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Section 1: 8-K (8-K)

Q2 2019evbn 8-K Earnings

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934



 

 

Date of report (Date of earliest event reported):

 

July 25, 2019

Evans Bancorp, Inc.
_______________________________________
(Exact Name of Registrant as Specified in Charter)



 

 



 

 

New York

0-18539

161332767

______________________________
(State or Other  Jurisdiction

_______________
(Commission

___________________
(I.R.S. Employer

of Incorporation)

File Number)

Identification No.)



 

 



 

 

One Grimsby Drive, Hamburg, New York

 

14075

_____________________________________________
(Address of Principal Executive Offices)

 

____________
(Zip Code)





 

 



 

 

Registrant’s Telephone Number, Including Area Code:

 

716-926-2000



Not Applicable
____________________________________________________
Former Name or Former Address, if Changed Since Last Report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)  
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)  
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:



 

 



 

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.50 par value

EVBN

NYSE American



 

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company


 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.











Item 2.02 Results of Operations and Financial Condition.



On July 25, 2019, Evans Bancorp, Inc. (“the Company”) issued a press release setting forth its results of operations and financial condition for the second quarter of 2019.  A copy of that press release is attached hereto as Exhibit 99.1.







Item 9.01 Financial Statements and Exhibits.



(d) Exhibits

Exhibit 99.1 – Press Release of Evans Bancorp, Inc. dated July 25, 2019



Exhibit Index





 

Exhibit No.

Description

99.1

Press Release of Evans Bancorp, Inc. dated July 25, 2019



















































 

 


 





The information in Item 2.02 of this Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in such filing.  Neither the filing or furnishing of any exhibit to this report nor the inclusion in such exhibits of a reference to the Company’s Internet address shall, under any circumstances, be deemed to incorporate the information available at such address into this report.  Information available at the Company’s Internet address is not part of this report.



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.





 

 

 

 



 

 

   

 



 

Evans Bancorp, Inc.



 

 

   

 

July 26, 2019

 

By:

   

/s/ David J. Nasca



 

 

   




 

 

   

Name: David J. Nasca



 

 

   

Title: President and Chief Executive Officer







 

 


(Back To Top)

Section 2: EX-99.1 (EX-99.1)

Q2 Final Press Release

EVANS_BANCORP_COLOR_HORIZ_GRAD.JPGNews

Release


Evans Bancorp, Inc.  One Grimsby Drive Hamburg, NY  14075

 

FOR IMMEDIATE RELEASE

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

HAMBURG, NY, July  25, 2019 – 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. 


 

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

July 25, 2019

Page 2 of 8



 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

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.  


 

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

July 25, 2019

Page 3 of 8



 

 

 

 

 

 

 

 

 

 

 

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.    


 

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

July 25, 2019

Page 4 of 8

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.




 

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

July 25, 2019

Page 5 of 8

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.





 

For more information contact:

-OR-

John B. Connerton

Executive Vice President and Chief Financial Officer

Deborah K. Pawlowski

Kei Advisors LLC

Phone: (716) 926-2000
Email: [email protected] 

Phone:  (716) 843-3908
Email:  [email protected]




 

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

July 25, 2019

Page 6 of 8



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

July 25, 2019

Page 7 of 8



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

July 25, 2019

Page 8 of 8







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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