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Section 1: 8-K (8-K)

Q3 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):

 

October 24, 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 October 24, 2019, Evans Bancorp, Inc. (“the Company”) issued a press release setting forth its results of operations and financial condition for the third 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 October 24, 2019



Exhibit Index





 

Exhibit No.

Description

99.1

Press Release of Evans Bancorp, Inc. dated October 24, 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.



 

 

   

 

October 25, 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)

Q3 2019 PR evbn 8-K Exhibit 99.1

News

Release


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

 

FOR IMMEDIATE RELEASE

Evans Bancorp Net Income Increases 8% to a Record $5.2 Million in the 2019 Third Quarter 

HAMBURG, NY, October  24, 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 third quarter ended September 30, 2019.    

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

·

Achieved record net income of $5.2 million; Earnings per diluted share grew $0.07 to $1.04



·

Net interest income increased 13% to $13.6 million



·

Non-interest income of $5.2 million increased 8%



·

Loan portfolio of $1.2 billion up 6% since the end of last year’s third quarter



·

Total deposits grew $43 million year-over-year, including 15%  growth of average core demand deposits



·

Efficiency ratio improvement to 64.8% from 66.9%

Net income was $5.2 million, or $1.04 per diluted share, in the third quarter of 2019, compared with $4.4 million, or $0.88 per diluted share, in the second quarter of 2019 and $4.8 million, or $0.97 per diluted share, in last year’s third quarter.  The increase over comparative periods reflects higher net interest income due to loan growth and a decrease in loan loss provision, partially offset by an increase in non-interest expense.  Return on average equity was 14.29% for the third quarter of 2019, compared with 12.71% in the second quarter of 2019 and 15.35% in the third quarter of 2018.

“The Company achieved another solid quarter of growth and record earnings reflecting the success of our community focus and relationship business model,” said David J. Nasca, President and CEO of Evans Bancorp, Inc.  “We achieved material year-over-year results, highlighted by record performance, while continuing to invest in Evans’ future.  Importantly, these results were achieved against increasing headwinds related to interest rates and strong competition.  These results and our strong momentum continue to support our positive outlook for the remainder of this year.”


 

Evans Bancorp Net Income Increases 8% to a Record  $5.2 Million in the 2019 Third Quarter

October 24, 2019

Page 2 of 8



 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

Net Interest Income

($ in thousands)



 

 

 

 

 

 

 

 

 

 

 



 

3Q 2019

 

 

2Q 2019

 

 

3Q 2018



 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

16,845 

 

 

$

16,325 

 

 

$

14,690 

Interest expense

 

 

3,224 

 

 

 

3,191 

 

 

 

2,604 

Net interest income

 

 

13,621 

 

 

 

13,134 

 

 

 

12,086 

(Credit) provision for loan losses

 

 

(431)

 

 

 

90 

 

 

 

252 

Net interest income after provision

 

$

14,052 

 

 

$

13,044 

 

 

$

11,834 



 

 

 

 

 

 

 

 

 

 

 

Net interest income increased $0.5 million, or 4%, from the second quarter of 2019, and $1.5 million, or 13%, from the prior-year third quarter.  The increases were driven by growth in the commercial loan portfolio, partially offset by an increase in interest expense.  Average commercial loans, including commercial real estate and commercial and industrial loans, were $983 million, up $18 million from the 2019 second quarter and $65 million from the 2018 third quarter. The third quarter of 2019 also included $0.2 million of interest related to the recovery of a single commercial loan that was written-off in a previous period. 

Third quarter net interest margin was 3.94%.  When excluding the interest related to the recovery, net interest margin was 3.89%, an increase of 2 basis points from the 2019 second quarter and 16 basis points from the third quarter of 2018. The modest increase from the linked quarter resulted from a change in the mix of interest earning assets reflecting the utilization of cash to achieve loan growth, while the change from the prior year reflects increased yields on loans, offset by higher funding costs, reflecting higher interest rates and competitive deposit market pricing. Excluding the interest related to the recovery, the yield on loans increased 30 basis points when compared with the third quarter of 2018.  The cost of interest-bearing liabilities was 1.24% compared with 1.04% in the third quarter of 2018. 

The $0.4 million release of allowance for loan losses for the third quarter of 2019 reflects a  decrease in net loan charge-offs due to the single commercial loan recovery of $0.7 million,  partially offset by an increase in non-performing loans.         



 

 

 

 

 

 

 

 

 

 

 

 

Asset Quality

 

($ in thousands)

 



 

 

 

 

 

 

 

 

 

 

 

 



 

3Q 2019

 

 

2Q 2019

 

 

3Q 2018

 



 

 

 

 

 

 

 

 

 

 

 

 

Total non-performing loans

 

$

13,839 

 

 

$

11,020 

 

 

$

23,090 

 

Total net loan charge-offs (recoveries)

 

 

(565)

 

 

 

49 

 

 

 

274 

 

Non-performing loans/ Total loans

 

 

1.13 

%

 

 

0.91 

%

 

 

2.00 

%

Net loan charge-offs (recoveries)/ Average loans

 

 

(0.19)

%

 

 

0.02 

%

 

 

0.10 

%

Allowance for loan losses/ Total loans

 

 

1.26 

%

 

 

1.26 

%

 

 

1.32 

%

We continue to build a very high quality balance sheet, highlighted by strong and stable asset quality and a well-managed liquidity position,” stated John Connerton, Chief Financial Officer of Evans Bank.













 

 

 

 

 

 

 

 

 

 

 


 

Evans Bancorp Net Income Increases 8% to a Record  $5.2 Million in the 2019 Third Quarter

October 24, 2019

Page 3 of 8

Non-Interest Income

($ in thousands)



 

3Q 2019

 

 

2Q 2019

 

 

3Q 2018



 

 

 

 

 

 

 

 

 

 

 

Deposit service charges

 

$

687 

 

 

$

602 

 

 

$

571 

Insurance service and fee revenue

 

 

3,225 

 

 

 

2,901 

 

 

 

3,215 

Bank-owned life insurance

 

 

160 

 

 

 

173 

 

 

 

165 

Loss on tax credit investment

 

 

-    

 

 

 

-    

 

 

 

(165)

Refundable NY state historic tax credit

 

 

-    

 

 

 

-    

 

 

 

150 

Other income

 

 

1,092 

 

 

 

1,054 

 

 

 

828 

Total non-interest income

 

$

5,164 

 

 

$

4,730 

 

 

$

4,764 



 

 

 

 

 

 

 

 

 

 

 

The increase in deposit service charges compared with the prior periods reflects new service offerings, including overdraft protection for small business customers.  Seasonally higher insurance revenue was reflected in the increase over the linked quarter.  The increase in other income was due to $0.2 million of insurance proceeds related to legal and professional fees incurred to respond to a data security incident and related matters.



 

 

 

 

 

 

 

 

 

 

 

 



Non-Interest Expense



($ in thousands)



 

3Q 2019

 

 

2Q 2019

 

 

 

3Q 2018



 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

$

7,644 

 

 

$

7,469 

 

 

 

$

7,090 

Occupancy

 

 

853 

 

 

 

872 

 

 

 

 

795 

Advertising and public relations

 

 

231 

 

 

 

214 

 

 

 

 

258 

Professional services

 

 

1,009 

 

 

 

929 

 

 

 

 

588 

Technology and communications

 

 

1,057 

 

 

 

1,099 

 

 

 

 

874 

Amortization of intangibles

 

 

112 

 

 

 

112 

 

 

 

 

112 

FDIC insurance

 

 

-    

 

 

 

150 

 

 

 

 

295 

Other expenses

 

 

1,370 

 

 

 

1,304 

 

 

 

 

1,445 

Total non-interest expenses

 

$

12,276 

 

 

$

12,149 

 

 

 

$

11,457 



 

 

 

 

 

 

 

 

 

 

 

 

Third quarter non-interest expense increased 7% from the prior-year period and 1% from the second quarter of 2019.  Salaries and employee benefits increased $0.6 million, or 8%, from the third quarter of 2018 as a result of severance and the addition of strategic personnel hires to support the Company’s continued growth. 

The increase in professional service fees includes $0.2 million related to legal and professional fees incurred to respond to a data security incident and related matters, plus incremental project costs designed to enhance technology and continue to be prepared to respond to future threats which impact the banking industry at large.  The increase from the prior year period also includes $0.1 million of broker commissions related to our employee benefits insurance business, and generally higher legal and accounting expenses.

The increase in technology and communications when compared with the third quarter of 2018 was due to higher software costs and volume related ATM card fees and online banking activity. 

The third quarter of 2019 FDIC insurance expense was offset by the application of the FDIC’s small bank assessment credit.

The Company’s efficiency ratio improved to 64.8% compared with 67.5% in the second quarter of 2019 and 66.9% in last year’s third quarter. 


 

Evans Bancorp Net Income Increases 8% to a Record  $5.2 Million in the 2019 Third Quarter

October 24, 2019

Page 4 of 8

Income tax expense was $1.8 million, or an effective tax rate of 25.6%, for the third quarter of 2019 compared with 22.1% in the second quarter of 2019 and 6.7% in the third quarter of 2018.  Last year’s third quarter income taxes were reduced by $0.7 million due to a change in estimate of when certain state historic tax credits will be taxable for federal purposes.  Historic tax credit transactions lowered the effective tax rate by 13.8% in the third quarter of 2018.  



Balance Sheet Highlights 

Total assets were $1.46 billion at quarter-end, a slight decrease from the linked second quarter, but up 5% from $1.38 billion at September 30, 2018, reflecting the Company’s strong loan growth.  Loans were up $64 million, or 6%, to $1.22 billion since the end of last year’s third quarter, and the growth was predominantly in the commercial and industrial loan portfolio.

Investment securities were $137 million at the end of the third quarter, relatively consistent with the linked quarter and prior-year period.  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 flattened yield curve, there is a reduced advantage to purchasing longer-term investment securities.

Total deposits of $1.26 billion were up $43 million, or 4%, from the end of last year’s third quarter, and reflects growth of $36 million in demand deposits and $31 million in NOW deposits, offset by decreases of $17 million in time deposits and $6 million in savings deposits.  The total deposit decrease of $24 million from the linked second quarter reflects a decline in total savings of $35 million, primarily resulting from cyclical fluctuations of a limited number of commercial and municipal savings customers, and a decrease in time deposits of $13 million, including $6 million of brokered deposits.  Those decreases were offset by higher demand deposits of
$28 million.    



Capital Management

The Company consistently maintains regulatory capital ratios measurably above the Federal “well capitalized” standard, including a Tier 1 leverage ratio of 10.11%  at September 30, 2019 compared with 9.99% at
June 30, 2019 and 9.60% at September 30, 2018.  Book value per share increased to $29.44 at quarter-end
compared with $28.74 at June 30, 2019 and $26.03 at September 30, 2018. 



In October 2019, the Company paid a semi-annual cash dividend of $0.52 per common share.  For the full year 2019, cash dividends totaled $1.04, up 13% over 2018. 



Outlook

Mr. Nasca concluded, “Evans is a strong and growing bank intent on being a preeminent community financial institution in the markets we serve.  We are confident in the ability of our business model to drive growth and gain meaningful scale. As we enter our 100th year, we are transitioning to a new strategic plan that will guide us through 2023.  Our strategic objectives include; leading with an intentional consistent culture and solid values, a keen focus on performance to deepen customer relationships and turn clients into loyal promoters, diversifying income streams, building operational effectiveness and driving funding to support continued asset growth.  We will do this while continuing our position as an integral and valuable community partner.”










 

Evans Bancorp Net Income Increases 8% to a Record  $5.2 Million in the 2019 Third Quarter

October 24, 2019

Page 5 of 8

Webcast and Conference Call

The Company will host a conference call and webcast on Thursday,  October 24, 2019 at 4:45 p.m. ET. Management will review the financial and operating results for the third 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,
October 31, 2019.  To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13694760, 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 September  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.





 

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 8% to a Record  $5.2 Million in the 2019 Third Quarter

October 24, 2019

Page 6 of 8













 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EVANS BANCORP, INC. AND SUBSIDIARIES

SELECTED FINANCIAL DATA (UNAUDITED)

(in thousands, except shares and per share data)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

9/30/2019

 

6/30/2019

 

3/31/2019

 

12/31/2018

 

9/30/2018

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Securities

 

$

136,977 

 

 

$

137,438 

 

 

$

140,731 

 

 

$

133,788 

 

 

$

137,909 

 

Loans

 

 

1,219,792 

 

 

 

1,212,699 

 

 

 

1,185,429 

 

 

 

1,155,930 

 

 

 

1,155,566 

 

Allowance for loan losses

 

 

(15,382)

 

 

 

(15,248)

 

 

 

(15,207)

 

 

 

(14,784)

 

 

 

(15,213)

 

Goodwill and intangible assets

 

 

12,657 

 

 

 

12,768 

 

 

 

12,880 

 

 

 

12,992 

 

 

 

13,104 

 

Operating lease right-of-use asset

 

 

3,862 

 

 

 

4,003 

 

 

 

4,142 

 

 

 

-    

 

 

 

-    

 

All other assets

 

 

97,826 

 

 

 

119,460 

 

 

 

128,206 

 

 

 

100,281 

 

 

 

89,557 

 

Total assets

 

$

1,455,732 

 

 

$

1,471,120 

 

 

$

1,456,181 

 

 

$

1,388,207 

 

 

$

1,380,923 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS'

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

 

271,633 

 

 

 

243,860 

 

 

 

242,156 

 

 

 

231,902 

 

 

 

236,079 

 

NOW deposits

 

 

141,384 

 

 

 

145,620 

 

 

 

122,204 

 

 

 

110,450 

 

 

 

110,768 

 

Savings deposits

 

 

568,156 

 

 

 

603,180 

 

 

 

618,471 

 

 

 

571,479 

 

 

 

574,262 

 

Time deposits

 

 

277,633 

 

 

 

290,251 

 

 

 

292,892 

 

 

 

301,227 

 

 

 

294,514 

 

Total deposits

 

 

1,258,806 

 

 

 

1,282,911 

 

 

 

1,275,723 

 

 

 

1,215,058 

 

 

 

1,215,623 

 

Borrowings

 

 

28,748 

 

 

 

25,298 

 

 

 

23,812 

 

 

 

24,472 

 

 

 

24,309 

 

Operating lease liability

 

 

4,302 

 

 

 

4,449 

 

 

 

4,594 

 

 

 

-    

 

 

 

-    

 

Other liabilities

 

 

19,007 

 

 

 

17,175 

 

 

 

17,617 

 

 

 

17,031 

 

 

 

15,331 

 

Total stockholders' equity

 

 

144,869 

 

 

 

141,287 

 

 

 

134,435 

 

 

 

131,646 

 

 

 

125,660 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHARES AND CAPITAL RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

 

4,920,381 

 

 

 

4,915,678 

 

 

 

4,860,316 

 

 

 

4,852,868 

 

 

 

4,827,701 

 

Book value per share

 

$

29.44 

 

 

$

28.74 

 

 

$

27.66 

 

 

$

27.13 

 

 

$

26.03 

 

Tier 1 leverage ratio

 

 

10.11 

%

 

 

9.99 

%

 

 

9.74 

%

 

 

9.73 

%

 

 

9.60 

%

Tier 1 risk-based capital ratio

 

 

11.87 

%

 

 

11.86 

%

 

 

11.68 

%

 

 

11.84 

%

 

 

11.34 

%

Total risk-based capital ratio

 

 

13.11 

%

 

 

13.11 

%

 

 

12.93 

%

 

 

13.09 

%

 

 

12.59 

%



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-performing loans

 

$

13,839 

 

 

$

11,020 

 

 

$

19,987 

 

 

$

18,991 

 

 

$

23,090 

 

Total net loan charge-offs (recoveries)

 

 

(565)

 

 

 

49 

 

 

 

115 

 

 

 

153 

 

 

 

274 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing loans/Total loans

 

 

1.13 

%

 

 

0.91 

%

 

 

1.69 

%

 

 

1.64 

%

 

 

2.00 

%

Net loan charge-offs (recoveries)/Average loans

 

 

(0.19)

%

 

 

0.02 

%

 

 

0.04 

%

 

 

0.05 

%

 

 

0.10 

%

Allowance for loans losses/Total loans

 

 

1.26 

%

 

 

1.26 

%

 

 

1.28 

%

 

 

1.28 

%

 

 

1.32 

%



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 






 

Evans Bancorp Net Income Increases 8% to a Record  $5.2 Million in the 2019 Third Quarter

October 24, 2019

Page 7 of 8



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EVANS BANCORP, INC AND SUBSIDIARIES

SELECTED OPERATIONS DATA  (UNAUDITED)

(in thousands, except share and per share data)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

2019

 

2019

 

2019

 

2018

 

2018



 

Third Quarter

 

Second Quarter

 

First Quarter

 

Fourth Quarter

 

Third Quarter

Interest income

 

$

16,845 

 

 

$

16,325 

 

 

$

15,542 

 

 

$

15,309 

 

 

$

14,690 

 

Interest expense

 

 

3,224 

 

 

 

3,191 

 

 

 

3,034 

 

 

 

2,936 

 

 

 

2,604 

 

Net interest income

 

 

13,621 

 

 

 

13,134 

 

 

 

12,508 

 

 

 

12,373 

 

 

 

12,086 

 

Provision (credit) for loan losses

 

 

(431)

 

 

 

90 

 

 

 

538 

 

 

 

(276)

 

 

 

252 

 

Net interest income after provision

 

 

14,052 

 

 

 

13,044 

 

 

 

11,970 

 

 

 

12,649 

 

 

 

11,834 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposit service charges

 

 

687 

 

 

 

602 

 

 

 

533 

 

 

 

571 

 

 

 

571 

 

Insurance service and fee revenue

 

 

3,225 

 

 

 

2,901 

 

 

 

2,442 

 

 

 

2,233 

 

 

 

3,215 

 

Bank-owned life insurance

 

 

160 

 

 

 

173 

 

 

 

159 

 

 

 

166 

 

 

 

165 

 

Loss on tax credit investment

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

 

(2,705)

 

 

 

(165)

 

Refundable NY state historic tax credit

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

 

1,832 

 

 

 

150 

 

Other income

 

 

1,092 

 

 

 

1,054 

 

 

 

1,061 

 

 

 

941 

 

 

 

828 

 

Total non-interest income

 

 

5,164 

 

 

 

4,730 

 

 

 

4,195 

 

 

 

3,038 

 

 

 

4,764 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

7,644 

 

 

 

7,469 

 

 

 

7,160 

 

 

 

7,220 

 

 

 

7,090 

 

Occupancy

 

 

853 

 

 

 

872 

 

 

 

836 

 

 

 

855 

 

 

 

795 

 

Advertising and public relations

 

 

231 

 

 

 

214 

 

 

 

167 

 

 

 

362 

 

 

 

258 

 

Professional services

 

 

1,009 

 

 

 

929 

 

 

 

745 

 

 

 

599 

 

 

 

588 

 

Technology and communications

 

 

1,057 

 

 

 

1,099 

 

 

 

893 

 

 

 

909 

 

 

 

874 

 

Amortization of intangibles

 

 

112 

 

 

 

112 

 

 

 

112 

 

 

 

112 

 

 

 

112 

 

FDIC insurance

 

 

-    

 

 

 

150 

 

 

 

207 

 

 

 

251 

 

 

 

295 

 

Other expenses

 

 

1,370 

 

 

 

1,304 

 

 

 

1,104 

 

 

 

1,124 

 

 

 

1,445 

 

Total non-interest expenses

 

 

12,276 

 

 

 

12,149 

 

 

 

11,224 

 

 

 

11,432 

 

 

 

11,457 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

6,940 

 

 

 

5,625 

 

 

 

4,941 

 

 

 

4,255 

 

 

 

5,141 

 

Income tax provision (benefit)

 

 

1,776 

 

 

 

1,243 

 

 

 

1,221 

 

 

 

(196)

 

 

 

346 

 

Net income

 

 

5,164 

 

 

 

4,382 

 

 

 

3,720 

 

 

 

4,451 

 

 

 

4,795 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share-diluted

 

$

1.04 

 

 

$

0.88 

 

 

$

0.75 

 

 

$

0.90 

 

 

$

0.97 

 

Cash dividends per common share

 

$

0.52 

 

 

$

-    

 

 

$

0.52 

 

 

$

-    

 

 

$

0.46 

 

Weighted average number of diluted shares

 

 

4,976,639 

 

 

 

4,953,072 

 

 

 

4,932,451 

 

 

 

4,928,551 

 

 

 

4,940,822 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average total assets

 

 

1.41 

%

 

 

1.21 

%

 

 

1.04 

%

 

 

1.26 

%

 

 

1.40 

%

Return on average stockholders' equity

 

 

14.29 

%

 

 

12.71 

%

 

 

11.19 

%

 

 

13.86 

%

 

 

15.35 

%

Efficiency ratio

 

 

64.75 

%

 

 

67.54 

%

 

 

66.53 

%

 

 

69.52 

%

 

 

66.88 

%



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Evans Bancorp Net Income Increases 8% to a Record  $5.2 Million in the 2019 Third Quarter

October 24, 2019

Page 8 of 8







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EVANS BANCORP, INC AND SUBSIDIARIES

SELECTED AVERAGE BALANCES AND YIELDS/RATES  (UNAUDITED)

(in thousands)



 

2019

 

2019

 

2019

 

2018

 

2018



 

Third Quarter

 

Second Quarter

 

First Quarter

 

Fourth Quarter

 

Third Quarter

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net

 

$

1,202,634 

 

 

$

1,183,379 

 

 

$

1,153,067 

 

 

$

1,128,015 

 

 

$

1,127,173 

 

Investment securities

 

 

143,731 

 

 

 

148,465 

 

 

 

141,249 

 

 

 

137,175 

 

 

 

145,122 

 

Interest-bearing deposits at banks

 

 

24,661 

 

 

 

28,132 

 

 

 

44,024 

 

 

 

60,061 

 

 

 

12,641 

 

Total interest-earning assets

 

 

1,371,026 

 

 

 

1,359,976 

 

 

 

1,338,340 

 

 

 

1,325,251 

 

 

 

1,284,936 

 

Non interest-earning assets

 

 

89,513 

 

 

 

85,720 

 

 

 

86,386 

 

 

 

83,482 

 

 

 

87,402 

 

Total Assets

 

$

1,460,539 

 

 

$

1,445,696 

 

 

$

1,424,726 

 

 

$

1,408,733 

 

 

$

1,372,338 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW

 

 

134,008 

 

 

 

123,515 

 

 

 

112,571 

 

 

 

110,612 

 

 

 

115,417 

 

Savings

 

 

591,585 

 

 

 

605,524 

 

 

 

591,641 

 

 

 

581,048 

 

 

 

581,484 

 

Time deposits

 

 

281,798 

 

 

 

289,794 

 

 

 

298,586 

 

 

 

301,957 

 

 

 

274,275 

 

Total interest-bearing deposits

 

 

1,007,391 

 

 

 

1,018,833 

 

 

 

1,002,798 

 

 

 

993,617 

 

 

 

971,176 

 

Borrowings

 

 

25,234 

 

 

 

24,231 

 

 

 

25,746 

 

 

 

25,340 

 

 

 

25,749 

 

Total interest-bearing liabilities

 

 

1,032,625 

 

 

 

1,043,064 

 

 

 

1,028,544 

 

 

 

1,018,957 

 

 

 

996,925 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

 

261,089 

 

 

 

244,142 

 

 

 

242,030 

 

 

 

247,619 

 

 

 

233,393 

 

Other non-interest bearing liabilities

 

 

22,231 

 

 

 

20,609 

 

 

 

21,219 

 

 

 

13,689 

 

 

 

17,045 

 

Stockholders' equity

 

 

144,594 

 

 

 

137,881 

 

 

 

132,933 

 

 

 

128,468 

 

 

 

124,975 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Equity

 

$

1,460,539 

 

 

$

1,445,696 

 

 

$

1,424,726 

 

 

$

1,408,733 

 

 

$

1,372,338 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YIELD/RATE