This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Evans Bancorp Reports Net Income Growth Of 11% To $2.1 Million In The Third Quarter Of 2012

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.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
SYM TRADE IT LAST %CHG

Markets

DOW 18,271.46 -14.28 -0.08%
S&P 500 2,130.82 +4.97 0.23%
NASDAQ 5,090.7940 +19.0510 0.38%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs