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Evans Bancorp Reports Record Net Income of $6.3 Million in Second Quarter 2021

Nachrichtenquelle: Business Wire (engl.)
29.07.2021, 22:15  |  104   |   |   

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 second quarter ended June 30, 2021. Results include the acquisition of Fairport Savings Bank (“FSB”), effective May 1, 2020.

SECOND QUARTER 2021 HIGHLIGHTS (compared with prior-year period unless otherwise noted)

  • Net interest income increased 23% to $18.4 million reflecting higher interest-earning assets and accelerated amortization of Paycheck Protection Program (“PPP”) fees
  • Loan portfolio increased 4%, excluding PPP loans, on solid commercial real estate and residential mortgage originations
  • Results include $0.8 million release of allowance for loan losses due to improved credit quality across the portfolio and continued positive macroeconomic trends
  • Total deposits of $1.88 billion, increased 4%

Net income was $6.3 million, or $1.15 per diluted share, in the second quarter of 2021, compared with $4.9 million, or $0.89 per diluted share, in the first quarter of 2021 and $0.5 million, or $0.09 per diluted share, in last year’s second quarter. The increase from the prior-year period included higher net interest income of $3.4 million reflecting higher interest-earning assets and fees earned in connection with PPP, along with a $1.4 million decrease in provision for loan loss reflecting improved economic trends and conditions related to the Coronavirus pandemic (“COVID-19”). Also incurred in the prior-year period was $2.8 million of higher non-interest expenses, largely related to the FSB merger. The change in net income from the sequential quarter reflected a $1.8 million increase in net interest income primarily from fees earned in connection with PPP loans and commercial prepayment fees recognized during the quarter. In addition, provision for loan loss decreased $1.1 million from the first quarter of 2021.

Return on average equity was 14.72% for the second quarter of 2021, compared with 11.48% in the first quarter of 2021 and 1.19% in the second quarter of 2020.

“Evans delivered record earnings for the quarter reflecting a strong emergence from the pandemic as the economy recovers. We exhibited strength in capturing the pent-up demand in both commercial and consumer lending and regained the momentum that had been building pre-COVID. These results were driven by flexibility, responsiveness and engagement with clients and prospective clients throughout this period,” said David J. Nasca, President and CEO of Evans Bancorp, Inc.

“During these adverse economic conditions we have been able to serve and expand our client base, increase our market presence in Rochester and deepen relationships. As the economy continues to rebound, we are excited and well-positioned as a strong resource to support our clients in their growth and expansion plans and grow our franchise.”

Net Interest Income

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2Q 2021

 

 

1Q 2021

 

 

2Q 2020

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

19,576

 

 

$

17,970

 

 

$

17,069

Interest expense

 

 

1,226

 

 

 

1,373

 

 

 

2,136

Net interest income

 

 

18,350

 

 

 

16,597

 

 

 

14,933

Provision (credit) for loan losses

 

 

(760)

 

 

 

313

 

 

 

597

Net interest income after provision

 

$

19,110

 

 

$

16,284

 

 

$

14,336

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income increased $1.8 million, or 11%, from the sequential first quarter, and $3.4 million, or 23%, from prior-year second quarter. The change over both periods reflected an increase in fees earned in connection with PPP and commercial prepayments. The increase from the prior-year period also reflected higher interest-earning assets. As PPP loans are forgiven, the Company is accelerating the recognition of fees that were being amortized over the original life of the loan. PPP fees recognized in interest income were $2.5 million in the second quarter of 2021, $1.7 million in the first quarter of 2021 and $0.6 million in the second quarter of 2020.

Second quarter net interest margin of 3.62% increased 19 basis points from the first quarter of 2021, reflecting the accelerated PPP fee amortization and commercial prepayment income. Net interest margin increased 26 basis points from the second quarter of 2020 due to higher interest-earning assets, PPP fee amortization, commercial prepayment income and reduced interest expense as the Company continued to align rates on deposits. The yield on loans increased 26 basis points when compared with the first quarter of 2021 and increased 10 basis points when compared with the second quarter of 2020. The cost of interest-bearing liabilities decreased to 0.34% compared with 0.39% in the first quarter of 2021 and 0.65% in the second quarter of 2020.

The $0.8 million release of allowance for loan losses reflects a decrease of $0.7 million in specific reserves associated with a single commercial customer relationship, improvement of non-performing assets and continued positive macroeconomic trends, partially offset by loan growth during the quarter. Evans has deferred the adoption of the Current Expected Credit Loss Impairment Model (CECL), as permitted by its classification as a Smaller Reporting Company by the Securities and Exchange Commission.

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Quality

 

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2Q 2021

 

 

1Q 2021

 

 

2Q 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-performing loans

 

$

24,317

 

 

$

29,079

 

 

$

19,718

 

Total net loan charge-offs

 

 

-

 

 

 

27

 

 

 

-

 

Non-performing loans / Total loans

 

 

1.43

%

 

 

1.66

%

 

 

1.17

%

Net loan charge-offs / Average loans

 

 

-

%

 

 

0.01

%

 

 

-

%

Allowance for loan losses / Total loans

 

 

1.17

%

 

 

1.18

%

 

 

1.11

%

The Company continues to classify loans to clients within the hotel industry as criticized given their level of seasonality and ongoing challenges during the COVID-19 pandemic. At June 30, 2021, criticized assets totaled $146.2 million, with the hotel portfolio comprising 54% of that amount. The Company continues to monitor each client in that industry including on-going conversations with the borrowers. The $4.8 million decrease in non-performing assets compared with the first quarter of 2021 reflects a $2.8 million commercial real estate loan that was moved back to accruing status during the quarter and a $2.1 million payoff of a commercial loan within the hotel industry. The increase from the prior-year period reflects loans that were moved to nonaccrual status, primarily within commercial real estate.

“Credit quality continues to improve with non-performing assets declining 16% from the sequential quarter and, when combined with an improved economic outlook, allowed us to release $760 thousand of allowance for loan losses during the quarter,” stated John Connerton, Chief Financial Officer of Evans Bank. “We continue to closely monitor the hotel portfolio and are beginning to see modest improvements as the economy recovers and summer travel increases. We are further optimistic given the expected opening of the U.S. – Canada border as many of the locations rely on cross-border traffic. Ultimately, the hotel portfolio continues to be well-collateralized, and we believe that we are appropriately reserved.”

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Income

($ in thousands)

 

 

2Q 2021

 

 

1Q 2021

 

 

2Q 2020

 

 

 

 

 

 

 

 

 

 

 

 

Deposit service charges

 

$

607

 

 

$

572

 

 

$

397

Insurance service and fee revenue

 

 

2,657

 

 

 

2,502

 

 

 

2,667

Bank-owned life insurance

 

 

172

 

 

 

163

 

 

 

178

Other income

 

 

982

 

 

 

1,329

 

 

 

997

Total non-interest income

 

$

4,418

 

 

$

4,566

 

 

$

4,239

 

 

 

 

 

 

 

 

 

 

 

 

The increase in deposit service charges compared with prior year’s second quarter was due to the temporary suspension of certain fees during the second quarter of 2020 to assist customers affected by COVID-19.

The increase in insurance service and fee revenue from the sequential first quarter reflects seasonally higher policy renewals for institutional clients.

The decrease in other income from the sequential first quarter was largely due to changes in the fair value of mortgage servicing rights.

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Expense

($ in thousands)

 

 

2Q 2021

 

 

1Q 2021

 

 

2Q 2020

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

$

9,365

 

 

$

9,044

 

 

$

8,005

Occupancy

 

 

1,177

 

 

 

1,187

 

 

 

1,062

Advertising and public relations

 

 

405

 

 

 

263

 

 

 

123

Professional services

 

 

989

 

 

 

959

 

 

 

872

Technology and communications

 

 

1,432

 

 

 

1,264

 

 

 

1,467

Amortization of intangibles

 

 

135

 

 

 

135

 

 

 

134

FDIC insurance

 

 

279

 

 

 

300

 

 

 

282

Merger-related expenses

 

 

-

 

 

 

-

 

 

 

4,974

Other expenses

 

 

1,394

 

 

 

1,213

 

 

 

1,093

Total non-interest expenses

 

$

15,176

 

 

$

14,365

 

 

$

18,012

 

 

 

 

 

 

 

 

 

 

 

 

Total non-interest expense increased $0.8 million, or 6%, from the first quarter of 2021, but decreased from last year’s second quarter, as that period included FSB merger-related expenses of $5.0 million.

Salaries and employee benefits increased 4% from the first quarter of 2021 largely due to annual merit increases and the capitalization of salary cost related to the origination of PPP loans in the prior period. The year-over-year change also included prior period capitalization of salary cost related to PPP loan originations, as well as incentive accruals and the addition of personnel related to the FSB acquisition and strategic hires to support the Company’s continued growth.

The increase in technology and communications from the sequential first quarter was due to higher software costs, volume related ATM card fees and online banking activity.

The increase in other expenses from the second quarter of 2020 included higher loan fees and charitable contributions.

The Company’s GAAP efficiency ratio, or noninterest expenses divided by the sum of net interest income and noninterest income, was 66.7% in the second quarter of 2021, 67.9% in the first quarter of 2021, and 93.9% in the second quarter of 2020. The Company’s non-GAAP efficiency ratio, excluding amortization expense, gains and losses from investment securities, and merger-related expenses, was 66.1% compared with 67.2% in the first quarter of 2021 and 67.3% in last year’s second quarter.

Income tax expense was $2.0 million, or an effective tax rate of 24.4%, for the second quarter of 2021 compared with 25.2% in the first quarter of 2021 and 16.7% in last year’s second quarter. Excluding the impact of a 2020 historic tax credit transaction, the effective tax rate was 25.9% in the second quarter of 2020.

Balance Sheet Highlights

Total assets were $2.16 billion as of June 30, 2021, an increase of 1% from $2.14 billion at March 31, 2021, and up 5% from $2.07 billion at June 30, 2020. The increase from the prior year was due to an increase in investment securities, interest-bearing deposits at banks, and loan growth. Since last year’s second quarter, commercial real estate loans have increased $60 million and residential mortgages $26 million. Commercial and Industrial loans decreased $75 million from the second quarter of 2020. Of the decline, $49 million was a result of the change in PPP loan balances reflecting the SBA forgiveness of $152 million of PPP loans offset by $103 million of PPP loan originations.

Investment securities were $234 million at June 30, 2021, $39 million higher than the end of the first quarter of 2021, and $64 million higher than at the end of last year’s second quarter. The increases reflect the use of excess cash balances. 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.

Total deposits of $1.88 billion increased $12 million, or 1%, from March 31, 2021, and were up $75 million, or 4%, from the end of last year’s second quarter. The increase from the prior year reflects an accumulation of liquidity by commercial customers in response to the pandemic, including deposits related to PPP loans, and increases in consumer deposits from government stimulus payments and lower consumer spending.

Capital Management

The Company has consistently maintained regulatory capital ratios measurably above the Federal “well capitalized” standard, including a Tier 1 leverage ratio of 8.23% at June 30, 2021 compared with 8.19% at March 31, 2021 and 8.44% at June 30, 2020. Book value per share was $32.28 at June 30, 2021 compared with $30.76 at March 31, 2021 and $30.13 at June 30, 2020.

Webcast and Conference Call

The Company will host a conference call and webcast on Thursday, July 29, 2021 at 4:45 p.m. ET. Management will review the financial and operating results for the second quarter of 2021, 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 Thursday, August 5, 2021. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13721244, or access the webcast replay at www.evansbancorp.com, where a transcript will be posted once available.

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 June 30, 2021. Evans is a full-service community bank with 20 financial centers providing comprehensive financial services to consumer, business and municipal customers throughout Western New York. Evans Insurance Agency, a wholly owned subsidiary, provides life insurance, employee benefits, and property and casualty insurance through ten 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 the impacts from COVID-19, 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6/30/2021

 

3/31/2021

 

12/31/2020

 

9/30/2020

 

6/30/2020

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits at banks

 

$

126,810

 

 

$

105,658

 

 

$

83,902

 

 

$

88,249

 

 

$

109,943

 

Investment Securities

 

 

234,350

 

 

 

195,012

 

 

 

166,600

 

 

 

160,757

 

 

 

169,975

 

Loans

 

 

1,697,321

 

 

 

1,747,229

 

 

 

1,693,794

 

 

 

1,703,076

 

 

 

1,685,761

 

Allowance for loan losses

 

 

(19,942)

 

 

 

(20,701)

 

 

