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     109  0 Kommentare Evans Bancorp Reports Net Income of $4.9 Million in Second Quarter 2023

    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, 2023.

    SECOND QUARTER 2023 REVIEW (compared with prior-year period unless otherwise noted)

    • Net income of $4.9 million reflected continued net interest margin pressure, partially offset by non-interest income growth and prudent expense management
    • Total non-interest income of $4.7 million increased 2% year-over-year and up 14% sequentially
    • Total non-interest expense declined 4% to $14.2 million, down 2% sequentially
    • Total loan balances of $1.67 billion up 3.5% year-over-year
    • The average rate paid on interest-bearing deposits was 2.18%, up from 0.28% a year ago

    Net income was $4.9 million, or $0.90 per diluted share, in the second quarter of 2023, compared with $5.8 million, or $1.06 per diluted share, in the first quarter of 2023 and $5.7 million, or $1.03 per diluted share, in last year’s second quarter. The change from the first quarter of 2023 reflected a decrease in net interest income and reduced release of allowance for credit losses, partially offset by higher non-interest income and lower non-interest expense. The change from the prior year’s second quarter was largely due to a reduction in net interest income, partially offset by lower non-interest expense and a release of allowance. Return on average equity was 12.25% for the second quarter of 2023, compared with 14.97% in the first quarter of 2023 and 13.77% in the second quarter of 2022.

    David J. Nasca, President and CEO of Evans Bancorp, Inc., said, “We believe we are executing well given the challenging market forces and backdrop of margin pressure. Staying close to clients and cultivating prospective relationships remains paramount as we maintain stable liquidity and pursue opportunities to continue driving growth and loan production. Equally important is our focus on controlling costs and efforts to improve efficiencies, which is evidenced by our non-interest expense decline both quarter-over-quarter and year-over-year.”

    He added, “The net interest margin reduction during the quarter reflects ongoing market forces that have driven deposits costs higher. Overall, we believe we are maintaining our posture against stiff competition as our team has continued to retain key deposits. Looking ahead, we expect market dynamics and pricing pressures will continue to have an impact on our margin in the third quarter and then begin to moderate heading into the end of the year.”

     

    Net Interest Income

    ($ in thousands)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    2Q 2023

     

     

    1Q 2023

     

     

    2Q 2022

     

     

     

     

     

     

     

     

     

     

     

     

    Interest income

     

    $

    23,988

     

     

    $

    23,365

     

     

    $

    19,097

    Interest expense

     

     

    8,307

     

     

     

    6,040

     

     

     

    1,045

    Net interest income

     

     

    15,681

     

     

     

    17,325

     

     

     

    18,052

    Provision for credit losses

     

     

    (116)

     

     

     

    (654)

     

     

     

    267

    Net interest income after provision

     

    $

    15,797

     

     

    $

    17,979

     

     

    $

    17,785

    Net interest income of $15.7 million was down $1.6 million, or 9%, from the sequential first quarter and $2.4 million, or 13%, from last year’s second quarter due to higher interest expense given the cost increase of interest-bearing liabilities as a result of competitive pricing on deposits.

    Second quarter net interest margin of 3.10% declined 36 basis points over the trailing first quarter and 35 basis points from the prior-year period. The yield on loans improved both sequentially and year-over-year, up 10 basis points and 102 basis points, respectively. The cost of interest-bearing liabilities was 2.18% compared with 1.65% in the first quarter of 2023 and 0.28% in the second quarter of 2022.

    The $0.1 million release of allowance in the current quarter was largely due to lower criticized loan balances, and lower specific reserves on impaired loans, partially offset by loan growth.

    “Given external market forces and current headwinds, we believe our liquidity position is solid and backed by a diversified deposit base as well as other alternative sources of funding. Total deposits on an end of period basis did decline during the recent quarter, though the vast majority – approximately $48 million – consisted of typical seasonal municipal outflows,” commented John Connerton, Chief Financial Officer of Evans Bank. “Credit quality remains strong despite the rise in non-performing loans, which reflects a single commercial credit of $6.5 million that is well collateralized and still accruing.”

     

    Asset Quality

     

    ($ in thousands)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    2Q 2023

     

     

    1Q 2023

     

     

    2Q 2022

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total non-performing loans

     

    $

    27,789

     

     

    $

    24,084

     

     

    $

    22,010

     

    Total net loan charge-offs (recoveries)

     

     

    35

     

     

     

    (4)

     

     

     

    66

     

    Non-performing loans / Total loans

     

     

    1.66

    %

     

     

    1.45

    %

     

     

    1.36

    %

    Net loan charge-offs / Average loans

     

     

    0.01

    %

     

     

    -

    %

     

     

    0.02

    %

    Allowance for loan losses / Total loans

     

     

    1.28

    %

     

     

    1.30

    %

     

     

    1.17

    %

     

     

     

     

     

     

     

     

     

     

     

     

    Non-Interest Income

    ($ in thousands)

     

     

    2Q 2023

     

     

    1Q 2023

     

     

    2Q 2022

     

     

     

     

     

     

     

     

     

     

     

     

    Deposit service charges

     

    $

    645

     

     

    $

    613

     

     

    $

    703

    Insurance service and fee revenue

     

     

    2,720

     

     

     

    2,429

     

     

     

    2,567

    Bank-owned life insurance

     

     

    238

     

     

     

    224

     

     

     

    171

    Other income

     

     

    1,098

     

     

     

    847

     

     

     

    1,171

    Total non-interest income

     

    $

    4,701

     

     

    $

    4,113

     

     

    $

    4,612

    Total non-interest income increased $0.6 million, or 14%, from the first quarter of 2023, and was up $0.1 million, or 2%, from last year’s second quarter.

    Insurance service and fee revenue increased 12% over the sequential first quarter and was up 6% over last year’s second quarter. The increase from the first quarter of 2023 reflects seasonally higher policy renewals for institutional clients, while the year-over-year increase was due to commissions from higher premiums and new commercial lines insurance sales.

    Other income increased $0.3 million from the sequential first quarter primarily due to movements in mortgage servicing rights and higher loan fees.

     

    Non-Interest Expense

     

    ($ in thousands)

     
     

     

     

    2Q 2023

     

     

    1Q 2023

     

     

    2Q 2022

     

     

     

     

     

     

     

     

     

     

     

     

    Salaries and employee benefits

     

    $

    8,649

     

     

    $

    9,413

     

     

    $

    9,436

    Occupancy

     

     

    1,145

     

     

     

    1,173

     

     

     

    1,131

    Advertising and public relations

     

     

    407

     

     

     

    156

     

     

     

    438

    Professional services

     

     

    808

     

     

     

    883

     

     

     

    843

    Technology and communications

     

     

    1,542

     

     

     

    1,356

     

     

     

    1,237

    Amortization of intangibles

     

     

    100

     

     

     

    100

     

     

     

    100

    FDIC insurance

     

     

    350

     

     

     

    350

     

     

     

    250

    Other expenses

     

     

    1,171

     

     

     

    1,071

     

     

     

    1,349

    Total non-interest expenses

     

    $

    14,172

     

     

    $

    14,502

     

     

    $

    14,784

    Total non-interest expense decreased $0.3 million, or 2%, from the first quarter of 2023, and was down $0.6 million, or 4%, from last year’s second quarter.

    Salaries and employee benefits were down $0.8 million, or 8%, from both comparative periods. Included in salaries and employee benefits during the first quarter of 2023 was the funding of employee’s health savings accounts and payroll taxes that are typically higher in the first quarter. Compared with last year’s second quarter, the decrease was primarily due to lower incentive accruals of $1.2 million partially offset by merit increases and strategic hires.

    Technology and communications increased $0.2 million from the sequential first quarter and $0.3 million from last year’s second quarter primarily due to higher ATM card fees and software costs.

    FDIC insurance increased $0.1 million from the second quarter of 2022 reflecting changes to the FDIC’s assessment rate schedules intended to raise the reserve ratio of the Deposit Insurance Fund.

    Other expenses increased from the sequential first quarter primarily due to charitable contributions. The decrease from last year’s second quarter was due to lower loan fees.

    The Company’s GAAP efficiency ratio, or noninterest expenses divided by the sum of net interest income and noninterest income, was 69.5% in the second quarter of 2023, 67.6% in the first quarter of 2023, and 65.2% in the second quarter of 2022.

    Income tax expense was $1.4 million, for an effective tax rate of 22.0%, in the second quarter of 2023 compared with 23.6% in the first quarter of 2023 and 24.7% in last year’s first quarter. The decrease is due to stable non-taxable income on a decreasing overall pre-tax income base.

    Balance Sheet Highlights

    Total assets were $2.15 billion as of June 30, 2023, an increase of less than 1% since March 31, 2023, though down 2% from $2.21 billion at June 30, 2022. The change from last year’s second quarter was due to a reduction in interest-bearing deposits at banks of $78 million and investment securities of $49 million, partially offset by an increase in loan balances of 3.5% or $57 million. The loan balance increase reflects higher commercial real estate loans of $55 million and residential mortgages of $12 million, partially offset by commercial and industrial loans which decreased $8 million.

    Investment securities were $354 million at June 30, 2023, $16 million lower than the end of the first quarter of 2023 and $49 million lower than the end of last year’s second quarter. The decrease reflects changes in unrealized gains and losses on investment securities and maturities within our available-for-sale investment portfolio. 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 $1.79 billion decreased $63 million, or 3%, from March 31, 2023, and $182 million, or 9%, from the end of last year’s second quarter. The change from the sequential first quarter reflects a decrease in demand deposits of $42 million, municipal savings deposits of $32 million, consumer savings of $30 million, commercial savings of $19 million and brokered deposits of $6 million, partially offset by an increase in NOW deposits of $35 million and time deposits of $24 million.

    When compared with the end of last year’s second quarter, there were deposit decreases in consumer savings of $196 million, demand deposits of $108 million, commercial savings of $64 million, municipal savings of $29 million, and brokered deposits of $6 million. Offsetting those decreases were higher consumer time deposits of $183 million and NOW deposits of $38 million.

    While the Company has not experienced a significant outflow of deposits, in the event of such occurrences, the Bank has access to alternate sources of funding to meet withdrawal demands. As of June 30, 2023, the Bank had $34 million in overnight borrowings at the FHLB. Given the current collateral available at FHLB, advances up to $337 million can be drawn on the FHLB via the banks overnight line of credit. Additionally, the Bank has the ability to borrow from the Federal Reserve and participates in the Bank Term Funding Program. At June 30, 2023 the Bank had $100 million in short-term borrowings with the Federal Reserve and had $54.5 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 9.43% at June 30, 2023 compared with 9.13% at March 31, 2023 and 8.73% at June 30, 2022.

    Book value per share was $29.13 at June 30, 2023 compared with $28.97 at March 31, 2023 and $29.53 at June 30, 2022. 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, which reduced book value per share at June 30, 2023 by $2.94 when compared with the last year’s second quarter. 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.

    Tangible book value per share was $26.62 at June 30, 2023 compared with $26.44 at March 31, 2023 and $26.97 at June 30, 2022.

    Webcast and Conference Call

    The Company will host a conference call and webcast on Thursday, July 27, 2023 at 4:45 p.m. ET. Management will review the financial and operating results for the second quarter of 2023, as well as the Company’s strategy and outlook. A question and answer session will follow.

    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 8:00 p.m. ET on the day of the teleconference until Thursday, August 10, 2023. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13739491, 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 $1.8 billion in deposits at June 30, 2023. Evans is a full-service community bank with 18 branches 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 eight 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)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    6/30/2023

     

     

     

    3/31/2023

     

     

     

    12/31/2022

     

     

     

    9/30/2022

     

     

     

    6/30/2022

     

    ASSETS

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest-bearing deposits at banks

     

    $

    10,334

     

     

     

    $

    3,832

     

     

     

    $

    6,258

     

     

     

    $

    6,813

     

     

     

    $

    88,190

     

     

    Investment Securities

     

     

    353,836

     

     

     

     

    369,636

     

     

     

     

    371,275

     

     

     

     

    376,713

     

     

     

     

    403,322

     

     

    Loans

     

     

    1,670,753

     

     

     

     

    1,658,576

     

     

     

     

    1,672,369

     

     

     

     

    1,626,457

     

     

     

     

    1,613,834

     

     

    Allowance for credit losses

     

     

    (21,368

    )

     

     

     

    (21,523

    )

     

     

     

    (19,438

    )

     

     

     

    (18,630

    )

     

     

     

    (18,819

    )

     

    Goodwill and intangible assets

     

     

    13,729

     

     

     

     

    13,829

     

     

     

     

    13,929

     

     

     

     

    14,029

     

     

     

     

    14,129

     

     

    All other assets

     

     

    127,679

     

     

     

     

    123,920

     

     

     

     

    134,117

     

     

     

     

    124,323

     

     

     

     

    107,698

     

     

    Total assets

     

    $

    2,154,963

     

     

     

    $

    2,148,270

     

     

     

    $

    2,178,510

     

     

     

    $

    2,129,705

     

     

     

    $

    2,208,354

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    LIABILITIES AND STOCKHOLDERS'

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    EQUITY

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Demand deposits

     

     

    442,195

     

     

     

     

    483,958

     

     

     

     

    493,710

     

     

     

     

    558,805

     

     

     

     

    550,079

     

     

    NOW deposits

     

     

    303,159

     

     

     

     

    268,283

     

     

     

     

    273,359

     

     

     

     

    263,648

     

     

     

     

    265,181

     

     

    Savings deposits

     

     

    726,687

     

     

     

     

    807,532

     

     

     

     

    801,943

     

     

     

     

    913,383

     

     

     

     

    1,015,511

     

     

    Time deposits

     

     

    314,574

     

     

     

     

    290,141

     

     

     

     

    202,667

     

     

     

     

    137,910

     

     

     

     

    137,561

     

     

    Total deposits

     

     

    1,786,615

     

     

     

     

    1,849,914

     

     

     

     

    1,771,679

     

     

     

     

    1,873,746

     

     

     

     

    1,968,332

     

     

    Borrowings

     

     

    190,697

     

     

     

     

    120,002

     

     

     

     

    231,223

     

     

     

     

    83,456

     

     

     

     

    59,028

     

     

    Other liabilities

     

     

    18,167

     

     

     

     

    20,103

     

     

     

     

    21,615

     

     

     

     

    22,652

     

     

     

     

    18,319

     

     

    Total stockholders' equity

     

     

    159,484

     

     

     

     

    158,251

     

     

     

     

    153,993

     

     

     

     

    149,850

     

     

     

     

    162,675

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    SHARES AND CAPITAL RATIOS

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Common shares outstanding

     

     

    5,477,505

     

     

     

     

    5,462,763

     

     

     

     

    5,437,048

     

     

     

     

    5,509,917

     

     

     

     

    5,508,663

     

     

    Book value per share

     

    $

    29.12

     

     

     

    $

    28.97

     

     

     

    $

    28.32

     

     

     

    $

    27.20

     

     

     

    $

    29.53

     

     

    Tangible book value per share

     

    $

    26.61

     

     

     

    $

    26.44

     

     

     

    $

    25.76

     

     

     

    $

    24.65

     

     

     

    $

    26.97

     

     

    Tier 1 leverage ratio

     

     

    9.43

     

    %

     

     

    9.13

     

    %

     

     

    9.13

     

    %

     

     

    9.00

     

    %

     

     

    8.73

     

    %

    Tier 1 risk-based capital ratio

     

     

    12.73

     

    %

     

     

    12.55

     

    %

     

     

    12.29

     

    %

     

     

    12.40

     

    %

     

     

    12.47

     

    %

    Total risk-based capital ratio

     

     

    13.98

     

    %

     

     

    13.80

     

    %

     

     

    13.48

     

    %

     

     

    13.57

     

    %

     

     

    13.68

     

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    ASSET QUALITY DATA

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total non-performing loans

     

    $

    27,789

     

     

     

    $

    24,084

     

     

     

    $

    24,728

     

     

     

    $

    25,961

     

     

     

    $

    22,010

     

     

    Total net loan charge-offs (recoveries)

     

     

    35

     

     

     

     

    (4

    )

     

     

     

    115

     

