Evans Bancorp Net Income Increases 16% to $4.4 Million in the 2019 Second Quarter

HAMBURG, N.Y.--()--Evans Bancorp, Inc. (the “Company” or “Evans”) (NYSE American: EVBN), a community financial services company serving Western New York since 1920, today reported its results of operations for the second quarter ended June 30, 2019.

SECOND QUARTER 2019 HIGHLIGHTS (compared with prior-year period unless otherwise noted)

  • Net income of $4.4 million, up 16%; Earnings per diluted share grew 14% to $0.88
  • Net interest income increased 8% to $13 million
  • Non-interest income of $4.7 million increased 30% on strength of insurance business
  • Loan portfolio of $1.2 billion up $27 million in the quarter, or 9% on an annualized basis
  • Total deposits grew 8%, or $100 million, year-over-year

Net income was $4.4 million, or $0.88 per diluted share, in the second quarter of 2019, compared with $3.7 million, or $0.75 per diluted share, in the first quarter of 2019 and $3.8 million, or $0.77 per diluted share, in last year’s second quarter. The increase over comparative periods reflects higher net interest income due to loan growth and higher insurance service and fee revenue primarily resulting from the Richardson and Stout, Inc. (“R&S”) acquisition which was effective July 1, 2018, partially offset by an increase in non-interest expense. Return on average equity was 12.71% for the second quarter of 2019, compared with 11.19% in the first quarter of 2019 and 12.39% in the second quarter of 2018.

Continuing loan growth and diversified revenue streams along with efforts to manage our balance sheet are reflected in the strength of our second quarter results. We are encouraged by the growth in income from insurance services, the sequential expansion of the net interest margin and the resiliency of our markets,” said David J. Nasca, President and CEO of Evans Bancorp, Inc. “Ongoing strategic investments in talent and infrastructure, strengthened marketing and sales efforts and continuous focus on value-added service to our clients resulted in measurable growth in loans and deposits.”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2Q 2019

 

 

1Q 2019

 

 

2Q 2018

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

16,325

 

 

$

15,542

 

 

$

14,247

Interest expense

 

 

3,191

 

 

 

3,034

 

 

 

2,051

Net interest income

 

 

13,134

 

 

 

12,508

 

 

 

12,196

Provision for loan losses

 

 

90

 

 

 

538

 

 

 

659

Net interest income after provision

 

$

13,044

 

 

$

11,970

 

 

$

11,537

Net interest income increased $0.6 million, or 5%, from the first quarter of 2019, and $0.9 million, or 8%, from the prior-year second quarter. The increases were driven by growth in the commercial loan portfolio as well as the benefit from the re-pricing of variable rate loans tied to the Company’s prime rate, partially offset by an increase in interest expense. Average commercial loans, including commercial real estate and commercial and industrial loans, were $965 million, up $30 million from the 2019 first quarter and $67 million from the 2018 second quarter.

Second quarter net interest margin of 3.87% increased 8 basis points from the 2019 first quarter, but decreased 2 basis points from the second quarter of 2018. The changes from the prior periods reflect increased yields on loans, offset by higher funding costs. The higher yield on loans when compared with the first quarter of 2019 and second quarter of 2018 reflects an increase of 8 and 31 basis points, respectively. The margin has been impacted by rising funding costs due to increases in short-term interest rates, along with very competitive deposit market pricing. The cost of interest-bearing liabilities was 1.23% compared with 1.20% in the first quarter of 2019 and 0.86% in the second quarter of 2018. Consistent with the industry, the Company has experienced the migration of deposits from low-cost legacy savings products to higher-rate time deposits. Average time deposits comprised 23% of average total deposits during the second quarter of 2019, compared with 19% in the second quarter of 2018.

The provision for loan losses reflects strong loan growth in the current and comparative quarters. The lower provision during the second quarter of 2019 was the result of a decrease in non-performing loans during the quarter, primarily due to the successful restructure and payoff of a single commercial construction loan of $8 million.

Asset Quality

 

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2Q 2019

 

 

1Q 2019

 

 

2Q 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-performing loans

 

$

11,020

 

 

$

19,987

 

 

$

23,210

 

Total net loan charge-offs

 

 

49

 

 

 

115

 

 

 

117

 

Non-performing loans/ Total loans

 

 

0.91

%

 

 

1.69

%

 

 

2.06

%

Net loan charge-offs/ Average loans

 

 

0.02

%

 

 

0.04

%

 

 

0.04

%

Allowance for loan losses/ Total loans

 

 

1.26

%

 

 

1.28

%

 

 

1.35

%

We continue to make excellent progress in growing the business and earnings while maintaining a strong balance sheet and improved credit metrics. Our continued focus on consistent sound underwriting standards was demonstrated by positive performance in credit quality as nonperforming loans are less than half of the levels from a year ago,” stated John Connerton, Chief Financial Officer of Evans Bank.

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Income

($ in thousands)

 

 

2Q 2019

 

 

1Q 2019

 

 

2Q 2018

 

 

 

 

 

 

 

 

 

 

 

 

Deposit service charges

 

$

602

 

 

$

533

 

 

$

525

Insurance service and fee revenue

 

 

2,901

 

 

 

2,442

 

 

 

1,952

Bank-owned life insurance

 

 

173

 

 

 

159

 

 

 

178

Other income

 

 

1,054

 

 

 

1,061

 

 

 

984

Total non-interest income

 

$

4,730

 

 

$

4,195

 

 

$

3,639

 

 

 

 

 

 

 

 

 

 

 

 

The increase in insurance revenue over the first quarter of 2019 reflects new commercial and personal lines business and seasonally higher policy renewals, while the year-over-year increase also reflects the impact of the R&S acquisition.

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Expense

($ in thousands)

 

 

2Q 2019

 

 

1Q 2019

 

 

2Q 2018

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

$

7,469

 

 

$

7,160

 

 

$

6,475

Occupancy

 

 

872

 

 

 

836

 

 

 

727

Advertising and public relations

 

 

214

 

 

 

167

 

 

 

326

Professional services

 

 

929

 

 

 

745

 

 

 

626

Technology and communications

 

 

1,099

 

 

 

893

 

 

 

847

Amortization of intangibles

 

 

112

 

 

 

112

 

 

 

28

FDIC insurance

 

 

150

 

 

 

207

 

 

 

246

Other expenses

 

 

1,304

 

 

 

1,104

 

 

 

958

Total non-interest expenses

 

$

12,149

 

 

$

11,224

 

 

$

10,233

 

 

 

 

 

 

 

 

 

 

 

 

Second quarter non-interest expense increased 19% from the prior-year period and 8% when compared with the first quarter of 2019. The most significant component of the increase was higher salaries and benefit costs, reflecting the R&S acquisition and the addition of strategic personnel hires to support the Company’s continued growth.

The increase in professional service fees was largely a result of one-time legal and accounting expenses. The increase in technology and communications was due to higher ATM card fees, online banking activity, software costs and equipment repair and maintenance expenses. The other expenses line item was up on higher loan expenses and seasonally higher travel expenses. The increase in amortization of intangibles from the prior year was related to assets obtained in the R&S acquisition.

The Company’s efficiency ratio in the second quarter of 2019 was 67.5% compared with 66.5% in the first quarter of 2019 and 64.5% in last year’s second quarter.

Income tax expense was $1.2 million, or an effective tax rate of 22.1%, for the second quarter of 2019 compared with 24.7% in the first quarter of 2019 and 23.3% in the second quarter of 2018.

Balance Sheet Highlights

Total assets were $1.47 billion as of June 30, 2019, an increase of 1% from $1.46 billion on March 31, 2019 and 9% from $1.35 billion at June 30, 2018, reflecting the Company’s strong loan growth. Loans were up $87 million, or 8%, to $1.21 billion since the end of last year’s second quarter. Loan growth was predominantly in the commercial real estate loan portfolio.

Investment securities were $137 million at quarter-end, $3 million lower than at the end of the first quarter of 2019 and $11 million lower than at the end of last year’s second quarter. The primary objectives of the Company’s investment portfolio are to provide liquidity, secure municipal deposits, and maximize income while preserving safety of principal. With the yield curve continuing to flatten, there is a reduced advantage to purchasing longer-term investment securities.

Total deposits grew $7 million to $1.28 billion since March 31, 2019, and were $100 million, or 8%, higher than the balance at the end of last year’s second quarter. The year-over-year increase reflects growth of $49 million in time deposits, $24 million in NOW deposits, and $19 million in demand deposits. Total savings deposits increased $8 million from prior-year period, which reflected $23 million in additional commercial deposits and $11 million in municipal deposits, offset by lower consumer deposits. The deposit mix has changed industry wide as consumer preferences move toward term products with higher rates. Consumer savings deposits declined $26 million year-over-year, while consumer time deposits increased $29 million.

Capital Management

The Company consistently maintains regulatory capital ratios measurably above the Federal “well capitalized” standard, including a Tier 1 leverage ratio of 9.99% at June 30, 2019 compared with 9.74% at March 31, 2019 and 9.94% at June 30, 2018. Book value per share increased to $28.74 at June 30, 2019 compared with $27.66 at March 31, 2019 and $25.63 at June 30, 2018.

Outlook

Mr. Nasca concluded, “We are expanding our presence as a competitive alternative, serving more clients and a larger share of our market. While the current rate environment provides some challenges, opportunities are present to continue that expansion. With a focus on cost discipline and continued emphasis on retaining and building relationships that are sources of asset growth and stable core deposits, we believe we can maintain our sound earnings performance.”

Webcast and Conference Call

The Company will host a conference call and webcast on Thursday, July 25, 2019 at 4:45 p.m. ET. Management will review the financial and operating results for the second quarter of 2019, as well as the Company’s strategy and outlook. A question and answer session will follow the formal presentation.

The conference call can be accessed by calling (201) 689-8471. Alternatively, the webcast can be monitored at www.evansbancorp.com.

A telephonic replay will be available from 7:45 p.m. ET on the day of the teleconference until Thursday, August 1, 2019. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13691914, 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 $1.5 billion in assets and $1.3 billion in deposits at June 30, 2019. Evans is a full-service community bank, with 15 financial centers providing comprehensive financial services to consumer, business and municipal customers throughout Western New York. Evans Bancorp's wholly owned insurance subsidiary, The Evans Agency, LLC, provides life insurance, employee benefits, and property and casualty insurance through ten insurance 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 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6/30/2019

 

3/31/2019

 

12/31/2018

 

9/30/2018

 

6/30/2018

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Securities

 

$

137,438

 

 

$

140,731

 

 

$

133,788

 

 

$

137,909

 

 

$

148,628

 

Loans

 

 

1,212,699

 

 

 

1,185,429

 

 

 

1,155,930

 

 

 

1,155,566

 

 

 

1,125,895

 

Allowance for loan losses

 

 

(15,248)

 

 

 

(15,207)

 

 

 

(14,784)

 

 

 

(15,213)

 

 

 

(15,235)

 

Goodwill and intangible assets

 

 

12,768

 

 

 

12,880

 

 

 

12,992

 

 

 

13,104

 

 

 

8,496

 

Operating lease right-of-use asset

 

 

4,003

 

 

 

4,142

 

 

 

-

 

 

 

-

 

 

 

-

 

All other assets

 

 

119,460

 

 

 

128,206

 

 

 

100,281

 

 

 

89,557

 

 

 

78,307

 

Total assets

 

$

1,471,120

 

 

$

1,456,181

 

 

$

1,388,207

 

 

$

1,380,923

 

 

$

1,346,091

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS'

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

 

243,860

 

 

 

242,156

 

 

 

231,902

 

 

 

236,079

 

 

 

224,373

 

NOW deposits

 

 

145,620

 

 

 

122,204

 

 

 

110,450

 

 

 

110,768

 

 

 

121,170

 

Savings deposits

 

 

603,180

 

 

 

618,471

 

 

 

571,479

 

 

 

574,262

 

 

 

595,500

 

Time deposits

 

 

