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
fourth quarter and full year ended December 31, 2023.
HIGHLIGHTS
- Completed the sale of The Evans Agency (“TEA”) to Arthur J.
Gallagher & Co, netting a pretax gain of $20.2 million in the
fourth quarter
- Repositioned balance sheet with sale of $78 million of
investment securities – proceeds used to reduce short-term
borrowings; resulted in recognized pretax loss of $5.0 million in
the quarter but improves forward net interest income
- Total loan balances of $1.7 billion up 1% in the quarter and 3%
year-over-year
- Fourth quarter net interest margin of 2.75% declined 4 basis
points sequentially
- Tangible book value per share increased 25% to $32.07 at
December 31, 2023 compared with prior year’s fourth quarter
- Paid dividends of $1.32 per share in 2023, up 5%
Net income was $10.2 million, or $1.85 per diluted share, in the
fourth quarter of 2023, compared with $3.6 million, or $0.66 per
diluted share, in the third quarter of 2023 and $6.0 million, or
$1.10 per diluted share, in last year’s fourth quarter. On November
30, 2023, the Company sold The Evans Agency to Arthur J. Gallagher
& Co., and recognized a pretax gain of $20.2 million. In
addition, the Company strategically repositioned its balance sheet
by selling $78 million of investment securities, primarily
available-for-sale U.S. Treasuries and government-sponsored agency
securities, and used the proceeds to pay down short-term
borrowings. This action resulted in $5.0 million of pretax losses
on investment securities during the fourth quarter of 2023 with
expected positive forward impact on net interest income. Return on
average equity was 25.73% for the fourth quarter of 2023, compared
with 9.06% in the third quarter of 2023 and 16.07% in the fourth
quarter of 2022.
For the full year of 2023, net income increased 10% to $24.5
million, or $4.48 per diluted share, compared with $22.4 million,
or $4.04 per diluted share, in 2022. The increase mainly reflected
the gain on sale of the insurance agency partially offset by lower
net interest income and loss on investment securities. Allowance
for credit losses was reduced by $2.7 million from the prior year
as a result of improving economic factors, including peer metrics,
and a $1.5 million charge-off of a single commercial loan during
2022. The return on average equity was 15.47% for 2023 compared
with 13.49% in 2022.
“Evans’ performance in 2023 was characterized by resiliency,”
commented David J. Nasca, President and CEO of Evans Bancorp, Inc.
“With a backdrop of interest rate pressure and macro-economic
factors such as inflation, potential recession and liquidity
demands, the dedicated work of the entire Evans team successfully
protected and served client relationships, and maintained funding
and liquidity. Actions were also taken to control costs, deliver
efficiencies, and improve customer experience with investments in
technology and process improvements.
“During the fourth quarter, we executed two strategic
initiatives. The sale of The Evans Agency resulted in significant
value creation including measurable growth in our tangible book
value with an after-tax gain of approximately $13 million and
elimination of almost $12 million of goodwill and other
intangibles. The proceeds from the transaction strengthened capital
which allows flexibility to strategically redeploy back into our
core banking franchise, including the restructure in our balance
sheet which was completed in the fourth quarter to reduce lower
yielding investment assets and reduce borrowings which we expect to
improve returns in 2024.”
Net Interest Income ($ in
thousands)
4Q 2023
3Q 2023
4Q 2022
Interest income
$
25,205
$
24,292
$
22,381
Interest expense
11,259
10,036
3,167
Net interest income
13,946
14,256
19,214
Provision for credit losses
282
506
923
Net interest income after provision
$
13,664
$
13,750
$
18,291
Net interest income of $13.9 million was down $0.3 million, or
2%, from the third quarter and $5.3 million, or 27%, from last
year’s fourth quarter as a result of higher interest expense
related to the increased cost of interest-bearing liabilities
produced by competitive pricing on deposits.
Fourth quarter net interest margin of 2.75% declined 4 basis
points from the trailing third quarter and 102 basis points from
the prior-year period. The yield on loans increased 18 basis points
compared with the third quarter and 55 basis points year-over-year.
The cost of interest-bearing liabilities was 2.87% compared with
2.59% in the third quarter of 2023 and 0.86% in the fourth quarter
of 2022.
The $0.3 million provision for credit losses in the current
quarter was due to loan growth and higher reserves on individually
analyzed loans, partially offset by improving economic factors,
including peer group metrics.
Asset Quality ($ in thousands)
4Q 2023
3Q 2023
4Q 2022
Total non-performing loans
$
27,325
$
27,311
$
24,728
Total net loan charge-offs
11
35
115
Non-performing loans / Total loans
1.59
%
1.60
%
1.48
%
Net loan charge-offs / Average loans
-
%
0.01
%
0.03
%
Allowance for loan losses / Total
loans
1.28
%
1.28
%
1.16
%
“The transaction to restructure the balance sheet reduces a
portion of the Bank’s liability sensitivity, increases future net
interest income, and has just over a two-year payback after paying
down higher rate borrowings,” commented John Connerton, Chief
Financial Officer of Evans Bank. “We remain focused on growing
consumer and commercial core deposits, and while our deposit levels
saw some contraction during the quarter, a large component was
attributable to normal commercial and municipal deposit
seasonality. We believe we are managing the current rate
environment well by retaining key relationships, which along with
capital growth puts us in a favorable position.”
Non-Interest Income ($ in
thousands)
4Q 2023
3Q 2023
4Q 2022
Deposit service charges
$
670
$
665
$
684
Insurance service and fee revenue
1,613
3,498
2,204
Bank-owned life insurance
230
239
221
Interchange fee income
510
516
507
Gain on sale of insurance agency
20,160
-
-
Loss on sale of investment securities
(5,044)
-
-
Other income
412
638
845
Total non-interest income
$
18,551
$
5,556
$
4,461
Excluding the fourth quarter’s one-time transactions relating to
the gain on the sale of TEA and loss on sale of securities,
non-interest income would have been $3.4 million.
Insurance service and fee revenue of $1.6 million reflects two
months of revenue earned by TEA. Insurance service and fee revenue
was also higher in the third quarter of 2023 due to premium
seasonality.
Other income decreased $0.2 million from the third quarter of
2023 due to a decrease in value of mortgage servicing rights. The
decrease from last year’s fourth quarter was primarily due to a
$0.2 million gain on sale of an asset that was acquired in
foreclosure and sold in the fourth quarter of 2022, and also
included $0.2 million of revenue recognized relating to rents
received from the acquired asset prior to the sale.
Non-Interest Expense ($ in
thousands)
4Q 2023
3Q 2023
4Q 2022
Salaries and employee benefits
$
10,251
$
8,735
$
9,498
Occupancy
1,078
1,109
1,190
Advertising and public relations
296
348
125
Professional services
1,003
869
871
Technology and communications
1,545
1,517
1,437
Amortization of intangibles
67
100
100
FDIC insurance
350
350
250
Other expenses
1,710
1,379
1,429
Total non-interest expenses
$
16,300
$
14,407
$
14,900
Total non-interest expense increased $1.9 million, or 13%, from
the third quarter of 2023, and $1.4 million, or 9%, from last
year’s fourth quarter.
Salaries and employee benefits increased $1.5 million, or 17%,
from the sequential quarter, largely due to higher incentive
accruals of $2.2 million, partially offset by reduced staff
expenses including former insurance employees. The increase from
the prior year’s fourth quarter was due to higher incentive
accruals of $1.6 million, partially offset by a reduction of staff
expenses through consolidation of branches, back-office operations,
and sale of TEA.
The increase in other expenses compared with both comparative
periods was due to $0.3 million of charitable contributions made
during the current quarter.
The Company’s GAAP efficiency ratio, or noninterest expenses
divided by the sum of net interest income and noninterest income,
was 50.2% in the fourth quarter of 2023, 72.7% in the third quarter
of 2023, and 62.9% in the fourth quarter of 2022.
Income tax expense was $5.7 million, for an effective tax rate
of 36.1%, in the fourth quarter of 2023 compared with 26.2% in the
third quarter of 2023 and 23.0% in last year’s fourth quarter. The
elevated tax rate in the 2023 fourth quarter reflected the sale of
TEA which included significant non-deductible goodwill expense.
