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Evans Bancorp Reports Net Income of $22.4 Million in 2022

Evans Bancorp, Inc. (the “Company” or “Evans”) (NYSE American: EVBN), a community financial services company serving Western New York since 1920, today reported results of operations for the fourth quarter and full year ended December 31, 2022.

FOURTH QUARTER AND FULL YEAR 2022 HIGHLIGHTS (compared with prior-year period unless otherwise noted)

  • Fourth quarter net income of $6.0 million, or $1.10 per diluted share, which was up 3%;

    Full year 2022 earnings of $22.4 million successfully offset approximately $9 million of nonrecurring PPP fees in last year’s earnings of $24.0 million
  • Fourth quarter net interest income was $19.2 million compared with $19.7 in prior-year period, which included $3.9 million of PPP fees and other income that did not recur in the current quarter; Full year net interest income of $73.0 million reflected similar themes as the quarter
  • Total commercial loan growth was strong during the quarter at $39.3 million, or 3.6%; For full year 2022, total commercial loans grew 9%, excluding PPP loans
  • Fourth quarter efficiency ratio improved 385 basis points to a 62.9%; Full year ratio improved 180 basis points to 65.0%

Net income was $6.0 million, or $1.10 per diluted share, in the fourth quarter of 2022, compared with $5.9 million, or $1.06 per diluted share, in each of the third quarter of 2022 and last year’s fourth quarter. The increase from the sequential third quarter was largely due to a reduction in provision for loan losses and lower non-interest expenses, partially offset by lower non-interest income. The change from prior year reflected lower non-interest expenses, partially offset by an increase in provision for loan losses. Return on average equity was 16.07% for the fourth quarter of 2022, compared with 14.15% in the third quarter of 2022 and 12.98% in the fourth quarter of 2021.

For the full year of 2022, net income reached $22.4 million, or $4.04 per diluted share, compared with $24.0 million, or $4.37 per diluted share, in 2021. The decrease largely reflected a higher provision for loan losses compared with a release of allowance for loan losses during 2021. The increase in provision was driven by a $1.5 million charge-off of a single commercial loan during 2022 in addition to loan growth. The return on average equity was 13.49% for 2022 compared with 13.71% in 2021.

"Fourth quarter results were solid and included strong commercial loan growth of more than 14% on an annual basis, an expanded net interest margin, and a further improved efficiency ratio of 62.9%, which is our lowest level in more than 10 years. While we continue to make investments in strategic focus areas, we are utilizing technology to enhance our scale and efficiency and are realizing the benefits of the branch optimization project initiated earlier this year,” said David J. Nasca, President and CEO of Evans Bancorp, Inc. “Our performance for the full year approached last year’s record earnings and demonstrates the strength of our growth and business development strategy and the ability of the entire Evans team to execute against the plan. Net interest income of $73.0 million increased slightly for the year, an impressive achievement considering the offset of last year’s approximately $9 million in PPP fees.”

Mr. Nasca added, “As we enter 2023, the focus will continue to be on loan growth, customer acquisition and relationship management along with optimizing operational efficiency and expense management to deliver returns. This will play out against expected headwinds of margin pressure caused by rising interest rates and pricing competition and potential recessionary effects impacting the economy and our customers. We believe our value lies in our community-based, customer-centric model which allows us to support, serve, and grow our customer base in all economic environments.”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4Q 2022

 

 

3Q 2022

 

 

4Q 2021

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

22,381

 

 

$

20,487

 

 

$

20,732

Interest expense

 

 

3,167

 

 

 

1,299

 

 

 

1,057

Net interest income

 

 

19,214

 

 

 

19,188

 

 

 

19,675

Provision for loan losses

 

 

923

 

 

 

1,328

 

 

 

393

Net interest income after provision

 

$

18,291

 

 

$

17,860

 

 

$

19,282

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income of $19.2 million was up slightly from the sequential third quarter, as higher interest income related to federal funds rate increases of 125 basis points was largely offset by an increase in interest expense given the cost increase of interest-bearing liabilities as a result of competitive pricing on deposits. When compared with last year’s fourth quarter, net interest income was down due to the prior-year benefiting from $2.4 million of PPP fees, $0.8 million of amortization of fair value marks on acquired loans, and $0.7 million of interest recognized from the payoff of non-accrual loans. Interest income growth from the prior-year period was due to higher loan and investment securities average balances and increases in federal funds rates totaling 425 basis points.

Fourth quarter net interest margin of 3.77% improved 5 basis points over the trailing third quarter and 3 basis points from the prior-year period. The yield on loans also improved both sequentially and year-over- year, up 41 basis points and 2 basis points, respectively. The cost of interest-bearing liabilities was 0.86% compared with 0.36% in the third quarter of 2022 and 0.17% in the fourth quarter of 2021.

During 2020, the Company classified $81 million of loans to clients within the hotel industry as criticized. Since that time, more than half of this portfolio has been upgraded or paid off, leaving $30 million in criticized status at the end of 2022. While trends for this industry have improved, a change in status for the remaining criticized hotel credits is dependent on continued positive payment performance.

The $0.9 million provision for loan losses in the current quarter was largely due to loan growth. An increase in criticized loans and a specific reserve for an individual commercial loan were also reflected in the total provision.

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Quality

 

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4Q 2022

 

 

3Q 2022

 

 

4Q 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-performing loans

 

$

24,728

 

 

$

25,961

 

 

$

18,415

 

Total net loan charge-offs

 

 

115

 

 

 

1,518

 

 

 

6

 

Non-performing loans / Total loans

 

 

1.48

%

 

 

1.60

%

 

 

1.17

%

Net loan charge-offs / Average loans

 

 

0.03

%

 

 

0.38

%

 

 

-

%

Allowance for loan losses / Total loans

 

 

1.16

%

 

 

1.15

%

 

 

1.17

%

“We are booking high quality assets and have solid credit fundamentals,” stated John Connerton, Chief Financial Officer of Evans Bank. “Upward pricing of deposit products began to accelerate during the quarter, applying pressure on our net interest margin and deposit balances. As we navigate the competitive landscape, we will continue to be prudent with our pricing and proactive where it is warranted.”

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Income

($ in thousands)

 

 

4Q 2022

 

 

3Q 2022

 

 

4Q 2021

 

 

 

 

 

 

 

 

 

 

 

 

Deposit service charges

 

$

684

 

 

$

782

 

 

$

688

Insurance service and fee revenue

 

 

2,204

 

 

 

3,383

 

 

 

2,107

Bank-owned life insurance

 

 

221

 

 

 

161

 

 

 

360

Other income

 

 

1,352

 

 

 

1,441

 

 

 

1,551

Total non-interest income

 

$

4,461

 

 

$

5,767

 

 

$

4,706

 

 

 

 

 

 

 

 

 

 

 

 

The change in deposit service charges since the sequential third quarter was largely due to the implementation of the Bank’s new reduced overdraft and non-sufficient funds (NSF) fee pricing structure.

Insurance service and fee revenue increased 5% over the prior-year period primarily as a result of increased commissions from higher premiums and new commercial lines insurance business. The decline from the 2022 third quarter reflected typical seasonality in commercial lines insurance commissions along with decreased profit sharing revenue.

A $0.2 million gain on a bank-owned life insurance claim was recognized in the fourth quarter of 2021.

Other income included a $0.2 million gain on a sale of an asset that was acquired in foreclosure during the second quarter of 2022 as well as $0.2 million of revenue recognized relating to rents received from the acquired asset. The sequential third quarter included a $0.2 million final payment in connection with a historic tax credit investment, while the 2021 fourth quarter included a $0.3 million reversal of an earnout relating to a small insurance agency acquisition.

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Expense

($ in thousands)

 

 

4Q 2022

 

 

3Q 2022

 

 

4Q 2021

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

$

9,498

 

 

$

10,450

 

 

$

10,273

Occupancy

 

 

1,190

 

 

 

1,118

 

 

 

1,208

Advertising and public relations

 

 

125

 

 

 

417

 

 

 

325

Professional services

 

 

871

 

 

 

839

 

 

 

799

Technology and communications

 

 

1,437

 

 

 

1,339

 

 

 

1,353

Amortization of intangibles

 

 

100

 

 

 

100

 

 

 

132

FDIC insurance

 

 

250

 

 

 

255

 

 

 

269

Other expenses

 

 

1,429

 

 

 

1,273

 

 

 

1,926

Total non-interest expenses

 

$

14,900

 

 

$

15,791

 

 

$

16,285

 

 

 

 

 

 

 

 

 

 

 

 

Total non-interest expense decreased $0.9 million, or 6%, from the third quarter of 2022, and was down $1.4 million, or 9%, from last year’s fourth quarter.

The decrease in salaries and employee benefits reflects prudent expense management efforts along with lower incentive accruals of $0.7 million when compared with both the sequential third quarter and last year’s fourth quarter.

The decrease in advertising and public relations from both comparative periods was primarily due to the timing of target market campaigns.

Other expenses decreased from last year’s fourth quarter primarily due to lower charitable contributions of $0.4 million and reduced deferred salary expenses relating to PPP loans of $0.2 million.

The Company’s GAAP efficiency ratio, or noninterest expenses divided by the sum of net interest income and noninterest income, was 62.9% in the fourth quarter of 2022, 63.3% in the third quarter of 2022, and 66.8% in the fourth quarter of 2021.

Income tax expense was $1.8 million, for an effective tax rate of 23.0%, in the fourth quarter of 2022 compared with 25.2% in the third quarter of 2022 and 23.4% in last year’s fourth quarter.

Balance Sheet Highlights

Total assets were $2.18 billion as of December 31, 2022, up 2% from the end of the trailing quarter and down 1% compared with balances at December 31, 2021. The increase from the sequential third quarter reflected total loan growth of $46 million, which was largely due to commercial loans, partially offset by $5 million decrease in investment securities. Since last year’s fourth quarter, interest-bearing deposits at banks decreased $229 million, while total loans increased $100 million and investment securities increased $62 million. PPP loan balances, which are included in commercial and industrial loans, were less than $1 million, down $24 million from the prior-year period. Excluding the decline in PPP loans, total commercial loans increased $96 million, or 9%, from the fourth quarter of 2021. Residential mortgages and commercial real estate loans increased $29 million and $59 million, respectively, since the fourth quarter of 2021.

Investment securities were $371 million at December 31, 2022, $5 million lower than the end of the third quarter of 2022, but $62 million higher than at the end of last year’s fourth quarter. The increase from prior year reflects the use of excess cash balances, partially offset by changes in unrealized gains and losses on investment securities. The primary objectives of the Company’s investment portfolio are to provide liquidity, secure municipal deposits, and maximize income while preserving the safety of principal.

Total deposits of $1.77 billion decreased $102 million, or 5%, from September 30, 2022, and $165 million, or 9%, from the end of last year’s fourth quarter. The decrease from the sequential quarter primarily reflects a large component of one product, interest rate sensitive customers that the Bank determined to be noncore. From a product line perspective, there were decreases in demand deposits of $65 million, consumer savings deposits of $54 million, commercial savings of $34 million, and municipal savings deposits of $24 million, partially offset by an increase in consumer time deposits of $64 million and NOW deposits of $10 million. Compared with the end of last year’s fourth quarter there were decreases in consumer savings of $100 million, commercial savings of $98 million, municipal savings of $21 million, and brokered time deposits of $2 million. Offsetting those decreases were increases in consumer time deposits of $41 million, NOW deposits of $13 million, and demand deposits of $1 million.

Capital Management

The Company has consistently maintained regulatory capital ratios measurably above the Federal “well capitalized” standard, including a Tier 1 leverage ratio of 9.13% at December 31, 2022 compared with 9.00% at September 30, 2022 and 8.57% at December 31, 2021.

Book value per share was $28.32 at December 31, 2022 compared with $27.20 at September 30, 2022 and $33.54 at December 31, 2021. Reflected in the book value changes are the Federal Reserve’s aggressive interest rate hikes that have resulted in significant unrealized losses on investment securities, which reduced book value per share at December 31, 2022 by $8.13 when compared with the last year’s fourth quarter. Such unrealized gains and losses are generally due to changes in interest rates and represent the difference, net of applicable income tax effect, between the estimated fair value and amortized cost of investment securities classified as available-for-sale.

Tangible book value per share was $25.76 at December 31, 2022 compared with $24.65 at September 30, 2022 and $30.93 at December 31, 2021.

For the full year of 2022, cash dividends totaled $1.26 per share, up 5% over 2021.

2022 Year in Review (compared with prior-year)

Net interest income was $73.0 million, up less than 1%. During 2022, $0.8 million of PPP fees were recognized and the Company benefited from federal fund rate increases, while 2021 reflected $8.8 million of PPP fees, $0.8 million of commercial prepayment fees, and $0.5 million relating to the amortization of fair value marks on acquired loans. Net interest margin was 3.53%, a decrease of 4 basis points.

The Company’s provision for loan loss was $2.7 million, which reflected a $1.5 million charge-off of a single commercial loan and loan growth during 2022, partially offset by a decrease criticized loans. In 2021, the Company had a $1.5 million release of allowance for loan losses. The ratio of non-performing loans to total loans was 1.48% compared with 1.17% in 2021.

Non-interest income was up $0.4 million to $19.3 million. The increase was due to higher deposit service charges of $0.3 million, $0.2 million from mortgage servicing rights, $0.2 million gain on the sale of other assets, and $0.1 million from bank-owned life insurance income, partially offset by a decrease of $0.4 million in loan fees.

Non-interest expense decreased $1.3 million, or 2%, to $59.9 million. Current year decreases included charitable contributions of $0.4 million, marketing expenses of $0.3 million, loan expenses of $0.3 million, professional services cost of $0.2 million, technology and communications expense of $0.2 million, FDIC insurance expense of $0.2 million, and amortization of intangibles costs of $0.1 million. These decreases were partially offset by an increase in salaries and employee benefits of $0.3 million and expenses related to an acquired asset of $0.2 million.

The Company’s GAAP efficiency ratio was 65.0% in 2022 compared with 66.8% in 2021.

Income tax expense for the year was $7.2 million, representing an effective tax rate of 24.2% compared with an effective tax rate of 24.7% in 2021.

Webcast and Conference Call

The Company will host a conference call and webcast on Thursday, February 2, 2023 at 4:45 p.m. ET. Management will review the financial and operating results for the fourth quarter and full year of 2022, as well as the Company’s strategy and outlook. A question and answer session will follow.

The conference call can be accessed by calling (201) 689-8471. Alternatively, the webcast can be monitored at www.evansbancorp.com.

A telephonic replay will be available from 7:45 p.m. ET on the day of the teleconference until Thursday, February 9, 2023. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13735009, or access the webcast replay at www.evansbancorp.com, where a transcript will be posted once available.

About Evans Bancorp, Inc.

Evans Bancorp, Inc. is a financial holding company and the parent company of Evans Bank, N.A., a commercial bank with $2.2 billion in assets and $1.8 billion in deposits at December 31, 2022. Evans is a full-service community bank with 18 branches providing comprehensive financial services to consumer, business and municipal customers throughout Western New York. Evans Insurance Agency, a wholly owned subsidiary, provides life insurance, employee benefits, and property and casualty insurance through ten offices in the Western New York region. Evans Investment Services provides non-deposit investment products, such as annuities and mutual funds.

Evans Bancorp, Inc. and Evans Bank routinely post news and other important information on their websites, at www.evansbancorp.com and www.evansbank.com.

Safe Harbor Statement: This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning future business, revenue and earnings. These statements are not historical facts or guarantees of future performance, events or results. There are risks, uncertainties and other factors that could cause the actual results of Evans Bancorp to differ materially from the results expressed or implied by such statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include the impacts from COVID-19, competitive pressures among financial services companies, interest rate trends, general economic conditions, changes in legislation or regulatory requirements, effectiveness at achieving stated goals and strategies, and difficulties in achieving operating efficiencies. These risks and uncertainties are more fully described in Evans Bancorp’s Annual and Quarterly Reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. Evans Bancorp undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new, updated information, future events or otherwise.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EVANS BANCORP, INC. AND SUBSIDIARIES

SELECTED FINANCIAL DATA (UNAUDITED)

(in thousands, except shares and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12/31/2022

 

 

 

9/30/2022

 

 

 

6/30/2022

 

 

 

3/31/2022

 

 

 

12/31/2021

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits at banks

 

$

6,258

 

 

$

6,813

 

 

$

88,190

 

 

$

147,277

 

 

$

234,929

 

Investment Securities

 

 

371,275

 

 

 

376,713

 

 

 

403,322

 

 

 

388,953

 

 

 

309,124

 

Loans

 

 

1,672,369

 

 

 

1,626,457

 

 

 

1,613,834

 

 

 

1,604,079

 

 

 

1,571,905

 

Allowance for loan losses

 

 

(19,438)

 

 

 

(18,630)

 

 

 

(18,819)

 

 

 

(18,618)

 

 

 

(18,438)

 

Goodwill and intangible assets

 

 

13,929

 

 

 

14,029

 

 

 

14,129

 

 

 

14,229

 

 

 

14,329

 

All other assets

 

 

134,117

 

 

 

124,323

 

 

 

107,698

 

 

 

104,814

 

 

 

98,791

 

Total assets

 

$

2,178,510

 

 

$

2,129,705

 

 

$

2,208,354

 

 

$

2,240,734

 

 

$

2,210,640

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS'

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

 

493,710

 

 

 

558,805

 

 

 

550,079

 

 

 

528,962

 

 

 

492,864

 

NOW deposits

 

 

273,359

 

 

 

263,648

 

 

 

265,181

 

 

 

257,475

 

 

 

259,908

 

Savings deposits

 

 

801,943

 

 

 

913,383

 

 

 

1,015,511

 

 

 

1,051,136

 

 

 

1,019,925

 

Time deposits

 

 

202,667

 

 

 

137,910

 

 

 

137,561

 

 

 

149,243

 

 

 

164,340

 

Total deposits

 

 

1,771,679

 

 

 

1,873,746

 

 

 

1,968,332

 

 

 

1,986,816

 

 

 

1,937,037

 

Borrowings

 

 

231,223

 

 

 

83,456

 

 

 

59,028

 

 

 

64,322

 

 

 

67,965

 

Other liabilities

 

 

21,615

 

 

 

22,652

 

 

 

18,319

 

 

 

20,393

 

 

 

21,746

 

Total stockholders' equity

 

 

153,993

 

 

 

149,850

 

 

 

162,675

 

 

 

169,203

 

 

 

183,892

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHARES AND CAPITAL RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

 

5,437,048

 

 

 

5,509,917

 

 

 

5,508,663

 

 

 

5,519,831

 

 

 

5,482,756

 

Book value per share

 

$

28.32

 

 

$

27.20

 

 

$

29.53

 

 

$

30.65

 

 

$

33.54

 

Tangible book value per share

 

$

25.76

 

 

$

24.65

 

 

$

26.97

 

 

$

28.08

 

 

$

30.93

 

Tier 1 leverage ratio

 

 

9.13

%

 

 

9.00

%

 

 

8.73

%

 

 

8.57

%

 

 

8.57

%

Tier 1 risk-based capital ratio

 

 

12.29

%

 

 

12.40

%

 

 

12.47

%

 

 

12.55

%

 

 

12.76

%

Total risk-based capital ratio

 

 

13.48

%

 

 

13.57

%

 

 

13.68

%

 

 

13.78

%

 

 

14.02

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-performing loans

 

$

24,728

 

 

$

25,961

 

 

$

22,010

 

 

$

20,659

 

 

$

18,415

 

Total net loan charge-offs

 

 

115

 

 

 

1,518

 

 

 

66

 

 

 

41

 

 

 

6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing loans/Total loans

 

 

1.48

%

 

 

1.60

%

 

 

1.36

%

 

 

1.29

%

 

 

1.17

%

Net loan charge-offs /Average loans

 

 

0.03

%

 

 

0.38

%

 

 

0.02

%

 

 

0.01

%

 

 

-

%

Allowance for loans losses/Total loans

 

 

1.16

%

 

 

1.15

%

 

 

1.17

%

 

 

1.16

%

 

 

1.17

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EVANS BANCORP, INC AND SUBSIDIARIES

SELECTED OPERATIONS DATA (UNAUDITED)

(in thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

 

 

2022

 

 

 

2022

 

 

 

2022

 

 

 

2021

 

 

 

 

Fourth Quarter

 

 

 

Third Quarter

 

 

 

Second Quarter

 

 

 

First Quarter

 

 

 

Fourth Quarter

 

Interest income

 

$

22,381

 

 

$

20,487

 

 

$

19,097

 

 

$

17,517

 

 

$

20,732

 

Interest expense

 

 

3,167

 

 

 

1,299

 

 

 

1,045

 

 

 

1,016

 

 

 

1,057

 

Net interest income

 

 

19,214

 

 

 

19,188

 

 

 

18,052

 

 

 

16,501

 

 

 

19,675

 

Provision for loan losses

 

 

923

 

 

 

1,328

 

 

 

267

 

 

 

221

 

 

 

393

 

Net interest income after provision for loan losses

 

 

18,291

 

 

 

17,860

 

 

 

17,785

 

 

 

16,280

 

 

 

19,282

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposit service charges

 

 

684

 

 

 

782

 

 

 

703

 

 

 

692

 

 

 

688

 

Insurance service and fee revenue

 

 

2,204

 

 

 

3,383

 

 

 

2,567

 

 

 

2,299

 

 

 

2,107

 

Bank-owned life insurance

 

 

221

 

 

 

161

 

 

 

171

 

 

 

154

 

 

 

360

 

Loss on tax credit investment

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(30)

 

Refundable NY state historic tax credit

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

21

 

Other income

 

 

1,352

 

 

 

1,441

 

 

 

1,171

 

 

 

1,286

 

 

 

1,560

 

Total non-interest income

 

 

4,461

 

 

 

5,767

 

 

 

4,612

 

 

 

4,431

 

 

 

4,706

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

9,498

 

 

 

10,450

 

 

 

9,436

 

 

 

9,470

 

 

 

10,273

 

Occupancy

 

 

1,190

 

 

 

1,118

 

 

 

1,131

 

 

 

1,180

 

 

 

1,208

 

Advertising and public relations

 

 

125

 

 

 

417

 

 

 

438

 

 

 

179

 

 

 

325

 

Professional services

 

 

871

 

 

 

839

 

 

 

843

 

 

 

872

 

 

 

799

 

Technology and communications

 

 

1,437

 

 

 

1,339

 

 

 

1,237

 

 

 

1,174

 

 

 

1,353

 

Amortization of intangibles

 

 

100

 

 

 

100

 

 

 

100

 

 

 

100

 

 

 

132

 

FDIC insurance

 

 

250

 

 

 

255

 

 

 

250

 

 

 

270

 

 

 

269

 

Other expenses

 

 

1,429

 

 

 

1,273

 

 

 

1,349

 

 

 

1,215

 

 

 

1,926

 

Total non-interest expenses

 

 

14,900

 

 

 

15,791

 

 

 

14,784

 

 

 

14,460

 

 

 

16,285

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

7,852

 

 

 

7,836

 

 

 

7,613

 

 

 

6,251

 

 

 

7,703

 

Income tax provision

 

 

1,809

 

 

 

1,972

 

 

 

1,879

 

 

 

1,503

 

 

 

1,804

 

Net income

 

 

6,043

 

 

 

5,864

 

 

 

5,734

 

 

 

4,748

 

 

 

5,899

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share-diluted

 

$

1.10

 

 

$

1.06

 

 

$

1.03

 

 

$

0.86

 

 

$

1.06

 

Cash dividends per common share

 

$

-

 

 

$

0.64

 

 

$

-

 

 

$

0.62

 

 

$

-

 

Weighted average number of diluted shares

 

 

5,500,810

 

 

 

5,546,764

 

 

 

5,550,436

 

 

 

5,547,548

 

 

 

5,540,924

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average total assets

 

 

1.12

%

 

 

1.08

%

 

 

1.04

%

 

 

0.86

%

 

 

1.07

%

Return on average stockholders' equity

 

 

16.07

%

 

 

14.15

%

 

 

13.77

%

 

 

10.46

%

 

 

12.98

%

Return on average tangible common stockholders' equity*

 

 

17.72

%

 

 

15.46

%

 

 

15.06

%

 

 

11.35

%

 

 

14.11

%

Efficiency ratio

 

 

62.94

%

 

 

63.28

%

 

 

65.23

%

 

 

69.08

%

 

 

66.79

%

Efficiency ratio (Non-GAAP)**

 

 

62.51

%

 

 

62.88

%

 

 

64.79

%

 

 

68.60

%

 

 

66.23

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* The calculation of the average tangible common stockholders' equity ratio excludes goodwill and intangible assets from average stockholders equity.

** The calculation of the non-GAAP efficiency ratio excludes amortization of intangibles, gains and losses from investment securities, merger-related expenses and the impact of historic tax credit transactions.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EVANS BANCORP, INC AND SUBSIDIARIES

SELECTED AVERAGE BALANCES AND YIELDS/RATES (UNAUDITED)

(in thousands)

 

 

 

2022

 

 

 

2022

 

 

 

2022

 

 

 

2022

 

 

 

2021

 

 

 

 

Fourth Quarter

 

 

 

Third Quarter

 

 

 

Second Quarter

 

 

 

First Quarter

 

 

 

Fourth Quarter

 

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net

 

$

1,627,028

 

 

$

1,597,382

 

 

$

1,591,971

 

 

$

1,566,716

 

 

$

1,573,608

 

Investment securities

 

 

382,125

 

 

 

406,703

 

 

 

392,371

 

 

 

357,930

 

 

 

283,216

 

Interest-bearing deposits at banks

 

 

10,416

 

 

 

42,788

 

 

 

111,457

 

 

 

178,729

 

 

 

229,658

 

Total interest-earning assets

 

 

2,019,569

 

 

 

2,046,873

 

 

 

2,095,799

 

 

 

2,103,375

 

 

 

2,086,482

 

Non interest-earning assets

 

 

135,035

 

 

 

122,321

 

 

 

116,202

 

 

 

110,316

 

 

 

110,315

 

Total Assets

 

$

2,154,604

 

 

$

2,169,194

 

 

$

2,212,001

 

 

$

2,213,691

 

 

$

2,196,797

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW

 

 

265,313

 

 

 

269,359

 

 

 

258,197

 

 

 

252,965

 

 

 

254,059

 

Savings

 

 

874,816

 

 

 

964,051

 

 

 

1,020,004

 

 

 

1,024,447

 

 

 

983,403

 

Time deposits

 

 

174,362

 

 

 

132,319

 

 

 

143,677

 

 

 

156,534

 

 

 

170,318

 

Total interest-bearing deposits

 

 

1,314,491

 

 

 

1,365,729

 

 

 

1,421,878

 

 

 

1,433,946

 

 

 

1,407,780

 

Borrowings

 

 

151,259

 

 

 

65,990

 

 

 

63,203

 

 

 

65,154

 

 

 

69,847

 

Total interest-bearing liabilities

 

 

1,465,750

 

 

 

1,431,719

 

 

 

1,485,081

 

 

 

1,499,100

 

 

 

1,477,627

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

 

518,666

 

 

 

549,625

 

 

 

542,827

 

 

 

512,118

 

 

 

515,204

 

Other non-interest bearing liabilities

 

 

19,798

 

 

 

22,073

 

 

 

17,562

 

 

 

20,897

 

 

 

22,223

 

Stockholders' equity

 

 

150,390

 

 

 

165,777

 

 

 

166,531

 

 

 

181,576

 

 

 

181,743

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Equity

 

$

2,154,604

 

 

$

2,169,194

 

 

$

2,212,001

 

 

$

2,213,691

 

 

$

2,196,797

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average tangible common stockholders' equity*

 

 

136,406

 

 

 

151,690

 

 

 

152,345

 

 

 

167,287

 

 

 

167,285

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YIELD/RATE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net

 

 

4.88

%

 

 

4.47

%

 

 

4.24

%

 

 

4.07

%

 

 

4.86

%

Investment securities

 

 

2.36

%

 

 

2.23

%

 

 

2.09

%

 

 

1.95

%

 

 

1.91

%

Interest-bearing deposits at banks

 

 

3.16

%

 

 

2.01

%

 

 

0.81

%

 

 

0.16

%

 

 

0.15

%

Total interest-earning assets

 

 

4.40

%

 

 

3.97

%

 

 

3.65

%

 

 

3.38

%

 

 

3.94

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW

 

 

0.36

%

 

 

0.10

%

 

 

0.09

%

 

 

0.09

%

 

 

0.09

%

Savings

 

 

0.33

%

 

 

0.19

%

 

 

0.14

%

 

 

0.14

%

 

 

0.14

%

Time deposits

 

 

1.61

%

 

 

0.64

%

 

 

0.49

%

 

 

0.44

%

 

 

0.44

%

Total interest-bearing deposits

 

 

0.51

%

 

 

0.22

%

 

 

0.16

%

 

 

0.16

%

 

 

0.17

%

Borrowings

 

 

3.88

%

 

 

3.27

%

 

 

2.95

%

 

 

2.79

%

 

 

2.64

%

Total interest-bearing liabilities

 

 

0.86

%

 

 

0.36

%

 

 

0.28

%

 

 

0.27

%

 

 

0.28

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate spread

 

 

3.54

%

 

 

3.61

%

 

 

3.37

%

 

 

3.11

%

 

 

3.66

%

Contribution of interest-free funds

 

 

0.23

%

 

 

0.11

%

 

 

0.08

%

 

 

0.07

%

 

 

0.08

%

Net interest margin

 

 

3.77

%

 

 

3.72

%

 

 

3.45

%

 

 

3.18

%

 

 

3.74

%

* Average tangible common stockholders' equity excludes goodwill and intangible assets from average stockholders equity.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EVANS BANCORP, INC AND SUBSIDIARIES

 

 

 

 

 

 

 

 

 

SELECTED OPERATIONS DATA (UNAUDITED)

 

 

 

 

 

 

 

 

 

(in thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

2022

 

2021

 

 

 

 

Year to Date

 

Year to Date

 

% Change

Interest income

 

$

79,482

 

$

77,580

 

2

%

Interest expense

 

 

6,527

 

 

4,795

 

36

%

Net interest income

 

 

72,955

 

 

72,785

 

0

%

Provision for loan losses

 

 

2,739

 

 

(1,513)

 

(281)

%

Net interest income after provision for loan losses

 

 

70,216

 

 

74,298

 

(5)

%

 

 

 

 

 

 

 

 

 

 

Deposit service charges

 

 

2,861

 

 

2,531

 

13

%

Insurance service and fee revenue

 

 

10,453

 

 

10,457

 

(0)

%

Bank-owned life insurance

 

 

707

 

 

853

 

(17)

%

Loss on tax credit investment

 

 

-

 

 

(30)

 

(100)

%

Refundable NY state historic tax credit

 

 

-

 

 

21

 

(100)

%

Other income

 

 

5,250

 

 

5,015

 

5

%

Total non-interest income

 

 

19,271

 

 

18,847

 

2

%

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

38,854

 

 

38,612

 

1

%

Occupancy

 

 

4,619

 

 

4,698

 

(2)

%

Advertising and public relations

 

 

1,159

 

 

1,427

 

(19)

%

Professional services

 

 

3,425

 

 

3,587

 

(5)

%

Technology and communications

 

 

5,187

 

 

5,376

 

(4)

%

FDIC insurance

 

 

1,025

 

 

1,133

 

(10)

%

Amortization of intangibles

 

 

400

 

 

537

 

(26)

%

Other expenses

 

 

5,266

 

 

5,849

 

(10)

%

Total non-interest expenses

 

 

59,935

 

 

61,219

 

(2)

%

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

29,552

 

 

31,926

 

(7)

%

Income tax provision

 

 

7,163

 

 

7,883

 

(9)

%

Net income

 

 

22,389

 

 

24,043

 

(7)

%

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

Net income per common share-diluted

 

$

4.04

 

$

4.37

 

(8)

%

Cash dividends per common share

 

$

1.26

 

$

1.20

 

5

%

Weighted average number of diluted shares

 

 

5,536,375

 

 

5,501,511

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

Return on average total assets

 

 

1.02

%

 

1.12

%

 

 

Return on average stockholders' equity

 

 

13.49

%

 

13.71

%

 

 

Return on average tangible common stockholders' equity*

 

 

14.74

%

 

14.96

%

 

 

Efficiency ratio

 

 

64.99

%

 

66.81

%

 

 

Efficiency ratio (Non-GAAP)**

 

 

64.55

%

 

66.22

%

 

 

Net interest margin

 

 

3.53

%

 

3.57

%

 

 

Net loan charge-offs (recoveries)/Average loans

 

 

0.11

%

 

0.03

%

 

 

 

 

 

 

 

 

 

 

 

 

* The calculation of the average tangible common stockholders' equity ratio excludes goodwill and intangible assets from average stockholders equity.

** The calculation of the non-GAAP efficiency ratio excludes amortization of intangibles, gains and losses from investment securities, merger-related expenses and the impact of historic tax credit transactions.

 

 

 

 

 

 

 

 

 

 

 

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