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CORRECTING and REPLACING Evans Bancorp Reports Record Net Income for 2019

·17 min read

In the press release dated Jan. 30, 2020, non-interest income, tax expense, net income, earnings per diluted share, and all related information has been updated to reflect the change in timing of an historic tax credit transaction from the fourth quarter 2019 to the first quarter of 2020.

The corrected release reads:

EVANS BANCORP REPORTS RECORD NET INCOME FOR 2019

Evans Bancorp, Inc. (the "Company" or "Evans") (NYSE American: EVBN), a community financial services company serving Western New York since 1920, today reported its results of operations for the fourth quarter and year ended December 31, 2019.

FOURTH QUARTER AND FULL YEAR 2019 HIGHLIGHTS (compared with prior-year period unless otherwise noted)

  • Record annual net income of $17.0 million, up 4%

  • Net interest income increased 8% to $52 million in 2019 driven by higher loan balances

  • Insurance service and fee revenue increased 14% to $10.7 million during 2019

  • Average demand deposits grew 10% in the fourth quarter

  • Entered into an agreement to acquire Fairport Savings Bank

For the full year 2019, net income increased 4% to $17.0 million, or $3.42 per diluted share, from $16.4 million, or $3.32 per diluted share, in 2018. The increase reflected higher net interest income, largely due to an expanded commercial loan portfolio, and higher fee-based business income. The return on average equity was 12.08% for 2019, compared with 13.20% in 2018.

Net income was $3.7 million, or $0.75 per diluted share, in the fourth quarter of 2019, compared with $5.2 million, or $1.04 per diluted share, in the third quarter of 2019 and $4.5 million, or $0.90 per diluted share, in last year’s fourth quarter. The decrease from the linked quarter was the result of lower net interest income reflecting lower interest rates and seasonally lower insurance fee revenue. Return on average equity was 10.16% for the fourth quarter of 2019, compared with 14.29% in the third quarter of 2019 and 13.86% in the fourth quarter of 2018.

"2019 was an outstanding year for the organization. Our performance demonstrated solid growth and the success of our strategic focus as well as a continued commitment to building and strengthening the business for the long-term," said David J. Nasca, President and CEO of Evans Bancorp, Inc. "We grew and rebalanced our deposit portfolio mix, continued to drive strong loan growth and increased non-interest income. Operations and offerings in insurance, employee benefits, cash management and municipal services were strengthened and bolstered fee-based business income."

"2020 is an important milestone in Evans history, as this year marks a century of serving Western New York. Stable, prudent and strategic management has enabled us to effectively serve all our stakeholders, associates, shareholders, clients and the community over this long history. We believe this, along with a relationship focus and strong cultural foundation, provides sustainability and excellent prospects for the continued growth and success of our community based financial organization."

On December 19, 2019, Evans entered into an agreement to acquire Fairport Savings Bank ("FSB"). Based on information as of September 30, 2019, the combined company will have approximately $1.8 billion in total assets, including $1.5 billion in total loans and $1.5 billion in total deposits. The acquisition is expected to close in the second quarter of 2020.

Net Interest Income

($ in thousands)

4Q 2019

3Q 2019

4Q 2018

Interest income

$

16,028

$

16,845

$

15,309

Interest expense

3,236

3,224

2,936

Net interest income

12,792

13,621

12,373

(Credit) provision for loan losses

(122)

(431)

(276)

Net interest income after provision

$

12,914

$

14,052

$

12,649

Net interest income decreased $0.8 million, or 6%, from the third quarter of 2019, but increased $0.4 million, or 3%, from the prior-year fourth quarter. The decrease from the trailing quarter was driven by a decline in loan yields as a result of the re-pricing of variable rate loans tied to the Company’s prime rate after another Federal Reserve rate cut. The third quarter of 2019 also included $0.2 million of interest related to the recovery of a single commercial loan that was previously written-off. The increase from the prior-year fourth quarter reflects growth in average commercial loans, including commercial real estate and commercial and industrial loans, which were $996 million, up $83 million.

Fourth quarter net interest margin of 3.67% decreased 27 basis points from the 2019 third quarter and 3 basis points from the fourth quarter of 2018. Excluding the interest related to the third quarter loan recovery, net interest margin decreased 22 basis points, reflecting the Federal Reserve’s decrease of the fed funds rate. The cost of interest-bearing liabilities remained 1.24% in the fourth quarter, the same as the third quarter of 2019 and compared with 1.14% in the fourth quarter of 2018.

The $0.1 million release of allowance for loan losses reflects improved asset quality on impaired loans and marginal loan growth in the fourth quarter.

Asset Quality

($ in thousands)

4Q 2019

3Q 2019

4Q 2018

Total non-performing loans

$

14,396

$

13,839

$

18,991

Total net loan charge-offs (recoveries)

85

(565)

153

Non-performing loans/ Total loans

1.17

%

1.13

%

1.64

%

Net loan charge-offs (recoveries)/ Average loans

0.03

%

(0.19)

%

0.05

%

Allowance for loan losses/ Total loans

1.24

%

1.26

%

1.28

%

"We are consistent and disciplined with deep knowledge of our customers and their businesses. As a result, we have maintained strong asset quality metrics," stated John Connerton, Chief Financial Officer of Evans Bank. "Given the challenges from the yield curve, we are carefully managing our balance sheet and continually looking to improve our asset mix to be in a position to drive expansion of our net interest margin."

Non-Interest Income

($ in thousands)

4Q 2019

3Q 2019

4Q 2018

Deposit service charges

$

747

$

687

$

571

Insurance service and fee revenue

2,120

3,225

2,233

Bank-owned life insurance

164

160

166

Loss on tax credit investment

(158)

-

(2,705)

Refundable NY state historic tax credit

115

-

1,832

Other income

1,005

1,092

941

Total non-interest income

$

3,993

$

5,164

$

3,038

The increase in deposit service charges reflects newer service offerings, including overdraft protection for small business customers.

Insurance revenue decreased $1.1 million from the third quarter due to the seasonal decrease in commercial lines insurance commissions. The $0.1 million decrease from the fourth quarter of 2018 was the result of a decrease in profit sharing revenues, resulting from higher loss ratios experienced by the insurance carriers.

The fourth quarter of 2018 included a $0.9 million loss on an investment in a historic rehabilitation tax credit. There were no significant historic tax credit transactions during 2019.

Non-Interest Expense

($ in thousands)

4Q 2019

3Q 2019

4Q 2018

Salaries and employee benefits

$

7,355

$

7,644

$

7,220

Occupancy

868

853

855

Advertising and public relations

421

231

362

Professional services

1,059

1,009

599

Technology and communications

1,075

1,057

909

Amortization of intangibles

112

112

112

FDIC insurance

74

-

251

Other expenses

1,207

1,370

1,124

Total non-interest expenses

$

12,171

$

12,276

$

11,432

Salaries and benefits costs decreased 4% from the linked quarter as a result of severance costs recorded during the third quarter of 2019. The increase from the prior-year period reflects the strategic hiring of personnel to support the Company’s continued growth.

The increase in advertising and public relations expense reflects costs related to promotional campaigns.

Fourth quarter professional service fees included $0.2 million in merger-related costs associated with the previously announced agreement to acquire FSB. The remaining variance to the prior-year period was the result of expenses related to the purchase of a new corporate headquarters and consulting services associated with business intelligence data systems.

The increase in technology and communications was due to higher software costs, volume related ATM card fees and online banking activity.

Reduced FDIC insurance expense when compared with the prior year reflects the benefit of the FDIC’s small bank assessment credit.

The decrease in other expense when compared with the linked quarter reflects a $0.2 million charitable contribution made in the third quarter.

The Company’s GAAP efficiency ratio, or noninterest expenses divided by the sum of net interest income and noninterest income, was 72.5% in the fourth quarter of 2019, 65.4% in the third quarter of 2019, and 74.2% in the fourth quarter of 2018. The Company’s non-GAAP efficiency ratio, which excludes amortization expense, gains and losses from investment securities, merger-related expenses and the impact of historic tax credit transactions, was 70.3% in the fourth quarter of 2019, compared with 64.8% in the third quarter of 2019 and 69.5% in last year’s fourth quarter.

