EVBN Evans Bancorp Inc

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 third quarter ended September 30, 2023.

HIGHLIGHTS

• Total loan balances of $1.7 billion up 2% in the quarter and 5% year-over-year
• Net income of $3.6 million reflected continued net interest margin pressure, partially offset by prudent expense management
• Total non-interest expense declined 9% to $14.4 million over last year’s third quarter
• Net interest margin of 2.79% declined 31 basis points sequentially, of which 8 basis points was attributable to the reversal of interest income from one non-accrual commercial loan in the quarter

Net income was $3.6 million, or $0.66 per diluted share, in the third quarter of 2023, compared with $4.9 million, or $0.90 per diluted share, in the second quarter of 2023 and $5.9 million, or $1.06 per diluted share, in last year’s third quarter. The change from the second quarter of 2023 reflected a decrease in net interest income, increased provision for credit losses and higher non-interest expense, partially offset by higher non-interest income. The change from the prior year’s third quarter was largely due to a reduction in net interest income and lower non-interest income, partially offset by lower non-interest expense and provision for credit losses. Return on average equity was 9.06% for the third quarter of 2023, compared with 12.25% in the second quarter of 2023 and 14.15% in the third quarter of 2022.

David J. Nasca, President and CEO of Evans Bancorp, Inc., said, “Third quarter results were solid from a growth and operating performance standpoint and position the Company strongly in a challenging business environment. The net interest margin continued to be pressured by rate headwinds, especially related to funding costs, as anticipated. The margin was also impacted by a reversal of interest income from one large, longtime credit client. Absent that reduction, our margin was in line with expectations. Deposits and liquidity are stable. In addition, our associates have performed well in lending and business development despite market dynamics, making inroads with new clients and cementing existing relationships, as evidenced by our 8% annualized loan growth in the quarter. We continue to take proactive steps to manage costs and expenditures by focusing on operating efficiency and providing exceptional experience to our valued clients.”

Net Interest Income

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3Q 2023

 

 

2Q 2023

 

 

3Q 2022

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

24,292

 

 

$

23,988

 

 

 

$

20,487

Interest expense

 

 

10,036

 

 

 

8,307

 

 

 

 

1,299

Net interest income

 

 

14,256

 

 

 

15,681

 

 

 

 

19,188

Provision for credit losses

 

 

506

 

 

 

(116

)

 

 

 

1,328

Net interest income after provision

 

$

13,750

 

 

$

15,797

 

 

 

$

17,860

Net interest income of $14.3 million was down $1.4 million, or 9%, from the second quarter and $4.9 million, or 26%, from last year’s third quarter as a result of higher interest expense related to the increased cost of interest-bearing liabilities produced by competitive pricing on deposits.

Third quarter net interest margin of 2.79% declined 31 basis points over the trailing second quarter and 93 basis points from the prior-year period. Impacting net interest margin by 8 basis points was the reversal of approximately $0.4 million of interest income primarily resulting from one large commercial loan that was put on non-accrual status during the quarter. The yield on loans remained flat compared with the second quarter but improved 78 basis points year-over-year. The cost of interest-bearing liabilities was 2.59% compared with 2.18% in the second quarter of 2023 and 0.36% in the third quarter of 2022.

The $0.5 million provision for credit losses in the current quarter was largely due to loan growth.

Asset Quality

 

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3Q 2023

 

2Q 2023

 

3Q 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-performing loans

 

$

27,311

 

 

$

27,789

 

 

$

25,961

 

Total net loan charge-offs (recoveries)

 

 

35

 

 

 

35

 

 

 

1,518

 

Non-performing loans / Total loans

 

 

1.60

%

 

 

1.66

%

 

 

1.60

%

Net loan charge-offs / Average loans

 

 

0.01

%

 

 

0.01

%

 

 

0.38

%

Allowance for loan losses / Total loans

 

 

1.28

%

 

 

1.28

%

 

 

1.15

%

“Our balance sheet remains strong as spot deposit levels were up slightly in the quarter, and while there are product shifts still occurring, we are broadly seeing more stabilization,” commented John Connerton, Chief Financial Officer of Evans Bank. “Our loan pipeline continues to be solid at $67 million, and is centered on high quality credits, which is reflected in our credit performance as we continue to navigate the current market by adhering to our prudent underwriting standards.”

