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, 2021.
FOURTH QUARTER AND FULL YEAR 2021 HIGHLIGHTS (compared
with prior-year period unless otherwise noted)
- Achieved fourth quarter net income of $5.9 million, or $1.06
per diluted share, and a record $24.0 million, or $4.37 per diluted
share, for 2021
- Net interest income increased 20% to $19.7 million in the
fourth quarter, reflecting accelerated amortization of Paycheck
Protection Program (“PPP”) fees, higher interest on non-accrual
loans that paid off, amortization of fair value marks on acquired
loans and lower interest expense
- Full year net interest income of $72.8 million was up 22% on
the same themes as the fourth quarter and also reflected the full
year impact of the Fairport Savings Bank (“FSB”) acquisition
- Net interest margin of 3.74% increased 26 basis points from the
third quarter of 2021 and 36 basis points from the fourth quarter
of 2020; Full year net interest margin of 3.57% was up 20 basis
points
- Total deposits of $1.94 billion increased 3% for the quarter
and 9% for the year
- Improved performance ratios in 2021: Return on average assets
of 1.12%, return on equity of 13.71%, return on average tangible
common equity of 14.96%, and GAAP efficiency ratio of 66.8%
- Evans made $500,000 in philanthropic contributions during
2021
Net income was $5.9 million, or $1.06 per diluted share, in the
fourth quarter of 2021, compared with $7.0 million, or $1.27 per
diluted share, in the third quarter of 2021 and $6.0 million, or
$1.11 per diluted share, in last year’s fourth quarter. The
prior-year change was largely due to the impact of a historic tax
credit transaction, which resulted in a lower tax rate in the
fourth quarter of 2020. Pretax income for the 2021 fourth quarter
was up $0.9 million, or 12%, as net interest income growth of 20%
more than offset higher salaries and benefits expenses and an
increase in philanthropic contributions made during the period. Net
income when compared with the sequential third quarter, reflected
net interest income growth of $1.5 million which was more than
offset by a higher provision for loan loss and changes in
non-interest income and expenses. Return on average equity was
12.98% for the fourth quarter of 2021, compared with 15.58% in the
third quarter of 2021 and 14.51% in the fourth quarter of 2020.
For the full year 2021, net income reached a record $24.0
million, or $4.37 per diluted share, up from $11.2 million, or
$2.13 per diluted share, in 2020. The increase reflected higher net
interest income of $13.0 million largely from an increase in PPP
fees of $5.9 million and the full year impact of the 2020
acquisition of FSB. The prior year also included a $5.4 million
provision for loan loss compared with a release of allowance for
loan loss of $1.5 million in 2021. Improvement in non-performing
and criticized loans as well as enhanced economic conditions
relating to the COVID-19 pandemic were the primary drivers for the
release of allowance for loan loss. Non-interest expenses increased
$1.4 million, or 2%, primarily reflecting the full year impact of
FSB and an increase in salary incentive expense, partially offset
by merger related expenses in the prior year. The return on average
equity was 13.71% for 2021 compared with 7.06% in 2020.
“Evans was able to deliver record performance against a backdrop
of continued unprecedented challenges for our clients, the
communities we serve and our organization. Outstanding loan
production was critical in offsetting historic prepayment and
repayment activity that occurred throughout the industry due to low
interest rates and unusual levels of liquidity in the banking
system. In addition, 2021 saw Evans support businesses and our
community with a significant level of additional Paycheck
Protection Program loans as well as loan forgiveness for the
majority of these loans produced over the last two years,” said
David J. Nasca, President and CEO of Evans Bancorp, Inc. “This year
also saw progress in our newly acquired Rochester footprint, growth
in core deposits and strengthened credit quality particularly
related to businesses in hospitality and lodging as the Bank worked
closely with these clients. While unusual levels of liquidity have
put pressure on asset returns we expect to utilize this liquidity
in coming quarters in support of a robust loan pipeline and
investments that will provide enhanced growth and earnings.”
Net Interest Income
($ in thousands)
4Q 2021
3Q 2021
4Q 2020
Interest income
$
20,732
$
19,302
$
18,175
Interest expense
1,057
1,139
1,744
Net interest income
19,675
18,163
16,431
Provision (credit) for loan losses
393
(1,459
)
(126
)
Net interest income after provision
$
19,282
$
19,622
$
16,557
Net interest income increased $1.5 million, or 8%, from the
sequential third quarter, and $3.2 million, or 20%, from prior-year
fourth quarter. These increases reflected higher interest
recognized on the payoff of non-accrual loans, higher amortization
of fair value marks on acquired loans as a result of faster than
anticipated loan payoffs and greater PPP fees. During the fourth
quarter of 2021, $0.7 million of interest was recognized on
non-accrual loans that paid off and $0.8 million of fair value
marks on acquired loans was amortized into interest income. As PPP
loans are forgiven, the Company accelerates the recognition of fees
that were being amortized over the original life of the loan. PPP
fees recognized in interest income were $2.4 million in the fourth
quarter of 2021, $2.1 million in the third quarter of 2021 and $1.4
million in the fourth quarter of 2020. Interest expense decreased
$0.7 million from the prior-year fourth quarter as the Company
continued to effectively manage rates on deposits.
Fourth quarter net interest margin of 3.74% increased 26 basis
points from the third quarter of 2021 and 36 basis points from the
fourth quarter of 2020. The yield on loans increased 50 basis
points compared with the third quarter of 2021 and 77 basis points
compared with the fourth quarter of 2020. The cost of
interest-bearing liabilities decreased to 0.28% compared with 0.31%
in the third quarter of 2021 and 0.49% in the fourth quarter of
2020.
The Company continues to evaluate its loan portfolio in response
to the economic impact of the COVID-19 pandemic on clients. During
the third quarter of 2020, the Company identified a well-defined
weakness in the hotel industry and classified $81 million of loans
to clients within that industry as criticized. During 2021, the
Company upgraded $24 million of these loans out of the criticized
loan category and received payoffs of $6 million, while a $2
million loan was downgraded to nonaccrual status.
The $0.4 million provision for loan losses in the current
quarter was due to loan growth, partially offset by a reduction in
specific reserves. Evans has deferred the adoption of the Current
Expected Credit Loss Impairment Model (CECL), as permitted by its
classification as a Smaller Reporting Company by the Securities and
Exchange Commission.
Asset Quality
($ in thousands)
4Q 2021
3Q 2021
4Q 2020
Total non-performing loans
$
18,415
$
25,463
$
28,118
Total net loan charge-offs
6
431
60
Non-performing loans / Total loans
1.17
%
1.58
%
1.66
%
Net loan charge-offs / Average loans
-
%
0.10
%
0.01
%
Allowance for loan losses / Total
loans
1.17
%
1.12
%
1.21
%
“Non-performing loans showed a marked decline during the quarter
as approximately $7 million of those loans were fully repaid,
including one hotel credit. Looking to the past year, we were
successful in our efforts to assist our hotel portfolio clients
through the pandemic challenges. As a result, approximately a third
of the portfolio was upgraded, leaving approximately $50 million in
criticized status at year end. The improvement of the remaining
criticized hotel credits are dependent on positive payment
performance through the second quarter of 2022,” stated John
Connerton, Chief Financial Officer of Evans Bank.
Non-Interest Income
($ in thousands)
4Q 2021
3Q 2021
4Q 2020
Deposit service charges
$
688
$
664
$
619
Insurance service and fee revenue
2,107
3,191
2,301
Bank-owned life insurance
360
158
172
Other income
1,551
1,144
1,711
Total non-interest income
$
4,706
$
5,157
$
4,803
The decline in insurance service and fee revenue from the third
quarter was due to the seasonal decrease in commercial lines
insurance commissions and decreased profit sharing revenue. The
change from the fourth quarter of 2020 was the result of decreased
profit sharing revenue, resulting from higher loss ratios
experienced by the insurance carriers.
The Company recognized a $0.2 million gain on a bank-owned life
insurance claim in the fourth quarter of 2021. There were no policy
claims in the third quarter of 2021 or fourth quarter of 2020.
The increase in other income from the third quarter was largely
due to the reversal of an earnout relating to a small 2020
insurance agency acquisition equating to a $0.3 million benefit.
The fourth quarter of 2020 included a $0.7 million gain on the sale
of the Company’s former administrative headquarters.
