Evans Bancorp Reports Net Income of $2.9 Million In Third Quarter 2024

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, 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

• Evans announced Definitive Agreement to merge with NBT Bancorp Inc. during the third quarter
• Net income per share was $0.53 in the third quarter, which included $0.6 million in merger-related expenses and an offsetting gain from the sale of other real estate owned (OREO) property
• Third quarter net interest margin was 2.80%, up 9 basis points sequentially driven by balance sheet adjustments in the first quarter of 2024 and strategic deposit pricing
• Total loans grew by $67 million, or 4%, since year-end 2023, and by $84 million, or 5%, compared with the prior-year period
• Maintained a strong loan pipeline of $83 million
• Total deposits rose by $182 million, or 11%, from December 31, 2023, and increased $95 million, or 5%, from the end of last year’s third quarter

Net income of $2.9 million, or $0.53 per diluted share, in the third quarter of 2024 was flat sequentially and reflected higher net interest income of $0.7 million and an increase in non-interest income of $0.6 million offset by higher provision for credit losses of $0.3 million and an increase in non-interest expense of $1.0 million, which included $0.6 million of merger related costs. Last year’s third quarter had net income of $3.6 million, or $0.66 per diluted share. The change from the prior-year period reflected higher net interest income of $0.8 million, which was more than offset by the impact of the sale of TEA in 2023. Return on average equity was 6.44% for the third quarter of 2024, compared with 6.76% in the second quarter of 2024 and 9.06% in the third quarter of 2023.

David J. Nasca, President and CEO of Evans Bancorp, Inc., commented, “Evans delivered solid third quarter performance as the rate environment began to improve, driven by growth in our lending portfolio, and deposits, an expanded net interest margin, and continued expense management discipline. We additionally benefited from the sale of an OREO property during the quarter, which boosted non-interest income and helped offset the initial $0.6 million in merger-related costs incurred.

“As we look ahead, we are excited about the future for Evans as we join with NBT Bancorp. This partnership provides a tremendous opportunity to scale our service to customers and communities by leveraging NBT's strong regional presence and shared community banking values. Together, we are well positioned to deliver long-term value to our shareholders and continue our tradition of supporting the local markets we serve.”

On September 9, 2024, NBT Bancorp Inc. (“NBT”) (Nasdaq: NBTB) and Evans announced that they entered into a definitive agreement pursuant to which Evans will merge with and into NBT. In accord with the merger agreement, NBT will acquire 100% of the outstanding shares of Evans in exchange for common shares of NBT. The exchange ratio will be fixed at 0.91 NBT shares for each share of Evans, resulting in an aggregate transaction value of approximately $236 million based on NBT’s closing stock price of $46.28 on September 6, 2024. The merger was unanimously approved by the Boards of Directors of both companies. The merger is expected to close in the second quarter of 2025, subject to the satisfaction of customary closing conditions, including approval by the shareholders of Evans and the receipt of required regulatory approvals.

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3Q 2024

 

 

2Q 2024

 

 

3Q 2023

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

28,698

 

 

$

27,815

 

 

$

24,292

Interest expense

 

 

13,654

 

 

 

13,495

 

 

 

10,036

Net interest income

 

 

15,044

 

 

 

14,320

 

 

 

14,256

Provision for credit losses

 

 

570

 

 

 

297

 

 

 

506

Net interest income after provision

 

$

14,474

 

 

$

14,023

 

 

$

13,750

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income of $15.0 million increased $0.7 million, or 5%, over the second quarter of 2024 due to higher average loans originated and the Company’s investment strategy to strengthen the balance sheet at the end of the first quarter of 2024. Compared with last year’s third quarter, net interest income was higher by $0.8 million, or 6%, due to higher average loan balances and the stabilization of the net interest margin.

Third quarter net interest margin of 2.80% increased 9 basis points from the trailing second quarter and was up 1 basis point over the prior-year period. The yield on loans increased 17 basis points compared with the second quarter and was up 55 basis points year-over-year. The cost of interest-bearing liabilities was 3.28% compared with 3.27% in the second quarter of 2024 and 2.59% in the third quarter of 2023.

