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.