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 third quarter ended September 30, 2012.
HIGHLIGHTS OF THE 2012 THIRD QUARTER
- Net income increased to $2.1 million in the 2012 third quarter, or $0.51 per diluted share, from$1.9 million, or $0.47 per diluted share in the third quarter of 2011.
- Third quarter net interest income increased 6.6% compared with the prior-year period as a result of continued growth in interest earning assets and lower deposit costs.
- Core deposits increased at an annualized rate of 13.8%, with demand, NOW and savings deposit products increasing $18.0 million, or 3.5%, during the third quarter of 2012.
- The third quarter ratio of non-performing loans and leases to total loans and leases decreased for the fourth consecutive quarter to 1.57% due to continued improvement in credit quality trends.
- Strong capital position with Total Risk-Based Capital ratio of 14.22% at September 30, 2012.
Net income grew to $2.1 million in the third quarter of 2012, up 10.9% from net income of $1.9 million in the third quarter of 2011. The improvement in net income reflects a combination of higher net interest income, which resulted from growing interest earning assets, lower interest expense and a $0.2 million year-over-year reduction in the provision for loan and lease losses. Return on average equity was 11.60% for the third quarter of 2012 compared with 11.37% in the third quarter of 2011.
For the nine months ended September 30, 2012, Evans recorded net income of $6.0 million, or $1.45 per diluted share, a 26% increase over net income of $4.8 million, or $1.16 per diluted share, in the same period in 2011. The return on average equity was 11.15% for the nine-month period ended September 30, 2012, compared with 9.66% in the same period in 2011.
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