(BUSINESS WIRE)– 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 first quarter ended March 31, 2018.
FIRST QUARTER 2018 HIGHLIGHTS (compared with prior-year period unless otherwise noted)
- Net income of $3.3 million, up 5%; Earnings per diluted share grew 3% to $0.68
- Net interest income increased 19% to $11.5 million
- Non-interest income of $3.8 million increased 7%
- Significant loan growth: loan portfolio of $1.1 billion up $45 million in the quarter, or 17% on an annualized basis
- Annualized growth of 7% on average core demand deposits
- Efficiency ratio improvement to 66.6%
Net income was $3.3 million, or $0.68 per diluted share, in the first quarter of 2018, compared with $1.0 million, or $0.20 per diluted share, in the fourth quarter of 2017 and $3.1 million, or $0.66 per diluted share, in last year’s first quarter. The fourth quarter of 2017 included a one-time $2.1 million deferred income tax expense related to the enactment of the Tax Cuts and Jobs Act. The increase over both comparative periods primarily reflects higher net interest income due to loan growth and a lower tax expense related to federal income tax reform. Return on average equity was 11.15% for the first quarter of 2018 compared with 3.32% in the fourth quarter of 2017 and 11.59% in the first quarter of 2017.
“This quarter continues to build on the strong results of several years of strategic focus on acquiring top talent, delivering competitive products and services, and deepening relationships, along with singular commitment to our community. Results have grown as Evans makes itself an attractive competitive option for financial services,” said David J. Nasca, President and CEO of Evans Bancorp. “Targeted investment in business and municipal banking and employee benefits are driving business expansion and profitability.”
This is a preview of the full press release. To view the full earnings release and tables, click here to visit evansbancorp.com.