Evans Bancorp Inc

NYSE American:EVBNUnited States

Oct 31, 2024

Show headlines and story abstract

• *DJ Evans Bancorp 3Q EPS 53c >EVBN, from 4:15PM ET on Thursday Oct 31, 2024 by Dow Jones

  4:15PM ET on Thursday Oct 31, 2024 by Dow Jones
  Companies Mentioned: EVBN
  insurance agency - - - 20,160 - Loss on sale of investment securities - - - (5,044) - Other income 729 801 725 412 638 Total non-interest income 2,994 2,400 2,267 18,551 5,556 Salaries and employee benefits 7,539 7,330 7,837 10,251 8,735 Occupancy 1,088 1,089 1,157 1,078 1,109 Advertising and public relations 327 254 171 296 348 Professional services 992 870 895 1,003 869 Technology and communications 1,423 1,596 1,409 1,545 1,517 Amortization of intangibles 4 4 4 67 100 FDIC insurance 340 300 325 350 350 Merger related 600 - - - - Other expenses 1,274 1,115 1,129 1,710 1,379 Total non-interest expenses 13,587 12,558 12,927 16,300 14,407 Income before income taxes 3,881 3,865 2,981 15,915 4,899 Income tax provision 938 919 647 5,741 1,281 Net income 2,943 2,946 2,334 10,174 3,618 PER SHARE DATA Net income per common share-diluted $ 0.53 $ 0.53 $ 0.42 $ 1.85 $ 0.66 Cash dividends per common share $ 0.66 $ - $ 0.66 $ - $ 0.66 Weighted average number of diluted shares 5,542,694 5,530,120 5,519,244 5,497,029 5,490,600 PERFORMANCE RATIOS Return on average total assets 0.52% 0.52% 0.44% 1.90% 0.67% Return on average stockholders' equity 6.44% 6.76% 5.28% 25.73% 9.06% Return on average tangible common stockholders' equity (Non-GAAP)* 6.51% 6.83% 5.33% 27.37% 9.90% Efficiency ratio 75.32% 75.11% 79.92% 50.16% 72.72% Efficiency ratio (Non-GAAP)** 71.98% 75.08% 79.90% 93.40% 72.21% * 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 2024 2024 2023 2023 --------- --------- --------- --------- --------- Third Second First Fourth Third Quarter Quarter Quarter Quarter Quarter --------- --------- --------- --------- --------- AVERAGE BALANCES Loans, net $1,743,042 $1,715,280 $1,703,320 $1,682,177 $1,658,132 Investment securities 278,956 275,854 280,975 327,303 355,870 Interest-bearing deposits at banks 117,326 137,442 18,889 5,916 9,883 --------- --------- --------- --------- --------- Total interest-earning assets 2,139,324 2,128,576 2,003,184 2,015,396 2,023,885 Non interest-earning assets 126,056 123,457 117,646 128,915 135,896 --------- --------- --------- --------- --------- Total Assets $2,265,380 $2,252,033 $2,120,830 $2,144,311 $2,159,781 NOW 381,054 374,910 347,908 333,893 311,624 Savings 707,742 718,627 658,656 687,223 708,724 Time deposits 399,180 399,476 342,358 335,646 325,667 --------- --------- --------- --------- --------- Total interest-bearing deposits 1,487,976 1,493,013 1,348,922 1,356,762 1,346,015 Borrowings 168,630 168,856 166,948 197,363 192,277 --------- --------- --------- --------- --------- Total interest-bearing liabilities 1,656,606 1,661,869 1,515,870 1,554,125 1,538,292 Demand deposits 403,182 395,876 404,053 409,115 441,149 Other non-interest bearing liabilities 22,792 19,885 23,943 22,880 20,529 Stockholders' equity 182,800 174,403 176,964 158,191 159,811 --------- --------- --------- --------- --------- Total Liabilities and Equity $2,265,380 $2,252,033 $2,120,830 $2,144,311 $2,159,781 Average tangible common stockholders' equity (Non-GAAP)* 180,947 172,546 175,103 148,673 146,122 YIELD/RATE Loans, net 5.80% 5.63% 5.56% 5.43% 5.25% Investment securities 2.48% 2.63% 2.53% 2.53% 2.48% Interest-bearing deposits at banks 5.31% 5.86% 1.68% 6.38% 5.29% Total interest-earning assets 5.34% 5.26% 5.09% 4.96% 4.76% NOW 2.62% 2.50% 2.30% 2.12% 1.79% Savings 2.56% 2.53% 2.25% 2.09% 1.85% Time deposits 4.41% 4.52% 4.24% 3.83% 3.45% Total interest-bearing deposits 3.07% 3.05% 2.77% 2.53% 2.22% Borrowings 5.09% 5.16% 5.25% 5.27% 5.14% Total interest-bearing liabilities 3.28% 3.27% 3.04% 2.87% 2.59% Interest rate spread 2.06% 1.99% 2.05% 2.09% 2.17% Contribution of interest-free funds 0.74% 0.72% 0.74% 0.66% 0.62% Net interest margin 2.80% 2.71% 2.79% 2.75% 2.79% * Average tangible common stockholders' equity excludes goodwill and intangible assets from average stockholders equity.
  

• Evans Bancorp Reports Net Income of $2.9 Million In Third Quarter 2024, from 4:15PM ET on Thursday Oct 31, 2024 by Dow Jones

  4:15PM ET on Thursday Oct 31, 2024 by Dow Jones
  Companies Mentioned: EVBN
  insurance agency - - - 20,160 - Loss on sale of investment securities - - - (5,044) - Other income 729 801 725 412 638 Total non-interest income 2,994 2,400 2,267 18,551 5,556 Salaries and employee benefits 7,539 7,330 7,837 10,251 8,735 Occupancy 1,088 1,089 1,157 1,078 1,109 Advertising and public relations 327 254 171 296 348 Professional services 992 870 895 1,003 869 Technology and communications 1,423 1,596 1,409 1,545 1,517 Amortization of intangibles 4 4 4 67 100 FDIC insurance 340 300 325 350 350 Merger related 600 - - - - Other expenses 1,274 1,115 1,129 1,710 1,379 Total non-interest expenses 13,587 12,558 12,927 16,300 14,407 Income before income taxes 3,881 3,865 2,981 15,915 4,899 Income tax provision 938 919 647 5,741 1,281 Net income 2,943 2,946 2,334 10,174 3,618 PER SHARE DATA Net income per common share-diluted $ 0.53 $ 0.53 $ 0.42 $ 1.85 $ 0.66 Cash dividends per common share $ 0.66 $ - $ 0.66 $ - $ 0.66 Weighted average number of diluted shares 5,542,694 5,530,120 5,519,244 5,497,029 5,490,600 PERFORMANCE RATIOS Return on average total assets 0.52% 0.52% 0.44% 1.90% 0.67% Return on average stockholders' equity 6.44% 6.76% 5.28% 25.73% 9.06% Return on average tangible common stockholders' equity (Non-GAAP)* 6.51% 6.83% 5.33% 27.37% 9.90% Efficiency ratio 75.32% 75.11% 79.92% 50.16% 72.72% Efficiency ratio (Non-GAAP)** 71.98% 75.08% 79.90% 93.40% 72.21% * 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 2024 2024 2023 2023 --------- --------- --------- --------- --------- Third Second First Fourth Third Quarter Quarter Quarter Quarter Quarter --------- --------- --------- --------- --------- AVERAGE BALANCES Loans, net $1,743,042 $1,715,280 $1,703,320 $1,682,177 $1,658,132 Investment securities 278,956 275,854 280,975 327,303 355,870 Interest-bearing deposits at banks 117,326 137,442 18,889 5,916 9,883 --------- --------- --------- --------- --------- Total interest-earning assets 2,139,324 2,128,576 2,003,184 2,015,396 2,023,885 Non interest-earning assets 126,056 123,457 117,646 128,915 135,896 --------- --------- --------- --------- --------- Total Assets $2,265,380 $2,252,033 $2,120,830 $2,144,311 $2,159,781 NOW 381,054 374,910 347,908 333,893 311,624 Savings 707,742 718,627 658,656 687,223 708,724 Time deposits 399,180 399,476 342,358 335,646 325,667 --------- --------- --------- --------- --------- Total interest-bearing deposits 1,487,976 1,493,013 1,348,922 1,356,762 1,346,015 Borrowings 168,630 168,856 166,948 197,363 192,277 --------- --------- --------- --------- --------- Total interest-bearing liabilities 1,656,606 1,661,869 1,515,870 1,554,125 1,538,292 Demand deposits 403,182 395,876 404,053 409,115 441,149 Other non-interest bearing liabilities 22,792 19,885 23,943 22,880 20,529 Stockholders' equity 182,800 174,403 176,964 158,191 159,811 --------- --------- --------- --------- --------- Total Liabilities and Equity $2,265,380 $2,252,033 $2,120,830 $2,144,311 $2,159,781 Average tangible common stockholders' equity (Non-GAAP)* 180,947 172,546 175,103 148,673 146,122 YIELD/RATE Loans, net 5.80% 5.63% 5.56% 5.43% 5.25% Investment securities 2.48% 2.63% 2.53% 2.53% 2.48% Interest-bearing deposits at banks 5.31% 5.86% 1.68% 6.38% 5.29% Total interest-earning assets 5.34% 5.26% 5.09% 4.96% 4.76% NOW 2.62% 2.50% 2.30% 2.12% 1.79% Savings 2.56% 2.53% 2.25% 2.09% 1.85% Time deposits 4.41% 4.52% 4.24% 3.83% 3.45% Total interest-bearing deposits 3.07% 3.05% 2.77% 2.53% 2.22% Borrowings 5.09% 5.16% 5.25% 5.27% 5.14% Total interest-bearing liabilities 3.28% 3.27% 3.04% 2.87% 2.59% Interest rate spread 2.06% 1.99% 2.05% 2.09% 2.17% Contribution of interest-free funds 0.74% 0.72% 0.74% 0.66% 0.62% Net interest margin 2.80% 2.71% 2.79% 2.75% 2.79% * Average tangible common stockholders' equity excludes goodwill and intangible assets from average stockholders equity.