This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Evans Bancorp Reports 2010 Second Quarter Net Income Of $1.63 Million

HAMBURG, N.Y., July 29, 2010 (GLOBE NEWSWIRE) -- Evans Bancorp, Inc. (the "Company" or "Evans") (Nasdaq:EVBN), a community financial services company serving Western New York since 1920, today reported its results of operations for the quarter ended June 30, 2010. Management will review the results on a conference call and webcast on Friday, July 30, 2010 (call details provided below).


  • Second quarter net income increased to $1.63 million from a net loss of ($1.85) million in the prior year period on significantly reduced loan and lease provision and solid net interest income growth.
  • Provision for loan and lease losses decreased to $0.3 million in the 2010 second quarter from $5.6 million in the 2009 second quarter.
  • Non-performing loans and leases continued to decline: Ratio of non-performing loans and leases to total loans and leases was 2.20% at June 30, 2010 compared with 2.28% at March 31, 2010 and 2.64% at December 31, 2009.
  • Net interest income increased 14.1% year-over-year due to healthy balance sheet growth.
  • Total deposits increased 4.8% in the quarter, which equates to a 19.4% annualized rate. Demand and NOW deposit accounts increased $13.2 million, or 12.2%, in the quarter. 
  • Successful stock offering further enhanced the Company's strong capital position: Tier 1 leverage ratio was 10.18% at June 30, 2010, up from 7.88% at March 31, 2010.

The Company had net income of $1.63 million, or $0.47 per diluted share, in the second quarter of 2010, compared with a net loss of ($1.85) million, or ($0.67) per diluted share, in the second quarter of 2009. The significant increase in net income was largely due to a lower provision for loan and lease losses.  The provision for loan and lease losses decreased from $5.6 million to $0.3 million year-over-year. The diluted per share results for the second quarter of 2010 reflects an additional 1.2 million shares issued in May 2010. The return on average equity was 11.79% for the three-month period ended June 30, 2010.

1 of 10

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs