Evans Bancorp Inc

NYSE American:EVBNUnited States

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 Fourth Third Second First Quarter Quarter Quarter Quarter 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 Fourth Third Second First Quarter Quarter Quarter Quarter 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.