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 second quarter ended June 30, 2024. The prior-year period includes business activity relating to The Evans Agency (TEA) prior to the sale to Arthur J. Gallagher & Co. on November 30, 2023.

HIGHLIGHTS

• Net income per share was $0.53 in the second quarter, which was up 26% sequentially on higher revenue and lower expenses
• Second quarter net interest margin of 2.71% was above expectations due to balance sheet adjustments in the first quarter and ongoing deposit pricing strategy
• Total loan balances of $1.77 billion increased $43 million, or 5% annualized, year-to-date and were up $94 million, or 6%, over last year’s second quarter
• Strong loan pipeline of $137 million
• Total deposits of $1.89 billion increased $173 million, or 10%, year-to-date, and were up $105 million, or 6%, from the end of last year’s second quarter

Net income increased 26% to $2.9 million, or $0.53 per diluted share, in the second quarter of 2024, from $2.3 million, or $0.42 per diluted share, in the first quarter of 2024. The sequential increase was due to higher net interest income of $0.4 million, an increase in non-interest income of $0.1 million, and lower non-interest expense of $0.4 million. Last year’s second quarter had net income of $4.9 million, or $0.90 per diluted share. The change from the prior-year period was due to lower net interest income of $1.4 million, an increase in loan provision of $0.4 million, and the impact of the sale of TEA. Return on average equity was 6.76% for the second quarter of 2024, compared with 5.28% in the first quarter of 2024 and 12.25% in the second quarter of 2023.

David J. Nasca, President and CEO of Evans Bancorp, Inc., commented, “Strong performance was delivered in the second quarter, marked by growth in core banking operations and notable increases in commercial lending portfolio. This growth, alongside a stable deposit base and other balance sheet optimization efforts during the first quarter, resulted in a net interest margin that exceeded expectations. Additionally, disciplined expense management contributed to the 26% increase in net income on a sequential basis.

“We remain focused on strategic priorities, including enhancing our digital capabilities to provide innovative banking solutions, expanding our commercial loan portfolio in the Rochester market, and delivering exceptional customer service. While we remain cautious about the economic outlook and potential impacts of interest rate fluctuations and regulatory changes, we are confident in our ability to perform through these challenges.”

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2Q 2024

 

1Q 2024

 

2Q 2023

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

27,815

 

 

$

25,374

 

 

$

23,988

 

Interest expense

 

 

13,495

 

 

 

11,467

 

 

 

8,307

 

Net interest income

 

 

14,320

 

 

 

13,907

 

 

 

15,681

 

Provision for credit losses

 

 

297

 

 

 

266

 

 

 

(116

)

Net interest income after provision

 

$

14,023

 

 

$

13,641

 

 

$

15,797

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income of $14.3 million increased $0.4 million, or 3%, over the first quarter of 2024 due to higher average loans and the Company’s investment strategy to strengthen the balance sheet at the end of the first quarter. Compared with last year’s second quarter, net interest income was lower by $1.4 million, or 9%, as a result of higher interest expense related to the increased cost of interest-bearing liabilities produced by competitive pricing on deposits.

Second quarter net interest margin of 2.71% decreased 8 basis points from the trailing first quarter and 39 basis points from the prior-year period. The yield on loans increased 7 basis points compared with the first quarter and was up 37 basis points year-over-year. The cost of interest-bearing liabilities was 3.27% compared with 3.04% in the first quarter of 2024 and 2.18% in the second quarter of 2023.

The $0.3 million provision for credit losses in the second quarter was due to loan growth as well as slower prepayment rates, partially offset by improving economic factors.

 

Asset Quality

 

($ in thousands)

 

 

 

2Q 2024

 

 

1Q 2024

 

 

2Q 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-performing loans

 

$

25,128

 

 

$

27,977

 

 

$

27,789

 

Total net loan charge-offs

 

 

22

 

 

 

93

 

 

 

35

 

Non-performing loans / Total loans

 

 

1.42

%

 

 

1.62

%

 

 

1.66

%

Net loan charge-offs / Average loans

 

 

0.01

%

 

 

0.02

%

 

 

0.01

%

Allowance for loan losses / Total loans

 

 

1.28

%

 

 

1.29

%

 

 

1.28

%

 

Non-Interest Income

($ in thousands)

 

 

2Q 2024

 

 

1Q 2024

 

 

2Q 2023

 

 

 

 

 

 

 

 

 

 

 

 

Deposit service charges

 

$

667

 

 

$

681

 

 

$

645

Insurance service and fee revenue

 

 

176

 

 

 

149

 

 

 

2,720

Bank-owned life insurance

 

 

252

 

 

 

246

 

 

 

238

Interchange fee income

 

 

504

 

 

 

466

 

 

 

528

Other income

 

 

801

 

 

 

725

 

 

 

570

Total non-interest income

 

$

2,400

 

 

$

2,267

 

 

$

4,701

Total non-interest income increased $0.1 million from the sequential quarter primarily due to higher loan fees and wealth management revenue.