Non-Interest Income

($ in thousands)

 

 

3Q 2023

 

 

2Q 2023

 

 

3Q 2022

 

 

 

 

 

 

 

 

 

 

 

 

Deposit service charges

 

$

665

 

 

$

645

 

 

$

782

Insurance service and fee revenue

 

 

3,498

 

 

 

2,720

 

 

 

3,383

Bank-owned life insurance

 

 

239

 

 

 

238

 

 

 

161

Interchange fee income

 

 

516

 

 

 

528

 

 

 

532

Other income

 

 

638

 

 

 

570

 

 

 

909

Total non-interest income

 

$

5,556

 

 

$

4,701

 

 

$

5,767

Total non-interest income increased $0.9 million, or 18%, from the second quarter of 2023, but was down $0.2 million, or 4%, from last year’s third quarter on the strength of insurance revenues offset by deposit service charges and other income decreases.

The change in deposit service charges since last year’s third quarter was largely due to the Bank’s implementation of reduced overdraft and non-sufficient funds (NSF) fees during the fourth quarter of 2022.

The increase in insurance service and fee revenue from the sequential second quarter reflects seasonally higher commercial lines insurance commissions and profit-sharing revenue. The increase from the prior year was primarily due to increased personal lines commissions resulting from higher premiums.

Other income decreased $0.3 million from last year’s third quarter primarily due to a $0.2 million final payment received in connection with a historic tax credit investment during the third quarter of 2022.

Non-Interest Expense

($ in thousands)

 

 

3Q 2023

 

 

2Q 2023

 

 

3Q 2022

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

$

8,735

 

 

$

8,649

 

 

$

10,450

Occupancy

 

 

1,109

 

 

 

1,145

 

 

 

1,118

Advertising and public relations

 

 

348

 

 

 

407

 

 

 

417

Professional services

 

 

869

 

 

 

808

 

 

 

839

Technology and communications

 

 

1,517

 

 

 

1,542

 

 

 

1,339

Amortization of intangibles

 

 

100

 

 

 

100

 

 

 

100

FDIC insurance

 

 

350

 

 

 

350

 

 

 

255

Other expenses

 

 

1,379

 

 

 

1,171

 

 

 

1,273

Total non-interest expenses

 

$

14,407

 

 

$

14,172

 

 

$

15,791

Total non-interest expense increased $0.2 million, or 2%, from the second quarter of 2023, but was down $1.4 million, or 9%, from last year’s third quarter.

Salaries and employee benefits were down $1.7 million, or 16%, from last year’s comparative period, largely due to lower incentive accruals of $1.3 million and reduced staff expenses through consolidation of branches and back-office operations. These decreases were partially offset by merit increases and strategic hires. When compared with the second quarter, salaries and employee benefits were relatively flat due to cost management efforts.

Technology and communications increased $0.2 million from last year’s third quarter primarily due to higher software costs.

The Company’s GAAP efficiency ratio, or noninterest expenses divided by the sum of net interest income and noninterest income, was 72.7% in the third quarter of 2023, 69.5% in the second quarter of 2023, and 63.3% in the third quarter of 2022.

Income tax expense was $1.3 million, for an effective tax rate of 26.2%, in the third quarter of 2023 compared with 22.0% in the second quarter of 2023 and 25.2% in last year’s third quarter.

Balance Sheet Highlights

Total assets were $2.17 billion as of September 30, 2023, an increase of less than 1% since June 30, 2023, and were up 2% from $2.13 billion at September 30, 2022. The change from last year’s third quarter was due to an increase in loan balances of $78 million, or 5%, partially offset by a reduction in investment securities of $40 million, or 11%. The loan balance increase reflects higher commercial real estate loans of $88 million and residential mortgages of $7 million, partially offset by commercial and industrial loans which decreased $15 million.

Investment securities were $337 million at September 30, 2023, $17 million lower than the end of the second quarter of 2023 and $40 million lower than the end of last year’s third quarter. The decrease reflects changes in unrealized gains and losses on investment securities and maturities within the 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 $1.81 billion increased $19 million, or 1%, from June 30, 2023, but decreased $68 million, or 4%, from the end of last year’s third quarter. The change from last year’s third quarter reflected deposit decreases in consumer savings of $158 million, demand deposits of $112 million, commercial savings of $60 million, and brokered deposits of $6 million. Offsetting those decreases were higher consumer time deposits of $204 million, NOW deposits of $61 million and municipal savings of $3 million.

While the Company has not experienced a significant outflow of deposits, in the event of such occurrences, it has access to alternate sources of funding to meet withdrawal demands. As of September 30, 2023, Evans had $19 million in overnight borrowings at the FHLB. Given the current collateral available at FHLB, advances up to $312 million can be drawn on the FHLB via the Company’s overnight line of credit. Additionally, Evans has the ability to borrow from the Federal Reserve and participates in the Bank Term Funding Program. At September 30, 2023, Evans had $126 million in short-term borrowings with the Federal Reserve and $35.1 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 9.40% at September 30, 2023 compared with 9.43% at June 30, 2023 and 9.00% at September 30, 2022.

Book value per share was $27.52 at September 30, 2023 compared with $29.12 at June 30, 2023 and $27.20 at September 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 September 30, 2023 by $1.61 when compared with the linked 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 $25.04 at September 30, 2023 compared with $26.61 at June 30, 2023 and $24.65 at September 30, 2022.

In October 2023, the Company paid a semi-annual cash dividend of $0.66 per common share. Cash dividends totaled $1.32 per common share during 2023, up 5% over 2022.

Webcast and Conference Call

The Company will host a conference call and webcast on Thursday, October 26, 2023 at 4:45 p.m. ET. Management will review the financial and operating results for the third 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, November 9, 2023. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13741201, 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 September 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9/30/2023

 

 

6/30/2023

 

 

3/31/2023

 

 

12/31/2022

 

 

9/30/2022

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits at banks

 

$

7,468

 

 

$

10,334

 

 

$

3,832

 

 

$

6,258

 

 

$

6,813

 

Securities AFS

 

 

334,460

 

 

 

351,595

 

 

 

365,929

 

 

 

364,326

 

 

 

369,141

 

Securities HTM

 

 

2,170

 

 

 

2,241

 

 

 

3,707

 

 

 

6,949

 

 

 

7,572

 

Loans

 

 

1,704,400

 

 

 

1,670,753

 

 

 

1,658,576

 

 

 

1,672,369

 

 

 

1,626,457

 

Allowance for credit losses

 

 

(21,846

)

 

 

(21,368

)

 

 

(21,523

)

 

 

(19,438

)

 

 

(18,630

)

Goodwill and intangible assets

 

 

13,629

 

 

 

13,729

 

 

 

13,829

 

 

 

13,929

 

 

 

14,029

 

All other assets

 

 

134,462

 

 

 

127,679

 

 

 

123,920

 

 

 

134,117

 

 

 

124,323

 

Total assets

 

$

2,174,743

 

 

$

2,154,963

 

 

$

2,148,270

 

 

$

2,178,510

 

 

$

2,129,705

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS'

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

$

447,306

 

 

$

442,195

 

 

$

483,958

 

 

$

493,710

 

 

$

558,805

 

NOW deposits

 

 

324,219

 

 

 

303,159

 

 

 

268,283

 

 

 

273,359

 

 

 

263,648

 

Savings deposits

 

 

698,653

 

 

 

726,687

 

 

 

807,532

 

 

 

801,943

 

 

 

913,383

 

Time deposits

 

 

335,228

 

 

 

314,574

 

 

 

290,141

 

 

 

202,667

 

 

 

137,910

 

Total deposits

 

 

1,805,406

 

 

 

1,786,615

 

 

 

1,849,914

 

 

 

1,771,679

 

 

 

1,873,746

 

Securities sold under agreement to repurchase

 

 

13,447

 

 

 

19,185

 

 

 

9,264

 

 

 

7,147

 

 

 

9,812

 

Subordinated debt

 

 

31,152

 

 

 

31,126

 

 

 

31,101

 

 

 

31,075

 

 

 

31,050

 

Other borrowings

 

 

151,252

 

 

 

140,386

 

 

 

79,637

 

 

 

193,001

 

 

 

42,594

 

Other liabilities

 

 

22,551

 

 

 

18,167

 

 

 

20,103

 

 

 

21,615

 

 

 

22,652

 

Total stockholders' equity

 

$

150,935

 

 

$

159,484

 

 

$

158,251

 

 

$

153,993

 

 

$

149,850

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHARES AND CAPITAL RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

 

5,483,591

 

 

 

5,477,505

 

 

 

5,462,763

 

 

 

5,437,048

 

 

 

5,509,917

 

Book value per share

 

$

27.52

 

 

$

29.12

 

 

$

28.97

 

 

$

28.32

 

 

$

27.20

 

Tangible book value per share

 

$

25.04

 

 

$

26.61

 

 

$

26.44

 

 

$

25.76

 

 

$

24.65

 

Tier 1 leverage ratio

 

 

9.40

%

 

 

9.43

%

 

 

9.13

%

 

 

9.13

%

 

 

9.00

%

Tier 1 risk-based capital ratio

 

 

12.04

%

 

 

12.73

%

 

 

12.55

%

 

 

12.29

%

 

 

12.40

%

Total risk-based capital ratio

 

 

13.29

%

 

 

13.98

%

 

 

13.80

%

 

 

13.48

%

 

 

13.57

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-performing loans

 

$

27,311

 

 

$

27,789

 

 

$

24,084

 

 

$

24,728

 

 

$

25,961

 

Total net loan charge-offs (recoveries)

 

 

35

 

 

 

35

 

 

 

(4

)

 

 

115

 

 

 

1,518

 

Other real estate owned (OREO)

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

1,162

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing loans/Total loans

 

 

1.60

%

 

 

1.66

%

 

 

1.45

%

 

 

1.48

%

 

 

1.60

%

Net loan charge-offs (recoveries)/Average loans

 

 

0.01

%

 

 

0.01

%

 

 

-

%

 

 

0.03

%

 

 

0.38

%

Allowance for credit losses/Total loans

 

 

1.28

%

 

 

1.28

%

 

 

1.30

%

 

 

1.16

%

 

 

1.15

%

EVANS BANCORP, INC AND SUBSIDIARIES

SELECTED OPERATIONS DATA (UNAUDITED)

(in thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

 

 

2023

 

 

 

2023

 

 

 

2022

 

 

 

2022

 

 

 

 

Third Quarter

 

 

 

Second Quarter

 

 

First Quarter

 

 

Fourth Quarter

 

 

 

Third Quarter

 

Interest income

 

$

24,292

 

 

$

23,988

 

 

$

23,365

 

 

$

22,381

 

 

$

20,487

 

Interest expense

 

 

10,036

 

 

 

8,307

 

 

 

6,040

 

 

 

3,167

 

 

 

1,299

 

Net interest income

 

 

14,256

 

 

 

15,681

 

 

 

17,325

 

 

 

19,214

 

 

 

19,188

 

Provision for credit losses

 

 

506

 

 

 

(116

)

 

 

(654

)

 

 

923

 

 

 

1,328

 

Net interest income after provision for credit losses

 

 

13,750

 

 

 

15,797

 

 

 

17,979

 

 

 

18,291

 

 

 

17,860

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposit service charges

 

 

665

 

 

 

645

 

 

 

613

 

 

 

684

 

 

 

782

 

Insurance service and fee revenue

 

 

3,498

 

 

 

2,720

 

 

 

2,429

 

 

 

2,204

 

 

 

3,383

 

Bank-owned life insurance

 

 

239

 

 

 

238

 

 

 

224

 

 

 

221

 

 

 

161

 

Interchange fee income

 

 

516

 

 

 

528

 

 

 

493

 

 

 

507

 

 

 

532

 

Other income

 

 

638

 

 

 

570

 

 

 

354

 

 

 

845

 

 

 

909

 

Total non-interest income

 

 

5,556

 

 

 

4,701

 

 

 

4,113

 

 

 

4,461

 

 

 

5,767

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

8,735

 

 

 

8,649

 

 

 

9,413

 

 

 

9,498

 

 

 

10,450

 

Occupancy

 

 

1,109

 

 

 

1,145

 

 

 

1,173

 

 

 

1,190

 

 

 

1,118

 

Advertising and public relations

 

 

348

 

 

 

407

 

 

 

156

 

 

 

125

 

 

 

417

 

Professional services

 

 

869

 

 

 

808

 

 

 

883

 

 

 

871

 

 

 

839

 

Technology and communications

 

 

1,517

 

 

 

1,542

 

 

 

1,356

 

 

 

1,437

 

 

 

1,339

 

Amortization of intangibles

 

 

100

 

 

 

100

 

 

 

100

 

 

 

100

 

 

 

100

 

FDIC insurance

 

 

350

 

 

 

350

 

 

 

350

 

 

 

250

 

 

 

255

 

Other expenses

 

 

1,379

 

 

 

1,171

 

 

 

1,071

 

 

 

1,429

 

 

 

1,273

 

Total non-interest expenses

 

 

14,407

 

 

 

14,172

 

 

 

14,502

 

 

 

14,900

 

 

 

15,791

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

4,899

 

 

 

6,326

 

 

 

7,590

 

 

 

7,852

 

 

 

7,836

 

Income tax provision

 

 

1,281

 

 

 

1,394

 

 

 

1,790

 

 

 

1,809

 

 

 

1,972

 

Net income

 

 

3,618

 

 

 

4,932

 

 

 

5,800

 

 

 

6,043

 

 

 

5,864

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share-diluted

 

$

0.66

 

 

$

0.90

 

 

$

1.06

 

 

$

1.10

 

 

$

1.06

 

Cash dividends per common share

 

$

0.66

 

 

$

-

 

 

$

0.66

 

 

$

-

 

 

$

0.64

 

Weighted average number of diluted shares

 

 

5,490,600

 

 

 

5,474,462

 

 

 

5,475,790

 

 

 

5,500,810

 

 

 

5,546,764

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average total assets

 

 

0.67

%

 

 

0.91

%

 

 

1.07

%

 

 

1.12

%

 

 

1.08

%

Return on average stockholders' equity

 

 

9.06

%

 

 

12.25

%

 

 

14.97

%

 

 

16.07

%

 

 

14.15

%

Return on average tangible common stockholders' equity*

 

 

9.90

%

 

 

13.39

%

 

 

16.44

%

 

 

17.72

%

 

 

15.46

%

Efficiency ratio

 

 

72.72

%

 

 

69.53

%

 

 

67.65

%

 

 

62.94

%

 

 

63.28

%

Efficiency ratio (Non-GAAP)**

 

 

72.21

%

 

 

69.04

%

 

 

67.18

%

 

 

62.51

%

 

 

62.88

%

* 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

 

 

 

2023

 

 

 

2022

 

 

 

2022

 

 

 

 

Third Quarter

 

 

 

Second Quarter

 

 

 

First Quarter

 

 

 

Fourth Quarter

 

 

 

Third Quarter

 

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net

 

$

1,658,132

 

 

$

1,646,502

 

 

$

1,641,162

 

 

$

1,627,028

 

 

$

1,597,382

 

Investment securities

 

 

355,870

 

 

 

373,922

 

 

 

382,329

 

 

 

382,125

 

 

 

406,703

 

Interest-bearing deposits at banks

 

 

9,883

 

 

 

7,235

 

 

 

9,824

 

 

 

10,416

 

 

 

42,788

 

Total interest-earning assets

 

 

2,023,885

 

 

 

2,027,659

 

 

 

2,033,315

 

 

 

2,019,569

 

 

 

2,046,873

 

Non interest-earning assets

 

 

135,896

 

 

 

129,793

 

 

 

133,936

 

 

 

135,035

 

 

 

122,321

 

Total Assets

 

$

2,159,781

 

 

$

2,157,452

 

 

$

2,167,251

 

 

$

2,154,604

 

 

$

2,169,194

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW

 

 

311,624

 

 

 

281,910

 

 

 

260,242

 

 

 

265,313

 

 

 

269,359

 

Savings

 

 

708,724

 

 

 

776,020

 

 

 

796,793

 

 

 

874,816

 

 

 

964,051

 

Time deposits

 

 

325,667

 

 

 

304,575

 

 

 

257,733

 

 

 

174,362

 

 

 

132,319

 

Total interest-bearing deposits

 

 

1,346,015

 

 

 

1,362,505

 

 

 

1,314,768

 

 

 

1,314,491

 

 

 

1,365,729

 

Borrowings

 

 

192,277

 

 

 

163,338

 

 

 

173,053

 

 

 

151,259

 

 

 

65,990

 

Total interest-bearing liabilities

 

 

1,538,292

 

 

 

1,525,843

 

 

 

1,487,821

 

 

 

1,465,750

 

 

 

1,431,719

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

 

441,149

 

 

 

451,990

 

 

 

503,945

 

 

 

518,666

 

 

 

549,625

 

Other non-interest bearing liabilities

 

 

20,529

 

 

 

18,532

 

 

 

20,487

 

 

 

19,798

 

 

 

22,073

 

Stockholders' equity

 

 

159,811

 

 

 

161,087

 

 

 

154,998

 

 

 

150,390

 

 

 

165,777

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Equity

 

$

2,159,781

 

 

$

2,157,452

 

 

$

2,167,251

 

 

$

2,154,604

 

 

$

2,169,194

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average tangible common stockholders' equity*

 

 

146,122

 

 

 

147,299

 

 

 

141,111

 

 

 

136,406

 

 

 

151,690

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YIELD/RATE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net

 

 

5.25

%

 

 

5.26

%

 

 

5.16

%

 

 

4.88

%

 

 

4.47

%

Investment securities

 

 

2.48

%

 

 

2.47

%

 

 

2.53

%

 

 

2.36

%

 

 

2.23

%

Interest-bearing deposits at banks

 

 

5.29

%

 

 

4.45

%

 

 

3.97

%

 

 

3.16

%

 

 

2.01

%

Total interest-earning assets

 

 

4.76

%

 

 

4.75

%

 

 

4.66

%

 

 

4.40

%

 

 

3.97

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW

 

 

1.79

%

 

 

1.24

%

 

 

0.75

%

 

 

0.36

%

 

 

0.10

%

Savings

 

 

1.85

%

 

 

1.58

%

 

 

0.95

%

 

 

0.33

%

 

 

0.19

%

Time deposits

 

 

3.45

%

 

 

3.10

%

 

 

2.63

%

 

 

1.61

%

 

 

0.64

%

Total interest-bearing deposits

 

 

2.22

%

 

 

1.85

%

 

 

1.24

%

 

 

0.51

%

 

 

0.22

%

Borrowings

 

 

5.14

%

 

 

4.98

%

 

 

4.74

%

 

 

3.88

%

 

 

3.27

%

Total interest-bearing liabilities

 

 

2.59

%

 

 

2.18

%

 

 

1.65

%

 

 

0.86

%

 

 

0.36

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate spread

 

 

2.17

%

 

 

2.57

%

 

 

3.01

%

 

 

3.54

%

 

 

3.61

%

Contribution of interest-free funds

 

 

0.62

%

 

 

0.53

%

 

 

0.45

%

 

 

0.23

%

 

 

0.11

%

Net interest margin

 

 

2.79

%

 

 

3.10

%

 

 

3.46

%

 

 

3.77

%

 

 

3.72

%

 

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

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20231026198410/en/

For more information: John B. Connerton Executive Vice President and Chief Financial Officer (716) 926-2000 jconnerton@evansbank.com

-OR-

Deborah K. Pawlowski/Craig Mychajluk Kei Advisors LLC (716) 843-3908 dpawlowski@keiadvisors.com cmychajluk@keiadvisors.com

Media: Kathleen Rizzo Young Group VP/Public & Community Relations Director 716-343-5562 krizzoyoung@evansbank.com