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, 2024. The
prior-year periods include business activity relating to The Evans
Agency (“TEA”) prior to the sale to Arthur J. Gallagher & Co.
on November 30, 2023.
HIGHLIGHTS
- Net income per share was $0.67 in the fourth quarter, which
included $1.1 million in merger-related expenses and a partially
offsetting benefit from the recognition of a real estate historic
tax credit investment
- Fourth quarter net interest margin was 2.96%, up 16 basis
points sequentially driven by strategic deposit pricing
- Total loans grew by $63 million, or 4%, since December 31,
2023
- Strong loan pipeline of $76 million
- Total deposits up $148 million, or 9%, from December 31,
2023
- Evans shareholders approved the merger with NBT Bancorp
Inc.
Net income of $3.7 million, or $0.67 per diluted share, in the
fourth quarter of 2024 was up sequentially and reflected higher net
interest income of $0.7 million and an increase in non-interest
income of $0.3 million offset by higher provision for credit losses
of $0.5 million and an increase in non-interest expense of $0.8
million, which included $1.1 million of merger related costs. Last
year’s fourth quarter had net income of $10.2 million, or $1.85 per
diluted share. The prior year period included the sale of The Evans
Agency to Arthur J. Gallagher & Co., and recognized a pretax
gain of $20.2 million. In addition, in the fourth quarter of 2023,
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. Return on average equity was
8.06% for the fourth quarter of 2024, compared with 6.44% in the
third quarter of 2024 and 25.73% in the fourth quarter of 2023.
For the full year of 2024, net income was $12.0 million, or
$2.16 per diluted share, compared with $24.5 million, or $4.48 per
diluted share, in 2023. The change largely reflected the gain on
sale of the insurance agency, which benefited the 2023 period. The
return on average equity was 6.65% in 2024 compared with 15.47% in
2023.
David J. Nasca, President and CEO of Evans Bancorp, Inc.,
commented, “As we close out 2024, we reflect on a transformative
year for our organization, marked by solid growth and progress, as
well as key milestones related to our pending merger with NBT
Bancorp Inc. Throughout this process, we have remained focused on
execution, maintaining strong credit quality, and ensuring a smooth
transition that prioritizes the needs of our customers, employees
and shareholders.
“This quarter, Evans shareholders approved the merger with NBT,
a pivotal step in our journey. We are confident that this
partnership will enhance our long-term ability to deliver
exceptional service, strengthen our position in the market, and
create lasting value for all stakeholders – the community, clients,
associates, and stockholders. We thank our team members for their
dedication and our customers and shareholders for their continued
trust as we look forward to a bright future.”
On September 9, 2024, NBT Bancorp Inc. (“NBT”) (Nasdaq: NBTB)
and Evans announced that they had entered into a definitive
agreement pursuant to which Evans will merge with and into NBT. In
accord with the merger agreement, NBT will acquire 100% of the
outstanding shares of Evans in exchange for common shares of NBT.
The exchange ratio will be fixed at 0.91 NBT shares for each share
of Evans, resulting in an aggregate transaction value of
approximately $236 million based on NBT’s closing stock price of
$46.28 on September 6, 2024. On December 20, 2024, the shareholders
of Evans voted to approve the merger. In addition, regulatory
approval was received for the merger in December. Evans reported
over 75% of the issued and outstanding shares of Evans were
represented at a special shareholder meeting and over 96% of the
votes cast were voted to approve the merger. The merger is expected
to close in the second quarter of 2025 in conjunction with the
system conversion.
Net Interest Income
($ in thousands)
4Q 2024
3Q 2024
4Q 2023
Interest income
$
28,031
$
28,698
$
25,205
Interest expense
12,334
13,654
11,259
Net interest income
15,697
15,044
13,946
Provision for credit losses
1,103
570
282
Net interest income after provision
$
14,594
$
14,474
$
13,664
Net interest income of $15.7 million increased $0.7 million, or
4%, over the third quarter of 2024 due to higher average loans
originated and reductions in the cost of funds as the competitive
market for funding decreases in response to the federal reserve’s
rate cuts. Compared with last year’s fourth quarter, net interest
income was higher by $1.8 million, or 13%, due to higher average
loan balances and higher yields on those balances.
Fourth quarter net interest margin of 2.96% increased 16 basis
points from the trailing third quarter and was up 21 basis points
over the prior-year period. The yield on loans decreased 8 basis
points compared with the third quarter, though was up 29 basis
points year-over-year. The cost of interest-bearing liabilities was
3.01% compared with 3.28% in the third quarter of 2024 and 2.87% in
the fourth quarter of 2023.
The $1.1 million provision for credit losses in the fourth
quarter was due mostly to a specific reserve taken on one loan
previously classified as non-performing. A new appraisal related to
this loan identified a reduction in value as the business vacated
the property. The decrease in non-performing loans of $12.3 million
during the quarter was due largely to one loan that was 90 days
past due and still accruing in the third quarter of 2024, which
renewed early in the fourth quarter.
Asset Quality
($ in thousands)
4Q 2024
3Q 2024
4Q 2023
Total non-performing loans
$
20,275
$
32,598
$
27,325
Total net loan charge-offs
18
41
11
Non-performing loans / Total loans
1.14
%
1.82
%
1.59
%
Net loan charge-offs / Average loans
-
%
0.01
%
-
%
Allowance for credit losses / Total
loans
1.36
%
1.29
%
1.28
%
Non-Interest Income
($ in thousands)
4Q 2024
3Q 2024
4Q 2023
Deposit service charges
$
728
$
699
$
670
Insurance service and fee revenue
145
186
1,613
Bank-owned life insurance
255
253
230
Loss on tax credit investment
(484
)
-
-
Refundable NY state historic tax
credit
720
-
-
Interchange fee income
516
529
510
Gain on sale of other real estate
owned
-
598
-
Gain on sale of insurance agency
-
-
20,160
Loss on sale of investment securities
-
-
(5,044
)
Other income
1,418
729
412
Total non-interest income
$
3,298
$
2,994
$
18,551
Total non-interest income increased $0.3 million from the
sequential quarter, due in part to the net incremental impact of a
historic tax credit placed in service during the fourth quarter.
The amounts are reflected on the refundable NY state tax credit and
the loss on tax credit investment lines on the income statement.
Additionally, the Company received $0.3 million gain from the
payment of an additional tax credit investment, which was
recognized in the other income category. These increases were
partially offset in comparison with the third quarter due to a gain
on the sale of a property that the Company had in other real estate
owned during the sequential quarter.
Excluding the 2023 fourth quarter’s transactions relating to the
gain on the sale of TEA and loss on sale of securities,
non-interest income would have been $3.4 million.
Non-Interest Expense
($ in thousands)
4Q 2024
3Q 2024
4Q 2023
Salaries and employee benefits
$
7,931
$
7,539
$
10,251
Occupancy
1,023
1,088
1,078
Advertising and public relations
184
327
296
Professional services
776
992
1,003
Technology and communications
1,556
1,423
1,545
Amortization of intangibles
4
4
67
FDIC insurance
350
340
350
Merger related
1,073
600
-
Other expenses
1,454
1,274
1,710
Total non-interest expenses
$
14,351
$
13,587
$
16,300
Non-interest expenses increased $0.8 million from the sequential
quarter, which included an additional $0.5 million of
merger-related expenses in support of the planned merger with
NBT.
Salaries and employee benefits, the largest component of
non-interest expenses, were up $0.4 million, or 5%, from the third
quarter of 2024 largely due to higher incentive accruals of $0.5
million. Compared with last year’s fourth quarter, the decrease of
$2.3 million, or 23%, was primarily due to salaries and employee
benefit expenses related to TEA of $0.8 million and a $1.4 million
larger incentive accrual in the prior year’s fourth quarter.
The Company’s GAAP efficiency ratio, or noninterest expenses
divided by the sum of net interest income and noninterest income,
was 75.55% in the fourth quarter of 2024, 75.32% in the third
quarter of 2024, and 50.16% in the fourth quarter of 2023.
Income tax benefit was $0.2 million in the fourth quarter of
2024, mainly a result of the recognition of deductions taken on the
2023 tax return related to the sale of TEA and the impact of the
historic tax credit recognized in the fourth quarter. This was
compared to tax expense and an effective tax rate of 24.2% in the
third quarter of 2024 and 36.1% 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 $2.19 billion as of December 31, 2024, a
decrease of $93 million, or 4%, since September 30, 2024, though
were up $79 million, or 4%, since December 31, 2023.
Interest-bearing deposits at banks decreased $79 million for the
quarter and increased $24 million since December 31, 2023. In
addition, loan growth was $63 million, or 4%, since year end 2023
and flat when compared with the sequential period.
Investment securities were $263 million at December 31, 2024,
$13 million lower than the end of the third quarter of 2024 and $15
million lower than the end of last year’s fourth quarter. 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 $1.87 billion increased $148 million, or 9%,
from the end of last year’s fourth quarter. On a sequential basis,
total deposits were down $34 million, or 2%, due mostly to normal
municipal seasonality.
At December 31, 2024, Evans had $80 million borrowed at FHLB.
Given the current collateral available at FHLB, advances up to $401
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. At December 31, 2024, Evans had no short-term
borrowings with the Federal Reserve and $96 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, 2024
compared with 10.01% at September 30, 2024 and 10.37% at December
31, 2023.
Book value per share was $32.89 at December 31, 2024 compared
with $33.58 at September 30, 2024 and $32.40 at December 31, 2023.
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,
2024, this amounted to $7.63 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.
Non-GAAP tangible book value per share was $32.56 at December
31, 2024 compared with $33.25 at September 30, 2024 and $32.07 at
December 31, 2023.
2024 Year in Review (compared with prior-year)
Net interest income was $59.0 million, down 4%. The yield on
loans increased 40 basis points while competition on deposits and
changes in customer behaviors contributed to the 82 basis points
increase in cost of funds during 2024. Net interest margin was
2.81%, a decrease of 21 basis points.
The Company’s provision for credit loss was $2.2 million, which
reflected a reserve taken on one loan previously in non-performing
and for loan growth during the full year. Provision for credit
losses in 2023 was negligible due to improving economic conditions.
The ratio of non-performing loans to total loans was 1.14% compared
with 1.59% in 2023.
Non-interest income was $11.0 million in 2024 compared with
$32.9 million in 2023. The decrease was due to the gain on sale of
the insurance agency of $20.2 million and the related decrease in
insurance service and fee income of $9.7 million, partially offset
by loss on sale of investment securities of $5.0 million in
2023.
Non-interest expense decreased $6.0 million to $53.4 million,
which reflected reductions of $6.7 million related to the sale of
TEA offset by merger related expenses of $1.7 million.
The Company’s GAAP efficiency ratio was 76.40% in 2024 compared
with 63.09% in 2023.
Income tax expense for the year was $2.3 million, representing
an effective tax rate of 16.2% compared with an effective tax rate
of 29.4% in 2023.
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,
2024. 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 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)
12/31/2024
9/30/2024
6/30/2024
3/31/2024
12/31/2023
ASSETS
Interest-bearing deposits at banks
$
28,095
$
107,296
$
110,042
$
164,400
$
3,798
Securities AFS
258,677
271,232
263,740
268,476
275,680
Securities HTM
4,347
4,376
3,626
3,611
2,059
Loans
1,783,664
1,787,957
1,765,116
1,721,876
1,720,946
Allowance for credit losses
(24,176
)
(23,091
)
(22,562
)
(22,287
)
(22,114
)
Goodwill and intangible assets
1,846
1,850
1,854
1,858
1,862
All other assets
135,012
130,386
135,551
122,010
126,432
Total assets
$
2,187,465
$
2,280,006
$
2,257,367
$
2,259,944
$
2,108,663
LIABILITIES AND STOCKHOLDERS'
EQUITY
Demand deposits
$
373,240
$
435,358
$
397,535
$
399,558
$
390,238
NOW deposits
399,046
372,462
382,513
381,798
345,279
Savings deposits
699,635
706,849
710,596
715,495
649,621
Time deposits
394,556
386,049
400,897
394,515
333,623
Total deposits
1,866,477
1,900,718
1,891,541
1,891,366
1,718,761
Securities sold under agreement to
repurchase
6,586
8,282
7,684
6,873
9,475
Subordinated debt
31,279
31,254
31,228
31,203
31,177
Other borrowings
80,000
128,000
129,006
131,023
145,123
Other liabilities
19,980
25,905
20,259
24,884
25,908
Total stockholders' equity
$
183,143
$
185,847
$
177,649
$
174,595
$
178,219
SHARES AND CAPITAL RATIOS
Common shares outstanding
5,567,833
5,534,239
5,525,838
5,521,009
5,499,772
Book value per share
$
32.89
$
33.58
$
32.15
$
31.62
$
32.40
Tangible book value per share
(Non-GAAP)
$
32.56
$
33.25
$
31.81
$
31.29
$
32.07
Tier 1 leverage ratio
10.37
%
10.01
%
10.04
%
10.52
%
10.37
%
Tier 1 risk-based capital ratio
13.63
%
13.38
%
13.55
%
13.63
%
13.80
%
Total risk-based capital ratio
14.88
%
14.63
%
14.80
%
14.89
%
15.05
%
ASSET QUALITY DATA
Total non-performing loans
$
20,275
$
32,598
$
25,128
$
27,977
$
27,325
Total net loan charge-offs
(recoveries)
18
41
22
93
11
Other real estate owned (OREO)
$
-
$
-
$
6,902
$
-
$
-
Non-performing loans/Total loans
1.14
%
1.82
%
1.42
%
1.62
%
1.59
%
Net loan charge-offs (recoveries)/Average
loans
-
%
0.01
%
0.01
%
0.02
%
-
%
Allowance for credit losses/Total
loans
1.36
%
1.29
%
1.28
%
1.29
%
1.28
%
EVANS BANCORP, INC AND
SUBSIDIARIES
SELECTED OPERATIONS DATA
(UNAUDITED)
(in thousands, except share and per
share data)
2024
2024
2024
2024
2023
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
Interest income
$
28,031
$
28,698
$
27,815
$
25,374
$
25,205
Interest expense
12,334
13,654
13,495
11,467
11,259
Net interest income
15,697
15,044
14,320
13,907
13,946
Provision for credit losses
1,103
570
297
266
282
Net interest income after provision for
credit losses
14,594
14,474
14,023
13,641
13,664
Deposit service charges
728
699
667
681
670
Insurance service and fee revenue
145
186
176
149
1,613
Bank-owned life insurance
255
253
252
246
230
Interchange fee income
516
529
504
466
510
Gain on sale of other real estate
owned
-
598
-
-
-
Gain on sale of insurance agency
-
-
-
-
20,160
Loss on sale of investment securities
-
-
-
-
(5,044
)
Loss on tax credit investment
(484
)
-
-
-
-
Refundable NY state historic tax
credit
720
-
-
-
-
Other income
1,418
729
801
725
412
Total non-interest income
3,298
2,994
2,400
2,267
18,551
Salaries and employee benefits
7,931
7,539
7,330
7,837
10,251
Occupancy
1,023
1,088
1,089
1,157
1,078
Advertising and public relations
184
327
254
171
296
Professional services
776
992
870
895
1,003
Technology and communications
1,556
1,423
1,596
1,409
1,545
Amortization of intangibles
4
4
4
4
67
FDIC insurance
350
340
300
325
350
Merger related
1,073
600
-
-
-
Other expenses
1,454
1,274
1,115
1,129
1,710
Total non-interest expenses
14,351
13,587
12,558
12,927
16,300
Income before income taxes
3,541
3,881
3,865
2,981
15,915
Income tax (benefit) provision
(190
)
938
919
647
5,741
Net income
3,731
2,943
2,946
2,334
10,174
PER SHARE DATA
Net income per common share-diluted
$
0.67
$
0.53
$
0.53
$
0.42
$
1.85
Cash dividends per common share
$
-
$
0.66
$
-
$
0.66
$
-
Weighted average number of diluted
shares
5,562,972
5,542,694
5,530,120
5,519,244
5,497,029
PERFORMANCE RATIOS
Return on average total assets
0.67
%
0.52
%
0.52
%
0.44
%
1.90
%
Return on average stockholders' equity
8.06
%
6.44
%
6.76
%
5.28
%
25.73
%
Return on average tangible common
stockholders' equity (Non-GAAP)*
8.14
%
6.51
%
6.83
%
5.33
%
27.37
%
Efficiency ratio
75.55
%
75.32
%
75.11
%
79.92
%
50.16
%
Efficiency ratio (Non-GAAP)**
70.76
%
71.98
%
75.08
%
79.90
%
93.40
%
* 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
2024
2023
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
AVERAGE BALANCES
Loans, net
$
1,764,789
$
1,743,042
$
1,715,280
$
1,703,320
$
1,682,177
Investment securities
278,658
278,956
275,854
280,975
327,303
Interest-bearing deposits at banks
64,793
117,326
137,442
18,889
5,916
Total interest-earning assets
2,108,240
2,139,324
2,128,576
2,003,184
2,015,396
Non interest-earning assets
123,718
126,056
123,457
117,646
128,915
Total Assets
$
2,231,958
$
2,265,380
$
2,252,033
$
2,120,830
$
2,144,311
NOW
391,931
381,054
374,910
347,908
333,893
Savings
713,921
707,742
718,627
658,656
687,223
Time deposits
