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).
HIGHLIGHTS OF THE 2010 SECOND QUARTER
- 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.
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