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Evans Bancorp Reports Record Net Income of $7.0 Million in Third Quarter 2021

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 third quarter ended September 30, 2021.

THIRD QUARTER 2021 HIGHLIGHTS (compared with prior-year period unless otherwise noted)

  • Net interest income increased 16% to $18.2 million reflecting accelerated amortization of Paycheck Protection Program (“PPP”) fees, higher commercial loan prepayment fees and lower interest expense
  • Results include $1.5 million release of allowance for loan losses due to improved credit quality in the hotel portfolio and lower specific reserves
  • Total deposits of $1.88 billion, increased 5%

Net income increased 54% to a record $7.0 million, or $1.27 per diluted share, in the third quarter of 2021, from $4.5 million, or $0.84 per diluted share, in last year’s third quarter. The increase included higher net interest income of $2.5 million and a $3.3 million decrease in provision for loan loss. Partially offsetting these increases to net income was $1.9 million of higher salary expenses primarily related to incentives and strategic hires.

The 11% increase in net income from the sequential second quarter of $6.3 million, or $1.15 per diluted share, reflected a $0.7 million decrease in provision for loan losses due to a reduction in criticized assets and $0.7 million increase in non-interest income primarily due to seasonally higher insurance service and fee revenue. These increases were partially offset by a $0.6 million increase in salary incentive expenses.

Return on average equity was 15.58% for the third quarter of 2021, compared with 14.72% in the second quarter of 2021 and 11.09% in the third quarter of 2020.

“The Bank’s record results this quarter were supported by strong loan production throughout the year, PPP fees and credit quality improvements, reflecting underwriting strength and proactive measures with our hotel portfolio resulting in upgrades to the credit risk ratings of a number of relationships into normal performing categories. While PPP forgiveness and higher than typical payoffs in this historically low-rate environment continue to provide headwinds to our overall loan growth, we are generating strong loan production this year and are encouraged by the return of more commercial and industrial loan opportunities,” said David J. Nasca, President and CEO of Evans Bancorp, Inc.

“Our priority continues to be utilization of excess liquidity. We are strategically adding talent to supplement our loan efforts both within our legacy market and new market area in Rochester, as well as bolstering our fee based businesses. We are in the process of building out customer solutions in an effort to deliver an enhanced experience that is centered on speed, flexibility and efficiency. The actions we are taking are designed to continue to enhance returns over the long-term.”

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3Q 2021

 

 

2Q 2021

 

 

3Q 2020

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

19,302

 

 

$

19,576

 

 

$

17,766

Interest expense

 

 

1,139

 

 

 

1,226

 

 

 

2,124

Net interest income

 

 

18,163

 

 

 

18,350

 

 

 

15,642

Provision (credit) for loan losses

 

 

(1,459)

 

 

 

(760)

 

 

 

1,881

Net interest income after provision

 

$

19,622

 

 

$

19,110

 

 

$

13,761

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income decreased $0.2 million, or 1%, from the sequential second quarter, but increased $2.5 million or 16% from prior-year third quarter. The increase from the prior-year period reflected higher PPP fees of $1.2 million, a $0.3 million increase in commercial loan prepayment fees, and lower interest expense of $1.0 million. The decrease in net interest income from the second quarter of 2021 reflects lower fees earned in connection with PPP and commercial prepayment fees. As PPP loans are forgiven, the Company is accelerating the recognition of fees that were being amortized over the original life of the loan. PPP fees recognized in interest income were $2.1 million in the third quarter of 2021, $2.5 million in the second quarter of 2021 and $0.9 million in the third quarter of 2020.

Third quarter net interest margin of 3.48% decreased 14 basis points from the second quarter of 2021, reflecting higher amounts of low-yielding interest-bearing deposits at banks. Net interest margin increased 29 basis points from the third quarter of 2020 due to higher balances in interest-earning assets, PPP fee amortization, commercial prepayment income and reduced interest expense as the Company continued to align rates on deposits. The yield on loans increased 4 basis points when compared with the second quarter of 2021 and increased 35 basis points when compared with the third quarter of 2020. The cost of interest-bearing liabilities decreased to 0.31% compared with 0.34% in the second quarter of 2021 and 0.59% in the third quarter of 2020.

The Company continues to evaluate its loan portfolio in response to the economic impact of the COVID-19 pandemic on its clients. During the third quarter of 2020, the Company identified a well-defined weakness in the hotel industry and classified the loans to clients within that industry as criticized. As of September 30, 2021, the Company’s hotel loan portfolio totaled approximately $80 million, of which the Company upgraded $20 million out of the criticized loan category and $2.2 million was classified as nonaccrual during the recent third quarter.

The $1.5 million release of allowance for loan losses in the current quarter included $0.7 million related to a decrease in criticized hotel portfolio loans and a $0.5 million reduction in specific reserves resulting from payments received from one commercial customer relationship. 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3Q 2021

 

 

2Q 2021

 

 

3Q 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-performing loans

 

$

25,463

 

 

$

24,317

 

 

$

21,466

 

Total net loan charge-offs

 

 

431

 

 

 

-

 

 

 

34

 

Non-performing loans / Total loans

 

 

1.58

%

 

 

1.43

%

 

 

1.26

%

Net loan charge-offs / Average loans

 

 

0.10

%

 

 

-

%

 

 

0.01

%

Allowance for loan losses / Total loans

 

 

1.12

%

 

 

1.17

%

 

 

1.21

%

“Our hotel portfolio continues to show improvement as we moved about a quarter of the total portfolio back to normal paying status, and received all deferred interest. Only one hotel loan was moved to nonaccrual status, which was reflected in the increase in non-performing assets. We will continue to closely monitor the portfolio and although the remaining hotel relationships have shown improvement in their occupancy rates and have paid all amounts due, the Bank is looking to establish sustained performance on these credits before upgrading,” stated John Connerton, Chief Financial Officer of Evans Bank.

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Income

($ in thousands)

 

 

3Q 2021

 

 

2Q 2021

 

 

3Q 2020

 

 

 

 

 

 

 

 

 

 

 

 

Deposit service charges

 

$

664

 

 

$

607

 

 

$

598

Insurance service and fee revenue

 

 

3,191

 

 

 

2,657

 

 

 

3,217

Bank-owned life insurance

 

 

158

 

 

 

172

 

 

 

170

Gain on sale of securities

 

 

-

 

 

 

-

 

 

 

667

Other income

 

 

1,144

 

 

 

982

 

 

 

1,205

Total non-interest income

 

$

5,157

 

 

$

4,418

 

 

$

5,857

 

 

 

 

 

 

 

 

 

 

 

 

The increase in insurance service and fee revenue from the sequential second quarter reflects seasonally higher commercial lines insurance commissions and profit-sharing revenue.

During the third quarter of 2020, the Company recognized approximately $0.7 million of gain on sale of investment securities. There were no comparable gains during 2021.

The increase in other income from the sequential second quarter was largely due to changes in the fair value of mortgage servicing rights and other loan fee income.

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Expense

($ in thousands)

 

 

3Q 2021

 

 

2Q 2021

 

 

3Q 2020

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

$

9,930

 

 

$

9,365

 

 

$

8,101

Occupancy

 

 

1,126

 

 

 

1,177

 

 

 

1,204

Advertising and public relations

 

 

434

 

 

 

405

 

 

 

503

Professional services

 

 

840

 

 

 

989

 

 

 

865

Technology and communications

 

 

1,327

 

 

 

1,432

 

 

 

1,365

Amortization of intangibles

 

 

135

 

 

 

135

 

 

 

136

FDIC insurance

 

 

285

 

 

 

279

 

 

 

290

Merger-related expenses

 

 

-

 

 

 

-

 

 

 

524

Other expenses

 

 

1,316

 

 

 

1,394

 

 

 

1,480

Total non-interest expenses

 

$

15,393

 

 

$

15,176

 

 

$

14,468

 

 

 

 

 

 

 

 

 

 

 

 

Total non-interest expense increased $0.2 million, or 1%, from the second quarter of 2021, and $0.9 million, or 6% from last year’s third quarter.

Salaries and employee benefits increased $0.6 million, or 6%, from the sequential second quarter and $1.8 million, or 23%, from last year’s third quarter. The sequential change reflected a $0.6 million increase in incentive accruals, while the prior-year period included a $0.7 million reduction of incentive accruals. The year-over-year change also reflects the addition of strategic hires to support the Company’s continued growth along with inflation in the cost of labor.

Third quarter of 2020 merger-related expenses included costs relating to the acquisition of Fairport Savings Bank. There were no comparable expenses during the second or third quarters of 2021.

The Company’s GAAP efficiency ratio, or noninterest expenses divided by the sum of net interest income and noninterest income, was 66.0% in the third quarter of 2021, 66.7% in the second quarter of 2021, and 67.3% in the third quarter of 2020. The Company’s non-GAAP efficiency ratio, excluding amortization expense, gains and losses from investment securities, and merger-related expenses, was 65.4% compared with 66.1% in the second quarter of 2021 and 66.3% in last year’s third quarter.

Income tax expense was $2.4 million, or an effective tax rate of 25.6%, for the third quarter of 2021 compared with 24.4% in the second quarter of 2021 and 11.8% in last year’s third quarter. Excluding the impact of a 2020 historic tax credit transaction, the effective tax rate was 25.6% in the third quarter of 2020.

Balance Sheet Highlights

Total assets were $2.15 billion as of September 30, 2021, a decrease of less than 1% from $2.16 billion at June 30, 2021, but up 5% from $2.06 billion at September 30, 2020. The increase from the prior year was due to an increase in investment securities and interest-bearing deposits at banks, partially offset by lower loan balances. Since last year’s third quarter, residential mortgages increased $38 million and commercial real estate loans were up $37 million. More than offsetting was a decrease in commercial and industrial loans of $163 million, of which $127 million was a result of the change in PPP loan balances. PPP loans totaled $76.3 million at September 30, 2021, compared with $145.7 million at June 30, 2021 and $203.1 million at September 30, 2020. The Company has also experienced a significant increase in the level of commercial payoffs, with a quarterly average of $43 million in 2021 compared with a more normalized level around $21 million a quarter.

Investment securities were $258 million at September 30, 2021, $24 million higher than the end of the second quarter of 2021, and $97 million higher than at the end of last year’s third 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 $1.88 billion decreased $8 million, or less than 1%, from June 30, 2021, but were up $95 million, or 5%, from the end of last year’s third 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 8.34% at September 30, 2021 compared with 8.23% at June 30, 2021 and 7.82% at September 30, 2020. Book value per share was $32.73 at September 30, 2021 compared with $32.28 at June 30, 2021 and $30.29 at September 30, 2020. Tangible book value per share was $30.07 at September 30, 2021 compared with $29.58 at June 30, 2021 and $27.49 at September 30, 2020.

In October 2021, the Company paid a semi-annual cash dividend of $0.60 per common share. Cash dividends totaled $1.20 per common share during 2021, up 3% over 2020.

Webcast and Conference Call

The Company will host a conference call and webcast on Thursday, October 28, 2021 at 4:45 p.m. ET. Management will review the financial and operating results for the third quarter of 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, November 4, 2021. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13723727, 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 September 30, 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9/30/2021

 

6/30/2021

 

3/31/2021

 

12/31/2020

 

9/30/2020

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits at banks

 

$

179,231

 

 

$

126,810

 

 

$

105,658

 

 

$

83,902

 

 

$

88,249

 

Investment Securities

 

 

258,221

 

 

 

234,350

 

 

 

195,012

 

 

 

166,600

 

 

 

160,757

 

Loans

 

 

1,614,162

 

 

 

1,697,321

 

 

 

1,747,229

 

 

 

1,693,794

 

 

 

1,703,076

 

Allowance for loan losses

 

 

(18,051)

 

 

 

(19,942)

 

 

 

(20,701)

 

 

 

(20,415)

 

 

 

(20,601)

 

Goodwill and intangible assets

 

 

14,546

 

 

 

14,682

 

 

 

14,817

 

 

 

14,951

 

 

 

15,085

 

All other assets

 

 

103,949

 

 

 

106,982

 

 

 

102,250

 

 

 

105,283

 

 

 

110,427

 

Total assets

 

$

2,152,058

 

 

$

2,160,203

 

 

$

2,144,265

 

 

$

2,044,115

 

 

$

2,056,993

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS'

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

 

502,689

 

 

 

486,737

 

 

 

486,385

 

 

 

436,157

 

 

 

442,536

 

NOW deposits

 

 

253,124

 

 

 

261,173

 

 

 

238,769

 

 

 

230,751

 

 

 

215,492

 

Savings deposits

 

 

942,147

 

 

 

940,352

 

 

 

924,781

 

 

 

825,947

 

 

 

799,739

 

Time deposits

 

 

178,083

 

 

 

195,533

 

 

 

222,002

 

 

 

278,554

 

 

 

323,211

 

Total deposits

 

 

1,876,043

 

 

 

1,883,795

 

 

 

1,871,937

 

 

 

1,771,409

 

 

 

1,780,978

 

Borrowings

 

 

71,564

 

 

 

76,895

 

 

 

78,278

 

 

 

79,663

 

 

 

82,909

 

Other liabilities

 

 

25,617

 

 

 

23,824

 

 

 

27,076

 

 

 

24,138

 

 

 

30,218

 

Total stockholders' equity

 

 

178,834

 

 

 

175,689

 

 

 

166,974

 

 

 

168,905

 

 

 

162,888

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHARES AND CAPITAL RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

 

5,463,141

 

 

 

5,443,491

 

 

 

5,428,993

 

 

 

5,411,384

 

 

 

5,376,742

 

Book value per share

 

$

32.73

 

 

$

32.28

 

 

$

30.76

 

 

$

31.21

 

 

$

30.29

 

Tangible book value per share

 

$

30.07

 

 

$

29.58

 

 

$

28.03

 

 

$

28.45

 

 

$

27.49

 

Tier 1 leverage ratio

 

 

8.34

%

 

 

8.23

%

 

 

8.19

%

 

 

8.21

%

 

 

7.82

%

Tier 1 risk-based capital ratio

 

 

12.34

%

 

 

11.96

%

 

 

11.90

%

 

 

11.62

%

 

 

11.28

%

Total risk-based capital ratio

 

 

13.57

%

 

 

13.21

%

 

 

13.15

%

 

 

12.88

%

 

 

12.53

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-performing loans

 

$

25,463

 

 

$

24,317

 

 

$

29,079

 

 

$

28,118

 

 

$

21,466

 

Total net loan charge-offs

 

 

431

 

 

 

-

 

 

 

27

 

 

 

60

 

 

 

34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing loans/Total loans

 

 

1.58

%

 

 

1.43

%

 

 

1.66

%

 

 

1.66

%

 

 

1.26

%

Net loan charge-offs /Average loans

 

 

0.10

%

 

 

-

%

 

 

0.01

%

 

 

0.01

%

 

 

0.01

%

Allowance for loans losses/Total loans

 

 

1.12

%

 

 

1.17

%

 

 

1.18

%

 

 

1.21

%

 

 

1.21

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EVANS BANCORP, INC AND SUBSIDIARIES

SELECTED OPERATIONS DATA (UNAUDITED)

(in thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

 

2021

 

2021

 

2020

 

2020

 

 

Third Quarter

 

Second Quarter

 

First Quarter

 

Fourth Quarter

 

Third Quarter

Interest income

 

$

19,302

 

 

$

19,576

 

 

$

17,970

 

 

$

18,175

 

 

$

17,766

 

Interest expense

 

 

1,139

 

 

 

1,226

 

 

 

1,373

 

 

 

1,744

 

 

 

2,124

 

Net interest income

 

 

18,163

 

 

 

18,350

 

 

 

16,597

 

 

 

16,431

 

 

 

15,642

 

Provision (credit) for loan losses

 

 

(1,459)

 

 

 

(760)

 

 

 

313

 

 

 

(126)

 

 

 

1,881

 

Net interest income after provision (credit) for loan losses

 

 

19,622

 

 

 

19,110

 

 

 

16,284

 

 

 

16,557

 

 

 

13,761

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposit service charges

 

 

664

 

 

 

607

 

 

 

572

 

 

 

619

 

 

 

598

 

Insurance service and fee revenue

 

 

3,191

 

 

 

2,657

 

 

 

2,502

 

 

 

2,301

 

 

 

3,217

 

Bank-owned life insurance

 

 

158

 

 

 

172

 

 

 

163

 

 

 

172

 

 

 

170

 

Gain on sale of securities

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

667

 

Other income

 

 

1,144

 

 

 

982

 

 

 

1,329

 

 

 

1,711

 

 

 

1,205

 

Total non-interest income

 

 

5,157

 

 

 

4,418

 

 

 

4,566

 

 

 

4,803

 

 

 

5,857

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

9,930

 

 

 

9,365

 

 

 

9,044

 

 

 

9,087

 

 

 

8,101

 

Occupancy

 

 

1,126

 

 

 

1,177

 

 

 

1,187

 

 

 

1,169

 

 

 

1,204

 

Advertising and public relations

 

 

434

 

 

 

405

 

 

 

263

 

 

 

233

 

 

 

503

 

Professional services

 

 

840

 

 

 

989

 

 

 

959

 

 

 

893

 

 

 

865

 

Technology and communications

 

 

1,327

 

 

 

1,432

 

 

 

1,264

 

 

 

1,306

 

 

 

1,365

 

Amortization of intangibles

 

 

135

 

 

 

135

 

 

 

135

 

 

 

133

 

 

 

136

 

FDIC insurance

 

 

285

 

 

 

279

 

 

 

300

 

 

 

339

 

 

 

290

 

Merger-related expenses

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

524

 

Other expenses

 

 

1,316

 

 

 

1,394

 

 

 

1,213

 

 

 

1,350

 

 

 

1,480

 

Total non-interest expenses

 

 

15,393

 

 

 

15,176

 

 

 

14,365

 

 

 

14,510

 

 

 

14,468

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

9,386

 

 

 

8,352

 

 

 

6,485

 

 

 

6,850

 

 

 

5,150

 

Income tax provision

 

 

2,407

 

 

 

2,039

 

 

 

1,633

 

 

 

821

 

 

 

606

 

Net income

 

 

6,979

 

 

 

6,313

 

 

 

4,852

 

 

 

6,029

 

 

 

4,544

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share-diluted

 

$

1.27

 

 

$

1.15

 

 

$

0.89

 

 

$

1.11

 

 

$

0.84

 

Cash dividends per common share

 

$

0.60

 

 

$

-

 

 

$

0.60

 

 

$

-

 

 

$

0.58

 

Weighted average number of diluted shares

 

 

5,516,781

 

 

 

5,489,420

 

 

 

5,463,674

 

 

 

5,416,198

 

 

 

5,395,806

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average total assets

 

 

1.28

%

 

 

1.17

%

 

 

0.93

%

 

 

1.18

%

 

 

0.88

%

Return on average stockholders' equity

 

 

15.58

%

 

 

14.72

%

 

 

11.48

%

 

 

14.51

%

 

 

11.09

%

Return on average tangible common stockholders' equity*

 

 

16.96

%

 

 

16.11

%

 

 

12.59

%

 

 

15.96

%

 

 

12.23

%

Efficiency ratio

 

 

66.01

%

 

 

66.65

%

 

 

67.88

%

 

 

68.33

%

 

 

67.30

%

Efficiency ratio (Non-GAAP)**

 

 

65.43

%

 

 

66.06

%

 

 

67.24

%

 

 

67.71

%

 

 

66.28

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* 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

 

2020

 

2020

 

 

Third Quarter

 

Second Quarter

 

First Quarter

 

Fourth Quarter

 

Third Quarter

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net

 

$

1,647,395

 

 

$

1,718,507

 

 

$

1,706,325

 

 

$

1,677,502

 

 

$

1,671,338

 

Investment securities

 

 

248,690

 

 

 

216,134

 

 

 

180,473

 

 

 

162,941

 

 

 

172,712

 

Interest-bearing deposits at banks

 

 

174,296

 

 

 

97,168

 

 

 

76,651

 

