Evans Bancorp Reports Net Income of $2.3 Million In First 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 first quarter ended March 31, 2024.

HIGHLIGHTS

  • First quarter net interest margin of 2.79% expanded 4 basis points sequentially
  • Total loan balances of $1.7 billion up $63 million, or 4%, year-over-year
  • Robust loan pipeline of $95 million
  • Total deposits of $1.9 billion increased $173 million, or 10%, in the quarter, and were up $41 million, or 2%, from the end of last year’s first quarter
  • Comparative periods include business activity relating to The Evans Agency (TEA) prior to the sale to Arthur J. Gallagher & Co. on November 30, 2023

Net income was $2.3 million, or $0.42 per diluted share, in the first quarter of 2024, compared with $10.2 million, or $1.85 per diluted share, in the fourth quarter of 2023 and $5.8 million, or $1.06 per diluted share, in last year’s first quarter. Net income for the fourth quarter of 2023 included a gain of $14 million, net of taxes, from the sale of TEA, $1.5 million of insurance revenue recognized prior to the sale, and a pretax loss on the sale of investment securities of $5 million. The change in net income from prior-year period was due to lower net interest income of $3.4 million, an increase in loan provision of $0.9 million, and a decrease in non-interest income of $1.8 million, partially offset by a decrease in non-interest expense of $1.6 million. Return on average equity was 5.28% for the first quarter of 2024, compared with 25.73% in the fourth quarter of 2023 and 14.97% in the first quarter of 2023.

David J. Nasca, President and CEO of Evans Bancorp, Inc., commented, “First quarter results reflect solid performance across key business segments. Against a continuing challenging environment our net interest margin demonstrated resilience, expanding slightly. While the cost of funding continues to rise, the rate of increase is decelerating, which implies a positive outlook. Success in deposit gathering during the quarter lays a strong foundation for future asset growth. We are particularly optimistic relative to our significant loan pipeline approximating $95 million. The pipeline expansion has been bolstered by strategic investments in our commercial banking team, notably within the Rochester market area. This talent has us positioned favorably to capitalize on emerging opportunities. We continue to have a relentless focus on expense management as operating efficiency fortifies our results and, along with the capital that was strengthened last quarter with the proceeds from the sale of our insurance agency, supports our position as we navigate through economic pressure which is expected to persist for a period of time.”

Net Interest Income

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1Q 2024

 

 

4Q 2023

 

 

1Q 2023

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

25,374

 

 

$

25,205

 

 

$

23,365

Interest expense

 

 

11,467

 

 

 

11,259

 

 

 

6,040

Net interest income

 

 

13,907

 

 

 

13,946

 

 

 

17,325

Provision for credit losses

 

 

266

 

 

 

282

 

 

 

(654)

Net interest income after provision

 

$

13,641

 

 

$

13,664

 

 

$

17,979

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income of $13.9 million was flat compared with the fourth quarter of 2023 but was $3.4 million, or 20%, lower from last year’s first quarter as a result of higher interest expense related to the increased cost of interest-bearing liabilities produced by competitive pricing on deposits.

First quarter net interest margin of 2.79% increased 4 basis points from the trailing fourth quarter but decreased 67 basis points from the prior-year period. The yield on loans increased 13 basis points compared with the fourth quarter and 40 basis points year-over-year. The cost of interest-bearing liabilities was 3.04% compared with 2.87% in the fourth quarter of 2023 and 1.65% in the first quarter of 2023.

The $0.3 million provision for credit losses in the current quarter was due to slower prepayment rates, and higher net loan charge-offs, partially offset by improving economic factors.

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Quality

 

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1Q 2024

 

 

4Q 2023

 

 

1Q 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-performing loans

 

$

27,977

 

 

$

27,325

 

 

$

24,084

 

Total net loan charge-offs

 

 

93

 

 

 

11

 

 

 

(4)

 

Non-performing loans / Total loans

 

 

1.62

%

 

 

1.59

%

 

 

1.45

%

Net loan charge-offs / Average loans

 

 

0.02

%

 

 

-

%

 

 

-

%

Allowance for loan losses / Total loans

 

 

1.29

%

 

 

1.28

%

 

 

1.30

%

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Income

($ in thousands)

 

 

1Q 2024

 

 

4Q 2023

 

 

1Q 2023

 

 

 

 

 

 

 

 

 

 

 

 

Deposit service charges

 

$

681

 

 

$

670

 

 

$

613

Insurance service and fee revenue

 

 

149

 

 

 

1,613

 

 

 

2,429

Bank-owned life insurance

 

 

246

 

 

 

230

 

 

 

224

Interchange fee income

 

 

466

 

 

 

510

 

 

 

493

Gain on sale of insurance agency

 

 

-

 

 

 

20,160

 

 

 

-

Loss on sale of investment securities

 

 

-

 

 

 

(5,044)

 

 

 

-

Other income

 

 

725

 

 

 

412

 

 

 

354

Total non-interest income

 

$

2,267

 

 

$

18,551

 

 

$

4,113

 

 

 

 

 

 

 

 

 

 

 

 

Total non-interest income was down $16.3 million from the sequential quarter. The reduction from the fourth quarter of 2023 was due to the gain on sale of TEA of $20.2 million and $1.5 million in TEA insurance revenue offset by the $5.0 million investment loss, which were all recognized in the sequential quarter. The remaining increase in non-interest income from the fourth quarter was primarily due to an increase in the value of mortgage servicing rights.

Total non-interest income was down $1.8 million when compared with the first quarter of 2023. The majority of the reduction was related to $2.3 million in TEA insurance revenue recognized in the first quarter of 2023. This was offset by an increase in the value of mortgage servicing rights during the first quarter of 2024.

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Expense

($ in thousands)

 

 

1Q 2024

 

 

4Q 2023

 

 

1Q 2023

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

$

7,837

 

 

$

10,251

 

 

$

9,413

Occupancy

 

 

1,157

 

 

 

1,078

 

 

 

1,173

Advertising and public relations

 

 

171

 

 

 

296

 

 

 

156

Professional services

 

 

895

 

 

 

1,003

 

 

 

883

Technology and communications

 

 

1,409

 

 

 

1,545

 

 

 

1,356

Amortization of intangibles

 

 

4

 

 

 

67

 

 

 

100

FDIC insurance

 

 

325

 

 

 

350

 

 

 

350

Other expenses

 

 

1,129

 

 

 

1,710

 

 

 

1,071

Total non-interest expenses

 

$

12,927

 

 

$

16,300

 

 

$

14,502

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expenses decreased $3.4 million from the sequential quarter and $1.6 million from the prior-year period.

The decrease in non-interest expenses from the fourth quarter of 2023 was due to lower incentive accruals of $2.1 million and $1.0 million of non-interest expenses related to TEA, primarily salaries and employee benefits that were recognized during the fourth quarter of 2023 prior to the sale. In addition, $0.3 million of charitable contributions and $0.1 million of pension settlement expenses of which both were included in other expenses during the sequential quarter.

The decrease in non-interest expenses from the first quarter of 2023 was due to $1.8 million of non-interest expenses relating to TEA, of which salaries and employee benefits was $1.5 million. During the first quarter of 2023 salaries and employee benefits, excluding the $1.5 million related to TEA, was $7.9 million, flat with the first quarter of 2024. The remaining increase in total non-interest expense of $0.2 million was due to higher technology and communications expenses recognized by the Bank during the first quarter of 2024.

The Company’s GAAP efficiency ratio, or noninterest expenses divided by the sum of net interest income and noninterest income, was 79.92% in the first quarter of 2024, 50.2% in the fourth quarter of 2023, and 67.6% in the first quarter of 2023.

Income tax expense was $0.6 million, for an effective tax rate of 21.7%, in the first quarter of 2024 compared with 36.1% in the fourth quarter of 2023 and 23.6% in last year’s first quarter. The elevated tax rate in the fourth quarter of 2023 reflected the sale of TEA which included significant non-deductible goodwill expense.

Balance Sheet Highlights

“We strategically strengthened our balance sheet during the current quarter. We added $55 million of brokered deposits at favorable rates and lengthened maturities of approximately $40 million of overnight borrowings in order to manage interest rate risk. Overall, we are confident in our ability to navigate the evolving market dynamics and expect our current liquidity position to be the foundation that supports expected commercial loan growth of approximately 5% in 2024,” commented John Connerton, Chief Financial Officer of Evans Bank.

