(BUSINESS WIRE)– Evans Bancorp, Inc. (the “Company” or “Evans”) (NYSE MKT: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, 2017.
FIRST QUARTER 2017 HIGHLIGHTS (compared with prior-year period)
- Record net income of $3.1 million, up 84%, or $1.4 million; Earnings per diluted share
grew 65% to $0.66
- Net interest income increased 17% to $9.6 million
- Non-interest income of $3.5 million increased 18% on strong insurance business performance
- Return on average stockholders’ equity was 11.59%, a significant increase from 7.43%
- Measurably improved efficiency ratio to 68.56% from 75.78%
Net income was $3.1 million, or $0.66 per diluted share, in the first quarter of 2017 compared with $2.3 million, or $0.53 per diluted share, in the trailing fourth quarter of 2016 and $1.7 million, or $0.40 per diluted share, in last year’s first quarter. The increase over each comparative period reflects higher net interest income and non-interest income, along with a reduction in provision for loan losses. Return on average equity was 11.59% for the first quarter of 2017 compared with 9.70% in the trailing fourth quarter and 7.43% in the first quarter of 2016.
“We kicked off the year with an extraordinarily strong first quarter, resulting from continued success in strategically growing our business combined with favorable economic conditions. We believe that our investments in people and services have delivered outsized growth in the past few quarters, while ongoing disruption from bank consolidation coupled with improved competitive strength has also driven performance,” said David J. Nasca, President and CEO of Evans Bancorp. “We achieved a new quarterly record result for net income and our improved efficiency ratio reflects both cost discipline as well as the operating leverage we gain with growth.
This is a preview of the full press release. To view the full earnings release and tables, click here to visit evansbancorp.com.