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

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.

  • 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.

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