Non-Interest Expense
($ in thousands)
4Q 2021
3Q 2021
4Q 2020
Salaries and employee benefits
$
10,273
$
9,930
$
9,087
Occupancy
1,208
1,126
1,169
Advertising and public relations
325
434
233
Professional services
799
840
893
Technology and communications
1,353
1,327
1,306
Amortization of intangibles
132
135
133
FDIC insurance
269
285
339
Other expenses
1,926
1,316
1,350
Total non-interest expenses
$
16,285
$
15,393
$
14,510
Total non-interest expense increased $0.9 million, or 6%, from
the third quarter of 2021, and $1.8 million, or 12%, from last
year’s fourth quarter.
The addition of strategic hires to support the Company’s
continued growth along with inflation in labor costs was reflected
in the salaries and employee benefits increase. In addition, the
change from the prior-year period included a $0.7 million increase
in incentive expense.
Other expenses increased $0.6 million from each of the prior
periods primarily reflecting an increase of $0.4 million in
philanthropic contributions.
The Company’s GAAP efficiency ratio, or noninterest expenses
divided by the sum of net interest income and noninterest income,
was 66.8% in the fourth quarter of 2021, 66.0% in the third quarter
of 2021, and 68.3% in the fourth quarter of 2020. The Company’s
non-GAAP efficiency ratio, excluding amortization expense, gains
and losses from investment securities, and merger-related expenses,
was 66.2% compared with 65.4% in the third quarter of 2021 and
67.7% in last year’s fourth quarter.
Income tax expense was $1.8 million, for an effective tax rate
of 23.4%, in the fourth quarter of 2021 compared with 25.6% in the
third quarter of 2021 and 12.0% in last year’s fourth quarter.
Excluding the impact of a 2020 historic tax credit transaction, the
effective tax rate was 22.1% in the fourth quarter of 2020.
Balance Sheet Highlights
Total assets were $2.21 billion as of December 31, 2021, an
increase of 3% from $2.15 billion at September 30, 2021, and 8%
from $2.04 billion at December 31, 2020. The growth from the prior
year resulted from an increase in interest-bearing deposits at
banks of $151 million and investment securities of $143 million,
partially offset by a decrease in total loans of $122 million.
Since last year’s fourth quarter, commercial and industrial loans
decreased $193 million, of which $162 million was due to the change
in PPP loan balances from loan forgiveness and $34 million was a
reduction in lines of credit. PPP loans totaled $24.9 million at
December 31, 2021, compared with $76.3 million at September 30,
2021 and $186.9 million at December 31, 2020. Residential mortgages
increased $43 million and commercial real estate loans were up $25
million since the end of last year.
Investment securities were $309 million at December 31, 2021,
$51 million higher than the end of the third quarter of 2021, and
$143 million higher than at the end of last year’s fourth quarter.
The increases reflect the use of excess cash balances. 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.
Total deposits of $1.94 billion increased $61 million, or 3%,
from September 30, 2021, and $166 million, or 9%, from the end of
last year’s fourth quarter. The increase from the prior year
reflects an accumulation of liquidity by commercial customers in
response to the pandemic, including deposits related to PPP loans,
and increases in consumer deposits from government stimulus
payments and lower consumer spending.
Capital Management
The Company has consistently maintained regulatory capital
ratios measurably above the Federal “well capitalized” standard,
including a Tier 1 leverage ratio of 8.57% at December 31, 2021
compared with 8.34% at September 30, 2021 and 8.21% at December 31,
2020. Book value per share was $33.54 at December 31, 2021 compared
with $32.73 at September 30, 2021 and $31.21 at December 31, 2020.
Tangible book value per share was $30.93 at December 31, 2021
compared with $30.07 at September 30, 2021 and $28.45 at December
31, 2020.
For the full year of 2021, cash dividends totaled $1.20 per
share, up 3% over 2020.
2021 Year in Review (compared with prior-year)
Net interest income was $72.8 million, up 22%. Contributing to
the increase in net interest income was $5.9 million of PPP fees,
$0.8 million in commercial prepayment fees, $0.5 million relating
to the amortization of fair value marks on acquired loans, and the
full year impact of FSB. In addition, interest expense decreased
$4.3 million as the Company continued to effectively manage rates
on deposits. Net interest margin was 3.57%, an increase of 20 basis
points.
The Company’s release of allowance for loan losses of $1.5
million compared with a provision for loan loss of $5.4 million
during 2020 reflects a decrease in non-performing and criticized
loans as well as improvements in the economy from the COVID-19
pandemic. The ratio of non-performing loans to total loans was
1.17% compared with 1.66% in 2020.
Non-interest income was up $0.6 million to $18.9 million. The
increase was due to higher interchange fees of $0.4 million, $0.4
million in loan fees, $0.3 million from mortgage servicing rights
and $0.3 million in deposit service charges. During 2020, a $0.7
million gain on sale of securities, and a $0.7 million gain on the
sale of the Company’s former administrative headquarters were
partially offset by a net loss of $0.6 million as a result of a
historic tax credit transaction. There were no significant historic
tax credit transactions or gain on sale of assets during 2021.
Non-interest expense increased $1.4 million, or 2%, to $61.2
million. Salaries and employee benefits increased $5.6 million
primarily resulting from higher incentive accruals of $2.7 million,
the full year impact of the FSB acquisition and the addition of
strategic hires to support the Company’s continued growth along
with inflation in the cost of labor. Occupancy expense was up $0.4
million and marketing expense was up $0.3 million also reflecting
the addition of FSB. In addition, the Company had a $0.5 million
increase in philanthropic contributions. Offsetting was a decrease
in merger-related expenses of $6.0 million that were incurred
during 2020 in connection with the acquisition of FSB. There were
no merger-related expenses during 2021.
The Company’s GAAP efficiency ratio was 66.8% in 2021 compared
with 76.7% in 2020, and the non-GAAP efficiency ratio, as
previously defined, was 66.2% compared with 68.5%.
Income tax expense for the year was $7.9 million, representing
an effective tax rate of 24.7% compared with an effective tax rate
of 12.2% in 2020. Excluding the impact of historic tax credit
transactions, the effective tax rate was 23.9% in 2020.
Webcast and Conference Call
The Company will host a conference call and webcast on Thursday,
February 3, 2022 at 4:45 p.m. ET. Management will review the
financial and operating results for the fourth quarter and full
year 2021, 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, February 10, 2022. To
listen to the archived call, dial (412) 317-6671 and enter
conference ID number 13725932, 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 $2.2
billion in assets and $1.9 billion in deposits at December 31,
2021. Evans is a full-service community bank with 21 financial
centers providing comprehensive financial services to consumer,
business and municipal customers throughout Western New York. Evans
Insurance Agency, a wholly owned subsidiary, provides life
insurance, employee benefits, and property and casualty insurance
through ten 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 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)
12/31/2021
9/30/2021
6/30/2021
3/31/2021
12/31/2020
ASSETS
Interest-bearing deposits at banks
$
234,929
$
179,231
$
126,810
$
105,658
$
83,902
Investment Securities
309,124
258,221
234,350
195,012
166,600
Loans
1,571,905
1,614,162
1,697,321
1,747,229
1,693,794
Allowance for loan losses
(18,438)
(18,051)
(19,942)
(20,701)
(20,415)
Goodwill and intangible assets
14,329
14,546
14,682
14,817
14,951
All other assets
98,791
103,949
106,982
102,250
105,283
Total assets
$
2,210,640
$
2,152,058
$
2,160,203
$
2,144,265
$
2,044,115
LIABILITIES AND STOCKHOLDERS'
EQUITY
Demand deposits
492,864
502,689
486,737
486,385
436,157
NOW deposits
259,908
253,124
261,173
238,769
230,751
Savings deposits
1,019,925
942,147
940,352
924,781
825,947
Time deposits
164,340
178,083
195,533
222,002
278,554
Total deposits
1,937,037
1,876,043
1,883,795
1,871,937
1,771,409
Borrowings
67,965
71,564
76,895
78,278
79,663
Other liabilities
21,746
25,617
23,824
