Evans Bancorp Net Income Increases 29% to $4.8 Million in the 2018 Third Quarter
HAMBURG, NY, October 25, 2018 – 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 third quarter ended September 30, 2018.
THIRD QUARTER 2018 HIGHLIGHTS (compared with prior-year period unless otherwise noted)
- Net income increased 29% to $4.8 million; Earnings per diluted share grew 28% to $0.97
- Net interest income increased 9% to $12.1 million
- Loan portfolio of $1.2 billion up $30 million in the quarter, or 11% on an annualized basis
- 9% growth of average demand deposits
- Acquisition of Richardson & Stout Insurance Agency (“R&S”) contributed to total insurance revenue of $3.2 million, an increase of 48%
- Recognized $350,000 of community investments in the third quarter
Net income was $4.8 million, or $0.97 per diluted share, in the third quarter of 2018, compared with $3.8 million, or $0.77 per diluted share, in the trailing second quarter of 2018 and $3.7 million, or $0.76 per diluted share, in last year’s third quarter. The increase over both comparative periods reflects higher interest income due to loan growth, an increase in non-interest income due to higher insurance revenue and lower income tax provision. Return on average equity was 15.35% for the third quarter of 2018, compared with 12.39% in the trailing second quarter of 2018 and 12.71% in the third quarter of 2017.
“Evans continues to experience meaningful client growth both organically and through acquisition. The strong performance in loans and deposits and the significant increase in insurance revenue is evidence of our expanding market presence,” said David J. Nasca, President and CEO of Evans Bancorp. “The new business we are capturing has allowed us to offset margin pressures related to interest rate increases and significant competition for funding. Successful results have enabled us to execute our plan to make significant community investments, the details of which will be announced in the next several weeks.”
This is a preview of the full press release. To view the full earnings release and tables, click here to visit evansbancorp.com.