The $0.6 million provision for credit losses in the third quarter was due to loan growth as well as slower prepayment rates. The increase in non-performing loans of $7.5 million during the quarter was due largely to one loan that is 90 days past due and still accruing that is expected to be renewed early in the fourth quarter.

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Quality

 

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3Q 2024

 

 

2Q 2024

 

 

3Q 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-performing loans

 

$

32,598

 

 

$

25,128

 

 

$

27,311

 

Total net loan charge-offs

 

 

40

 

 

 

22

 

 

 

35

 

Non-performing loans / Total loans

 

 

1.82

%

 

 

1.42

%

 

 

1.60

%

Net loan charge-offs / Average loans

 

 

0.01

%

 

 

0.01

%

 

 

0.01

%

Allowance for credit losses / Total loans

 

 

1.29

%

 

 

1.28

%

 

 

1.28

%

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Income

($ in thousands)

 

 

3Q 2024

 

 

2Q 2024

 

 

3Q 2023

 

 

 

 

 

 

 

 

 

 

 

 

Deposit service charges

 

$

699

 

 

$

667

 

 

$

665

Insurance service and fee revenue

 

 

186

 

 

 

176

 

 

 

3,498

Bank-owned life insurance

 

 

253

 

 

 

252

 

 

 

239

Interchange fee income

 

 

529

 

 

 

504

 

 

 

516

Other income

 

 

1,327

 

 

 

801

 

 

 

638

Total non-interest income

 

$

2,994

 

 

$

2,400

 

 

$

5,556

 

 

 

 

 

 

 

 

 

 

 

 

Total non-interest income increased $0.6 million from the sequential quarter due to a gain on the sale of the one property that the Company had in other real estate owned at the end of the second quarter of 2024. That gain was recognized in the other income category.

The $2.6 million reduction in non-interest income from the prior-year period was due to lower insurance service and fee revenue of $3.3 million driven by the sale of TEA, partially offset by the sale of the other real estate owned.

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Expense

($ in thousands)

 

 

3Q 2024

 

 

2Q 2024

 

 

3Q 2023

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

$

7,539

 

 

$

7,330

 

 

$

8,735

Occupancy

 

 

1,088

 

 

 

1,089

 

 

 

1,109

Advertising and public relations

 

 

327

 

 

 

254

 

 

 

348

Professional services

 

 

992

 

 

 

870

 

 

 

869

Technology and communications

 

 

1,423

 

 

 

1,596

 

 

 

1,517

Amortization of intangibles

 

 

4

 

 

 

4

 

 

 

100

FDIC insurance

 

 

340

 

 

 

300

 

 

 

350

Merger related

 

 

600

 

 

 

-

 

 

 

-

Other expenses

 

 

1,274

 

 

 

1,115

 

 

 

1,379

Total non-interest expenses

 

$

13,587

 

 

$

12,558

 

 

$

14,407

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expenses increased $1.0 million from the sequential quarter, which included $0.6 million of merger related expenses in support of the planned merger with NBT.

Salaries and employee benefits, the largest component of non-interest expenses, were up $0.2 million, or 3%, from the second quarter of 2024 and down $1.2 million, or 14%, from the prior-year period. Included in salaries and employee benefits during the third quarter of 2024 was the funding of employee’s health savings accounts. Compared with last year’s third quarter, the decrease was primarily due to salaries and employee benefit expenses related to TEA of $1.5 million, offset by merit increases given in the beginning of the current year.

The Company’s GAAP efficiency ratio, or noninterest expenses divided by the sum of net interest income and noninterest income, was 75.32% in the third quarter of 2024, 75.11% in the second quarter of 2024, and 72.72% in the third quarter of 2023.

Income tax expense was $0.9 million, for an effective tax rate of 24.2%, in the third quarter of 2024 compared with 23.8% in the second quarter of 2024 and 26.2% in last year’s third quarter.

Balance Sheet Highlights

Total assets were $2.28 billion as of September 30, 2024, an increase of $171 million, or 8%, since December 31, 2023, and were up $105 million, or 5%, since September 30, 2023. Interest-bearing deposits at banks increased $103 million and $100 million, respectively, from the comparative periods. In addition, loan growth was $67 million, or 4%, since year end 2023 and $84 million, or 5%, when compared with the prior-year period.

Investment securities were $276 million at September 30, 2024, $8 million higher than the end of the second quarter of 2024 and $61 million lower than the end of last year’s third 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 $1.90 billion increased $182 million, or 11%, from December 31, 2023, and were up $95 million, or 5%, from the end of last year’s third quarter.

At September 30, 2024, Evans had $40 million borrowed at FHLB. Given the current collateral available at FHLB, advances up to $373 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 September 30, 2024, Evans had $88 million in short-term borrowings with the Federal Reserve and $8 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 10.01% at September 30, 2024 compared with 10.04% at June 30, 2024 and 9.40% at September 30, 2023.

Book value per share was $33.58 at September 30, 2024 compared with $32.15 at June 30, 2024 and $27.52 at September 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 September 30, 2024, this amounted to $6.36 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 $33.25 at September 30, 2024 compared with $31.81 at June 30, 2024 and $25.04 at September 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.

On August 21, 2024, the Company declared a cash dividend of $0.66 per common share, which was paid on October 10, 2024.

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 September 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)

 

 

 

9/30/2024

 

 

 

6/30/2024

 

 

 

3/31/2024

 

 

 

12/31/2023

 

 

 

9/30/2023

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits at banks

 

$

107,296

 

 

$

110,042

 

 

$

164,400

 

 

$

3,798

 

 

$

7,468

 

Securities AFS

 

 

271,232

 

 

 

263,740

 

 

 

268,476

 

 

 

275,680

 

 

 

334,460

 

Securities HTM

 

 

4,376

 

 

 

3,626

 

 

 

3,611

 

 

 

2,059

 

 

 

2,170

 

Loans

 

 

1,787,957

 

 

 

1,765,116

 

 

 

1,721,876

 

 

 

1,720,946

 

 

 

1,704,400

 

Allowance for credit losses

 

 

(23,091)

 

 

 

(22,562)

 

 

 

(22,287)

 

 

 

(22,114)

 

 

 

(21,846)

 

Goodwill and intangible assets

 

 

1,850

 

 

 

1,854

 

 

 

1,858

 

 

 

1,862

 

 

 

13,629

 

All other assets

 

 

130,386

 

 

 

135,551

 

 

 

122,010

 

 

 

126,432

 

 

 

134,462

 

Total assets

 

$

2,280,006

 

 

$

2,257,367

 

 

$

2,259,944

 

 

$

2,108,663

 

 

$

2,174,743

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS'

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

$

435,358

 

 

$

397,535

 

 

$

399,558

 

 

$

390,238

 

 

$

447,306

 

NOW deposits

 

 

372,462

 

 

 

382,513

 

 

 

381,798

 

 

 

345,279

 

 

 

324,219

 

Savings deposits

 

 

706,849

 

 

 

710,596

 

 

 

715,495

 

 

 

649,621

 

 

 

698,653

 

Time deposits

 

 

386,049

 

 

 

400,897

 

 

 

394,515

 

 

 

333,623

 

 

 

335,228

 

Total deposits

 

 

1,900,718

 

 

 

1,891,541

 

 

 

1,891,366

 

 

 

1,718,761

 

 

 

1,805,406

 

Securities sold under agreement to repurchase

 

 

8,282

 

 

 

7,684

 

 

 

6,873

 

 

 

9,475

 

 

 

13,447

 

Subordinated debt

 

 

31,254

 

 

 

31,228

 

 

 

31,203

 

 

 

31,177

 

 

 

31,152

 

Other borrowings

 

 

128,000

 

 

 

129,006

 

 

 

131,023

 

 

 

145,123

 

 

 

151,252

 

Other liabilities

 

 

25,905

 

 

 

20,259

 

 

 

24,884

 

 

 

25,908

 

 

 

22,551

 

Total stockholders' equity

 

$

185,847

 

 

$

177,649

 

 

$

174,595

 

 

$

178,219

 

 

$

150,935

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHARES AND CAPITAL RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

 

5,534,239

 

 

 

5,525,838

 

 

 

5,521,009

 

 

 

5,499,772

 

 

 

5,483,591

 

Book value per share

 

$

33.58

 

 

$

32.15

 

 

$

31.62

 

 

$

32.40

 

 

$

27.52

 

Tangible book value per share (Non-GAAP)

 

$

33.25

 

 

$

31.81

 

 

$

31.29

 

 

$

32.07

 

 

$

25.04

 

Tier 1 leverage ratio

 

 

10.01

%

 

 

10.04

%

 

 

10.52

%

 

 

10.37

%

 

 

9.40

%

Tier 1 risk-based capital ratio

 

 

13.38

%

 

 

13.55

%

 

 

13.63

%

 

 

13.80

%

 

 

12.04

%

Total risk-based capital ratio

 

 

14.63

%

 

 

14.80

%

 

 

14.89

%

 

 

15.05

%

 

 

13.29

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-performing loans

 

$

32,598

 

 

$

25,128

 

 

$

27,977

 

 

$

27,325

 

 

$

27,311

 

Total net loan charge-offs (recoveries)

 

 

41

 

 

 

22

 

 

 

93

 

 

 

11

 

 

 

35

 

Other real estate owned (OREO)

 

$

-

 

 

$

6,902

 

 

$

-

 

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing loans/Total loans

 

 

1.82

%

 

 

1.42

%

 

 

1.62

%

 

 

1.59

%

 

 

1.60

%

Net loan charge-offs (recoveries)/Average loans

 

 

0.01

%

 

 

0.01

%

 

 

0.02

%

 

 

-

%

 

 

0.01

%

Allowance for credit losses/Total loans

 

 

1.29

%

 

 

1.28

%

 

 

1.29

%

 

 

1.28

%

 

 

1.28

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EVANS BANCORP, INC AND SUBSIDIARIES

SELECTED OPERATIONS DATA (UNAUDITED)

(in thousands, except share and per share data)

 

 

 

2024

 

 

 

2024

 

 

 

2024

 

 

 

2023

 

 

 

2023

 

 

 

 

Third Quarter

 

 

 

Second Quarter

 

 

 

First Quarter

 

 

 

Fourth Quarter

 

 

 

Third Quarter

 

Interest income

 

$

28,698

 

 

$

27,815

 

 

$

25,374

 

 

$

25,205

 

 

$

24,292

 

Interest expense

 

 

13,654

 

 

 

13,495

 

 

 

11,467

 

 

 

11,259

 

 

 

10,036

 

Net interest income

 

 

15,044

 

 

 

14,320

 

 

 

13,907

 

 

 

13,946

 

 

 

14,256

 

Provision for credit losses

 

 

570

 

 

 

297

 

 

 

266

 

 

 

282

 

 

 

506

 

Net interest income after provision for credit losses

 

 

14,474

 

 

 

14,023

 

 

 

13,641

 

 

 

13,664

 

 

 

13,750

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposit service charges

 

 

699

 

 

 

667

 

 

 

681

 

 

 

670

 

 

 

665

 

Insurance service and fee revenue

 

 

186

 

 

 

176

 

 

 

149

 

 

 

1,613

 

 

 

3,498

 

Bank-owned life insurance

 

 

253

 

 

 

252

 

 

 

246

 

 

 

230

 

 

 

239

 

Interchange fee income

 

 

529

 

 

 

504

 

 

 

466

 

 

 

510

 

 

 

516

 

Gain on sale of other real estate owned

 

 

598

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Gain on sale of insurance agency

 

 

-

 

 

 

-

 

 

 

-

 

 

 

20,160

 

 

 

-

 

Loss on sale of investment securities

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(5,044)

 

 

 

-

 

Other income

 

 

729

 

 

 

801

 

 

 

725

 

 

 

412

 

 

 

638

 

Total non-interest income

 

 

2,994

 

 

 

2,400

 

 

 

2,267

 

 

 

18,551

 

 

 

5,556

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

7,539

 

 

 

7,330

 

 

 

7,837

 

 

 

10,251

 

 

 

8,735

 

Occupancy

 

 

1,088

 

 

 

1,089

 

 

 

1,157

 

 

 

1,078

 

 

 

1,109

 

Advertising and public relations

 

 

327

 

 

 

254

 

 

 

171

 

 

 

296

 

 

 

348

 

Professional services

 

 

992

 

 

 

870

 

 

 

895

 

 

 

1,003

 

 

 

869

 

Technology and communications

 

 

1,423

 

 

 

1,596

 

 

 

1,409

 

 

 

1,545

 

 

 

1,517

 

Amortization of intangibles

 

 

4

 

 

 

4

 

 

 

4

 

 

 

67

 

 

 

100

 

FDIC insurance

 

 

340

 

 

 

300

 

 

 

325

 

 

 

350

 

 

 

350

 

Merger related

 

 

600

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Other expenses

 

 

1,274

 

 

 

1,115

 

 

 

1,129

 

 

 

1,710

 

 

 

1,379

 

Total non-interest expenses

 

 

13,587

 

 

 

12,558

 

 

 

12,927

 

 

 

16,300

 

 

 

14,407

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

3,881

 

 

 

3,865

 

 

 

2,981

 

 

 

15,915

 

 

 

4,899

 

Income tax provision

 

 

938

 

 

 

919

 

 

 

647

 

 

 

5,741

 

 

 

1,281

 

Net income

 

 

2,943

 

 

 

2,946

 

 

 

2,334

 

 

 

10,174

 

 

 

3,618

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share-diluted

 

$

0.53

 

 

$

0.53

 

 

$

0.42

 

 

$

1.85

 

 

$

0.66

 

Cash dividends per common share

 

$

0.66

 

 

$

-

 

 

$

0.66

 

 

$

-

 

 

$

0.66

 

Weighted average number of diluted shares

 

 

5,542,694

 

 

 

5,530,120

 

 

 

5,519,244

 

 

 

5,497,029

 

 

 

5,490,600

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average total assets

 

 

0.52

%

 

 

0.52

%

 

 

0.44

%

 

 

1.90

%

 

 

0.67

%

Return on average stockholders' equity

 

 

6.44

%

 

 

6.76

%

 

 

5.28

%

 

 

25.73

%

 

 

9.06

%

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

 

 

6.51

%

 

 

6.83

%

 

 

5.33

%

 

 

27.37

%

 

 

9.90

%

Efficiency ratio

 

 

75.32

%

 

 

75.11

%

 

 

79.92

%

 

 

50.16

%

 

 

72.72

%

Efficiency ratio (Non-GAAP)**

 

 

71.98

%

 

 

75.08

%

 

 

79.90

%

 

 

93.40

%

 

 

72.21

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* 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

 

 

 

2024

 

 

 

2023

 

 

 

2023

 

 

 

 

Third Quarter

 

 

 

Second Quarter

 

 

 

First Quarter

 

 

 

Fourth Quarter

 

 

 

Third Quarter

 

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net

 

$

1,743,042

 

 

$

1,715,280

 

 

$

1,703,320

 

 

$

1,682,177

 

 

$

1,658,132

 

Investment securities

 

 

278,956

 

 

 

275,854

 

 

 

280,975

 

 

 

327,303

 

 

 

355,870

 

Interest-bearing deposits at banks

 

 

117,326

 

 

 

137,442

 

 

 

18,889

 

 

 

5,916

 

 

 

9,883

 

Total interest-earning assets

 

 

2,139,324

 

 

 

2,128,576

 

 

 

2,003,184

 

 

 

2,015,396

 

 

 

2,023,885

 

Non interest-earning assets

 

 

126,056

 

 

 

123,457

 

 

 

117,646

 

 

 

128,915

 

 

 

135,896

 

Total Assets

 

$

2,265,380

 

 

$

2,252,033

 

 

$

2,120,830

 

 

$

2,144,311

 

 

$

2,159,781

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW

 

 

381,054

 

 

 

374,910

 

 

 

347,908

 

 

 

333,893

 

 

 

311,624

 

Savings

 

 

707,742

 

 

 

718,627

 

 

 

658,656

 

 

 

687,223

 

 

 

708,724

 

Time deposits

 

 

399,180

 

 

 

399,476

 

 

 

342,358

 

 

 

335,646

 

 

 

325,667

 

Total interest-bearing deposits

 

 

1,487,976

 

 

 

1,493,013

 

 

 

1,348,922

 

 

 

1,356,762

 

 

 

1,346,015

 

Borrowings

 

 

168,630

 

 

 

168,856

 

 

 

166,948

 

 

 

197,363

 

 

 

192,277

 

Total interest-bearing liabilities

 

 

1,656,606

 

 

 

1,661,869

 

 

 

1,515,870

 

 

 

1,554,125

 

 

 

1,538,292

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

 

403,182

 

 

 

395,876

 

 

 

404,053

 

 

 

409,115

 

 

 

441,149

 

Other non-interest bearing liabilities

 

 

22,792

 

 

 

19,885

 

 

 

23,943

 

 

 

22,880

 

 

 

20,529

 

Stockholders' equity

 

 

182,800

 

 

 

174,403

 

 

 

176,964

 

 

 

158,191

 

 

 

159,811

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Equity

 

$

2,265,380

 

 

$

2,252,033

 

 

$

2,120,830

 

 

$

2,144,311

 

 

$

2,159,781

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

180,947

 

 

 

172,546

 

 

 

175,103

 

 

 

148,673

 

 

 

146,122

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YIELD/RATE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net

 

 

5.80

%

 

 

5.63

%

 

 

5.56

%

 

 

5.43

%

 

 

5.25

%

Investment securities

 

 

2.48

%

 

 

2.63

%

 

 

2.53

%

 

 

2.53

%

 

 

2.48

%

Interest-bearing deposits at banks

 

 

5.31

%

 

 

5.86

%

 

 

1.68

%

 

 

6.38

%

 

 

5.29

%

Total interest-earning assets

 

 

5.34

%

 

 

5.26

%

 

 

5.09

%

 

 

4.96

%

 

 

4.76

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW

 

 

2.62

%

 

 

2.50

%

 

 

2.30

%

 

 

2.12

%

 

 

1.79

%

Savings

 

 

2.56

%

 

 

2.53

%

 

 

2.25

%

 

 

2.09

%

 

 

1.85

%

Time deposits

 

 

4.41

%

 

 

4.52

%

 

 

4.24

%

 

 

3.83

%

 

 

3.45

%

Total interest-bearing deposits

 

 

3.07

%

 

 

3.05

%

 

 

2.77

%

 

 

2.53

%

 

 

2.22

%

Borrowings

 

 

5.09

%

 

 

5.16

%

 

 

5.25

%

 

 

5.27

%

 

 

5.14

%

Total interest-bearing liabilities

 

 

3.28

%

 

 

3.27

%

 

 

3.04

%

 

 

2.87

%

 

 

2.59

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate spread

 

 

2.06

%

 

 

1.99

%

 

 

2.05

%

 

 

2.09

%

 

 

2.17

%

Contribution of interest-free funds

 

 

0.74

%

 

 

0.72

%

 

 

0.74

%

 

 

0.66

%

 

 

0.62

%

Net interest margin

 

 

2.80

%

 

 

2.71

%

 

 

2.79

%

 

 

2.75

%

 

 

2.79

%

* 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/20241031920276/en/

For more information contact: John B. Connerton Executive Vice President and Chief Financial Officer [phone] [e-mail]

-OR- Deborah K. Pawlowski/Craig Mychajluk Alliance Advisors IR [phone] [e-mail] [e-mail]

Media Contact: Kathleen Rizzo Young Group VP/Public & Community Relations Director [phone] [e-mail]