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Evans Bancorp Reports 2010 Net Income Of $4.8 Million

Evans Bancorp, Inc. (the “Company” or “Evans”) (NYSE Amex: EVBN), a community financial services company serving Western New York since 1920, today reported its results of operations for the fourth quarter and year ended December 31, 2010.

  • Net income increased to $4.8 million, or $1.34 per diluted share, in 2010, from $0.7 million, or $0.25 per diluted share, in 2009.
  • Return on average equity improved to 8.35% in 2010 compared with 1.57% in 2009.
  • Core loans (defined as total loans and leases less direct financing leases) increased 5.5% in the fourth quarter of 2010, or 22.0% annualized, to $512.5 million.
  • Total deposits grew 9.0% to $544.5 million in 2010 driven by continued growth in total checking and savings deposits, which increased $11.3 million, or 2.9%, during the fourth quarter and $45.6 million, or 12.8%, for the year.
  • Provision for loan and lease losses of $1.4 million in the 2010 fourth quarter included $0.4 million for the leasing portfolio which continues to wind down after the Company exited the business in 2009.
  • Strong capital position with Total Risk-Based Capital ratio of 14.31% at December 31, 2010, compared with 11.17% at December 31, 2009.

The Company had net income of $0.5 million, or $0.12 per diluted share, in the fourth quarter of 2010, a decrease from net income of $1.4 million, or $0.49 per diluted share, in the fourth quarter of 2009. The change in net income reflects a provision for loan and lease losses of $1.4 million in the fourth quarter of 2010, which was $0.5 million higher than the fourth quarter of 2009. The 2010 fourth quarter included a $0.4 million provision for the Company’s leasing portfolio, compared with zero provision for the leasing portfolio in last year’s fourth quarter. Last year’s fourth-quarter provision did not have any amount included for the leasing portfolio. The return on average equity was 3.00% for the fourth quarter of 2010, compared with 11.93% in the fourth quarter of 2009.

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