This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

Evans Bancorp Reports 59% Increase In Net Income For The 2012 Fourth Quarter And Record Results For The Year

Stocks in this article: EVBN

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 fourth quarter and year ended December 31, 2012.

HIGHLIGHTS OF THE 2012 FOURTH QUARTER AND YEAR-END

  • Fourth quarter net income increased sharply to $2.1 million, or $0.51 per diluted share, from $1.3 million, or $0.33 per diluted share, in the fourth quarter of 2011.
  • Achieved record annual net income of $8.1 million in 2012, an increase of 33% from $6.1 million in 2011. On a per diluted share basis, net income was $1.95 compared with $1.49 in the prior year period.
  • Net interest income increased 6.9% in 2012 over 2011.
  • Return on average equity improved to 11.20% in 2012 compared with 9.17% in 2011.
  • Credit quality continued to improve in the fourth quarter. The ratio of non-performing loans and leases to total loans and leases decreased from 2.60% to 1.41% year over year.

Net income grew to $2.1 million in the fourth quarter of 2012, up 58.5% from net income of $1.3 million in the fourth quarter of 2011. The improvement in net income reflects higher net interest income, due to growth in interest earning assets and lower interest expense, stronger non-interest income performance and a reduction in the provision for loan and lease losses as credit quality trends strengthened. Return on average equity was 11.33% for the fourth quarter of 2012 compared with 7.77% in the fourth quarter of 2011.

For the twelve months ended December 31, 2012, Evans recorded net income of $8.1 million, or $1.95 per diluted share, a 33% increase over net income of $6.1 million, or $1.49 per diluted share, in the same period in 2011. The return on average equity was 11.20% for the twelve-month period ended December 31, 2012, compared with 9.17% in the same period in 2011.

1 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,191.37 -195.84 -1.13%
S&P 500 2,002.16 -27.39 -1.35%
NASDAQ 4,637.9940 -43.5030 -0.93%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs