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.