     

     

     

    1,518

     

     

     

     

    66

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Non-performing loans/Total loans

     

     

    1.66

     

    %

     

     

    1.45

     

    %

     

     

    1.48

     

    %

     

     

    1.60

     

    %

     

     

    1.36

     

    %

    Net loan charge-offs (recoveries)/Average loans

     

     

    0.01

     

    %

     

     

    -

     

    %

     

     

    0.03

     

    %

     

     

    0.38

     

    %

     

     

    0.02

     

    %

    Allowance for credit losses/Total loans

     

     

    1.28

     

    %

     

     

    1.30

     

    %

     

     

    1.16

     

    %

     

     

    1.15

     

    %

     

     

    1.17

     

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    EVANS BANCORP, INC AND SUBSIDIARIES

    SELECTED OPERATIONS DATA (UNAUDITED)

    (in thousands, except share and per share data)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    2023

     

     

     

     

    2023

     

     

     

     

    2022

     

     

     

    2022

     

     

     

    2022

     

     

     

     

    Second Quarter

     

     

     

    First Quarter

     

     

     

    Fourth Quarter

     

     

     

    Third Quarter

     

     

     

    Second Quarter

     

    Interest income

     

    $

    23,988

     

     

     

    $

    23,365

     

     

     

    $

    22,381

     

     

    $

    20,487

     

     

    $

    19,097

     

    Interest expense

     

     

    8,307

     

     

     

     

    6,040

     

     

     

     

    3,167

     

     

     

    1,299

     

     

     

    1,045

     

    Net interest income

     

     

    15,681

     

     

     

     

    17,325

     

     

     

     

    19,214

     

     

     

    19,188

     

     

     

    18,052

     

    Provision for credit losses

     

     

    (116

    )

     

     

     

    (654

    )

     

     

     

    923

     

     

     

    1,328

     

     

     

    267

     

    Net interest income after provision for credit losses

     

     

    15,797

     

     

     

     

    17,979

     

     

     

     

    18,291

     

     

     

    17,860

     

     

     

    17,785

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Deposit service charges

     

     

    645

     

     

     

     

    613

     

     

     

     

    684

     

     

     

    782

     

     

     

    703

     

    Insurance service and fee revenue

     

     

    2,720

     

     

     

     

    2,429

     

     

     

     

    2,204

     

     

     

    3,383

     

     

     

    2,567

     

    Bank-owned life insurance

     

     

    238

     

     

     

     

    224

     

     

     

     

    221

     

     

     

    161

     

     

     

    171

     

    Other income

     

     

    1,098

     

     

     

     

    847

     

     

     

     

    1,352

     

     

     

    1,441

     

     

     

    1,171

     

    Total non-interest income

     

     

    4,701

     

     

     

     

    4,113

     

     

     

     

    4,461

     

     

     

    5,767

     

     

     

    4,612

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Salaries and employee benefits

     

     

    8,649

     

     

     

     

    9,413

     

     

     

     

    9,498

     

     

     

    10,450

     

     

     

    9,436

     

    Occupancy

     

     

    1,145

     

     

     

     

    1,173

     

     

     

     

    1,190

     

     

     

    1,118

     

     

     

    1,131

     

    Advertising and public relations

     

     

    407

     

     

     

     

    156

     

     

     

     

    125

     

     

     

    417

     

     

     

    438

     

    Professional services

     

     

    808

     

     

     

     

    883

     

     

     

     

    871

     

     

     

    839

     

     

     

    843

     

    Technology and communications

     

     

    1,542

     

     

     

     

    1,356

     

     

     

     

    1,437

     

     

     

    1,339

     

     

     

    1,237

     

    Amortization of intangibles

     

     

    100

     

     

     

     

    100

     

     

     

     

    100

     

     

     

    100

     

     

     

    100

     

    FDIC insurance

     

     

    350

     

     

     

     

    350

     

     

     

     

    250

     

     

     

    255

     

     

     

    250

     

    Other expenses

     

     

    1,171

     

     

     

     

    1,071

     

     

     

     

    1,429

     

     

     

    1,273

     

     

     

    1,349

     

    Total non-interest expenses

     

     

    14,172

     

     

     

     

    14,502

     

     

     

     

    14,900

     

     

     

    15,791

     

     

     

    14,784

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Income before income taxes

     

     

    6,326

     

     

     

     

    7,590

     

     

     

     

    7,852

     

     

     

    7,836

     

     

     

    7,613

     

    Income tax provision

     

     

    1,394

     

     

     

     

    1,790

     

     

     

     

    1,809

     

     

     

    1,972

     

     

     

    1,879

     

    Net income

     

     

    4,932

     

     

     

     

    5,800

     

     

     

     

    6,043

     

     

     

    5,864

     

     

     

    5,734

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PER SHARE DATA

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net income per common share-diluted

     

    $

    0.90

     

     

     

    $

    1.06

     

     

     

    $

    1.10

     

     

    $

    1.06

     

     

    $

    1.03

     

    Cash dividends per common share

     

    $

    -

     

     

     

    $

    0.66

     

     

     

    $

    -

     

     

    $

    0.64

     

     

    $

    -

     

    Weighted average number of diluted shares

     

     

    5,474,462

     

     

     

     

    5,475,790

     

     

     

     

    5,500,810

     

     

     

    5,546,764

     

     

     

    5,550,436

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PERFORMANCE RATIOS

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Return on average total assets

     

     

    0.91

     

    %

     

     

    1.07

     

    %

     

     

    1.12

     %

     

     

    1.08

     %

     

     

    1.04

     %

    Return on average stockholders' equity

     

     

    12.25

     

    %

     

     

    14.97

     

    %

     

     

    16.07

     %

     

     

    14.15

     %

     

     

    13.77

     %

    Return on average tangible common stockholders' equity*

     

     

    13.39

     

    %

     

     

    16.44

     

    %

     

     

    17.72

     %

     

     

    15.46

     %

     

     

    15.06

     %

    Efficiency ratio

     

     

    69.53

     

    %

     

     

    67.65

     

    %

     

     

    62.94

     %

     

     

    63.28

     %

     

     

    65.23

     %

    Efficiency ratio (Non-GAAP)**

     

     

    69.04

     

    %

     

     

    67.18

     

    %

     

     

    62.51

     %

     

     

    62.88

     %

     

     

    64.79

     %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    * 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, 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)

     

     

     

    2023

     

     

     

    2023

     

     

     

    2022

     

     

     

    2022

     

     

     

    2022

     

     

     

     

    Second Quarter

     

     

     

    First Quarter

     

     

     

    Fourth Quarter

     

     

     

    Third Quarter

     

     

     

    Second Quarter

     

    AVERAGE BALANCES

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Loans, net

     

    $

    1,646,502

     

     

    $

    1,641,162

     

     

    $

    1,627,028

     

     

    $

    1,597,382

     

     

    $

    1,591,971

     

    Investment securities

     

     

    373,922

     

     

     

    382,329

     

     

     

    382,125

     

     

     

    406,703

     

     

     

    392,371

     

    Interest-bearing deposits at banks

     

     

    7,235

     

     

     

    9,824

     

     

     

    10,416

     

     

     

    42,788

     

     

     

    111,457

     

    Total interest-earning assets

     

     

    2,027,659

     

     

     

    2,033,315

     

     

     

    2,019,569

     

     

     

    2,046,873

     

     

     

    2,095,799

     

    Non interest-earning assets

     

     

    129,793

     

     

     

    133,936

     

     

     

    135,035

     

     

     

    122,321

     

     

     

    116,202

     

    Total Assets

     

    $

    2,157,452

     

     

    $

    2,167,251

     

     

    $

    2,154,604

     

     

    $

    2,169,194

     

     

    $

    2,212,001

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    NOW

     

     

    281,910

     

     

     

    260,242

     

     

     

    265,313

     

     

     

    269,359

     

     

     

    258,197

     

    Savings

     

     

    776,020

     

     

     

    796,793

     

     

     

    874,816

     

     

     

    964,051

     

     

     

    1,020,004

     

    Time deposits

     

     

    304,575

     

     

     

    257,733

     

     

     

    174,362

     

     

     

    132,319

     

     

     

    143,677

     

    Total interest-bearing deposits

     

     

    1,362,505

     

     

     

    1,314,768

     

     

     

    1,314,491

     

     

     

    1,365,729

     

     

     

    1,421,878

     

    Borrowings

     

     

    163,338

     

     

     

    173,053

     

     

     

    151,259

     

     

     

    65,990

     

     

     

    63,203

     

    Total interest-bearing liabilities

     

     

    1,525,843

     

     

     

    1,487,821

     

     

     

    1,465,750

     

     

     

    1,431,719

     

     

     

    1,485,081

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Demand deposits

     

     

    451,990

     

     

     

    503,945

     

     

     

    518,666

     

     

     

    549,625

     

     

     

    542,827

     

    Other non-interest bearing liabilities

     

     

    18,532

     

     

     

    20,487

     

     

     

    19,798

     

     

     

    22,073

     

     

     

    17,562

     

    Stockholders' equity

     

     

    161,087

     

     

     

    154,998

     

     

     

    150,390

     

     

     

    165,777

     

     

     

    166,531

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total Liabilities and Equity

     

    $

    2,157,452

     

     

    $

    2,167,251

     

     

    $

    2,154,604

     

     

    $

    2,169,194

     

     

    $

    2,212,001

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average tangible common stockholders' equity*

     

     

    147,299

     

     

     

    141,111

     

     

     

    136,406

     

     

     

    151,690

     

     

     

    152,345

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    YIELD/RATE

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Loans, net

     

     

    5.26

    %

     

     

    5.16

    %

     

     

    4.88

    %

     

     

    4.47

    %

     

     

    4.24

    %

    Investment securities

     

     

    2.47

    %

     

     

    2.53

    %

     

     

    2.36

    %

     

     

    2.23

    %

     

     

    2.09

    %

    Interest-bearing deposits at banks

     

     

    4.45

    %

     

     

    3.97

    %

     

     

    3.16

    %

     

     

    2.01

    %

     

     

    0.81

    %

    Total interest-earning assets

     

     

    4.75

    %

     

     

    4.66

    %

     

     

    4.40

    %

     

     

    3.97

    %

     

     

    3.65

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    NOW

     

     

    1.24

    %

     

     

    0.75

    %

     

     

    0.36

    %

     

     

    0.10

    %

     

     

    0.09

    %

    Savings

     

     

    1.58

    %

     

     

    0.95

    %

     

     

    0.33

    %

     

     

    0.19

    %

     

     

    0.14

    %

    Time deposits

     

     

    3.10

    %

     

     

    2.63

    %

     

     

    1.61

    %

     

     

    0.64

    %

     

     

    0.49

    %

    Total interest-bearing deposits

     

     

    1.85

    %

     

     

    1.24

    %

     

     

    0.51

    %

     

     

    0.22

    %

     

     

    0.16

    %

    Borrowings

     

     

    4.98

    %

     

     

    4.74

    %

     

     

    3.88

    %

     

     

    3.27

    %

     

     

    2.95

    %

    Total interest-bearing liabilities

     

     

    2.18

    %

     

     

    1.65

    %

     

     

    0.86

    %

     

     

    0.36

    %

     

     

    0.28

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest rate spread

     

     

    2.57

    %

     

     

    3.01

    %

     

     

    3.54

    %

     

     

    3.61

    %

     

     

    3.37

    %

    Contribution of interest-free funds

     

     

    0.53

    %

     

     

    0.45

    %

     

     

    0.23

    %

     

     

    0.11

    %

     

     

    0.08

    %

    Net interest margin

     

     

    3.10

    %

     

     

    3.46

    %

     

     

    3.77

    %

     

     

    3.72

    %

     

     

    3.45

    %

    * Average tangible common stockholders' equity excludes goodwill and intangible assets from average stockholders equity.

     


    The Evans Bancorp Stock at the time of publication of the news with a raise of +2,43 % to 29,51USD on AMEX stock exchange (27. Juli 2023, 22:00 Uhr).


    Business Wire (engl.)
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    Evans Bancorp Reports Net Income of $4.9 Million in Second Quarter 2023 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, 2023. SECOND QUARTER 2023 …