290,251

 

 

 

292,892

 

 

 

301,227

 

 

 

294,514

 

 

 

241,425

 

Total deposits

 

 

1,282,911

 

 

 

1,275,723

 

 

 

1,215,058

 

 

 

1,215,623

 

 

 

1,182,468

 

Borrowings

 

 

25,298

 

 

 

23,812

 

 

 

24,472

 

 

 

24,309

 

 

 

25,348

 

Operating lease liability

 

 

4,449

 

 

 

4,594

 

 

 

-

 

 

 

-

 

 

 

-

 

Other liabilities

 

 

17,175

 

 

 

17,617

 

 

 

17,031

 

 

 

15,331

 

 

 

14,700

 

Total stockholders' equity

 

 

141,287

 

 

 

134,435

 

 

 

131,646

 

 

 

125,660

 

 

 

123,575

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHARES AND CAPITAL RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

 

4,915,678

 

 

 

4,860,316

 

 

 

4,852,868

 

 

 

4,827,701

 

 

 

4,821,381

 

Book value per share

 

$

28.74

 

 

$

27.66

 

 

$

27.13

 

 

$

26.03

 

 

$

25.63

 

Tier 1 leverage ratio

 

 

9.99

%

 

 

9.74

%

 

 

9.73

%

 

 

9.60

%

 

 

9.94

%

Tier 1 risk-based capital ratio

 

 

11.86

%

 

 

11.68

%

 

 

11.84

%

 

 

11.34

%

 

 

11.63

%

Total risk-based capital ratio

 

 

13.11

%

 

 

12.93

%

 

 

13.09

%

 

 

12.59

%

 

 

12.88

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-performing loans

 

$

11,020

 

 

$

19,987

 

 

$

18,991

 

 

$

23,090

 

 

$

23,210

 

Total net loan charge-offs

 

 

49

 

 

 

115

 

 

 

153

 

 

 

274

 

 

 

117

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing loans/Total loans

 

 

0.91

%

 

 

1.69

%

 

 

1.64

%

 

 

2.00

%

 

 

2.06

%

Net loan charge-offs/Average loans

 

 

0.02

%

 

 

0.04

%

 

 

0.05

%

 

 

0.10

%

 

 

0.04

%

Allowance for loans losses/Total loans

 

 

1.26

%

 

 

1.28

%

 

 

1.28

%

 

 

1.32

%

 

 

1.35

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EVANS BANCORP, INC AND SUBSIDIARIES

SELECTED OPERATIONS DATA (UNAUDITED)

(in thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2019

 

2019

 

2018

 

2018

 

2018

 

 

Second Quarter

 

First Quarter

 

Fourth Quarter

 

Third Quarter

 

Second Quarter

Interest income

 

$

16,325

 

 

$

15,542

 

 

$

15,309

 

 

$

14,690

 

 

$

14,247

 

Interest expense

 

 

3,191

 

 

 

3,034

 

 

 

2,936

 

 

 

2,604

 

 

 

2,051

 

Net interest income

 

 

13,134

 

 

 

12,508

 

 

 

12,373

 

 

 

12,086

 

 

 

12,196

 

Provision (credit) for loan losses

 

 

90

 

 

 

538

 

 

 

(276)

 

 

 

252

 

 

 

659

 

Net interest income after provision

 

 

13,044

 

 

 

11,970

 

 

 

12,649

 

 

 

11,834

 

 

 

11,537

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposit service charges

 

 

602

 

 

 

533

 

 

 

571

 

 

 

571

 

 

 

525

 

Insurance service and fee revenue

 

 

2,901

 

 

 

2,442

 

 

 

2,233

 

 

 

3,215

 

 

 

1,952

 

Bank-owned life insurance

 

 

173

 

 

 

159

 

 

 

166

 

 

 

165

 

 

 

178

 

Loss on tax credit investment

 

 

-

 

 

 

-

 

 

 

(2,705)

 

 

 

(165)

 

 

 

-

 

Refundable NY state historic tax credit

 

 

-

 

 

 

-

 

 

 

1,832

 

 

 

