Overall, we continue to strengthen our platform and drive to increased operating scale, positioning the Bank for further success.”


 

Evans Bancorp Net Income of $3.7 Million in the 2019  First Quarter

April 24, 2019

Page 2 of 8



 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

Net Interest Income

($ in thousands)



 

 

 

 

 

 

 

 

 

 

 



 

1Q 2019

 

 

4Q 2018

 

 

1Q 2018



 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

15,542 

 

 

$

15,309 

 

 

$

13,366 

Interest expense

 

 

3,034 

 

 

 

2,936 

 

 

 

1,914 

Net interest income

 

 

12,508 

 

 

 

12,373 

 

 

 

11,452 

Provision (credit) for loan losses

 

 

538 

 

 

 

(276)

 

 

 

767 

Net interest income after provision

 

$

11,970 

 

 

$

12,649 

 

 

$

10,685 



 

 

 

 

 

 

 

 

 

 

 

Net interest income increased $0.1 million, or 1%, from the fourth quarter of 2018, and $1.1 million, or 9%, from the prior-year first quarter.  The year-over-year increase was driven by average interest-earning asset growth, particularly loans, partially offset by an increase in interest expense.  The increase in interest income reflects growth in the commercial loan portfolio as well as the benefit from the re-pricing of variable rate loans tied to the Company’s prime rate.  Average commercial loans, including commercial real estate and commercial and industrial loans, were $935 million, up $63 million from the 2018 first quarter. 

First quarter net interest margin of 3.79% improved 9 basis points from the 2018 fourth quarter and 2 basis points from the first quarter of 2018. The margin improvement stems from increased yields on loans, partially offset by higher funding costs.  The higher yield on loans when compared with the fourth quarter and first quarter of 2018 reflects an increase of 11 and 35 basis points, respectively.  The margin has been impacted by rising funding costs due to increases in short-term interest rates, along with very competitive deposit market pricing.  The cost of interest-bearing liabilities was 1.20% compared with 1.14% in the fourth quarter of 2018 and 0.81% in the first quarter of 2018.  Consistent with the industry, the Company has experienced a shift in deposit mix as consumers in low-cost legacy savings products have migrated to higher-rate time deposits.  Average time deposits comprised 24% of average total deposits during the first quarter of 2019 and the fourth quarter of 2018, compared with 18% in the first quarter of 2018.

The $0.5 million and $0.8 million provision for loan losses for the first quarter of 2019 and 2018, respectively, reflects strong loan growth and an increase in criticized loans in both of the quarters.  The $0.3 million release of allowance for loan losses for the fourth quarter of 2018 reflected a decrease in non-performing loans and marginal loan growth in the quarter. 



 

 

 

 

 

 

 

 

 

 

 

 

Asset Quality

 

($ in thousands)

 



 

 

 

 

 

 

 

 

 

 

 

 



 

1Q 2019

 

 

4Q 2018

 

 

1Q 2018

 



 

 

 

 

 

 

 

 

 

 

 

 

Total non-performing loans

 

$

19,987 

 

 

$

18,991 

 

 

$

14,771 

 

Total net loan charge-offs

 

 

115 

 

 

 

153 

 

 

 

93 

 

Non-performing loans/ Total loans

 

 

1.69 

%

 

 

1.64 

%

 

 

1.33 

%

Net loan charge-offs/ Average loans

 

 

0.04 

%

 

 

0.05 

%

 

 

0.03 

%

Allowance for loan losses/ Total loans

 

 

1.28 

%

 

 

1.28 

%

 

 

1.32 

%



“Our loan performance was within expectations.  Asset quality remained sound as we continued to maintain a highly disciplined approach to credit risk management,” stated John Connerton, Chief Financial Officer of Evans Bank.  “While our non-performing loans edged up slightly, the makeup is from a small number of larger commercial credits that we are managing and continue to make progress.”





