(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 third quarter ended September 30, 2017.
THIRD QUARTER 2017 HIGHLIGHTS(compared with prior-year period unless otherwise noted)
- Record net income of $3.7 million, up 68%, or $1.5 million; Earnings per diluted share grew 49% to $0.76
- Net interest income increased 22% to $11.1 million
- Insurance revenue of $2.2 million increased 17%
- Robust loan growth: loan portfolio of $998 million, up $22 million in the quarter, or 9% on an annualized basis
- Strong core deposit growth as average non-interest bearing demand deposits had an annualized growth rate of 17% in the quarter
- Significant improvement in performance metrics, with efficiency ratio improving to 66.2% from 70.2% and return on average stockholders’ equity increasing to 12.71% from 9.23%
Net income was $3.7 million, or $0.76 per diluted share, in the third quarter of 2017 compared with $2.6 million, or $0.54 per diluted share, in the second quarter of 2017 and $2.2 million, or $0.51 per diluted share, in last year’s third quarter. The increase over both comparative periods primarily reflects higher net interest income and a lower provision for loan losses. Return on average equity was 12.71% for the third quarter of 2017 compared with 9.13% in the second quarter and 9.23% in the third quarter of 2016.
“Our continued exceptional performance is evidence of the success of our community focused, relationship driven business model. We have invested in people and systems in our existing and new business platforms to capture broader segments of the market, deepen relationships and enhance profitability. For the quarter and year to date, we have demonstrated meaningful results in all business categories,” said David J. Nasca, President and CEO of Evans Bancorp.
This is a preview of the full press release. To view the full earnings release and tables, click here to visit evansbancorp.com.