150

 

 

 

-

 

Other income

 

 

1,054

 

 

 

1,061

 

 

 

941

 

 

 

828

 

 

 

984

 

Total non-interest income

 

 

4,730

 

 

 

4,195

 

 

 

3,038

 

 

 

4,764

 

 

 

3,639

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

7,469

 

 

 

7,160

 

 

 

7,220

 

 

 

7,090

 

 

 

6,475

 

Occupancy

 

 

872

 

 

 

836

 

 

 

855

 

 

 

795

 

 

 

727

 

Advertising and public relations

 

 

214

 

 

 

167

 

 

 

362

 

 

 

258

 

 

 

326

 

Professional services

 

 

929

 

 

 

745

 

 

 

599

 

 

 

588

 

 

 

626

 

Technology and communications

 

 

1,099

 

 

 

893

 

 

 

909

 

 

 

874

 

 

 

847

 

Amortization of intangibles

 

 

112

 

 

 

112

 

 

 

112

 

 

 

112

 

 

 

28

 

FDIC insurance

 

 

150

 

 

 

207

 

 

 

251

 

 

 

295

 

 

 

246

 

Other expenses

 

 

1,304

 

 

 

1,104

 

 

 

1,124

 

 

 

1,445

 

 

 

958

 

Total non-interest expenses

 

 

12,149

 

 

 

11,224

 

 

 

11,432

 

 

 

11,457

 

 

 

10,233

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

5,625

 

 

 

4,941

 

 

 

4,255

 

 

 

5,141

 

 

 

4,943

 

Income tax provision (benefit)

 

 

1,243

 

 

 

1,221

 

 

 

(196)

 

 

 

346

 

 

 

1,152

 

Net income

 

 

4,382

 

 

 

3,720

 

 

 

4,451

 

 

 

4,795

 

 

 

3,791

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share-diluted

 

$

0.88

 

 

$

0.75

 

 

$

0.90

 

 

$

0.97

 

 

$

0.77

 

Cash dividends per common share

 

$

-

 

 

$

0.52

 

 

$

-

 

 

$

0.46

 

 

$

-

 

Weighted average number of diluted shares

 

 

4,953,072

 

 

 

4,932,451

 

 

 

4,928,551

 

 

 

4,940,822

 

 

 

4,933,522

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average total assets

 

 

1.21

%

 

 

1.04

%

 

 

1.26

%

 

 

1.40

%

 

 

1.13

%

Return on average stockholders' equity

 

 

12.71

%

 

 

11.19

%

 

 

13.86

%

 

 

15.35

%

 

 

12.39

%

Efficiency ratio

 

 

67.54

%

 

 

66.53

%

 

 

69.52

%

 

 

66.88

%

 

 

64.45

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EVANS BANCORP, INC AND SUBSIDIARIES

SELECTED AVERAGE BALANCES AND YIELDS/RATES (UNAUDITED)

(in thousands)

 

 

2019

 

2019

 

2018

 

2018

 

2018

 

 

Second Quarter

 

First Quarter

 

Fourth Quarter

 

Third Quarter

 

Second Quarter

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net

 

$

1,183,379

 

 

$

1,153,067

 

 

$

1,128,015

 

 

$

1,127,173

 

 

$

1,098,391

 

Investment securities

 

 

148,465

 

 

 

141,249

 

 

 

137,175

 

 

 

145,122

 

 

 

155,089

 

Interest-bearing deposits at banks

 

 

28,132

 

 

 

44,024

 

 

 

60,061

 

 

 

12,641

 

 

 

4,013

 

Total interest-earning assets

 

 

1,359,976

 

 

 

1,338,340

 

 

 

1,325,251

 

 

 

1,284,936

 

 

 

1,257,493

 

Non interest-earning assets

 

 

85,720

 

 

 

86,386

 

 

 

83,482

 

 

 

87,402

 

 

 

81,113

 

Total Assets

 

$

1,445,696

 

 

$

1,424,726

 

 

$

1,408,733

 

 

$

1,372,338

 

 

$

1,338,606

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW

 

 

123,515

 

 

 

112,571

 

 

 

110,612

 

 

 

115,417

 

 

 

120,510

 

Savings

 

 

605,524

 

 

 

591,641

 

 

 

581,048

 

 

 

581,484

 

 

 

576,197

 

Time deposits

 

 

289,794

 

 

 

298,586

 

 

 

301,957

 

 

 

274,275

 

 

 

214,410

 

Total interest-bearing deposits

 

 

1,018,833

 

 

 

1,002,798

 

 

 

993,617

 

 

 

971,176

 

 

 

911,117

 

Other borrowings

 

 

24,231

 

 

 

25,746

 

 

 

25,340

 

 

 

25,749

 

 

 

50,917

 

Total interest-bearing liabilities

 

 

1,043,064

 

 

 

1,028,544

 

 

 

1,018,957

 

 

 

996,925

 

 

 

962,034

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

 

244,142

 

 

 

242,030

 

 

 

247,619

 

 

 

233,393

 

 

 

239,546

 

Other non-interest bearing liabilities

 

 

20,609

 

 

 

21,219

 

 

 

13,689

 

 

 

17,045

 

 

 

14,614

 

Stockholders' equity

 

 

137,881

 

 

 

132,933

 

 

 

128,468

 

 

 

124,975

 

 

 

122,412

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Equity

 

$

1,445,696

 

 

$

1,424,726

 

 

$

1,408,733

 

 

$

1,372,338

 

 

$

1,338,606

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YIELD/RATE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net

 

 

5.13

%

 

 

5.05

%

 

 

4.94

%

 

 

4.81

%

 

 

4.82

%

Investment securities

 

 

2.77

%

 

 

2.67

%

 

 

2.68

%

 

 

2.60

%

 

 

2.67

%

Interest-bearing deposits at banks

 

 

2.22

%

 

 

2.29

%

 

 

2.24

%

 

 

1.98

%

 

 

1.50

%

Total interest-earning assets

 

 

4.81

%

 

 

4.71

%

 

 

4.58

%

 

 

4.54

%

 

 

4.54

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW

 

 

0.37

%

 

 

0.30

%

 

 

0.30

%

 

 

0.27

%

 

 

0.26

%

Savings

 

 

0.87

%

 

 

0.80

%

 

 

0.74

%

 

 

0.70

%

 

 

0.59

%

Time deposits

 

 

2.18

%

 

 

2.16

%

 

 

2.07

%

 

 

1.89

%

 

 

1.55

%

Total interest-bearing deposits

 

 

1.18

%

 

 

1.15

%

 

 

1.10

%

 

 

0.99

%

 

 

0.77

%

Other borrowings

 

 

3.13

%

 

 

3.01

%

 

 

2.97

%

 

 

2.96

%

 

 

2.30

%

Total interest-bearing liabilities

 

 

1.23

%

 

 

1.20

%

 

 

1.14

%

 

 

1.04

%

 

 

0.86

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate spread

 

 

3.58

%

 

 

3.51

%

 

 

3.44

%

 

 

3.50

%

 

 

3.68

%

Contribution of interest-free funds

 

 

0.29

%

 

 

0.28

%

 

 

0.26

%

 

 

0.23

%

 

 

0.21

%

Net interest margin

 

 

3.87

%

 

 

3.79

%

 

 

3.70

%

 

 

3.73

%

 

 

3.89

%

 

Contacts

John B. Connerton
Executive Vice President and Chief Financial Officer
Phone: (716) 926-2000
Email: jconner@evansbank.com

Deborah K. Pawlowski
Kei Advisors LLC
Phone: (716) 843-3908
Email: dpawlowski@keiadvisors.com

Release Summary

Evans Bancorp (NYSE American: EVBN) reports a net income increase of 16% to $4.4 million in the 2019 second quarter.

Contacts

John B. Connerton
Executive Vice President and Chief Financial Officer
Phone: (716) 926-2000
Email: jconner@evansbank.com

Deborah K. Pawlowski
Kei Advisors LLC
Phone: (716) 843-3908
Email: dpawlowski@keiadvisors.com