Le Lézard
Classified in: Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

Evans Bancorp Reports Net Income of $5.9 Million in Third Quarter 2022


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, 2022.

THIRD QUARTER 2022 HIGHLIGHTS (compared with prior-year period unless otherwise noted)

Net income was $5.9 million, or $1.06 per diluted share, in the third quarter of 2022, compared with $5.7 million, or $1.03 per diluted share, in the second quarter of 2022 and $7.0 million, or $1.27 per diluted share, in last year's third quarter. The increase from the sequential second quarter was largely due to higher net interest income. The change from prior year reflected an increase in provision for loan losses compared with a sizable credit to provision for loan losses in the third quarter of 2021, partially offset by higher net interest income during the quarter. Return on average equity was 14.15% for the third quarter of 2022, compared with 13.77% in the second quarter of 2022 and 15.58% in the third quarter of 2021.

"Third quarter results were solid and up from the prior quarter, with strong revenue, a strengthened net interest margin, and a lower efficiency ratio. On a year-over-year basis, earnings reflected a single charged-off credit that resulted in a higher than typical provision. Overall lending performance continues to be positive considering higher rates that have slowed Commercial Real Estate activity. Of note, Commercial & Industrial lending has been more robust in these challenging economic conditions, strengthening a solid pipeline as we approach the end of the year," said David J. Nasca, President and CEO of Evans Bancorp, Inc. "We remain positive on our local economy and believe our strong and diversified portfolio is well positioned to enable us to navigate the continuing headwinds."

Net Interest Income

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3Q 2022

 

 

2Q 2022

 

 

3Q 2021

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

20,487

 

 

$

19,097

 

 

$

19,302

Interest expense

 

 

1,299

 

 

 

1,045

 

 

 

1,139

Net interest income

 

 

19,188

 

 

 

18,052

 

 

 

18,163

Provision (credit) for loan losses

 

 

1,328

 

 

 

267

 

 

 

(1,459)

Net interest income after provision

 

$

17,860

 

 

$

17,785

 

 

$

19,622

Net interest income increased $1.1 million, or 6%, from the sequential second quarter and $1.0 million, or 6%, when compared with prior-year third quarter. The increase from the sequential quarter primarily reflected higher rates on a relatively similar base of interest earning assets. Rate changes reflected the 300 basis point increase in the federal funds rate since the beginning of 2022. Partially offsetting the improvement in interest income was a $0.3 million increase in interest expense related to competitive pricing on deposits. The increase from prior year reflected higher interest income on investment securities of $1.1 million. A $1.9 million increase in interest income on loans resulting from the fed funds rate increases and higher average loan balances offset lower Paycheck Protection Program loan fees.

Third quarter net interest margin of 3.72% improved 27 basis points over the trailing second quarter and 24 basis points from the prior-year period. The yield on loans also improved both sequentially and year-over year, up 23 basis points and 11 basis points, respectively. The cost of interest-bearing liabilities was 0.36% compared with 0.28% in the second quarter of 2022 and 0.31% in the third quarter of 2021.

As a result of the COVID-19 pandemic, the Company classified $81 million of loans to clients within the hotel industry as criticized in 2020. Subsequently, more than half of this portfolio has been upgraded or paid off. Currently, $38 million of the hotel portfolio remains in criticized status at the end of the 2022 third quarter. The improvement of the remaining criticized hotel credits is dependent on continued positive payment performance. Given released travel restrictions and improvements in tourism and business travel, trends for this industry have improved.

The higher than average provision for loan losses of $1.3 million in the current quarter was primarily due to the $1.5 million charge-off of a single government agency guaranteed commercial loan. During the quarter, the Company was notified that its claim for reimbursement of the guarantee was denied. Management has evaluated the remaining government guaranteed portfolio and determined that the above loan had unique characteristics.

Evans has deferred the adoption of the Current Expected Credit Loss Impairment Model (CECL) until January 2023, as permitted by its classification as a Smaller Reporting Company by the Securities and Exchange Commission.

Asset Quality

 

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3Q 2022

 

 

2Q 2022

 

 

3Q 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-performing loans

 

$

25,961

 

 

$

22,010

 

 

$

25,463

 

Total net loan charge-offs

 

 

1,518

 

 

 

66

 

 

 

431

 

Non-performing loans / Total loans

 

 

1.60

%

 

 

1.36

%

 

 

1.58

%

Net loan charge-offs / Average loans

 

 

0.38

%

 

 

0.02

%

 

 

0.10

%

Allowance for loan losses / Total loans

 

 

1.15

%

 

 

1.17

%

 

 

1.12

%

"During the quarter, we were notified that the government denied the guarantee on a single loan that had been in our nonperforming category since late 2019. As a result, we charged-off the $1.5 million loan in the quarter. Although disappointed with the agency's decision concerning the guarantee, the characteristics of this particular loan were unique and are not indicative of other commercial credits in our portfolio or specifically other loans with a government guarantee," stated John Connerton, Chief Financial Officer of Evans Bank. "Our return on average assets (ROA) for the quarter was 1.08%, demonstrating the strength of our performance especially considering this one credit negatively impacted the ratio by 20 basis points."

Non-Interest Income

($ in thousands)

 

 

3Q 2022

 

 

2Q 2022

 

 

3Q 2021

 

 

 

 

 

 

 

 

 

 

 

 

Deposit service charges

 

$

782

 

 

$

703

 

 

$

664

Insurance service and fee revenue

 

 

3,383

 

 

 

2,567

 

 

 

3,191

Bank-owned life insurance

 

 

161

 

 

 

171

 

 

 

158

Other income

 

 

1,441

 

 

 

1,171

 

 

 

1,144

Total non-interest income

 

$

5,767

 

 

$

4,612

 

 

$

5,157

 

 

 

 

 

 

 

 

 

 

 

 

Higher debit card usage drove deposit service charges up 18% over last year's third quarter.

The increase in insurance service and fee revenue from the sequential second quarter reflects seasonally higher commercial lines insurance commissions and profit-sharing revenue. The increase from the prior year was primarily due to increased commissions resulting from higher premiums and new commercial lines insurance business.

The increases in other income over both prior periods was largely due to a $0.2 million final payment in connection with a historic tax credit investment and movements in the fair value of mortgage servicing rights.

Non-Interest Expense

($ in thousands)

 

 

3Q 2022

 

 

2Q 2022

 

 

3Q 2021

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

$

10,450

 

 

$

9,436

 

 

$

9,930

Occupancy

 

 

1,118

 

 

 

1,131

 

 

 

1,126

Advertising and public relations

 

 

417

 

 

 

438

 

 

 

434

Professional services

 

 

839

 

 

 

843

 

 

 

840

Technology and communications

 

 

1,339

 

 

 

1,237

 

 

 

1,327

Amortization of intangibles

 

 

100

 

 

 

100

 

 

 

135

FDIC insurance

 

 

255

 

 

 

250

 

 

 

285

Other expenses

 

 

1,273

 

 

 

1,349

 

 

 

1,316

Total non-interest expenses

 

$

15,791

 

 

$

14,784

 

 

$

15,393

Total non-interest expense increased $1.0 million, or 7%, from the second quarter of 2022, and $0.4 million, or 3%, from last year's third quarter.

Salaries and employee benefits increased $1.0 million, or 11%, from the sequential second quarter, which reflected a $0.7 million increase in incentive accruals. The $0.5 million, or 5%, increase over last year's third quarter was mainly due to annual merit increases.

Technology and communications increased $0.1 million from prior quarter due to higher ATM card activity and software costs.

The Company's GAAP efficiency ratio, or noninterest expenses divided by the sum of net interest income and noninterest income, was 63.3% in the third quarter of 2022, 65.2% in the second quarter of 2022, and 66.0% in the third quarter of 2021.

Income tax expense was $2.0 million, for an effective tax rate of 25.2%, in the third quarter of 2022 compared with 24.7% in the second quarter of 2022 and 25.6% in last year's third quarter.

