- 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.
Evans Bancorp Reports 2010 Net Income Of $4.8 Million
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