Balance Sheet Highlights
Total assets were $2.11 billion as of December 31, 2023, a
decrease of $66 million, or 3% since September 30, 2023, and $69
million, or 3% since December 31, 2022. The change from comparative
periods was due to the sale of investment securities, partially
offset by an increase in loan balances. Loan balances increased $17
million, or 1%, during the fourth quarter and reflected higher
commercial real estate loans of $13 million and residential
mortgages of $3 million. Since December 31, 2022, loan balances
increased $49 million, or 3%, due to higher commercial real estate
loans of $73 million and residential mortgages of $3 million,
partially offset by a decrease in commercial and industrial loans
of $27 million.
Investment securities were $278 million at December 31, 2023,
$59 million lower than the end of the third quarter of 2023 and $94
million lower than the end of last year’s fourth quarter. The
decrease reflects the strategic decision to sell $78 million of
investment securities as well as changes in unrealized gains and
losses on investment securities and maturities within the
available-for-sale investment portfolio. 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 $1.72 billion decreased $87 million, or 5%,
from September 30, 2023, and were down $53 million, or 3%, from the
end of last year’s fourth quarter. The change from the sequential
quarter largely reflected typical seasonal outflows from commercial
and municipal relationships. From a product perspective, deposit
decreases were in demand deposits of $57 million, municipal savings
of $29 million, commercial savings of $14 million, consumer savings
of $7 million, and consumer time deposits of $1 million. Offsetting
those decreases were higher NOW deposits of $21 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. As of
December 31, 2023, Evans had $53 million in overnight borrowings at
the FHLB. Given the current collateral available at FHLB, advances
up to $364 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 and participates in the Bank Term
Funding Program. At December 31, 2023, Evans had $86 million in
short-term borrowings with the Federal Reserve and $8 million in
additional availability to borrow against collateral.
Capital Management
The Company has consistently maintained regulatory capital
ratios measurably above the Federal “well capitalized” standard,
including a Tier 1 leverage ratio of 10.37% at December 31, 2023
compared with 9.40% at September 30, 2023 and 9.13% at December 31,
2022.
Book value per share was $32.40 at December 31, 2023 compared
with $27.52 at September 30, 2023 and $28.32 at December 31, 2022.
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 December 31, 2023
this amounted to $7.41 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.
Tangible book value per share was $32.07 at December 31, 2023
compared with $25.04 at September 30, 2023 and $25.76 at December
31, 2022.
For the full year of 2023, cash dividends totaled $1.32 per
share, up 5% over 2022.
2023 Year in Review (compared with prior-year)
Net interest income was $61.2 million, down 16%. The yield on
loans increased 86 basis points while competition on deposits and
changes in customer behaviors contributed to the 189 basis points
increase in cost of funds during 2023. Net interest margin was
3.02%, a decrease of 51 basis points.
The Company’s provision for credit loss was less than $0.1
million, which reflected improving economic conditions, including
peer group metrics, partially offset by loan growth and specific
reserve related individually analyzed loans. Provision for loan
loss in 2022 included a $1.5 million charge-off of a single
commercial loan and loan growth, partially offset by a decrease of
criticized loans. The ratio of non-performing loans to total loans
was 1.59% compared with 1.48% in 2022.
Non-interest income was up $13.7 million to $32.9 million. The
increase was due to the gain on sale of the insurance agency of
$20.2 million, partially offset by loss on sale of investment
securities of $5 million, reduced bank services charges of $0.3
million, and lower insurance service and fee revenue of $0.2
million. Included in non-interest income during 2022 was a gain on
sale of an asset that was acquired in foreclosure of $0.2 million,
as well as $0.2 million of revenue recognized relating to rents
received from the acquired asset and a $0.2 million final payment
in connection with a historic tax credit investment.
Non-interest expense decreased $0.6 million, or 1%, to $59.4
million. Current year decreases included salaries and employee
benefits of $1.8 million and loan expenses of $0.3 million,
partially offset by higher technology and communication expenses of
$0.8 million, charitable contributions of $0.3 million, and FDIC
insurance expense of $0.4 million.
The Company’s GAAP efficiency ratio was 63.1% in 2023 compared
with 65.0% in 2022.
Income tax expense for the year was $10.2 million, representing
an effective tax rate of 29.4% compared with an effective tax rate
of 24.2% in 2022.
Webcast and Conference Call
The Company will host a conference call and webcast on Thursday,
February 1, 2024 at 4:45 p.m. ET. Management will review the
financial and operating results for the fourth quarter and full
year of 2023, 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 Thursday, February 15, 2024. To
listen to the archived call, dial (412) 317-6671 and enter
conference ID number 13743382, 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 $2.1
billion in assets and $1.7 billion in deposits at December 31,
2023. 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 COVID-19, 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)
12/31/2023
9/30/2023
6/30/2023
3/31/2023
12/31/2022
ASSETS
Interest-bearing deposits at banks
$
3,798
$
7,468
$
10,334
$
3,832
$
6,258
Securities AFS
275,680
334,460
351,595
365,929
364,326
Securities HTM
2,059
2,170
2,241
3,707
6,949
Loans
1,720,946
1,704,400
1,670,753
1,658,576
1,672,369
Allowance for credit losses
(22,114)
(21,846)
(21,368)
(21,523)
(19,438)
Goodwill and intangible assets
1,862
13,629
13,729
13,829
13,929
All other assets
126,432
134,462
127,679
123,920
134,117
Total assets
$
2,108,663
$
2,174,743
$
2,154,963
$
2,148,270
$
2,178,510
LIABILITIES AND STOCKHOLDERS'
EQUITY
Demand deposits
$
390,238
$
447,306
$
442,195
$
483,958
$
493,710
NOW deposits
345,279
324,219
303,159
268,283
273,359
Savings deposits
649,621
698,653
726,687
807,532
801,943
Time deposits
333,623
335,228
314,574
290,141
202,667
Total deposits
1,718,761
1,805,406
1,786,615
1,849,914
1,771,679
Securities sold under agreement to
repurchase
9,475
13,447
19,185
9,264
7,147
Subordinated debt
31,177
31,152
31,126
31,101
31,075
Other borrowings
145,123
151,252
140,386
79,637
193,001
Other liabilities
25,908
22,551
18,167
20,103
21,615
Total stockholders' equity
$
178,219
$
150,935
$
159,484
$
158,251
$
153,993
SHARES AND CAPITAL RATIOS
Common shares outstanding
5,499,772
5,483,591
5,477,505
5,462,763
5,437,048
Book value per share
$
32.40
$
27.52
$
29.12
$
28.97
$
28.32
Tangible book value per share
$
32.07
$
25.04
$
26.61
$
26.44
$
25.76
Tier 1 leverage ratio
10.37
%
9.40
%
9.43
%
9.13
%
9.13
%
Tier 1 risk-based capital ratio
13.80
%
12.04
%
12.73
%
12.55
%
12.29
%
Total risk-based capital ratio
15.05
%
13.29
%
13.98
%
13.80
%
13.48
%
ASSET QUALITY DATA
Total non-performing loans
$
27,325
$
27,311
$
27,789
$
24,084
$
24,728
Total net loan charge-offs
(recoveries)
11
35
35
(4)
115
Other real estate owned (OREO)
$
-
$
-
$
-
$
-
$
-
Non-performing loans/Total loans
1.59
%
1.60
%
1.66
%
1.45
%
1.48
%
Net loan charge-offs (recoveries)/Average
loans
-
%
0.01
%
0.01
%
-
%
0.03
%
Allowance for credit losses/Total
loans
1.28
%
1.28
%
1.28
%
1.30
%
1.16
%
EVANS BANCORP, INC AND SUBSIDIARIES
SELECTED OPERATIONS DATA (UNAUDITED) (in thousands,
except share and per share data)
2023
2023
2023
2023
2022
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
Interest income
$
25,205
$
24,292
$
23,988
$
23,365
$
22,381
Interest expense
11,259
10,036
8,307
6,040
3,167
Net interest income
13,946
14,256
15,681
17,325
19,214
Provision for credit losses
282
506
(116)
(654)
923
Net interest income after provision for
credit losses
13,664
13,750
15,797
17,979
18,291
Deposit service charges
670
665
645
613
684
Insurance service and fee revenue
1,613
3,498
2,720
2,429
2,204
Bank-owned life insurance
230
239
238
224
221
Interchange fee income
510
516
528
493
507
Gain on sale of insurance agency
20,160
-
-
-
-
Loss on sale of investment securities
(5,044)
-
-
-
-
Other income
412
638
570
354
845
Total non-interest income
18,551
5,556
4,701
4,113
4,461
Salaries and employee benefits
10,251
8,735
8,649
9,413
9,498
Occupancy
1,078
1,109
1,145
1,173
1,190
Advertising and public relations
296
348
407
156
125
Professional services
1,003
869
808
883
871
Technology and communications
1,545
1,517
1,542
1,356
1,437
Amortization of intangibles
67
100
100
100
100
FDIC insurance
350
350
350
350
250
Other expenses
1,710
1,379
1,171
1,071
1,429
Total non-interest expenses
16,300
14,407
14,172
14,502
14,900
Income before income taxes
15,915
4,899
6,326
7,590
7,852
Income tax provision
5,741
1,281
1,394
1,790
1,809
Net income
10,174
3,618
4,932
5,800
6,043
PER SHARE DATA
Net income per common share-diluted
$
1.85
$
0.66
$
0.90
$
1.06
$
1.10
Cash dividends per common share
$
-
$
0.66
$
-
$
0.66
$
-
Weighted average number of diluted
shares
5,497,029
5,490,600
5,474,462
5,475,790
5,500,810
PERFORMANCE RATIOS
Return on average total assets
1.90
%
0.67
%
0.91
%
1.07
%
1.12
%
Return on average stockholders' equity
25.73
%
9.06
%
12.25
%
14.97
%
16.07
%
Return on average tangible common
stockholders' equity*
27.37
%
9.90
%
13.39
%
16.44
%
17.72
%
Efficiency ratio
50.16
%
72.72
%
69.53
%
67.65
%
62.94
%
Efficiency ratio (Non-GAAP)**
93.40
%
72.21
%
69.04
%
67.18
%
62.51
%
* 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)
2023
2023
2023
2023
2022
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
AVERAGE BALANCES
Loans, net
$
1,682,177
$
1,658,132
$
1,646,502
$
1,641,162
$
1,627,028
Investment securities
327,303
355,870
373,922
382,329
382,125
Interest-bearing deposits at banks
5,916
9,883
7,235
9,824
10,416
Total interest-earning assets
2,015,396
2,023,885
2,027,659
2,033,315
2,019,569
Non interest-earning assets
128,915
135,896
129,793
133,936
135,035
Total Assets
$
2,144,311
$
2,159,781
$
2,157,452
$
2,167,251
$
2,154,604
NOW
333,893
311,624
281,910
260,242
265,313
Savings
687,223
708,724
776,020
796,793
874,816
Time deposits
335,646
325,667
304,575
257,733
174,362
Total interest-bearing deposits
1,356,762
1,346,015
1,362,505
1,314,768
1,314,491
Borrowings
197,363
192,277
163,338
173,053
151,259
Total interest-bearing liabilities
1,554,125
1,538,292
1,525,843
1,487,821
1,465,750
Demand deposits
409,115
441,149
451,990
503,945
518,666
Other non-interest bearing liabilities
22,880
20,529
18,532
20,487
19,798
Stockholders' equity
158,191
159,811
161,087
154,998
150,390
Total Liabilities and Equity
$
2,144,311
$
2,159,781
$
2,157,452
$
2,167,251
$
2,154,604
Average tangible common stockholders'
equity*
148,673
146,122
147,299
141,111
136,406
YIELD/RATE
Loans, net
5.43
%
5.25
%
5.26
%
5.16
%
4.88
%
Investment securities
2.53
%
2.48
%
2.47
%
2.53
%
2.36
%
Interest-bearing deposits at banks
6.38
%
5.29
%
4.45
%
3.97
%
3.16
%
Total interest-earning assets
4.96
%
4.76
%
4.75
%
4.66
%
4.40
%
NOW
2.12
%
1.79
%
1.24
%
0.75
%
0.36
%
Savings
2.09
%
1.85
%
1.58
%
0.95
%
0.33
%
Time deposits
3.83
%
3.45
%
3.10
%
2.63
%
1.61
%
Total interest-bearing deposits
2.53
%
2.22
%
1.85
%
1.24
%
0.51
%
Borrowings
5.27
%
5.14
%
4.98
%
4.74
%
3.88
%
Total interest-bearing liabilities
2.87
%
2.59
%
2.18
%
1.65
%
0.86
%
Interest rate spread
2.09
%
2.17
%
2.57
%
3.01
%
3.54
%
Contribution of interest-free funds
0.66
%
0.62
%
0.53
%
0.45
%
0.23
%
Net interest margin
2.75
%
2.79
%
3.10
%
3.46
%
3.77
%
* Average tangible common stockholders'
equity excludes goodwill and intangible assets from average
stockholders equity.
EVANS BANCORP, INC AND SUBSIDIARIES
SELECTED OPERATIONS DATA (UNAUDITED) (in thousands,
except share and per share data)
2023
2022
Year to Date
Year to Date
% Change
Interest income
$
96,850
$
79,482
22
%
Interest expense
35,642
6,527
446
%
Net interest income
61,208
72,955
(16)
%
Provision for credit losses
18
2,739
(99)
%
Net interest income after provision for
credit losses
61,190
70,216
(13)
%
Deposit service charges
2,593
2,861
(9)
%
Insurance service and fee revenue
10,261
10,453
(2)
%
Bank-owned life insurance
932
707
32
%
Interchange fee income
2,047
2,071
(1)
%
Gain on sale of insurance agency
20,160
-
-
Loss on sale of investment securities
(5,044)
-
-
Other income
1,973
3,179
(38)
%
Total non-interest income
32,922
19,271
71
%
Salaries and employee benefits
37,047
38,854
(5)
%
Occupancy
4,506
4,619
(2)
%
Advertising and public relations
1,207
1,159
4
%
Professional services
3,563
3,425
4
%
Technology and communications
5,959
5,187
15
%
FDIC insurance
1,400
1,025
37
%
Amortization of intangibles
367
400
(8)
%
Other expenses
5,333
5,266
1
%
Total non-interest expenses
59,382
59,935
(1)
%
Income before income taxes
34,730
29,552
18
%
Income tax provision
10,206
7,163
42
%
Net income
24,524
22,389
10
%
PER SHARE DATA
Net income per common share-diluted
$
4.48
$
4.04
11
%
Cash dividends per common share
$
1.32
$
1.26
5
%
Weighted average number of diluted
shares
5,471,033
5,536,375
PERFORMANCE RATIOS
Return on average total assets
1.14
%
1.02
%
Return on average stockholders' equity
15.47
%
13.49
%
Return on average tangible common
stockholders' equity*
16.82
%
14.74
%
Efficiency ratio
63.09
%
64.99
%
Efficiency ratio (Non-GAAP)**
74.69
%
64.55
%
Net interest margin
3.02
%
3.53
%
Net loan charge-offs (recoveries)/Average
loans
-
%
0.11
%
* 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240201099964/en/
John B. Connerton Executive Vice President and Chief Financial
Officer (716) 926-2000 jconnerton@evansbank.com -OR- Deborah
K. Pawlowski/Craig Mychajluk Kei Advisors LLC (716) 843-3908
dpawlowski@keiadvisors.com cmychajluk@keiadvisors.com Media:
Kathleen Rizzo Young Group VP/Public & Community Relations
Director 716-343-5562 krizzoyoung@evansbank.com
Evans Bancorp (AMEX:EVBN)
Gráfica de Acción Histórica
De Nov 2024 a Dic 2024
Evans Bancorp (AMEX:EVBN)
Gráfica de Acción Histórica
De Dic 2023 a Dic 2024