During the fourth quarter 2019, the Company recognized income tax expense of $1.0 million, representing an effective tax rate of 20.9%, compared with a $0.2 million benefit or an effective tax rate of -4.6% in the prior year’s fourth quarter. Excluding the impact of historic tax credit transactions, the fourth quarter 2018 effective tax was 23.1%. The third quarter 2019 income tax expense was $1.8 million, or an effective tax rate of 25.6%.

2019 Year-end Balance Sheet Highlights

Total assets were $1.46 billion as of December 31, 2019, consistent with September 30, 2019 and $72 million, or 5%, higher than year-end 2018. The Company had strong loan growth as the portfolio increased $71 million, or 6%, to $1.23 billion during 2019 with the increase predominantly in commercial real estate.

Investment securities were $130 million at December 31, 2019, $7 million lower than the third quarter of 2019, and $3 million lower than at the end of 2018. The primary objectives of the Company’s investment portfolio are to provide liquidity, secure municipal deposits, and maximize income while preserving safety of principal. With the flattened yield curve, there is a reduced advantage to purchasing longer-term investment securities.

Total deposits of $1.27 billion at December 31, 2019 were up $52 million, or 4% from the end of 2018. The increase reflects growth of $32 million, or 14% in demand deposits, $30 million, or 27% in NOW account deposits and $16 million, or 3% in savings deposits. Partially offsetting this growth was a $25 million, or 8%, decrease in time deposits, which included $14 million of brokered deposits. Total average demand deposits were $273 million for the 2019 fourth quarter, an increase of $25 million from the fourth quarter of 2018, mostly attributable to growth in retail demand deposits.

2019 Year in Review (compared with prior-year period)

Net interest income was $52.1 million, up 8%, primarily due to strong growth in the Company’s commercial loan portfolio and improved net interest margin, partially offset by an increase in deposit interest expense. Net interest margin was 3.82%, an increase of 5 basis points.

The Company’s provision for loan losses of $0.1 million was down from $1.4 million primarily due to improved asset quality of impaired loans, including the successful restructure and payoff of a single commercial construction loan of $8 million, and a decrease in net loan charge-offs due to a single commercial loan recovery of $0.7 million, offset by loan growth and an increase in criticized loans. The ratio of non-performing loans to total loans was 1.17% compared with 1.64%.

Non-interest income was up $2.9 million, or 19%, to $18.1 million, mainly due to the increase in insurance service and fee revenue of $1.3 million, reflecting a full year of revenue from the R&S agency, which was acquired during 2018, a $0.4 million increase in deposit service charges and a $0.9 million loss on an investment in a historic rehabilitation tax credit in 2018.

Non-interest expense increased $4.5 million, or 10%, to $47.8 million. The increase reflects higher salaries and employee benefits of $2.2 million, or 8%, due to the addition of new employees as part of the Company’s planned growth strategy, merit increases, higher incentive compensation and severance costs. Professional services expenses were up $1.3 million, or 52% largely due to atypical legal and accounting costs, including those related to merger-related activities and costs associated with a cyber incident and related matters. Technology expenses were up 22%, or $0.7 million, to $4.1 million largely due to increased software costs, volume related ATM card fees and online banking activity. FDIC insurance expense decreased $0.6 million, or 58% as a result of lower assessment rates resulting from improved financial ratios and the application of the FDIC’s small bank assessment credit.

The Company’s GAAP efficiency ratio was 68.2% in 2019 compared with 68.4% in 2018. The Company’s non-GAAP efficiency ratio, as previously defined, was 67.2% compared with 66.9%.

Income tax expense for the year was $5.2 million, representing an effective tax rate of 23.5% compared with an effective tax rate of 12.2% in 2018. Excluding the impact of the 2018 historic tax credit transactions, the effective tax rate was 18.8% in 2018.