The $2.3 million reduction from the prior-year period was due to lower insurance service and fee revenue of $2.5 million mostly driven by the sale of TEA, partially offset by an increase in other income of $0.2 million.

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Expense

($ in thousands)

 

 

2Q 2024

 

 

1Q 2024

 

 

2Q 2023

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

$

7,330

 

 

$

7,837

 

 

$

8,649

Occupancy

 

 

1,089

 

 

 

1,157

 

 

 

1,145

Advertising and public relations

 

 

254

 

 

 

171

 

 

 

407

Professional services

 

 

870

 

 

 

895

 

 

 

808

Technology and communications

 

 

1,596

 

 

 

1,409

 

 

 

1,542

Amortization of intangibles

 

 

4

 

 

 

4

 

 

 

100

FDIC insurance

 

 

300

 

 

 

325

 

 

 

350

Other expenses

 

 

1,115

 

 

 

1,129

 

 

 

1,171

Total non-interest expenses

 

$

12,558

 

 

$

12,927

 

 

$

14,172

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expenses decreased $0.4 million from the sequential quarter and $1.6 million from the prior-year period.

Salaries and employee benefits, the largest component of non-interest expenses, were down $0.5 million, or 6%, from the first quarter of 2024 and $1.3 million, or 15%, from the prior-year period. Included in salaries and employee benefits during the first quarter of 2024 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 salaries and employee benefits expenses related to TEA of $1.5 million, offset by higher incentive accruals of $0.2 million.

The change in advertising and public relations when compared with both periods reflected the timing of promotional campaigns.

Technology and communications expenses increased $0.2 million from the sequential first quarter but remained relatively flat from last year’s second quarter. The sequential increase was due to higher ATM card fees as well as software costs as the Company continues to invest in technological solutions.

The Company’s GAAP efficiency ratio, or noninterest expenses divided by the sum of net interest income and noninterest income, was 75.11% in the second quarter of 2024, 79.92% in the first quarter of 2024, and 69.53% in the second quarter of 2023.

Income tax expense was $0.9 million, for an effective tax rate of 23.8%, in the second quarter of 2024 compared with 21.7% in the first quarter of 2024 and 22.0% in last year’s second quarter.

Balance Sheet Highlights

“Our capital position remains solid, providing us with the capacity to support clients, invest in strategic initiatives, and return capital to shareholders. Investments in our team continue to drive strong loan production, which is on plan through the first half of the year. With a healthy pipeline in place, we expect mid-single digit commercial loan growth in 2024,” commented John Connerton, Chief Financial Officer of Evans Bank.

Total assets were $2.26 billion as of June 30, 2024, an increase of $149 million, or 7%, since December 31, 2023, and were up $102 million, or 5%, since June 30, 2023. Interest-bearing deposits at banks increased $106 million and $100 million, respectively, from the comparative periods. In addition, loan growth was $44 million, or 5% on an annualized basis, since year end 2023 and $94 million, or 6%, when compared with the prior-year period. Partially offsetting those increases was a reduction in investment securities of $10 million and $86 million since December 31, 2023, and June 30, 2023, respectively. Since June 30, 2023, commercial real estate loans increased $60 million and commercial and industrial loans increased $28 million.

Investment securities were $267 million at June 30, 2024, $5 million lower than the end of the first quarter of 2024 and $86 million lower than the end of last year’s second quarter. The Company sold $78 million of investment securities during the fourth quarter of 2023 and used the proceeds to reduce short-term borrowings. The primary objectives of the Company’s investment portfolio are to provide liquidity, secure municipal deposits, and maximize income while preserving the safety of principal. The Company has the positive intent and ability to hold the remaining portfolio through recovery of value.

Total deposits of $1.89 billion increased $173 million, or 10%, from December 31, 2023, and were up $105 million, or 6%, from the end of last year’s second quarter. From a product perspective, the change from year-end reflected increases in brokered time deposits of $55 million, municipal saving deposits of $40 million, NOW deposits of $37 million, consumer time deposits of $13 million, commercial savings of $11 million, consumer savings of $10 million, and demand deposits of $7 million.