Total assets were $2.26 billion as of March 31, 2024, an increase of $151 million, or 7%, since December 31, 2023, and $112 million, or 5%, since March 31, 2023. Interest-bearing deposits at banks increased $161 million from both comparative periods. In addition, when compared with the prior-year period, loan growth increased $63 million, partially offset by a decrease in investment securities of $98 million. Since March 31, 2023, commercial real estate loans increased $76 million, while commercial and industrial loans were down $15 million.

Investment securities were $272 million at March 31, 2024, $6 million lower than the end of the fourth quarter of 2023 and $98 million lower than the end of last year’s first quarter. The Company sold $78 million of investment securities during the fourth quarter of 2023 and used the proceeds to reduce short-term borrowings. The primary objectives of the Company’s investment portfolio are to provide liquidity, secure municipal deposits, and maximize income while preserving the safety of principal. The Company has the positive intent and ability to hold the remaining portfolio through recovery of value.

Total deposits of $1.89 billion increased $173 million, or 10%, from December 31, 2023, and $41 million, or 2%, from the end of last year’s first quarter. The change from the sequential quarter largely reflected an increase in brokered time deposits and deposits from municipal relationships. From a product perspective, deposit increases were in municipal saving deposits of $69 million, brokered time deposits of $55 million, NOW deposits of $37 million, demand deposits of $9 million, and consumer time deposits of $6 million. Offsetting those increases were lower commercial savings of $3 million.

While the Company has not experienced a significant outflow of deposits, in the event of such occurrences, it has access to alternate sources of funding to meet withdrawal demands. At March 31, 2024, Evans has $43 million borrowed at FHLB. Given the current collateral available at FHLB, advances up to $382 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 March 31, 2024, Evans had $88 million in short-term borrowings with the Federal Reserve and $5 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 10.52% at March 31, 2024 compared with 10.37% at December 31, 2023 and 9.13% at March 31, 2023.

Book value per share was $31.62 at March 31, 2024 compared with $32.40 at December 31, 2023 and $28.97 at March 31, 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 March 31, 2024, this amounted to $7.83 per share impact to book value. Such unrealized gains and losses are due to changes in interest rates and represent the difference, net of applicable income tax effect, between the estimated fair value and amortized cost of investment securities classified as available-for-sale.

Non-GAAP tangible book value per share was $31.29 at March 31, 2024 compared with $32.07 at December 31, 2023 and $26.44 at March 31, 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 February 20, 2024, the Company declared a cash dividend of $0.66 per common share, which was paid on April 9, 2024.

Webcast and Conference Call

The Company will host a conference call and webcast on Tuesday, April 30, 2024 at 4:45 p.m. ET. Management will review the financial and operating results for the first quarter of 2024, as well as the Company’s strategy and outlook. A question and answer session will follow.

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

A telephonic replay will be available from 8:00 p.m. ET on the day of the teleconference until Tuesday, May 14, 2024. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13745903, or access the webcast replay at www.evansbancorp.com, where a transcript will be posted once available.

About Evans Bancorp, Inc.

Evans Bancorp, Inc. is a financial holding company and the parent company of Evans Bank, N.A., a commercial bank with $2.3 billion in assets and $1.9 billion in deposits at March 31, 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)

 

 

 

3/31/2024

 

 

 

12/31/2023

 

 

 

9/30/2023

 

 

 

6/30/2023

 

 

 

3/31/2023

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits at banks

 

$

164,400

 

 

$

3,798

 

 

$

7,468

 

 

$

10,334

 

 

$

3,832

 

Securities AFS

 

 

268,476

 

 

 

275,680

 

 

 

334,460

 

 

 

351,595

 

 

 

365,929

 

Securities HTM

 

 

3,611

 

 

 

2,059

 

 

 

2,170

 

 

 

2,241

 

 

 

3,707

 

Loans

 

 

1,721,876

 

 

 

1,720,946

 

 

 

1,704,400

 

 

 

1,670,753

 

 

 

1,658,576

 

Allowance for credit losses

 

 

(22,287)

 

 

 

(22,114)

 

 

 

(21,846)

 

 

 

(21,368)

 

 

 

(21,523)

 

Goodwill and intangible assets

 

 

1,858

 

 

 

1,862

 

 

 

13,629

 

 

 

13,729

 

 

 

13,829

 

All other assets

 

 

122,010

 

 

 

126,432

 

 

 

134,462

 

 

 

127,679

 

 

 

123,920

 

Total assets

 

$

2,259,944

 

 

$

2,108,663

 

 

$

2,174,743

 

 

$

2,154,963

 

 

$

2,148,270

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS'

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

$

399,558

 

 

$

390,238

 

 

$

447,306

 

 

$

442,195

 

 

$

483,958

 

NOW deposits

 

 

381,798

 

 

 

345,279

 

 

 

324,219

 

 

 

303,159

 

 

 

268,283

 

Savings deposits

 

 

715,495

 

 

 

649,621

 

 

 

698,653

 

 

 

726,687

 

 

 

807,532

 

Time deposits

 

 

394,515

 

 

 

333,623

 

 

 

335,228

 

 

 

314,574

 

 

 

290,141

 

Total deposits

 

 

1,891,366

 

 

 

1,718,761

 

 

 

1,805,406

 

 

 

1,786,615

 

 

 

1,849,914

 

Securities sold under agreement to repurchase

 

 

6,873

 

 

 

9,475

 

 

 

13,447

 

 

 

19,185

 

 

 

9,264

 

Subordinated debt

 

 

31,203

 

 

 

31,177

 

 

 

31,152

 

 

 

31,126

 

 

 

31,101

 

Other borrowings

 

 

131,023

 

 

 

145,123

 

 

 

151,252

 

 

 

140,386

 

 

 

79,637

 

Other liabilities

 

 

24,884

 

 

 

25,908

 

 

 

22,551

 

 

 

18,167

 

 

 

20,103

 

Total stockholders' equity

 

$

174,595

 

 

$

178,219

 

 

$

150,935

 

 

$

159,484

 

 

$

158,251

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHARES AND CAPITAL RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

 

5,521,009

 

 

 

5,499,772

 

 

 

5,483,591

 

 

 

5,477,505

 

 

 

5,462,763

 

Book value per share

 

$

31.62

 

 

$

32.40

 

 

$

27.52

 

 

$

29.12

 

 

$

28.97

 

Tangible book value per share (Non-GAAP)

 

$

31.29

 

 

$

32.07

 

 

$

25.04

 

 

$

26.61

 

 

$

26.44

 

Tier 1 leverage ratio

 

 

10.52

%

 

 

10.37

%

 

 

9.40

%

 

 

9.43

%

 

 

9.13

%

Tier 1 risk-based capital ratio

 

 

13.63

%

 

 

13.80

%

 

 

12.04

%

 

 

12.73

%

 

 

12.55

%

Total risk-based capital ratio

 

 

14.89

%

 

 

15.05

%

 

 

13.29

%

 

 

13.98

%

 

 

13.80

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-performing loans

 

$

27,977

 

 

$

27,325

 

 

$

27,311

 

 

$

27,789

 

 

$

24,084

 

Total net loan charge-offs (recoveries)

 

 

93

 

 

 

11

 

 

 

35

 

 

 

35

 

 

 

(4)

 

Other real estate owned (OREO)

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing loans/Total loans

 

 

1.62

%

 

 

1.59

%

 

 

1.60

%

 

 

1.66

%

 

 

1.45

%

Net loan charge-offs (recoveries)/Average loans

 

 

0.02

%

 

 

-

%

 

 

0.01

%

 

 

0.01

%

 

 

-

%

Allowance for credit losses/Total loans

 

 

1.29

%

 

 

1.28

%

 

 

1.28

%

 

 

1.28

%

 

 

1.30

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EVANS BANCORP, INC AND SUBSIDIARIES

SELECTED OPERATIONS DATA (UNAUDITED)

(in thousands, except share and per share data)

 

 

 

2024

 

 

 

2023

 

 

 

2023

 

 

 

2023

 

 

 

2023

 

 

 

 

First Quarter

 

 

 

Fourth Quarter

 

 

 

Third Quarter

 

 

 

Second Quarter

 

 

 

First Quarter

 

Interest income

 

$

25,374

 

 

$

25,205

 

 

$

24,292

 

 

$

23,988

 

 

$

23,365

 

Interest expense

 

 

11,467

 

 

 

11,259

 

 

 

10,036

 

 

 

8,307

 

 

 

6,040

 

Net interest income

 

 

13,907

 

 

 

13,946

 

 

 

14,256

 

 

 

15,681

 

 

 

17,325

 

Provision for credit losses

 

 

266

 

 

 

282

 

 

 

506

 

 

 

(116)

 

 

 

(654)

 

Net interest income after provision for credit losses

 

 

13,641

 

 

 

13,664

 

 

 