27,076
24,138
Total stockholders' equity
183,892
178,834
175,689
166,974
168,905
SHARES AND CAPITAL RATIOS
Common shares outstanding
5,482,756
5,463,141
5,443,491
5,428,993
5,411,384
Book value per share
$
33.54
$
32.73
$
32.28
$
30.76
$
31.21
Tangible book value per share
$
30.93
$
30.07
$
29.58
$
28.03
$
28.45
Tier 1 leverage ratio
8.57
%
8.34
%
8.23
%
8.19
%
8.21
%
Tier 1 risk-based capital ratio
12.76
%
12.34
%
11.96
%
11.90
%
11.62
%
Total risk-based capital ratio
14.02
%
13.57
%
13.21
%
13.15
%
12.88
%
ASSET QUALITY DATA
Total non-performing loans
$
18,415
$
25,463
$
24,317
$
29,079
$
28,118
Total net loan charge-offs
6
431
-
27
60
Non-performing loans/Total loans
1.17
%
1.58
%
1.43
%
1.66
%
1.66
%
Net loan charge-offs /Average loans
-
%
0.10
%
-
%
0.01
%
0.01
%
Allowance for loans losses/Total loans
1.17
%
1.12
%
1.17
%
1.18
%
1.21
%
EVANS BANCORP, INC AND
SUBSIDIARIES
SELECTED OPERATIONS DATA
(UNAUDITED)
(in thousands, except share and per
share data)
2021
2021
2021
2021
2020
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
Interest income
$
20,732
$
19,302
$
19,576
$
17,970
$
18,175
Interest expense
1,057
1,139
1,226
1,373
1,744
Net interest income
19,675
18,163
18,350
16,597
16,431
Provision (credit) for loan losses
393
(1,459)
(760)
313
(126)
Net interest income after provision
(credit) for loan losses
19,282
19,622
19,110
16,284
16,557
Deposit service charges
688
664
607
572
619
Insurance service and fee revenue
2,107
3,191
2,657
2,502
2,301
Bank-owned life insurance
360
158
172
163
172
Loss on tax credit investment
(30)
-
-
-
-
Refundable NY state historic tax
credit
21
-
-
-
-
Other income
1,560
1,144
982
1,329
1,711
Total non-interest income
4,706
5,157
4,418
4,566
4,803
Salaries and employee benefits
10,273
9,930
9,365
9,044
9,087
Occupancy
1,208
1,126
1,177
1,187
1,169
Advertising and public relations
325
434
405
263
233
Professional services
799
840
989
959
893
Technology and communications
1,353
1,327
1,432
1,264
1,306
Amortization of intangibles
132
135
135
135
133
FDIC insurance
269
285
279
300
339
Other expenses
1,926
1,316
1,394
1,213
1,350
Total non-interest expenses
16,285
15,393
15,176
14,365
14,510
Income before income taxes
7,703
9,386
8,352
6,485
6,850
Income tax provision
1,804
2,407
2,039
1,633
821
Net income
5,899
6,979
6,313
4,852
6,029
PER SHARE DATA
Net income per common share-diluted
$
1.06
$
1.27
$
1.15
$
0.89
$
1.11
Cash dividends per common share
$
-
$
0.60
$
-
$
0.60
$
-
Weighted average number of diluted
shares
5,540,924
5,516,781
5,489,420
5,463,674
5,416,198
PERFORMANCE RATIOS
Return on average total assets
1.07
%
1.28
%
1.17
%
0.93
%
1.18
%
Return on average stockholders' equity
12.98
%
15.58
%
14.72
%
11.48
%
14.51
%
Return on average tangible common
stockholders' equity*
14.11
%
16.96
%
16.11
%
12.59
%
15.96
%
Efficiency ratio
66.79
%
66.01
%
66.65
%
67.88
%
68.33
%
Efficiency ratio (Non-GAAP)**
66.23
%
65.43
%
66.06
%
67.24
%
67.71
%
* 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, 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)
2021
2021
2021
2021
2020
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
AVERAGE BALANCES
Loans, net
$
1,573,608
$
1,647,395
$
1,718,507
$
1,706,325
$
1,677,502
Investment securities
283,216
248,690
216,134
180,473
162,941
Interest-bearing deposits at banks
229,658
174,296
97,168
76,651
92,974
Total interest-earning assets
2,086,482
2,070,381
2,031,809
1,963,449
1,933,417
Non interest-earning assets
110,315
109,601
119,392
115,200
117,458
Total Assets
$
2,196,797
$
2,179,982
$
2,151,201
$
2,078,649
$
2,050,875
NOW
254,059
262,105
246,565
230,627
218,587
Savings
983,403
949,956
928,375