392,134
399,180
399,476
342,358
335,646
Total interest-bearing deposits
1,497,986
1,487,976
1,493,013
1,348,922
1,356,762
Borrowings
129,608
168,630
168,856
166,948
197,363
Total interest-bearing liabilities
1,627,594
1,656,606
1,661,869
1,515,870
1,554,125
Demand deposits
397,425
403,182
395,876
404,053
409,115
Other non-interest bearing liabilities
21,702
22,792
19,885
23,943
22,880
Stockholders' equity
185,237
182,800
174,403
176,964
158,191
Total Liabilities and Equity
$
2,231,958
$
2,265,380
$
2,252,033
$
2,120,830
$
2,144,311
Average tangible common stockholders'
equity (Non-GAAP)*
183,389
180,947
172,546
175,103
148,673
YIELD/RATE
Loans, net
5.72
%
5.80
%
5.63
%
5.56
%
5.43
%
Investment securities
2.49
%
2.48
%
2.63
%
2.53
%
2.53
%
Interest-bearing deposits at banks
5.72
%
5.31
%
5.86
%
1.68
%
6.38
%
Total interest-earning assets
5.29
%
5.34
%
5.26
%
5.09
%
4.96
%
NOW
2.47
%
2.62
%
2.50
%
2.30
%
2.12
%
Savings
2.35
%
2.56
%
2.53
%
2.25
%
2.09
%
Time deposits
4.07
%
4.41
%
4.52
%
4.24
%
3.83
%
Total interest-bearing deposits
2.83
%
3.07
%
3.05
%
2.77
%
2.53
%
Borrowings
5.12
%
5.09
%
5.16
%
5.25
%
5.27
%
Total interest-bearing liabilities
3.01
%
3.28
%
3.27
%
3.04
%
2.87
%
Interest rate spread
2.28
%
2.06
%
1.99
%
2.05
%
2.09
%
Contribution of interest-free funds
0.68
%
0.74
%
0.72
%
0.74
%
0.66
%
Net interest margin
2.96
%
2.80
%
2.71
%
2.79
%
2.75
%
* 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)
2024
2023
Year to Date
Year to Date
Interest income
$
109,918
$
96,850
Interest expense
50,950
35,642
Net interest income
58,968
61,208
Provision for credit losses
2,236
18
Net interest income after provision for
credit losses
56,732
61,190
Deposit service charges
2,774
2,593
Insurance service and fee revenue
655
10,261
Bank-owned life insurance
1,006
932
Loss on tax credit investment
(484
)
-
Refundable NY state historic tax
credit
720
-
Interchange fee income
2,015
2,047
Gain on sale of insurance agency
-
20,160
Loss on sale of investment securities
-
(5,044
)
Other income
4,272
1,973
Total non-interest income
10,958
32,922
Salaries and employee benefits
30,637
37,047
Occupancy
4,357
4,506
Advertising and public relations
935
1,207
Professional services
3,533
3,563
Technology and communications
5,984
5,959
FDIC insurance
1,315
1,400
Amortization of intangibles
17
367
Merger-related expenses
1,673
-
Other expenses
4,971
5,333
Total non-interest expenses
53,422
59,382
Income before income taxes
14,268
34,730
Income tax provision
2,314
10,206
Net income
11,954
24,524
PER SHARE DATA
Net income per common share-diluted
$
2.16
$
4.48
Cash dividends per common share
$
1.32
$
1.32
Weighted average number of diluted
shares
5,541,373
5,471,033
PERFORMANCE RATIOS
Return on average total assets
0.54
%
1.14
%
Return on average stockholders' equity
6.65
%
15.47
%
Return on average tangible common
stockholders' equity (Non-GAAP)*
6.72
%
16.82
%
Efficiency ratio
76.40
%
63.09
%
Efficiency ratio (Non-GAAP)**
74.23
%
74.69
%
Net interest margin
2.81
%
3.02
%
Net loan charge-offs (recoveries)/Average
loans
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, 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/20250204269416/en/
For more information contact: John B. Connerton Executive
Vice President and Chief Financial Officer (716) 926-2000
jconnerton@evansbank.com
-OR- Deborah K. Pawlowski/Craig Mychajluk Alliance
Advisors IR (716) 843-3908 dpawlowski@allianceadvisors.com
cmychajluk@allianceadvisors.com
Media Contact: Kathleen Rizzo Young Group VP/Public &
Community Relations Director (716) 343-5562
krizzoyoung@evansbank.com
Evans Bancorp (AMEX:EVBN)
Historical Stock Chart
From Jan 2025 to Feb 2025
Evans Bancorp (AMEX:EVBN)
Historical Stock Chart
From Feb 2024 to Feb 2025