Capital Management

The Company consistently maintains regulatory capital ratios measurably above the Federal "well capitalized" standard, including a Tier 1 leverage ratio of 10.33% at December 31, 2019 compared with 10.11% at September 30, 2019 and 9.73% at December 31, 2018. Book value per share increased to $30.11 from $29.44 at September 30, 2019 and $27.13 at December 31, 2018.

In 2019, the Company paid cash dividends of $1.04 per common share, up 13%.

Outlook

Mr. Nasca concluded, "We believe the economic environment within the markets we serve is solid and provides opportunity for us to expand our business and create deeper relationships with existing clients. The differentiators will continue to be our talented people and a focus on adding value to relationships while continuing to invest back into our communities."

"We expect that the current interest rate environment and geo-political issues will present their share of challenges. Our ability to focus on our clients, continue our growth and targeted strategic investments should help offset these pressures and allow us to continue to build earnings power. We are excited about the acquisition of FSB Bancorp and its Fairport Savings Bank, which was announced in December. The acquisition will let us bring our community focused commercial business model to an expanded market, scale the consumer and mortgage banking activities of the combined organization for efficiency and profitability, deliver additional deposit clients and allow Evans to expand its competitive fee-based businesses. We believe the combined capabilities of Evans and FSB create breadth and scale that will benefit clients, communities and associates while adding to returns.

"The Company expects the transaction to close in the second quarter of 2020, subject to the satisfaction of normal and customary closing conditions, including regulatory and FSB shareholder approvals."

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 $1.5 billion in assets and $1.3 billion in deposits at December 31, 2019. Evans is a full-service community bank, with 15 financial centers providing comprehensive financial services to consumer, business and municipal customers throughout Western New York. Evans Bancorp's wholly owned insurance subsidiary, The Evans Agency, LLC, provides life insurance, employee benefits, and property and casualty insurance through ten insurance 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 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)

12/31/2019

9/30/2019

6/30/2019

3/31/2019

12/31/2018

ASSETS

Investment Securities

$

130,308

$

136,977

$

137,438

$

140,731

$

133,788

Loans

1,226,531

1,219,792

1,212,699

1,185,429

1,155,930

Allowance for loan losses

(15,175)

(15,382)

(15,248)

(15,207)

(14,784)

Goodwill and intangible assets

12,545

12,657

12,768

12,880

12,992

Operating lease right-of-use asset

3,720

3,862

4,003

4,142

-

All other assets

102,301

97,826

119,460

128,206

100,281

Total assets

$

1,460,230

$

1,455,732

$

1,471,120

$

1,456,181

$

1,388,207

LIABILITIES AND STOCKHOLDERS'

EQUITY

Demand deposits

263,717

271,633

243,860

242,156

231,902

NOW deposits

140,654

141,384

145,620

122,204

110,450

Savings deposits

587,142

568,156

603,180

618,471

571,479

Time deposits

275,927

277,633

290,251

292,892

301,227

Total deposits

1,267,440

1,258,806

1,282,911

1,275,723

1,215,058

Borrowings

23,755

28,748

25,298

23,812

24,472

Operating lease liability

4,154

4,302

4,449

4,594

-

Other liabilities

16,428

19,007

17,175

17,617

17,031

Total stockholders' equity

148,453

144,869

141,287

134,435

131,646

SHARES AND CAPITAL RATIOS

Common shares outstanding

4,929,593

4,920,381

4,915,678

4,860,316

4,852,868

Book value per share

$

30.11

$

29.44

$

28.74

$

27.66

$

27.13

Tier 1 leverage ratio

10.33

%

10.11

%

9.99

%

9.74

%

9.73

%

Tier 1 risk-based capital ratio

12.32

%

11.87

%

11.86

%

11.68

%

11.84

%

Total risk-based capital ratio

13.56

%

13.11

%

13.11

%

12.93

%

13.09

%

ASSET QUALITY DATA

Total non-performing loans

$

14,396

$

13,839

$

11,020

$

19,987

$

18,991

Total net loan charge-offs (recoveries)

85

(565)

