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 third quarter ended September 30, 2011.
HIGHLIGHTS OF THE 2011 THIRD QUARTER
- Third quarter net income increased 51% to $1.93 million from $1.28 million in the prior year period. This year’s third quarter benefited from a $0.9 million decrease in the provision for loan and lease losses and continued net interest income growth.
- Core deposit growth continued in the third quarter with Demand, NOW and Savings deposit products gaining 9.4%, or $40.0 million. Annualized, this represents a 37.5% growth rate in core deposits.
- Core loans (defined as total loans and leases less national direct financing leases) increased 5.3% in the third quarter of 2011, or 21.2% annualized, to $560.8 million.
- Continued strong capital position with Total Risk-Based Capital ratio of 13.90% at September 30, 2011.
Net income was $1.9 million, or $0.47 per diluted share, in the third quarter of 2011, up 51% from net income of $1.3 million, or $0.31 per diluted share, in the third quarter of 2010. The increase in net income reflects a provision for loan and lease losses of $0.2 million in the third quarter of 2011, down $0.8 million from the provision recorded in the third quarter of 2010. The majority of the decrease in provision was a result of a $0.5 million reduction in the leasing provision quarter-over-quarter. Return on average equity was 11.37% for the third quarter of 2011, compared with 7.93% in the third quarter of 2010.
For the nine months ended September 30, 2011, net income increased 10% to $4.8 million over net income of $4.4 million in the same period in 2010. On a per share basis, year-to date earnings for 2011 was $1.16, compared with $1.26 in the prior year period, reflecting 650 thousand additional weighted average outstanding shares as a result of the Company’s successful registered offering of common stock in May 2010. The return on average equity was 9.66% for the nine-month period ended September 30, 2011, compared with 10.43% in the same period in 2010.
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