866,991
818,878
Time deposits
170,318
186,126
210,287
246,120
300,605
Total interest-bearing deposits
1,407,780
1,398,187
1,385,227
1,343,738
1,338,070
Borrowings
69,847
74,326
77,050
78,284
80,814
Total interest-bearing liabilities
1,477,627
1,472,513
1,462,277
1,422,022
1,418,884
Demand deposits
515,204
503,006
493,734
464,579
439,953
Other non-interest bearing liabilities
22,223
25,250
23,682
23,031
25,882
Stockholders' equity
181,743
179,213
171,508
169,017
166,156
Total Liabilities and Equity
$
2,196,797
$
2,179,982
$
2,151,201
$
2,078,649
$
2,050,875
Average tangible common stockholders'
equity*
167,285
164,588
156,748
154,122
151,131
YIELD/RATE
Loans, net
4.86
%
4.36
%
4.32
%
4.06
%
4.09
%
Investment securities
1.91
%
1.82
%
1.94
%
2.00
%
2.18
%
Interest-bearing deposits at banks
0.15
%
0.14
%
0.08
%
0.08
%
0.10
%
Total interest-earning assets
3.94
%
3.70
%
3.86
%
3.71
%
3.74
%
NOW
0.09
%
0.10
%
0.11
%
0.13
%
0.15
%
Savings
0.14
%
0.15
%
0.17
%
0.20
%
0.24
%
Time deposits
0.44
%
0.49
%
0.52
%
0.64
%
0.90
%
Total interest-bearing deposits
0.17
%
0.18
%
0.21
%
0.27
%
0.37
%
Borrowings
2.64
%
2.62
%
2.55
%
2.52
%
2.43
%
Total interest-bearing liabilities
0.28
%
0.31
%
0.34
%
0.39
%
0.49
%
Interest rate spread
3.66
%
3.39
%
3.52
%
3.32
%
3.25
%
Contribution of interest-free funds
0.08
%
0.09
%
0.10
%
0.11
%
0.13
%
Net interest margin
3.74
%
3.48
%
3.62
%
3.43
%
3.38
%
* 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)
2021
2020
Year to Date
Year to Date
% Change
Interest income
$
77,580
$
68,833
13
Interest expense
4,795
9,051
(47)
Net interest income
72,785
59,782
22
Provision for loan losses
(1,513)
5,351
(128)
Net interest income after provision for
loan losses
74,298
54,431
36
Deposit service charges
2,531
2,242
13
Insurance service and fee revenue
10,457
10,610
(1)
Bank-owned life insurance
853
680
25
Loss on tax credit investment
(30)
(2,475)
(99)
Refundable NY state historic tax
credit
21
1,857
(99)
Gain on sale of securities
-
667
(100)
Other income
5,015
4,656
8
Total non-interest income
18,847
18,237
3
Salaries and employee benefits
38,612
32,990
17
Occupancy
4,698
4,296
9
Advertising and public relations
1,427
1,128
27
Professional services
3,587
3,544
1
Technology and communications
5,376
5,234
3
FDIC insurance
1,133
1,090
4
Amortization of intangibles
537
533
1
Merger-related expenses
-
5,958
(100)
Other expenses
5,849
5,087
15
Total non-interest expenses
61,219
59,860
2
Income before income taxes
31,926
12,808
149
Income tax provision
7,883
1,562
405
Net income
24,043
11,246
114
PER SHARE DATA
Net income per common share-diluted
$
4.37
$
2.13
105
Cash dividends per common share
$
1.20
$
1.16
3
Weighted average number of diluted
shares
5,501,511
5,268,560
PERFORMANCE RATIOS
Return on average total assets
1.12
%
0.60
%
Return on average stockholders' equity
13.71
%
7.06
%
Return on average tangible common
stockholders' equity*
14.96
%
7.77
%
Efficiency ratio
66.81
%
76.72
%
Efficiency ratio (Non-GAAP)**
66.22
%
68.45
%
Net interest margin
3.57
%
3.37
%
Net loan charge-offs (recoveries)/Average
loans
0.03
%
0.01
%
* 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, merger-related expenses and the
impact of historic tax credit transactions.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220203005896/en/
John B. Connerton Executive Vice President and Chief Financial
Officer (716) 926-2000 jconnerton@evansbank.com
Media: Kathleen Rizzo Young Public & Community
Relations Manager 716-343-5562 krizzoyoung@evansbank.com
-OR-
Deborah K. Pawlowski Kei Advisors LLC (716) 843-3908
dpawlowski@keiadvisors.com
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