(GLOBE NEWSWIRE) — 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 fourth quarter and year ended December 31, 2016.
FOURTH QUARTER AND FULL YEAR 2016 HIGHLIGHTS (compared with prior year periods unless noted otherwise)
- Fourth quarter net income grew 33% to $2.3 million, or $0.53 per diluted share
- Net interest income in fourth quarter of 2016 increased 11% driven by expanded loan portfolio
- Record annual net income of $8.3 million, an increase of 5% from 2015
- Record loan growth in 2016: Loans up 22%, or $169 million, to $943 million
- Strong year-over-year deposit growth across all product categories. Total deposits up 17% to $940 million.
Net income was $2.3 million, or $0.53 per diluted share, in the fourth quarter of 2016, compared with $2.2 million, or $0.51 per diluted share, in the trailing third quarter of 2016 and $1.8 million, or $0.41 per diluted share, in last year’s fourth quarter. The increase from the 2016 trailing third quarter reflects higher net interest income, lower provision for loan loss, and the benefit of a historic tax credit, partially offset by lower noninterest income and higher expenses. The 33% increase from the fourth quarter of 2015 is due to higher net interest income and the benefit of historic tax credits.
Return on average equity increased 53 basis points to 9.70% for the fourth quarter of 2016 compared with the trailing third quarter and was up 198 basis points over the prior-year period.
For the full year 2016, net income was $8.3 million, up 5% from $7.8 million in 2015. Earnings per diluted share increased from $1.82 in 2015 to $1.90 in 2016. The return on average equity was 8.74% for 2016, compared with 8.82% in 2015.