Balance Sheet Highlights

Total assets were $2.13 billion as of September 30, 2022, down 4% from the end of the trailing quarter and down 1% compared with balances at September 30, 2021. The change from the sequential quarter was due to an $81 million decline in interest-bearing deposits at banks and a $27 million decrease in investment securities which was partially offset by a $13 million increase in total loans. Since last year's third quarter, while interest-bearing deposits decreased $172 million, investment securities increased $118 million and total loans increased $12 million. PPP loan balances, which are included in commercial and industrial loans, were down $75 million year-over-year. Excluding the decline in PPP loans, commercial and industrial loans increased $28 million, or 14%, from the third quarter of 2021. Residential mortgages and commercial real estate loans increased $27 million and $26 million, respectively, since the third quarter of 2021.

Investment securities were $377 million at September 30, 2022, $27 million lower than the end of the second quarter of 2022, but $118 million higher than at the end of last year's third quarter. The decrease from the sequential quarter reflects changes in unrealized gains and losses on investment securities. The increase from prior year reflects 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 $1.87 billion decreased $95 million, or 5%, from June 30, 2022, and $2 million, or less than 1%, from the end of last year's third quarter. The decrease from the sequential quarter primarily reflects seasonal municipal deposit outflows and a large component of one product, interest rate sensitive customers that the Bank determined to be noncore. From a product line perspective, there were decreases in consumer savings deposits of $50 million, commercial savings of $26 million, municipal savings deposits of $25 million and NOW deposits of $2 million, partially offset by an increase in demand deposits of $9 million.

Capital Management

The Company has consistently maintained regulatory capital ratios measurably above the Federal "well capitalized" standard, including a Tier 1 leverage ratio of 9.00% at September 30, 2022 compared with 8.73% at June 30, 2022 and 8.34% at September 30, 2021.

Book value per share was $27.20 at September 30, 2022 compared with $29.53 at June 30, 2022 and $32.73 at September 30, 2021. Reflected in the book value changes are the Federal Reserve's aggressive interest rate hikes that have resulted in significant changes in unrealized gains and losses on investment securities, which reduced book value per share at September 30, 2022 by $2.83 when compared with the sequential second quarter and $8.38 from last year's third quarter. Such unrealized gains and losses are generally 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. The Company had no other-than-temporary impairment charges in its investment portfolio in 2022 or 2021.

Tangible book value per share was $24.65 at September 30, 2022 compared with $26.97 at June 30, 2022 and $30.07 at September 30, 2021.

In October 2022, the Company paid a semi-annual cash dividend of $0.64 per common share. Cash dividends totaled $1.26 per common share during 2022, up 5% over 2021.

Webcast and Conference Call

The Company will host a conference call and webcast on Wednesday, October 26, 2022 at 4:45 p.m. ET. Management will review the financial and operating results for the third quarter of 2022, 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 Wednesday, November 2, 2022. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13733202, 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 $2.1 billion in assets and $1.9 billion in deposits at September 30, 2022. Evans is a full-service community bank with 18 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9/30/2022

 

 

 

6/30/2022

 

 

 

3/31/2022

 

 

 

12/31/2021

 

 

 

9/30/2021

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits at banks

 

$

6,813

 

 

$

88,190

 

 

$

147,277

 

 

$

234,929

 

 

$

179,231

 

Investment Securities

 

 

376,713

 

 

 

403,322

 

 

 

388,953

 

 

 

309,124

 

 

 

258,221

 

Loans

 

 

1,626,457

 

 

 

1,613,834

 

 

 

1,604,079

 

 

 

1,571,905

 

 

 

1,614,162

 

Allowance for loan losses

 

 

(18,630)

 

 

 

(18,819)

 

 

 

(18,618)

 

 

 

(18,438)

 

 

 

(18,051)

 

Goodwill and intangible assets

 

 

14,029

 

 

 

14,129

 

 

 

14,229

 

 

 

14,329

 

 

 

14,546

 

All other assets

 

 

124,323

 

 

 

107,698

 

 

 

104,814

 

 

 

98,791

 

 

 

103,949

 

Total assets

 

$

2,129,705

 

 

$

2,208,354

 

 

$

2,240,734

 

 

$

2,210,640

 

 

$

2,152,058

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS'

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

 

558,805

 

 

 

550,079

 

 

 

528,962

 

 

 

492,864

 

 

 

502,689

 

NOW deposits

 

 

263,648

 

 

 

265,181

 

 

 

257,475

 

 

 

259,908

 

 

 

253,124

 

Savings deposits

 

 

913,383

 

 

 

1,015,511

 

 

 

1,051,136

 

 

 

1,019,925

 

 

 

942,147

 

Time deposits

 

 

137,910

 

 

 

137,561

 

 

 

149,243

 

 

 

164,340

 

 

 

178,083

 

Total deposits

 

 

1,873,746

 

 

 

1,968,332

 

 

 

1,986,816

 

 

 

1,937,037

 

 

 

1,876,043

 

Borrowings

 

 

83,456

 

 

 

59,028

 

 

 

64,322

 

 

 

67,965

 

 

 

71,564

 

Other liabilities

 

 

22,652

 

 

 

18,319

 

 

 

20,393

 

 

 

21,746

 

 

 

25,617

 

Total stockholders' equity

 

 

149,850

 

 

 

162,675

 

 

 

169,203

 

 

 

183,892

 

 

 

178,834

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHARES AND CAPITAL RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

 

5,509,917

 

 

 

5,508,663

 

 

 

5,519,831

 

 

 

5,482,756

 

 

 

5,463,141

 

Book value per share

 

$

27.20

 

 

$

29.53

 

 

$

30.65

 

 

$

33.54

 

 

$

32.73

 

Tangible book value per share

 

$

24.65

 

 

$

26.97

 

 

$

28.08

 

 

$

30.93

 

 

$

30.07

 

Tier 1 leverage ratio

 

 

9.00

%

 

 

8.73

%

 

 

8.57

%

 

 

8.57

%

 

 

8.34

%

Tier 1 risk-based capital ratio

 

 

12.40

%

 

 

12.47

%

 

 

12.55

%

 

 

12.76

%

 

 

12.34

%

Total risk-based capital ratio

 

 

13.57

%

 

 

13.68

%

 

 

13.78

%

 

 

14.02

%

 

 

13.57

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-performing loans

 

$

25,961

 

 

$

22,010

 

 

$

20,659

 

 

$

18,415

 

 

$

25,463

 

Total net loan charge-offs

 

 

1,518

 

 

 

66

 

 

 

41

 

 

 

6

 

 

 

431

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing loans/Total loans

 

 

1.60

%

 

 

1.36

%

 

 

1.29

%

 

 

1.17

%

 

 

1.58

%

Net loan charge-offs /Average loans

 

 

0.38

%

 

 

0.02

%

 

 

0.01

%

 

 

-

%

 

 

0.10

%

Allowance for loans losses/Total loans

 

 

1.15

%

 

 

1.17

%

 

 

1.16

%

 

 

1.17

%

 

 

1.12

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EVANS BANCORP, INC AND SUBSIDIARIES

SELECTED OPERATIONS DATA (UNAUDITED)

(in thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

 

 

2022

 

 

 

2022

 

 

 

2021

 

 

 

2021

 

 

 

 

Third Quarter

 

 

 

Second Quarter

 

 

 

First Quarter

 

 

 

Fourth Quarter

 

 

 

Third Quarter

 

Interest income

 

$

20,487

 

 

$

19,097

 

 

$

17,517

 

 

$

20,732

 

 

$

19,302

 

Interest expense

 

 

1,299

 

 

 

1,045

 

 

 

1,016

 

 

 

1,057

 

 

 

1,139

 

Net interest income

 

 

19,188

 

 

 

18,052

 

 

 

16,501

 

 

 

19,675

 

 

 

18,163

 

Provision (credit) for loan losses

 

 

1,328

 

 

 

267

 

 

 

221

 

 

 

393

 

 

 

(1,459)

 

Net interest income after provision (credit) for loan losses

 

 

17,860

 

 

 

17,785

 

 

 

16,280

 

 

 

19,282

 

 

 

19,622

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposit service charges

 

 

782

 

 

 

703

 

 

 

692

 

 

 

688

 

 

 

664

 

Insurance service and fee revenue

 

 

3,383

 

 

 

2,567

 

 

 

2,299

 

 

 

2,107

 

 

 