 

 

 

 

 

 

 

 

 

 

 


 

Evans Bancorp Net Income of $3.7 Million in the 2019  First Quarter

April 24, 2019

Page 3 of 8

Non-Interest Income

($ in thousands)



 

1Q 2019

 

 

4Q 2018

 

 

1Q 2018



 

 

 

 

 

 

 

 

 

 

 

Deposit service charges

 

$

533 

 

 

$

571 

 

 

$

509 

Insurance service and fee revenue

 

 

2,442 

 

 

 

2,233 

 

 

 

1,965 

Bank-owned life insurance

 

 

159 

 

 

 

166 

 

 

 

171 

Loss on tax credit investment

 

 

-    

 

 

 

(2,705)

 

 

 

-    

Refundable NY state historic tax credit

 

 

-    

 

 

 

1,832 

 

 

 

-    

Other income

 

 

1,061 

 

 

 

941 

 

 

 

1,141 

Total non-interest income

 

$

4,195 

 

 

$

3,038 

 

 

$

3,786 



 

 

 

 

 

 

 

 

 

 

 

The year-over-year increase in insurance revenue was primarily due to the R&S acquisition, while the increase over the fourth quarter of 2018 reflects seasonally higher policy renewals for institutional clients, including businesses and municipalities, during the first quarter. 

The fourth quarter of 2018 included a $0.9 million net reduction of non-interest income related to an investment in an historic rehabilitation tax credit. There were no significant historic tax credit transactions in the first quarter of 2019 or 2018. 



 

 

 

 

 

 

 

 

 

 

 

Non-Interest Expense

($ in thousands)



 

1Q 2019

 

 

4Q 2018

 

 

1Q 2018



 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

$

7,160 

 

 

$

7,220 

 

 

$

6,627 

Occupancy

 

 

836 

 

 

 

855 

 

 

 

758 

Advertising and public relations

 

 

167 

 

 

 

362 

 

 

 

124 

Professional services

 

 

745 

 

 

 

599 

 

 

 

653 

Technology and communications

 

 

893 

 

 

 

909 

 

 

 

764 

Amortization of intangibles

 

 

112 

 

 

 

112 

 

 

 

28 

FDIC insurance

 

 

207 

 

 

 

251 

 

 

 

232 

Other expenses

 

 

1,104 

 

 

 

1,124 

 

 

 

985 

Total non-interest expenses

 

$

11,224 

 

 

$

11,432 

 

 

$

10,171 



 

 

 

 

 

 

 

 

 

 

 

The salary and employee benefit expense in the first quarter of 2018 included approximately $0.3 million of costs related to one-time bonuses paid to associates.  Excluding the impact of these bonuses, first quarter salaries and benefits costs increased 12% from the prior-year period, reflecting the R&S acquisition and the addition of strategic personnel hires to support the Company’s continued growth. 

Advertising expenses decreased from the linked quarter due to seasonality.  The increase in technology and communications from the prior year period was due to higher ATM card fees, online banking activity and software costs. The increase in amortization of intangibles from the prior year was related to assets obtained in the R&S acquisition.

The Company’s efficiency ratio in the first quarter of 2019 was 66.5% compared with 69.5% in the fourth quarter of 2018 and 66.6% in last year’s first quarter. 

Income tax expense was $1.2 million, or an effective tax rate of 24.7%, for the first quarter of 2019 compared with an income tax benefit of $0.2 million in the fourth quarter of 2018 and income tax expense of $1.0 million, or an effective tax rate of 22.8%, in last year’s first quarter. Excluding the impact of historic tax credit transactions, the fourth quarter 2018 effective tax rate was 23.1%. 


 

Evans Bancorp Net Income of $3.7 Million in the 2019  First Quarter

April 24, 2019

Page 4 of 8

Balance Sheet Highlights 

Total assets were $1.46 billion as of March 31, 2019, an increase of 5% from $1.39 billion on December 31, 2018 and 8% from $1.35 billion at March 31, 2018, reflecting the Company’s strong loan growth.  Loans were up $75 million, or 7%, to $1.19 billion since the end of last year’s first quarter. Loan growth was predominantly in the commercial real estate loan portfolio.    

Investment securities were $141 million at March 31, 2019, $7 million higher than the end of 2018 but $24 million lower than at the end of last year’s first quarter.  The primary objectives of the Company’s investment portfolio are to provide liquidity, secure municipal deposits, and maximize income while preserving safety of principal.  With the yield curve continuing to flatten, there is a reduced advantage to purchasing longer-term investment securities.    

Total deposits grew $61 million, or 5%, to $1.28 billion since December 31, 2018, and were $141 million, or 12%, higher than the balance at the end of last year’s first quarter.  The year-over-year increase was primarily due to time deposit growth of 43% and savings deposit growth of 9%. Time deposits increased $89 million, of which $41 million were brokered.  Savings deposits increased $52 million, including $50 million in commercial deposits, and $42 million in municipal deposits, offset by a decrease in consumer deposits.  The deposit mix has changed industry wide as consumer preferences move toward term products with higher rates.  Consumer savings deposits declined $40 million year-over-year, while consumer time deposits increased $48 million.   



Capital Management

The Company consistently maintains regulatory capital ratios measurably above the Federal “well capitalized” standard, including a Tier 1 leverage ratio of 9.74% at March 31, 2019 compared with 9.73% at
December 31, 2018 and 9.81% at March 31, 2018.  Book value per share increased to $27.66 at
March 31, 2019 compared with $27.13 at December 31, 2018 and $24.96 at March 31, 2018. 

On February 19, 2019 the Company declared a cash dividend of $0.52 per common share.  The semi-annual dividend represents a $0.06, or 13%, increase from its previous semi-annual dividend paid in October 2018.  The dividend was paid on April 3, 2019.

Outlook

Mr. Nasca concluded, “Evans is well positioned to capitalize on an evolving banking environment.  We will continue to make focused investments for the future aimed at improving the client experience with new technology, digital capabilities and relationship services.  We will maintain our focus on growth and loan originations that are consistent with our risk appetite and believe our balance sheet is well structured for the current rate environment and volatility.  We are confident that our consistent, customer-focused strategy will allow for the delivery of sound growth.”



Webcast and Conference Call

The Company will host a conference call and webcast on Wednesday, April 24, 2019 at 4:45 p.m. ET. Management will review the financial and operating results for the first quarter of 2019, as well as the Company’s strategy and outlook.  A question and answer session will follow the formal presentation. 

The conference call can be accessed by calling (201) 689-8471.  Alternatively, the webcast can be monitored at www.evansbancorp.com.

A telephonic replay will be available from 7:45 p.m. ET on the day of the teleconference until Wednesday,
May 1, 2019.  To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13689433, or access the webcast replay at www.evansbancorp.com, where a transcript will be posted once available.


 

Evans Bancorp Net Income of $3.7 Million in the 2019  First Quarter

April 24, 2019

Page 5 of 8



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 $1.5 billion in assets and $1.3 billion in deposits at March 31, 2019.  Evans is a full-service community bank, with 15 financial centers providing comprehensive financial services to consumer, business and municipal customers throughout Western New York.  Evans Bancorp's wholly owned insurance subsidiary, The Evans Agency, LLC, provides life insurance, employee benefits, and property and casualty insurance through ten insurance offices in the Western New York region.  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 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.





 

For more information contact:

-OR-

John B. Connerton

Executive Vice President and Chief Financial Officer

Deborah K. Pawlowski

Kei Advisors LLC

Phone: (716) 926-2000
Email: jconner@evansbank.com 

Phone:  (716) 843-3908
Email:  dpawlowski@keiadvisors.com




 

Evans Bancorp Net Income of $3.7 Million in the 2019  First Quarter

April 24, 2019

Page 6 of 8













 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EVANS BANCORP, INC. AND SUBSIDIARIES

SELECTED FINANCIAL DATA (UNAUDITED)

(in thousands, except shares and per share data)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

3/31/2019

 

12/31/2018

 

9/30/2018

 

6/30/2018

 

3/31/2018

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Securities

 

$

140,731 

 

 

$

133,788 

 

