Evans Bancorp slumps in 3Q Business First - by Allissa Kline Date: Friday, October 29, 2010, 6:51am EDT
Evans Bancorp Inc. said its net income totaled $1.3 million, or 31 cents per share, for the third quarter of 2010.
That’s a 45.8 percent drop from the same quarter last year when the Hamburg-based bank reported net income of $2.4 million, or 87 cents per share.
The parent of Evans Bank said the decrease stems from its purchase of the failed Waterford Village Bank in Clarence, which it acquired in July 2009 after the start-up was shut down by banking regulators for being undercapitalized. A $400,000 increase in loan and lease losses as well as a $700,000 increase in noninterest expenses also contribute to the decline.
“Our results this quarter reflect the tepid pace of the economic recovery, the impact of the interest rate environment and the investments we are making in our people and infrastructure as we acquire greater share of the Western New York market and deepen our wallet share with existing customers,” bank president and CEO David Nasca said in a release. “Despite the challenges presented by this economy, we intend to sustain our investments to build a more robust and extensive distribution system to serve our expanding customer base and further take advantage of the significant small business opportunities in Western New York.”