At June 30, 2024, Evans had $41 million borrowed at FHLB. Given the current collateral available at FHLB, advances up to $303 million can be drawn on the FHLB via the Company’s overnight line of credit. Additionally, Evans has the ability to borrow from the Federal Reserve. At June 30, 2024, Evans had $88 million in short-term borrowings with the Federal Reserve and $10 million in additional availability to borrow against collateral.

Capital Management

The Company has consistently maintained regulatory capital ratios measurably above the Federal “well capitalized” standard, including a Tier 1 leverage ratio of 10.04% at June 30, 2024 compared with 10.52% at March 31, 2024 and 9.43% at June 30, 2023.

Book value per share was $32.15 at June 30, 2024 compared with $31.62 at March 31, 2023 and $29.12 at June 30, 2023. Reflected in the book value changes are the Federal Reserve’s aggressive interest rate hikes that have resulted in significant unrealized losses on investment securities. As of June 30, 2024, this amounted to $7.89 per share impact to book value. Such unrealized gains and losses are due to changes in interest rates and represent the difference, net of applicable income tax effect, between the estimated fair value and amortized cost of investment securities classified as available-for-sale.

Non-GAAP tangible book value per share was $31.81 at June 30, 2024 compared with $31.29 at March 31, 2024 and $26.61 at June 30, 2023. The increase over the prior-year period reflected the sale of TEA, which resulted in significant value creation including growth in tangible book value.

Webcast and Conference Call

The Company will host a conference call and webcast on Tuesday, July 30, 2024 at 4:45 p.m. ET. Management will review the financial and operating results for the second quarter of 2024, 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 Tuesday, August 13, 2024. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13746898, 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 $2.3 billion in assets and $1.9 billion in deposits at June 30, 2024. Evans Bank is a full-service community bank with 18 branches providing comprehensive financial services to consumer, business and municipal customers throughout Western New York. Evans Investment Services provides non-deposit investment products, such as annuities and mutual funds.

Evans Bancorp, Inc. and Evans Bank routinely post news and other important information on their websites, at www.evansbancorp.com and www.evansbank.com.

Safe Harbor Statement: This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning future business, revenue and earnings. These statements are not historical facts or guarantees of future performance, events or results. There are risks, uncertainties and other factors that could cause the actual results of Evans Bancorp to differ materially from the results expressed or implied by such statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include the impacts from competitive pressures among financial services companies, interest rate trends, general economic conditions, changes in legislation or regulatory requirements, effectiveness at achieving stated goals and strategies, and difficulties in achieving operating efficiencies. These risks and uncertainties are more fully described in Evans Bancorp’s Annual and Quarterly Reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. Evans Bancorp undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new, updated information, future events or otherwise.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EVANS BANCORP, INC. AND SUBSIDIARIES

SELECTED FINANCIAL DATA (UNAUDITED)

(in thousands, except shares and per share data)

 

 

 

6/30/2024

 

 

 

3/31/2024

 

 

 

12/31/2023

 

 

 

9/30/2023

 

 

 

6/30/2023

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits at banks

 

$

110,042

 

 

$

164,400

 

 

$

3,798

 

 

$

7,468

 

 

$

10,334

 

Securities AFS

 

 

263,740

 

 

 

268,476

 

 

 

275,680

 

 

 

334,460

 

 

 

351,595

 

Securities HTM

 

 

3,626

 

 

 

3,611

 

 

 

2,059

 

 

 

2,170

 

 

 

2,241

 

Loans

 

 

1,765,116

 

 

 

1,721,876

 

 

 

1,720,946

 

 

 

1,704,400

 

 

 

1,670,753

 

Allowance for credit losses

 

 

(22,562)

 

 

 

(22,287)

 

 

 

(22,114)

 

 

 

(21,846)

 

 

 

(21,368)

 

Goodwill and intangible assets

 

 

1,854

 

 

 

1,858

 

 

 

1,862

 

 

 

13,629

 

 

 

13,729

 

All other assets

 

 

135,551

 

 

 

122,010

 

 

 

126,432

 

 

 

134,462

 

 

 

127,679

 

Total assets

 

$

2,257,367

 

 

$

2,259,944

 

 

$

2,108,663

 

 

$

2,174,743

 

 

$

2,154,963

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS'

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

$

397,535

 

 

$

399,558

 

 

$

390,238

 

 

$

447,306

 

 

$

442,195

 

NOW deposits

 

 

382,513

 

 

 

381,798

 

 

 

345,279

 

 

 

324,219

 

 

 

303,159

 

Savings deposits

 

 

710,596

 

 

 

715,495

 

 

 

649,621

 

 

 

698,653

 

 

 

726,687

 

Time deposits

 

 

400,897

 

 

 

394,515

 

 

 

333,623

 

 

 

335,228

 

 

 

314,574

 

Total deposits

 

 

1,891,541

 

 

 

1,891,366

 

 

 

1,718,761

 

 

 

1,805,406

 

 

 

1,786,615

 

Securities sold under agreement to repurchase

 

 

7,684

 

 

 

6,873

 

 

 

9,475

 

 

 

13,447

 

 

 

19,185

 

Subordinated debt

 

 

31,228

 

 

 

31,203

 

 

 

31,177

 

 

 

31,152

 

 

 

31,126

 

Other borrowings

 

 

129,006

 

 

 

131,023

 

 

 

145,123

 

 

 

151,252

 

 

 

140,386

 

Other liabilities

 

 

20,259

 

 

 

24,884

 

 

 

25,908

 

 

 

22,551

 

 

 

18,167

 

Total stockholders' equity

 

$

177,649

 

 

$

174,595

 

 

$

178,219

 

 

$

150,935

 

 

$

159,484

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHARES AND CAPITAL RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

 

5,525,838

 

 

 

5,521,009

 

 

 

5,499,772

 

 

 

5,483,591

 

 

 

5,477,505

 

Book value per share

 

$

32.15

 

 

$

31.62

 

 

$

32.40

 

 

$

27.52

 

 

$

29.12

 

Tangible book value per share (Non-GAAP)

 

$

31.81

 

 

$

31.29

 

 

$

32.07

 

 

$

25.04

 

 

$

26.61

 

Tier 1 leverage ratio

 

 

10.04

%

 

 

10.52

%

 

 

10.37

%

 

 

9.40

%

 

 

9.43

%

Tier 1 risk-based capital ratio

 

 

13.55

%

 

 

13.63

%

 

 

13.80

%

 

 

12.04

%

 

 

12.73

%

Total risk-based capital ratio

 

 

14.80

%

 

 

14.89

%

 

 

15.05

%

 

 

13.29

%

 

 

13.98

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-performing loans

 

$

25,128

 

 

$

27,977

 

 

$

27,325

 

 

$

27,311

 

 

$

27,789

 

Total net loan charge-offs (recoveries)

 

 

22

 

 

 

93

 

 

 

11

 

 

 

35

 

 

 

35

 

Other real estate owned (OREO)

 

$

6,902

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing loans/Total loans

 

 

1.42

%

 

 

1.62

%

 

 

1.59

%

 

 

1.60

%

 

 

1.66

%

Net loan charge-offs (recoveries)/Average loans

 

 

0.01

%

 

 

0.02

%

 

 

-

%

 

 

0.01

%

 

 

0.01

%

Allowance for credit losses/Total loans

 

 

1.28

%

 

 

1.29

%

 

 

1.28

%

 

 

1.28

%

 

 

1.28

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EVANS BANCORP, INC AND SUBSIDIARIES

SELECTED OPERATIONS DATA (UNAUDITED)

(in thousands, except share and per share data)

 

 

 

2024

 

 

 

2024

 

 

 

2023

 

 

 

2023

 

 

 

2023

 

 

 

 

Second Quarter

 

 

 

First Quarter

 

 

 

Fourth Quarter

 

 

Third Quarter

 

 

 

Second Quarter

Interest income

 

$

27,815

 

 

$

25,374

 

 

$

25,205

 

 

$

24,292

 

 

$

23,988

 

Interest expense

 

 

13,495

 

 

 

11,467

 

 

 

11,259

 

 

 

10,036

 

 

 

8,307

 

Net interest income

 

 

14,320

 

 

 

13,907

 

 

 

13,946

 

 

 

14,256

 

 

 

15,681

 

Provision for credit losses

 

 

297

 

 

 

266

 

 

 

282

 

 

 

506

 

 

 

(116

)

Net interest income after provision for credit losses

 

 

14,023

 

 

 

13,641

 

 

 

13,664

 

 

 

13,750

 

 

 

15,797

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposit service charges

 

 

667

 

 

 

681

 

 

 

670

 

 

 

665

 

 

 

645

 

Insurance service and fee revenue

 

 

176

 

 

 

149

 

 

 

1,613

 

 

 

3,498

 

 

 

2,720

 

Bank-owned life insurance

 

 

252

 

 

 

246

 

 

 

230

 

 

 

239

 

 

 

238

 

Interchange fee income

 

 

504

 

 

 

466

 

 

 

510

 

 

 

516

 

 

 

528

 

Gain on sale of insurance agency

 

 

-

 

 

 

-

 

 

 

20,160

 

 

 

-

 

 

 

-

 

Loss on sale of investment securities

 

 

-

 

 

 

-

 

 

 

(5,044

)

 

 

-

 

 

 

-

 

Other income

 

 

801

 

 

 

725

 

 

 

412

 

 

 

638

 

 

 

570

 

Total non-interest income

 

 

2,400

 

 

 

2,267

 

 

 

18,551

 

 

 

5,556

 

 

 

4,701

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

7,330

 

 

 

7,837

 

 

 

10,251

 

 

 

8,735

 

 

 

8,649

 

Occupancy

 

 

1,089

 

 

 

1,157

 

 

 

1,078

 

 

 

1,109

 

 

 

1,145

 

Advertising and public relations

 

 

254

 

 

 

171

 

 

 

296

 

 

 

348

 

 

 

407

 

Professional services

 

 

870

 

 

 

895

 

 

 

1,003

 

 

 

869

 

 

 

808

 

Technology and communications

 

 

1,596

 

 

 

1,409

 

 

 

1,545

 

 

 

1,517

 

 

 

1,542

 

Amortization of intangibles

 

 

4

 

 

 

4

 

 

 

67

 

 

 

100

 

 

 

100

 

FDIC insurance

 

 

300

 

 

 

325

 

 

 

350

 

 

 

350

 

 

 

350

 

Other expenses

 

 

1,115

 

 

 

1,129

 

 

 

1,710

 

 

 

1,379

 

 

 

1,171

 

Total non-interest expenses

 

 

12,558

 

 

 

12,927

 

 

 

16,300

 

 

 

14,407

 

 

 

14,172

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

3,865

 

 

 

2,981

 

 

 

15,915

 

 

 

4,899

 

 

 

6,326

 

Income tax provision

 

 

919

 

 

 

647

 

 

 

5,741

 

 

 

1,281

 

 

 

1,394

 

Net income

 

 

2,946

 

 

 

2,334

 

 

 

10,174

 

 

 

3,618

 

 

 

4,932

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share-diluted

 

$

0.53

 

 

$

0.42

 

 

$

1.85

 

 

$

0.66

 

 

$

0.90

 

Cash dividends per common share

 

$

-

 

 

$

0.66

 

 

$

-

 

 

$

0.66

 

 

$

-

 

Weighted average number of diluted shares

 

 

5,530,120

 

 

 

5,519,244

 

 

 

5,497,029

 

 

 

5,490,600

 

 

 

5,474,462

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average total assets

 

 

0.52

%

 

 

0.44

%

 

 

1.90

%

 

 

0.67

%

 

 

0.91

%

Return on average stockholders' equity

 

 

6.76

%

 

 

5.28

%

 

 

25.73

%

 

 

9.06

%

 

 

12.25

%

Return on average tangible common stockholders' equity (Non-GAAP)*

 

 

6.83

%

 

 

5.33

%

 

 

27.37

%

 

 

9.90

%

 

 

13.39

%

Efficiency ratio

 

 

75.11

%

 

 

79.92

%

 

 

50.16

%

 

 

72.72

%

 

 

69.53

%

Efficiency ratio (Non-GAAP)**

 

 

75.08

%

 

 

79.90

%

 

 

93.40

%

 

 

72.21

%

 

 

69.04

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* The calculation of the average tangible common stockholders' equity ratio excludes goodwill and intangible assets from average stockholders equity.

** The calculation of the non-GAAP efficiency ratio excludes amortization of intangibles, gains and losses from investment securities, gains from sale of subsidiaries, merger-related expenses and the impact of historic tax credit transactions.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EVANS BANCORP, INC AND SUBSIDIARIES

SELECTED AVERAGE BALANCES AND YIELDS/RATES (UNAUDITED)

(in thousands)

 

 

 

2024

 

 

 

2024

 

 

 

2023

 

 

 

2023

 

 

 

2023

 

 

 

 

Second Quarter

 

 

 

First Quarter

 

 

 

Fourth Quarter

 

 

 

Third Quarter

 

 

 

Second Quarter

 

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net

 

$

1,715,280

 

 

$

1,703,320

 

 

$

1,682,177

 

 

$

1,658,132

 

 

$

1,646,502

 

Investment securities

 

 

275,854

 

 

 

280,975

 

 

 

327,303

 

 

 

355,870

 

 

 

373,922

 

Interest-bearing deposits at banks

 

 

137,442

 

 

 

18,889

 

 

 

5,916

 

 

 

9,883

 

 

 

7,235

 

Total interest-earning assets

 

 

2,128,576

 

 

 

2,003,184

 

 

 

2,015,396

 

 

 

2,023,885

 

 

 

2,027,659

 

Non interest-earning assets

 

 

123,457

 

 

 

117,646

 

 

 

128,915

 

 

 

135,896

 

 

 

129,793

 

Total Assets

 

$

2,252,033

 

 

$

2,120,830

 

 

$

2,144,311

 

 

$

2,159,781

 

 

$

2,157,452

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW

 

 

374,910

 

 

 

347,908

 

 

 

333,893

 

 

 

311,624

 

 

 

281,910

 

Savings

 

 

718,627

 

 

 

658,656

 

 

 

687,223

 

 

 

708,724

 

 

 

776,020

 

Time deposits

 

 

399,476

 

 

 

342,358

 

 

 

335,646

 

 

 

325,667

 

 

 

304,575

 

Total interest-bearing deposits

 

 

1,493,013

 

 

 

1,348,922

 

 

 

1,356,762

 

 

 

1,346,015

 

 

 

1,362,505

 

Borrowings

 

 

168,856

 

 

 

166,948

 

 

 

197,363

 

 

 

192,277

 

 

 

163,338

 

Total interest-bearing liabilities

 

 

1,661,869

 

 

 

1,515,870

 

 

 

1,554,125

 

 

 

1,538,292

 

 

 

1,525,843

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

 

395,876

 

 

 

404,053

 

 

 

409,115

 

 

 

441,149

 

 

 

451,990

 

Other non-interest bearing liabilities

 

 

19,885

 

 

 

23,943

 

 

 

22,880

 

 

 

20,529

 

 

 

18,532

 

Stockholders' equity

 

 

174,403

 

 

 

176,964

 

 

 

158,191

 

 

 

159,811

 

 

 

161,087

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Equity

 

$

2,252,033

 

 

$

2,120,830

 

 

$

2,144,311

 

 

$

2,159,781

 

 

$

2,157,452

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average tangible common stockholders' equity (Non-GAAP)*

 

 

172,546

 

 

 

175,103

 

 

 

148,673

 

 

 

146,122

 

 

 

147,299

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YIELD/RATE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net

 

 

5.63

%

 

 

5.56

%

 

 

5.43

%

 

 

5.25

%

 

 

5.26

%

Investment securities

 

 

2.63

%

 

 

2.53

%

 

 

2.53

%

 

 

2.48

%

 

 

2.47

%

Interest-bearing deposits at banks

 

 

5.86

%

 

 

1.68

%

 

 

6.38

%

 

 

5.29

%

 

 

4.45

%

Total interest-earning assets

 

 

5.26

%

 

 

5.09

%

 

 

4.96

%

 

 

4.76

%

 

 

4.75

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW

 

 

2.50

%

 

 

2.30

%

 

 

2.12

%

 

 

1.79

%

 

 

1.24

%

Savings

 

 

2.53

%

 

 

2.25

%

 

 

2.09

%

 

 

1.85

%

 

 

1.58

%

Time deposits

 

 

4.52

%

 

 

4.24

%

 

 

3.83

%

 

 

3.45

%

 

 

3.10

%

Total interest-bearing deposits

 

 

3.05

%

 

 

2.77

%

 

 

2.53

%

 

 

2.22

%

 

 

1.85

%

Borrowings

 

 

5.16

%

 

 

5.25

%

 

 

5.27

%

 

 

5.14

%

 

 

4.98

%

Total interest-bearing liabilities

 

 

3.27

%

 

 

3.04

%

 

 

2.87

%

 

 

2.59

%

 

 

2.18

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate spread

 

 

1.99

%

 

 

2.05

%

 

 

2.09

%

 

 

2.17

%

 

 

2.57

%

Contribution of interest-free funds

 

 

0.72

%

 

 

0.74

%

 

 

0.66

%

 

 

0.62

%

 

 

0.53

%

Net interest margin

 

 

2.71

%

 

 

2.79

%

 

 

2.75

%

 

 

2.79

%

 

 

3.10

%

* 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/20240730696735/en/

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

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

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