3,191

 

Bank-owned life insurance

 

 

161

 

 

 

171

 

 

 

154

 

 

 

360

 

 

 

158

 

Loss on tax credit investment

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(30)

 

 

 

-

 

Refundable NY state historic tax credit

 

 

-

 

 

 

-

 

 

 

-

 

 

 

21

 

 

 

-

 

Other income

 

 

1,441

 

 

 

1,171

 

 

 

1,286

 

 

 

1,560

 

 

 

1,144

 

Total non-interest income

 

 

5,767

 

 

 

4,612

 

 

 

4,431

 

 

 

4,706

 

 

 

5,157

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

10,450

 

 

 

9,436

 

 

 

9,470

 

 

 

10,273

 

 

 

9,930

 

Occupancy

 

 

1,118

 

 

 

1,131

 

 

 

1,180

 

 

 

1,208

 

 

 

1,126

 

Advertising and public relations

 

 

417

 

 

 

438

 

 

 

179

 

 

 

325

 

 

 

434

 

Professional services

 

 

839

 

 

 

843

 

 

 

872

 

 

 

799

 

 

 

840

 

Technology and communications

 

 

1,339

 

 

 

1,237

 

 

 

1,174

 

 

 

1,353

 

 

 

1,327

 

Amortization of intangibles

 

 

100

 

 

 

100

 

 

 

100

 

 

 

132

 

 

 

135

 

FDIC insurance

 

 

255

 

 

 

250

 

 

 

270

 

 

 

269

 

 

 

285

 

Other expenses

 

 

1,273

 

 

 

1,349

 

 

 

1,215

 

 

 

1,926

 

 

 

1,316

 

Total non-interest expenses

 

 

15,791

 

 

 

14,784

 

 

 

14,460

 

 

 

16,285

 

 

 

15,393

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

7,836

 

 

 

7,613

 

 

 

6,251

 

 

 

7,703

 

 

 

9,386

 

Income tax provision

 

 

1,972

 

 

 

1,879

 

 

 

1,503

 

 

 

1,804

 

 

 

2,407

 

Net income

 

 

5,864

 

 

 

5,734

 

 

 

4,748

 

 

 

5,899

 

 

 

6,979

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share-diluted

 

$

1.06

 

 

$

1.03

 

 

$

0.86

 

 

$

1.06

 

 

$

1.27

 

Cash dividends per common share

 

$

0.64

 

 

$

-

 

 

$

0.62

 

 

$

-

 

 

$

0.60

 

Weighted average number of diluted shares

 

 

5,546,764

 

 

 

5,550,436

 

 

 

5,547,548

 

 

 

5,540,924

 

 

 

5,516,781

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average total assets

 

 

1.08

%

 

 

1.04

%

 

 

0.86

%

 

 

1.07

%

 

 

1.28

%

Return on average stockholders' equity

 

 

14.15

%

 

 

13.77

%

 

 

10.46

%

 

 

12.98

%

 

 

15.58

%

Return on average tangible common stockholders' equity*

 

 

15.46

%

 

 

15.06

%

 

 

11.35

%

 

 

14.11

%

 

 

16.96

%

Efficiency ratio

 

 

63.28

%

 

 

65.23

%

 

 

69.08

%

 

 

66.79

%

 

 

66.01

%

Efficiency ratio (Non-GAAP)**

 

 

62.88

%

 

 

64.79

%

 

 

68.60

%

 

 

66.23

%

 

 

65.43

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* 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)

 

 

 

2022

 

 

 

2022

 

 

 

2022

 

 

 

2021

 

 

 

2021

 

 

 

 

Third Quarter

 

 

 

Second Quarter

 

 

 

First Quarter

 

 

 

Fourth Quarter

 

 

 

Third Quarter

 

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net

 

$

1,597,382

 

 

$

1,591,971

 

 

$

1,566,716

 

 

$

1,573,608

 

 

$

1,647,395

 

Investment securities

 

 

406,703

 

 

 

392,371

 

 

 

357,930

 

 

 

283,216

 

 

 

248,690

 

Interest-bearing deposits at banks

 

 

42,788

 

 

 

111,457

 

 

 

178,729

 

 

 

229,658

 

 

 

174,296

 

Total interest-earning assets

 

 

2,046,873

 

 

 

2,095,799

 

 

 

2,103,375

 

 

 

2,086,482

 

 

 

2,070,381

 

Non interest-earning assets

 

 

122,321

 

 

 

116,202

 

 

 

110,316

 

 

 

110,315

 

 

 

109,601

 

Total Assets

 

$

2,169,194

 

 

$

2,212,001

 

 

$

2,213,691

 

 

$

2,196,797

 

 

$

2,179,982

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW

 

 

269,359

 

 

 

258,197

 

 

 

252,965

 

 

 

254,059

 

 

 

262,105

 

Savings

 

 

964,051

 

 

 

1,020,004

 

 

 

1,024,447

 

 

 

983,403

 

 

 

949,956

 

Time deposits

 

 

132,319

 

 

 

143,677

 

 

 

156,534

 

 

 

170,318

 

 

 

186,126

 

Total interest-bearing deposits

 

 

1,365,729

 

 

 

1,421,878

 

 

 

1,433,946

 

 

 

1,407,780

 

 

 

1,398,187

 

Borrowings

 

 

65,990

 

 

 

63,203

 

 

 

65,154

 

 

 

69,847

 

 

 

74,326

 

Total interest-bearing liabilities

 

 

1,431,719

 

 

 

1,485,081

 

 

 

1,499,100

 

 

 

1,477,627

 

 

 

1,472,513

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

 

549,625

 

 

 

542,827

 

 

 

512,118

 

 

 

515,204

 

 

 

503,006

 

Other non-interest bearing liabilities

 

 

22,073

 

 

 

17,562

 

 

 

20,897

 

 

 

22,223

 

 

 

25,250

 

Stockholders' equity

 

 

165,777

 

 

 

166,531

 

 

 

181,576

 

 

 

181,743

 

 

 

179,213

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Equity

 

$

2,169,194

 

 

$

2,212,001

 

 

$

2,213,691

 

 

$

2,196,797

 

 

$

2,179,982

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average tangible common stockholders' equity*

 

 

151,690

 

 

 

152,345

 

 

 

167,287

 

 

 

167,285

 

 

 

164,588

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YIELD/RATE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net

 

 

4.47

%

 

 

4.24

%

 

 

4.07

%

 

 

4.86

%

 

 

4.36

%

Investment securities

 

 

2.23

%

 

 

2.09

%

 

 

1.95

%

 

 

1.91

%

 

 

1.82

%

Interest-bearing deposits at banks

 

 

2.01

%

 

 

0.81

%

 

 

0.16

%

 

 

0.15

%

 

 

0.14

%

Total interest-earning assets

 

 

3.97

%

 

 

3.65

%

 

 

3.38

%

 

 

3.94

%

 

 

3.70

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW

 

 

0.10

%

 

 

0.09

%

 

 

0.09

%

 

 

0.09

%

 

 

0.10

%

Savings

 

 

0.19

%

 

 

0.14

%

 

 

0.14

%

 

 

0.14

%

 

 

0.15

%

Time deposits

 

 

0.64

%

 

 

0.49

%

 

 

0.44

%

 

 

0.44

%

 

 

0.49

%

Total interest-bearing deposits

 

 

0.22

%

 

 

0.16

%

 

 

0.16

%

 

 

0.17

%

 

 

0.18

%

Borrowings

 

 

3.27

%

 

 

2.95

%

 

 

2.79

%

 

 

2.64

%

 

 

2.62

%

Total interest-bearing liabilities

 

 

0.36

%

 

 

0.28

%

 

 

0.27

%

 

 

0.28

%

 

 

0.31

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate spread

 

 

3.61

%

 

 

3.37

%

 

 

3.11

%

 

 

3.66

%

 

 

3.39

%

Contribution of interest-free funds

 

 

0.11

%

 

 

0.08

%

 

 

0.07

%

 

 

0.08

%

 

 

0.09

%

Net interest margin

 

 

3.72

%

 

 

3.45

%

 

 

3.18

%

 

 

3.74

%

 

 

3.48

%

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

 


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