- 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.
Evans Bancorp Reports Second Quarter Net Income Up 54%
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