 

(20,415)

 

 

 

(20,601)

 

 

 

(18,754)

 

Goodwill and intangible assets

 

 

14,682

 

 

 

14,817

 

 

 

14,951

 

 

 

15,085

 

 

 

15,222

 

All other assets

 

 

106,982

 

 

 

102,250

 

 

 

105,283

 

 

 

110,427

 

 

 

103,793

 

Total assets

 

$

2,160,203

 

 

$

2,144,265

 

 

$

2,044,115

 

 

$

2,056,993

 

 

$

2,065,940

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS'

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

 

486,737

 

 

 

486,385

 

 

 

436,157

 

 

 

442,536

 

 

 

428,655

 

NOW deposits

 

 

261,173

 

 

 

238,769

 

 

 

230,751

 

 

 

215,492

 

 

 

229,788

 

Savings deposits

 

 

940,352

 

 

 

924,781

 

 

 

825,947

 

 

 

799,739

 

 

 

794,513

 

Time deposits

 

 

195,533

 

 

 

222,002

 

 

 

278,554

 

 

 

323,211

 

 

 

356,147

 

Total deposits

 

 

1,883,795

 

 

 

1,871,937

 

 

 

1,771,409

 

 

 

1,780,978

 

 

 

1,809,103

 

Borrowings

 

 

76,895

 

 

 

78,278

 

 

 

79,663

 

 

 

82,909

 

 

 

67,715

 

Other liabilities

 

 

23,824

 

 

 

27,076

 

 

 

24,138

 

 

 

30,218

 

 

 

27,124

 

Total stockholders' equity

 

 

175,689

 

 

 

166,974

 

 

 

168,905

 

 

 

162,888

 

 

 

161,998

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHARES AND CAPITAL RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

 

5,443,491

 

 

 

5,428,993

 

 

 

5,411,384

 

 

 

5,376,742

 

 

 

5,376,872

 

Book value per share

 

$

32.28

 

 

$

30.76

 

 

$

31.21

 

 

$

30.29

 

 

$

30.13

 

Tier 1 leverage ratio

 

 

8.23

%

 

 

8.19

%

 

 

8.21

%

 

 

7.82

%

 

 

8.44

%

Tier 1 risk-based capital ratio

 

 

11.96

%

 

 

11.90

%

 

 

11.62

%

 

 

11.28

%

 

 

11.14

%

Total risk-based capital ratio

 

 

13.21

%

 

 

13.15

%

 

 

12.88

%

 

 

12.53

%

 

 

12.39

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-performing loans

 

$

24,317

 

 

$

29,079

 

 

$

28,118

 

 

$

21,466

 

 

$

19,718

 

Total net loan charge-offs

 

 

-

 

 

 

27

 

 

 

60

 

 

 

34

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing loans/Total loans

 

 

1.43

%

 

 

1.66

%

 

 

1.66

%

 

 

1.26

%

 

 

1.17

%

Net loan charge-offs /Average loans

 

 

-

%

 

 

0.01

%

 

 

0.01

%

 

 

0.01

%

 

 

-

%

Allowance for loans losses/Total loans

 

 

1.17

%

 

 

1.18

%

 

 

1.21

%

 

 

1.21

%

 

 

1.11

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EVANS BANCORP, INC AND SUBSIDIARIES

SELECTED OPERATIONS DATA (UNAUDITED)

(in thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

 

2021

 

2020

 

2020

 

2020

 

 

Second Quarter

 

First Quarter

 

Fourth Quarter

 

Third Quarter

 

Second Quarter

Interest income

 

$

19,576

 

 

$

17,970

 

 

$

18,175

 

 

$

17,766

 

 

$

17,069

 

Interest expense

 

 

1,226

 

 

 

1,373

 

 

 

1,744

 

 

 

2,124

 

 

 

2,136

 

Net interest income

 

 

18,350

 

 

 

16,597

 

 

 

16,431

 

 

 

15,642

 

 

 

14,933

 

Provision (credit) for loan losses

 

 

(760)

 

 

 

313

 

 

 

(126)

 

 

 

1,881

 

 

 

597

 

Net interest income after provision (credit) for loan losses

 

 

19,110

 

 

 

16,284

 

 

 

16,557

 

 

 

13,761

 

 

 

14,336

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposit service charges

 

 

607

 

 

 

572

 

 

 

619

 

 

 

598

 

 

 

397

 

Insurance service and fee revenue

 

 

2,657

 

 

 

2,502

 

 

 

2,301

 

 

 

3,217

 

 

 

2,667

 

Bank-owned life insurance

 

 

172

 

 

 

163

 

 

 

172

 

 

 

170

 

 

 

178

 

Gain on sale of securities

 

 

-

 

 

 

-

 

 

 

-

 

 

 

667

 

 

 

-

 

Other income

 

 

982

 

 

 

1,329

 

 

 

1,711

 

 

 

1,205

 

 

 

997

 

Total non-interest income

 

 

4,418

 

 

 

4,566

 

 

 

4,803

 

 

 

5,857

 

 

 

4,239

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

9,365

 

 

 

9,044

 

 

 

9,087

 

 

 

8,101

 

 

 

8,005

 

Occupancy

 

 

1,177

 

 

 

1,187

 

 

 

1,169

 

 

 

1,204

 

 

 

1,062

 

Advertising and public relations

 

 

405

 

 

 

263

 

 

 

233

 

 

 

503

 

 

 

123

 

Professional services

 

 

989

 

 

 

959

 

 

 

893

 

 

 

865

 

 

 

872

 

Technology and communications

 

 

1,432

 

 

 

1,264

 

 

 

1,306

 

 

 

1,365

 

 

 

1,467

 

Amortization of intangibles

 

 

135

 

 

 

135

 

 

 

133

 

 

 

136

 

 

 

134

 

FDIC insurance

 

 

279

 

 

 

300

 

 

 

339

 

 

 

290

 

 

 

282

 

Merger-related expenses

 

 

-

 

 

 

-

 

 

 

-

 

 

 

524

 

 

 

4,974

 

Other expenses

 

 

1,394

 

 

 

1,213

 

 

 

1,350

 

 

 

1,480

 

 

 

1,093

 

Total non-interest expenses

 

 

15,176

 

 

 

14,365

 

 

 

14,510

 

 

 

14,468

 

 

 

18,012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

8,352

 

 

 

6,485

 

 

 

6,850

 

 

 

5,150

 

 

 

563

 

Income tax provision

 

 

2,039

 

 

 

1,633

 

 

 

821

 

 

 

606

 

 

 

94

 

Net income

 

 

6,313

 

 

 

4,852

 

 

 

6,029

 

 

 

4,544

 

 

 

469

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share-diluted

 

$

1.15

 

 

$

0.89

 

 

$

1.11

 

 

$

0.84

 

 

$

0.09

 

Cash dividends per common share

 

$

-

 

 

$

0.60

 

 

$

-

 

 

$

0.58

 

 

$

-

 

Weighted average number of diluted shares

 

 

5,489,420

 

 

 

5,463,674

 

 

 

5,416,198

 

 

 

5,395,806

 

 

 

5,243,581

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average total assets

 

 

1.17

%

 

 

0.93

%

 

 

1.18

%

 

 

0.88

%

 

 

0.10

%

Return on average stockholders' equity

 

 

14.72

%

 

 

11.48

%

 

 

14.51

%

 

 

11.09

%

 

 

1.19

%

Efficiency ratio

 

 

66.65

%

 

 

67.88

%

 

 

68.33

%

 

 

67.30

%

 

 

93.95

%

Efficiency ratio (Non-GAAP)*

 

 

66.06

%

 

 

67.24

%

 

 

67.71

%

 

 

66.28

%

 

 

67.30

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* The calculation of the non-GAAP efficiency ratio excludes amortization of intangibles, gains and losses from investment securities, 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)

 

 

2021

 

2021

 

2020

 

2020

 

2020

 

 

Second Quarter

 

First Quarter

 

Fourth Quarter

 

Third Quarter

 

Second Quarter

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net

 

$

1,718,507

 

 

$

1,706,325

 

 

$

1,677,502

 

 

$

1,671,338

 

 

$

1,535,206

 

Investment securities

 

 

216,134

 

 

 

180,473

 

 

 

162,941

 

 

 

172,712

 

 

 

179,677

 

Interest-bearing deposits at banks

 

 

97,168

 

 

 

76,651

 

 

 

92,974

 

 

 

106,154

 

 

 

73,973

 

Total interest-earning assets

 

 

2,031,809

 

 

 

1,963,449

 

 

 

1,933,417

 

 

 

1,950,204

 

 

 

1,788,856

 

Non interest-earning assets

 

 

119,392

 

 

 

115,200

 

 

 

117,458

 

 

 

117,244

 

 

 

107,738

 

Total Assets

 

$

2,151,201

 

 

$

2,078,649

 

 

$

2,050,875

 

 

$

2,067,448

 

 

$

1,896,594

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW

 

 

246,565

 

 

 

230,627

 

 

 

218,587

 

 

 

221,343

 

 

 

203,458

 

Savings

 

 

928,375

 

 

 

866,991

 

 

 

818,878

 

 

 

799,082

 

 

 

721,578

 

Time deposits

 

 

210,287

 

 

 

246,120

 

 

 

300,605

 

 

 

337,967

 

 

 

337,187

 

Total interest-bearing deposits

 

 

1,385,227

 

 

 

1,343,738

 

 

 

1,338,070

 

 

 

1,358,392

 

 

 

1,262,223

 

Borrowings

 

 

77,050

 

 

 

78,284

 

 

 

80,814

 

 

 

84,926

 

 

 

51,493

 

Total interest-bearing liabilities

 

 

1,462,277

 

 

 

1,422,022

 

 

 

1,418,884

 

 

 

1,443,318

 

 

 

1,313,716

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

 

493,734

 

 

 

464,579

 

 

 

439,953

 

 

 

430,658

 

 

 

399,807

 

Other non-interest bearing liabilities

 

 

23,682

 

 

 

23,031

 

 

 

25,882

 

 

 

29,644

 

 

 

25,540

 

Stockholders' equity

 

 

171,508

 

 

 

169,017

 

 

 

166,156

 

 

 

163,828

 

 

 

157,531

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Equity

 

$

2,151,201

 

 

$

2,078,649

 

 

$

2,050,875

 

 

$

2,067,448

 

 

$

1,896,594

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YIELD/RATE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net

 

 

4.32

%

 

 

4.06

%

 

 

4.09

%

 

 

4.01

%

 

 

4.22

%

Investment securities

 

 

1.94

%

 

 

2.00

%

 

 

2.18

%

 

 

2.06

%

 

 

2.12

%

Interest-bearing deposits at banks

 

 

0.08

%

 

 

0.08

%

 

 

0.10

%

 

 

0.10

%

 

 

0.08

%

Total interest-earning assets

 

 

3.86

%

 

 

3.71

%

 

 

3.74

%

 

 

3.62

%

 

 

3.84

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW

 

 

0.11

%

 

 

0.13

%

 

 

0.15

%

 

 

0.19

%

 

 

0.24

%

Savings

 

 

0.17

%

 

 

0.20

%

 

 

0.24

%

 

 

0.33

%

 

 

0.37

%

Time deposits

 

 

0.52

%

 

 

0.64

%

 

 

0.90

%

 

 

1.04

%

 

 

1.40

%

Total interest-bearing deposits

 

 

0.21

%

 

 

0.27

%

 

 

0.37

%

 

 

0.48

%

 

 

0.62

%

Borrowings

 

 

2.55

%

 

 

2.52

%

 

 

2.43

%

 

 

2.26

%

 

 

1.41

%

Total interest-bearing liabilities

 

 

0.34

%

 

 

0.39

%

 

 

0.49

%

 

 

0.59

%

 

 

0.65

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate spread

 

 

3.52

%

 

 

3.32

%

 

 

3.25

%

 

 

3.03

%

 

 

3.19

%

Contribution of interest-free funds

 

 

0.10

%

 

 

0.11

%

 

 

0.13

%

 

 

0.16

%

 

 

0.17

%

Net interest margin

 

 

3.62

%

 

 

3.43

%

 

 

3.38

%

 

 

3.19

%

 

 

3.36

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Evans Bancorp Aktie jetzt über den Testsieger (Finanztest 11/2020) handeln, ab 0 € auf Smartbroker.de



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Disclaimer

Evans Bancorp Reports Record Net Income of $6.3 Million in Second Quarter 2021 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 second quarter ended June 30, 2021. Results include the …

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