13,750

 

 

 

15,797

 

 

 

17,979

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposit service charges

 

 

681

 

 

 

670

 

 

 

665

 

 

 

645

 

 

 

613

 

Insurance service and fee revenue

 

 

149

 

 

 

1,613

 

 

 

3,498

 

 

 

2,720

 

 

 

2,429

 

Bank-owned life insurance

 

 

246

 

 

 

230

 

 

 

239

 

 

 

238

 

 

 

224

 

Interchange fee income

 

 

466

 

 

 

510

 

 

 

516

 

 

 

528

 

 

 

493

 

Gain on sale of insurance agency

 

 

-

 

 

 

20,160

 

 

 

-

 

 

 

-

 

 

 

-

 

Loss on sale of investment securities

 

 

-

 

 

 

(5,044)

 

 

 

-

 

 

 

-

 

 

 

-

 

Other income

 

 

725

 

 

 

412

 

 

 

638

 

 

 

570

 

 

 

354

 

Total non-interest income

 

 

2,267

 

 

 

18,551

 

 

 

5,556

 

 

 

4,701

 

 

 

4,113

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

7,837

 

 

 

10,251

 

 

 

8,735

 

 

 

8,649

 

 

 

9,413

 

Occupancy

 

 

1,157

 

 

 

1,078

 

 

 

1,109

 

 

 

1,145

 

 

 

1,173

 

Advertising and public relations

 

 

171

 

 

 

296

 

 

 

348

 

 

 

407

 

 

 

156

 

Professional services

 

 

895

 

 

 

1,003

 

 

 

869

 

 

 

808

 

 

 

883

 

Technology and communications

 

 

1,409

 

 

 

1,545

 

 

 

1,517

 

 

 

1,542

 

 

 

1,356

 

Amortization of intangibles

 

 

4

 

 

 

67

 

 

 

100

 

 

 

100

 

 

 

100

 

FDIC insurance

 

 

325

 

 

 

350

 

 

 

350

 

 

 

350

 

 

 

350

 

Other expenses

 

 

1,129

 

 

 

1,710

 

 

 

1,379

 

 

 

1,171

 

 

 

1,071

 

Total non-interest expenses

 

 

12,927

 

 

 

16,300

 

 

 

14,407

 

 

 

14,172

 

 

 

14,502

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

2,981

 

 

 

15,915

 

 

 

4,899

 

 

 

6,326

 

 

 

7,590

 

Income tax provision

 

 

647

 

 

 

5,741

 

 

 

1,281

 

 

 

1,394

 

 

 

1,790

 

Net income

 

 

2,334

 

 

 

10,174

 

 

 

3,618

 

 

 

4,932

 

 

 

5,800

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share-diluted

 

$

0.42

 

 

$

1.85

 

 

$

0.66

 

 

$

0.90

 

 

$

1.06

 

Cash dividends per common share

 

$

0.66

 

 

$

-

 

 

$

0.66

 

 

$

-

 

 

$

0.66

 

Weighted average number of diluted shares

 

 

5,519,244

 

 

 

5,497,029

 

 

 

5,490,600

 

 

 

5,474,462

 

 

 

5,475,790

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average total assets

 

 

0.44

%

 

 

1.90

%

 

 

0.67

%

 

 

0.91

%

 

 

1.07

%

Return on average stockholders' equity

 

 

5.28

%

 

 

25.73

%

 

 

9.06

%

 

 

12.25

%

 

 

14.97

%

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

 

 

5.33

%

 

 

27.37

%

 

 

9.90

%

 

 

13.39

%

 

 

16.44

%

Efficiency ratio

 

 

79.92

%

 

 

50.16

%

 

 

72.72

%

 

 

69.53

%

 

 

67.65

%

Efficiency ratio (Non-GAAP)**

 

 

79.90

%

 

 

93.40

%

 

 

72.21

%

 

 

69.04

%

 

 

67.18

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* 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

 

 

 

2023

 

 

 

2023

 

 

 

2023

 

 

 

2023

 

 

 

 

First Quarter

 

 

 

Fourth Quarter

 

 

 

Third Quarter

 

 

 

Second Quarter

 

 

 

First Quarter

 

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net

 

$

1,703,320

 

 

$

1,682,177

 

 

$

1,658,132

 

 

$

1,646,502

 

 

$

1,641,162

 

Investment securities

 

 

280,975

 

 

 

327,303

 

 

 

355,870

 

 

 

373,922

 

 

 

382,329

 

Interest-bearing deposits at banks

 

 

18,889

 

 

 

5,916

 

 

 

9,883

 

 

 

7,235

 

 

 

9,824

 

Total interest-earning assets

 

 

2,003,184

 

 

 

2,015,396

 

 

 

2,023,885

 

 

 

2,027,659

 

 

 

2,033,315

 

Non interest-earning assets

 

 

117,646

 

 

 

128,915

 

 

 

135,896

 

 

 

129,793

 

 

 

133,936

 

Total Assets

 

$

2,120,830

 

 

$

2,144,311

 

 

$

2,159,781

 

 

$

2,157,452

 

 

$

2,167,251

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW

 

 

347,908

 

 

 

333,893

 

 

 

311,624

 

 

 

281,910

 

 

 

260,242

 

Savings

 

 

658,656

 

 

 

687,223

 

 

 

708,724

 

 

 

776,020

 

 

 

796,793

 

Time deposits

 

 

342,358

 

 

 

335,646

 

 

 

325,667

 

 

 

304,575

 

 

 

257,733

 

Total interest-bearing deposits

 

 

1,348,922

 

 

 

1,356,762

 

 

 

1,346,015

 

 

 

1,362,505

 

 

 

1,314,768

 

Borrowings

 

 

166,948

 

 

 

197,363

 

 

 

192,277

 

 

 

163,338

 

 

 

173,053

 

Total interest-bearing liabilities

 

 

1,515,870

 

 

 

1,554,125

 

 

 

1,538,292

 

 

 

1,525,843

 

 

 

1,487,821

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

 

404,053

 

 

 

409,115

 

 

 

441,149

 

 

 

451,990

 

 

 

503,945

 

Other non-interest bearing liabilities

 

 

23,943

 

 

 

22,880

 

 

 

20,529

 

 

 

18,532

 

 

 

20,487

 

Stockholders' equity

 

 

176,964

 

 

 

158,191

 

 

 

159,811

 

 

 

161,087

 

 

 

154,998

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Equity

 

$

2,120,830

 

 

$

2,144,311

 

 

$

2,159,781

 

 

$

2,157,452

 

 

$

2,167,251

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

175,103

 

 

 

148,673

 

 

 

146,122

 

 

 

147,299

 

 

 

141,111

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YIELD/RATE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net

 

 

5.56

%

 

 

5.43

%

 

 

5.25

%

 

 

5.26

%

 

 

5.16

%

Investment securities

 

 

2.53

%

 

 

2.53

%

 

 

2.48

%

 

 

2.47

%

 

 

2.53

%

Interest-bearing deposits at banks

 

 

1.68

%

 

 

6.38

%

 

 

5.29

%

 

 

4.45

%

 

 

3.97

%

Total interest-earning assets

 

 

5.09

%

 

 

4.96

%

 

 

4.76

%

 

 

4.75

%

 

 

4.66

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW

 

 

2.30

%

 

 

2.12

%

 

 

1.79

%

 

 

1.24

%

 

 

0.75

%

Savings

 

 

2.25

%

 

 

2.09

%

 

 

1.85

%

 

 

1.58

%

 

 

0.95

%

Time deposits

 

 

4.24

%

 

 

3.83

%

 

 

3.45

%

 

 

3.10

%

 

 

2.63

%

Total interest-bearing deposits

 

 

2.77

%

 

 

2.53

%

 

 

2.22

%

 

 

1.85

%

 

 

1.24

%

Borrowings

 

 

5.25

%

 

 

5.27

%

 

 

5.14

%

 

 

4.98

%

 

 

4.74

%

Total interest-bearing liabilities

 

 

3.04

%

 

 

2.87

%

 

 

2.59

%

 

 

2.18

%

 

 

1.65

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate spread

 

 

2.05

%

 

 

2.09

%

 

 

2.17

%

 

 

2.57

%

 

 

3.01

%

Contribution of interest-free funds

 

 

0.74

%

 

 

0.66

%

 

 

0.62

%

 

 

0.53

%

 

 

0.45

%

Net interest margin

 

 

2.79

%

 

 

2.75

%

 

 

2.79

%

 

 

3.10

%

 

 

3.46

%

* Average tangible common stockholders' equity excludes goodwill and intangible assets from average stockholders equity.

 

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