49

115

153

Non-performing loans/Total loans

1.17

%

1.13

%

0.91

%

1.69

%

1.64

%

Net loan charge-offs (recoveries)/Average loans

0.03

%

(0.19)

%

0.02

%

0.04

%

0.05

%

Allowance for loans losses/Total loans

1.24

%

1.26

%

1.26

%

1.28

%

1.28

%

EVANS BANCORP, INC AND SUBSIDIARIES

SELECTED OPERATIONS DATA (UNAUDITED)

(in thousands, except share and per share data)

2019

2019

2019

2019

2018

Fourth Quarter

Third Quarter

Second Quarter

First Quarter

Fourth Quarter

Interest income

$

16,028

$

16,845

$

16,325

$

15,542

$

15,309

Interest expense

3,236

3,224

3,191

3,034

2,936

Net interest income

12,792

13,621

13,134

12,508

12,373

Provision (credit) for loan losses

(122)

(431)

90

538

(276)

Net interest income after provision

12,914

14,052

13,044

11,970

12,649

Deposit service charges

747

687

602

533

571

Insurance service and fee revenue

2,120

3,225

2,901

2,442

2,233

Bank-owned life insurance

164

160

173

159

166

Loss on tax credit investment

(158)

-

-

-

(2,705)

Refundable NY state historic tax credit

115

-

-

-

1,832

Other income

1,005

1,092

1,054

1,061

941

Total non-interest income

3,993

5,164

4,730

4,195

3,038

Salaries and employee benefits

7,355

7,644

7,469

7,160

7,220

Occupancy

868

853

872

836

855

Advertising and public relations

421

231

214

167

362

Professional services

1,059

1,009

929

745

599

Technology and communications

1,075

1,057

1,099

893

909

Amortization of intangibles

112

112

112

112

112

FDIC insurance

74

-

150

207

251

Other expenses

1,207

1,370

1,304

1,104

1,124

Total non-interest expenses

12,171

12,276

12,149

11,224

11,432

Income before income taxes

4,736

6,940

5,625

4,941

4,255

Income tax provision (benefit)

988

1,776

1,243

1,221

(196)

Net income

3,748

5,164

4,382

3,720

4,451

PER SHARE DATA

Net income per common share-diluted

$

0.75

$

1.04

$

0.88

$

0.75

$

0.90

Cash dividends per common share

$

-

$

0.52

$

-

$

0.52

$

-

Weighted average number of diluted shares

4,990,863

4,976,639

4,953,072

4,932,451

4,928,551

PERFORMANCE RATIOS

Return on average total assets

1.02

%

1.41

%

1.21

%

1.04

%

1.26

%

Return on average stockholders' equity

10.16

%

14.29

%

12.71

%

11.19

%

13.86

%

Efficiency ratio

70.28

%

64.75

%

67.54

%

66.53

%

69.52

%

EVANS BANCORP, INC AND SUBSIDIARIES

SELECTED AVERAGE BALANCES AND YIELDS/RATES (UNAUDITED)

(in thousands)

2019

2019

2019

2019

2018

Fourth Quarter

Third Quarter

Second Quarter

First Quarter

Fourth Quarter

AVERAGE BALANCES

Loans, net

$

1,213,837

$

1,202,634

$

1,183,379

$

1,153,067

$

1,128,015

Investment securities

137,354

143,731

148,465

141,249

137,175

Interest-bearing deposits at banks

32,061

24,661

28,132

44,024

60,061

Total interest-earning assets

1,383,252

1,371,026

1,359,976

1,338,340

1,325,251

Non interest-earning assets

89,415

89,513

85,720

86,386

83,482

Total Assets

$

1,472,667

$

1,460,539

$

1,445,696

$

1,424,726

$

1,408,733

NOW

136,077

134,008

123,515

112,571

110,612

Savings

593,694

591,585

605,524

591,641

581,048

Time deposits

274,856

281,798

289,794

298,586

301,957

Total interest-bearing deposits

1,004,627

1,007,391

1,018,833

1,002,798

993,617

Borrowings

27,241

25,234

24,231

25,746

25,340

Total interest-bearing liabilities

1,031,868

1,032,625

1,043,064

1,028,544

1,018,957

Demand deposits

272,834

261,089

244,142

242,030

247,619

Other non-interest bearing liabilities

20,375

22,231

20,609

21,219

13,689

Stockholders' equity

147,590

144,594

137,881

132,933

128,468

Total Liabilities and Equity

$

1,472,667

$

1,460,539

$

1,445,696

$

1,424,726

$

1,408,733

YIELD/RATE

Loans, net

4.92

%

5.16

%

5.13

%

5.05

%

4.94

%

Investment securities

2.46

%

2.87

%

2.77

%

2.67

%

2.68

%

Interest-bearing deposits at banks

1.65

%

2.56

%

2.22

%

2.29

%

2.24

%

Total interest-earning assets

4.61

%

4.87

%

4.81

%

4.71

%

4.58

%

NOW

0.57

%

0.45

%

0.37

%

0.30

%

0.30

%

Savings

0.94

%

0.90

%

0.87

%

0.80

%

0.74

%

Time deposits

2.09

%

2.17

%

2.18

%

2.16

%

2.07

%

Total interest-bearing deposits

1.21

%

1.20

%

1.18

%

1.15

%

1.10

%

Borrowings

2.64

%

2.92

%

3.13

%

3.01

%

2.97

%

Total interest-bearing liabilities

1.24

%

1.24

%

1.23

%

1.20

%

1.14

%

Interest rate spread

3.36

%

3.63

%

3.58

%

3.51

%

3.44

%

Contribution of interest-free funds

0.31

%

0.31

%

0.29

%

0.28

%

0.26

%

Net interest margin

3.67

%

3.94

%

3.87

%

3.79

%

3.70

%

EVANS BANCORP, INC AND SUBSIDIARIES

SELECTED OPERATIONS DATA (UNAUDITED)

(in thousands, except share and per share data)

2019

2018

Year to Date

Year to Date

% Change

Interest income

$

64,740

$

57,612

12

%

Interest expense

12,685

9,505

33

%

Net interest income

52,055

48,107

8

%

Provision for loan losses

75

1,402

(95)

%

Net interest income after provision

51,980

46,705

11

%

Deposit service charges

2,569

2,176

18

%

Insurance service and fee revenue

10,688

9,365

14

%

Bank-owned life insurance

656

680

(4)

%

Loss on tax credit investment

(158)

(2,870)

(494)

%

Refundable NY state historic tax credit

115

1,982

(94)

%

Other income

4,212

3,894

8

%

Total non-interest income

18,082

15,227

19

%

Salaries and employee benefits

29,628

27,412

8

%

Occupancy

3,429

3,135

9

%

Advertising and public relations

1,033

1,070

(3)

%

Professional services

3,742

2,466

52

%

Technology and communications

4,124

3,394

22

%

FDIC insurance

431

1,024

(58)

%

Amortization of intangibles

448

280

60

%

Other expenses

4,985

4,512

10

%

Total non-interest expenses

47,820

43,293

10

%

Income before income taxes

22,242

18,639

19

%

Income tax provision

5,228

2,283

129

%

Net income

17,014

16,356

4

%

PER SHARE DATA

Net income per common share-diluted

$

3.42

$

3.32

3

%

Cash dividends per common share

$

1.04

$

0.92

13

%

Weighted average number of diluted shares

4,968,172

4,933,743

PERFORMANCE RATIOS

Return on average total assets

1.17

%

1.20

%

Return on average stockholders' equity

12.08

%

13.20

%

Efficiency ratio

67.21

%

66.87

%

Net interest margin

3.82

%

3.77

%

Net loan charge-offs (recoveries)/Average loans

(0.03)

%

0.06

%

View source version on businesswire.com: https://www.businesswire.com/news/home/20200130005768/en/

Contacts

John B. Connerton
Executive Vice President and Chief Financial Officer
Phone: (716) 926-2000
Email: jconnerton@evansbank.com

Deborah K. Pawlowski
Kei Advisors LLC
Phone: (716) 843-3908
Email: dpawlowski@keiadvisors.com