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.