 

 

92,974

 

 

 

106,154

 

Total interest-earning assets

 

 

2,070,381

 

 

 

2,031,809

 

 

 

1,963,449

 

 

 

1,933,417

 

 

 

1,950,204

 

Non interest-earning assets

 

 

109,601

 

 

 

119,392

 

 

 

115,200

 

 

 

117,458

 

 

 

117,244

 

Total Assets

 

$

2,179,982

 

 

$

2,151,201

 

 

$

2,078,649

 

 

$

2,050,875

 

 

$

2,067,448

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW

 

 

262,105

 

 

 

246,565

 

 

 

230,627

 

 

 

218,587

 

 

 

221,343

 

Savings

 

 

949,956

 

 

 

928,375

 

 

 

866,991

 

 

 

818,878

 

 

 

799,082

 

Time deposits

 

 

186,126

 

 

 

210,287

 

 

 

246,120

 

 

 

300,605

 

 

 

337,967

 

Total interest-bearing deposits

 

 

1,398,187

 

 

 

1,385,227

 

 

 

1,343,738

 

 

 

1,338,070

 

 

 

1,358,392

 

Borrowings

 

 

74,326

 

 

 

77,050

 

 

 

78,284

 

 

 

80,814

 

 

 

84,926

 

Total interest-bearing liabilities

 

 

1,472,513

 

 

 

1,462,277

 

 

 

1,422,022

 

 

 

1,418,884

 

 

 

1,443,318

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

 

503,006

 

 

 

493,734

 

 

 

464,579

 

 

 

439,953

 

 

 

430,658

 

Other non-interest bearing liabilities

 

 

25,250

 

 

 

23,682

 

 

 

23,031

 

 

 

25,882

 

 

 

29,644

 

Stockholders' equity

 

 

179,213

 

 

 

171,508

 

 

 

169,017

 

 

 

166,156

 

 

 

163,828

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Equity

 

$

2,179,982

 

 

$

2,151,201

 

 

$

2,078,649

 

 

$

2,050,875

 

 

$

2,067,448

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average tangible common stockholders' equity*

 

 

164,588

 

 

 

156,748

 

 

 

154,122

 

 

 

151,131

 

 

 

148,658

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YIELD/RATE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net

 

 

4.36

%

 

 

4.32

%

 

 

4.06

%

 

 

4.09

%

 

 

4.01

%

Investment securities

 

 

1.82

%

 

 

1.94

%

 

 

2.00

%

 

 

2.18

%

 

 

2.06

%

Interest-bearing deposits at banks

 

 

0.14

%

 

 

0.08

%

 

 

0.08

%

 

 

0.10

%

 

 

0.10

%

Total interest-earning assets

 

 

3.70

%

 

 

3.86

%

 

 

3.71

%

 

 

3.74

%

 

 

3.62

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW

 

 

0.10

%

 

 

0.11

%

 

 

0.13

%

 

 

0.15

%

 

 

0.19

%

Savings

 

 

0.15

%

 

 

0.17

%

 

 

0.20

%

 

 

0.24

%

 

 

0.33

%

Time deposits

 

 

0.49

%

 

 

0.52

%

 

 

0.64

%

 

 

0.90

%

 

 

1.04

%

Total interest-bearing deposits

 

 

0.18

%

 

 

0.21

%

 

 

0.27

%

 

 

0.37

%

 

 

0.48

%

Borrowings

 

 

2.62

%

 

 

2.55

%

 

 

2.52

%

 

 

2.43

%

 

 

2.26

%

Total interest-bearing liabilities

 

 

0.31

%

 

 

0.34

%

 

 

0.39

%

 

 

0.49

%

 

 

0.59

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate spread

 

 

3.39

%

 

 

3.52

%

 

 

3.32

%

 

 

3.25

%

 

 

3.03

%

Contribution of interest-free funds

 

 

0.09

%

 

 

0.10

%

 

 

0.11

%

 

 

0.13

%

 

 

0.16

%

Net interest margin

 

 

3.48

%

 

 

3.62

%

 

 

3.43

%

 

 

3.38

%

 

 

3.19

%

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

 

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