 

$

137,909 

 

 

$

148,628 

 

 

$

164,471 

 

Loans

 

 

1,185,429 

 

 

 

1,155,930 

 

 

 

1,155,566 

 

 

 

1,125,895 

 

 

 

1,109,961 

 

Allowance for loan losses

 

 

(15,207)

 

 

 

(14,784)

 

 

 

(15,213)

 

 

 

(15,235)

 

 

 

(14,693)

 

Goodwill and intangible assets

 

 

12,880 

 

 

 

12,992 

 

 

 

13,104 

 

 

 

8,496 

 

 

 

8,525 

 

Operating lease right-of-use asset

 

 

4,142 

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

All other assets

 

 

128,206 

 

 

 

100,281 

 

 

 

89,557 

 

 

 

78,307 

 

 

 

85,434 

 

Total assets

 

$

1,456,181 

 

 

$

1,388,207 

 

 

$

1,380,923 

 

 

$

1,346,091 

 

 

$

1,353,698 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS'

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

 

242,156 

 

 

 

231,902 

 

 

 

236,079 

 

 

 

224,373 

 

 

 

238,827 

 

NOW deposits

 

 

122,204 

 

 

 

110,450 

 

 

 

110,768 

 

 

 

121,170 

 

 

 

124,997 

 

Savings deposits

 

 

618,471 

 

 

 

571,479 

 

 

 

574,262 

 

 

 

595,500 

 

 

 

566,314 

 

Time deposits

 

 

292,892 

 

 

 

301,227 

 

 

 

294,514 

 

 

 

241,425 

 

 

 

204,295 

 

Total deposits

 

 

1,275,723 

 

 

 

1,215,058 

 

 

 

1,215,623 

 

 

 

1,182,468 

 

 

 

1,134,433 

 

Borrowings

 

 

23,812 

 

 

 

24,472 

 

 

 

24,309 

 

 

 

25,348 

 

 

 

83,114 

 

Operating lease liabiliy

 

 

4,594 

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

Other liabilities

 

 

17,617 

 

 

 

17,031 

 

 

 

15,331 

 

 

 

14,700 

 

 

 

16,278 

 

Total stockholders' equity

 

 

134,435 

 

 

 

131,646 

 

 

 

125,660 

 

 

 

123,575 

 

 

 

119,873 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHARES AND CAPITAL RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

 

4,860,316 

 

 

 

4,852,868 

 

 

 

4,827,701 

 

 

 

4,821,381 

 

 

 

4,803,334 

 

Book value per share

 

$

27.66 

 

 

$

27.13 

 

 

$

26.03 

 

 

$

25.63 

 

 

$

24.96 

 

Tier 1 leverage ratio

 

 

9.74 

%

 

 

9.73 

%

 

 

9.60 

%

 

 

9.94 

%

 

 

9.81 

%

Tier 1 risk-based capital ratio

 

 

11.68 

%

 

 

11.84 

%

 

 

11.34 

%

 

 

11.63 

%

 

 

11.48 

%

Total risk-based capital ratio

 

 

12.93 

%

 

 

13.09 

%

 

 

12.59 

%

 

 

12.88 

%

 

 

12.73 

%



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-performing loans

 

$

19,987 

 

 

$

18,991 

 

 

$

23,090 

 

 

$

23,210 

 

 

$

14,771 

 

Total net loan charge-offs

 

 

115 

 

 

 

153 

 

 

 

274 

 

 

 

117 

 

 

 

93 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing loans/Total loans

 

 

1.69 

%

 

 

1.64 

%

 

 

2.00 

%

 

 

2.06 

%

 

 

1.33 

%

Net loan charge-offs/Average loans

 

 

0.04 

%

 

 

0.05 

%

 

 

0.10 

%

 

 

0.04 

%

 

 

0.03 

%

Allowance for loans losses/Total loans

 

 

1.28 

%

 

 

1.28 

%

 

 

1.32 

%

 

 

1.35 

%

 

 

1.32 

%



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 






 

Evans Bancorp Net Income of $3.7 Million in the 2019  First Quarter

April 24, 2019

Page 7 of 8



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EVANS BANCORP, INC AND SUBSIDIARIES

SELECTED OPERATIONS DATA  (UNAUDITED)

(in thousands, except share and per share data)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

2019

 

2018

 

2018

 

2018

 

2018



 

First Quarter

 

Fourth Quarter

 

Third Quarter

 

Second Quarter

 

First Quarter

Interest income

 

$

15,542 

 

 

$

15,309 

 

 

$

14,690 

 

 

$

14,247 

 

 

$

13,366 

 

Interest expense

 

 

3,034 

 

 

 

2,936 

 

 

 

2,604 

 

 

 

2,051 

 

 

 

1,914 

 

Net interest income

 

 

12,508 

 

 

 

12,373 

 

 

 

12,086 

 

 

 

12,196 

 

 

 

11,452 

 

Provision (credit) for loan losses

 

 

538 

 

 

 

(276)

 

 

 

252 

 

 

 

659 

 

 

 

767 

 

Net interest income after provision

 

 

11,970 

 

 

 

12,649 

 

 

 

11,834 

 

 

 

11,537 

 

 

 

10,685 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposit service charges

 

 

533 

 

 

 

571 

 

 

 

571 

 

 

 

525 

 

 

 

509 

 

Insurance service and fee revenue

 

 

2,442 

 

 

 

2,233 

 

 

 

3,215 

 

 

 

1,952 

 

 

 

1,965 

 

Bank-owned life insurance

 

 

159 

 

 

 

166 

 

 

 

165 

 

 

 

178 

 

 

 

171 

 

Loss on tax credit investment

 

 

-    

 

 

 

(2,705)

 

 

 

(165)

 

 

 

-    

 

 

 

-    

 

Refundable NY state historic tax credit

 

 

-    

 

 

 

1,832 

 

 

 

150 

 

 

 

-    

 

 

 

-    

 

Other income

 

 

1,061 

 

 

 

941 

 

 

 

828 

 

 

 

984 

 

 

 

1,141 

 

Total non-interest income

 

 

4,195 

 

 

 

3,038 

 

 

 

4,764 

 

 

 

3,639 

 

 

 

3,786 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

7,160 

 

 

 

7,220 

 

 

 

7,090 

 

 

 

6,475 

 

 

 

6,627 

 

Occupancy

 

 

836 

 

 

 

855 

 

 

 

795 

 

 

 

727 

 

 

 

758 

 

Advertising and public relations

 

 

167 

 

 

 

362 

 

 

 

258 

 

 

 

326 

 

 

 

124 

 

Professional services

 

 

745 

 

 

 

599 

 

 

 

588 

 

 

 

626 

 

 

 

653 

 

Technology and communications

 

 

893 

 

 

 

909 

 

 

 

874 

 

 

 

847 

 

 

 

764 

 

Amortization of intangibles

 

 

112 

 

 

 

112 

 

 

 

112 

 

 

 

28 

 

 

 

28 

 

FDIC insurance

 

 

207 

 

 

 

251 

 

 

 

295 

 

 

 

246 

 

 

 

232 

 

Other expenses

 

 

1,104 

 

 

 

1,124 

 

 

 

1,445 

 

 

 

958 

 

 

 

985 

 

Total non-interest expenses

 

 

11,224 

 

 

 

11,432 

 

 

 

11,457 

 

 

 

10,233 

 

 

 

10,171 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

4,941 

 

 

 

4,255 

 

 

 

5,141 

 

 

 

4,943 

 

 

 

4,300 

 

Income tax provision (benefit)

 

 

1,221 

 

 

 

(196)

 

 

 

346 

 

 

 

1,152 

 

 

 

981 

 

Net income

 

 

3,720 

 

 

 

4,451 

 

 

 

4,795 

 

 

 

3,791 

 

 

 

3,319 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share-diluted

 

$

0.75 

 

 

$

0.90 

 

 

$

0.97 

 

 

$

0.77 

 

 

$

0.68 

 

Cash dividends per common share

 

$

0.52 

 

 

$

-    

 

 

$

0.46 

 

 

$

-    

 

 

$

0.46 

 

Weighted average number of diluted shares

 

 

4,932,451 

 

 

 

4,928,551 

 

 

 

4,940,822 

 

 

 

4,933,522 

 

 

 

4,912,289 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average total assets

 

 

1.04 

%

 

 

1.26 

%

 

 

1.40 

%

 

 

1.13 

%

 

 

1.01 

%

Return on average stockholders' equity

 

 

11.19 

%

 

 

13.86 

%

 

 

15.35 

%

 

 

12.39 

%

 

 

11.15 

%

Efficiency ratio

 

 

66.53 

%

 

 

69.52 

%

 

 

66.88 

%

 

 

64.45 

%

 

 

66.56 

%



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Evans Bancorp Net Income of $3.7 Million in the 2019  First Quarter

April 24, 2019

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EVANS BANCORP, INC AND SUBSIDIARIES

SELECTED AVERAGE BALANCES AND YIELDS/RATES  (UNAUDITED)

(in thousands)



 

2019

 

2018

 

2018

 

2018

 

2018



 

First Quarter

 

Fourth Quarter

 

Third Quarter

 

Second Quarter

 

First Quarter

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net

 

$

1,153,067 

 

 

$

1,128,015 

 

 

$

1,127,173 

 

 

$

1,098,391 

 

 

$

1,067,282 

 

Investment securities

 

 

141,249 

 

 

 

137,175 

 

 

 

145,122 

 

 

 

155,089 

 

 

 

160,739 

 

Interest-bearing deposits at banks

 

 

44,024 

 

 

 

60,061 

 

 

 

12,641 

 

 

 

4,013 

 

 

 

2,712 

 

Total interest-earning assets

 

 

1,338,340 

 

 

 

1,325,251 

 

 

 

1,284,936 

 

 

 

1,257,493 

 

 

 

1,230,733 

 

Non interest-earning assets

 

 

86,386 

 

 

 

83,482 

 

 

 

87,402 

 

 

 

81,113 

 

 

 

80,644 

 

Total Assets

 

$

1,424,726 

 

 

$

1,408,733 

 

 

$

1,372,338 

 

 

$

1,338,606 

 

 

$

1,311,377 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW

 

 

112,571 

 

 

 

110,612 

 

 

 

115,417 

 

 

 

120,510 

 

 

 

114,268 

 

Savings

 

 

591,641 

 

 

 

581,048 

 

 

 

581,484 

 

 

 

576,197 

 

 

 

552,546 

 

Time deposits

 

 

298,586 

 

 

 

301,957 

 

 

 

274,275 

 

 

 

214,410 

 

 

 

194,223 

 

Total interest-bearing deposits

 

 

1,002,798 

 

 

 

993,617 

 

 

 

971,176 

 

 

 

911,117 

 

 

 

861,037 

 

Other borrowings

 

 

25,746 

 

 

 

25,340 

 

 

 

25,749 

 

 

 

50,917 

 

 

 

92,893 

 

Total interest-bearing liabilities

 

 

1,028,544 

 

 

 

1,018,957 

 

 

 

996,925 

 

 

 

962,034 

 

 

 

953,930 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

 

242,030 

 

 

 

247,619 

 

 

 

233,393 

 

 

 

239,546 

 

 

 

223,176 

 

Other non-interest bearing liabilities

 

 

21,219 

 

 

 

13,689 

 

 

 

17,045 

 

 

 

14,614 

 

 

 

15,161 

 

Stockholders' equity

 

 

132,933 

 

 

 

128,468 

 

 

 

124,975 

 

 

 

122,412 

 

 

 

119,110 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Equity

 

$

1,424,726 

 

 

$

1,408,733 

 

 

$

1,372,338 

 

 

$

1,338,606 

 

 

$

1,311,377 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YIELD/RATE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net

 

 

5.05 

%

 

 

4.94 

%