This Day On The Street
Continue to site
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

Evans Bancorp Reports 2010 Third Quarter Net Income Of $1.3 Million

HAMBURG, N.Y., Oct. 28, 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 September 30, 2010.

  • Core loans (defined as total loans and leases less direct financing leases) increased 9.7% to $485.8 million from the third quarter of 2009. Net interest income increased 4.4% year-over-year due to strong loan growth and despite net interest margin compression.
  • Third quarter net income decreased to $1.3 million from net income of $2.4 million in the prior year period. Last year's third quarter benefitted from a $0.7 million pre-tax gain from the acquisition of Waterford Village Bank and no provision for leasing losses after the leasing portfolio was marked to its market value in the second quarter of 2009.
  • Provision of $1.0 million in the 2010 third quarter included $0.3 million for leasing portfolio which continues to wind down after the Company exited the business in 2009.
  • Demand across multiple core deposit products drove total deposit growth of 6.5% to $535.3 million from last year's third quarter as Evans continues to capture greater market share in Western New York.
  • Strong capital position with Total Risk-Based Capital ratio of 14.54% at September 30, 2010, compared with 10.96% at September 30, 2009.

The Company had net income of $1.3 million, or $0.31 per diluted share, in the third quarter of 2010, compared with a net income of $2.4 million, or $0.87 per diluted share, in the third quarter of 2009 and $1.6 million, or $0.47 per diluted share, in the second quarter of this year. The decrease from third quarter 2009 was largely due to the $0.7 million gain on purchase of Waterford Village Bank ("Waterford") that benefitted last year's third quarter, as well as a $0.4 million increase in the provision for loan and lease losses and a $0.7 million increase in non-interest expenses. Waterford was acquired on July 24, 2009 in an FDIC-assisted transaction. The provision for loan and lease losses increased from $0.6 million to $1.0 million year-over-year including a $0.3 million provision for the Company's discontinued leasing portfolio. Last year's third quarter provision did not have any amount included for the leasing portfolio. The return on average equity was 7.93% for the three-month period ended September 30, 2010, compared with 22.45% in last year's third quarter.

1 of 9

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs