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Evans Bancorp Reports Second Quarter Net Income Up 54%

Evans Bancorp, Inc. (the “Company” or “Evans”) (NYSE MKT: EVBN), a community financial services company serving Western New York since 1920, today reported its results of operations for the second quarter ended June 30, 2012.


  • Net income increased to $1.5 million in the 2012 second quarter, or $0.36 per diluted share, from$1.0 million, or $0.24 per diluted share, in the second quarter of 2011.
  • Net interest income increased 9.4% in the second quarter of 2012, when compared with the second quarter of 2011 as a result of continued growth in interest earning assets and lower deposit costs.
  • Core loans (defined as total loans and leases less direct financing leases) increased 3.4% in the second quarter of 2012, or 13.5% annualized, to $594.6 million from March 31, 2012.
  • Core deposits increased in the second quarter at an annualized rate of 9.6%. Demand, NOW and Savings deposit products increased 2.4%, or $12.3 million during the second quarter of 2012.
  • The second quarter provision for loan and lease losses declined $0.7 million year-over-year reflecting the positive impact of the release in provision from the direct financing lease portfolio and improving credit quality trends.
  • Return on average equity improved to 8.34% in the second quarter of 2012 compared with 5.90% in the prior year period.
  • Strong capital position with Total Risk-Based Capital ratio of 14.18% at June 30, 2012.

Net income grew to $1.5 million in the second quarter of 2012, up 54.0% from net income of $1.0 million in the second quarter of 2011. The improvement in net income reflected a combination of higher net interest income, which resulted from growing interest earning assets, lower interest expense and a $0.7 million year-over-year reduction in the provision for loan and lease losses. Return on average equity was 8.34% for the second quarter of 2012 compared with 5.90% in the second quarter of 2011.

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