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Evans Bancorp Reports Net Income Of $1.8 Million For The 2013 First Quarter

HAMBURG, N.Y., April 24, 2013 (GLOBE NEWSWIRE) -- 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 first quarter ended March 31, 2013.

SUMMARY OF THE 2013 FIRST QUARTER

  • First quarter net interest income of $6.8 million was comparable with the prior year period.
  • Provision for loan losses of $450 thousand is a return to a more normalized level after a $249 thousand release of provision in 2012.
  • First quarter net income was $1.8 million, or $0.43 per diluted share, compared with $2.4 million, or $0.58 per diluted share, in the first quarter of 2012.
  • The ratio of non-performing loans and leases to total loans and leases decreased from 2.09% to 1.37% year-over-year.
  • Total deposits increased $48.6 million, or 7.5%, over 2012 first quarter, driven by continued growth in savings and transactional deposits.
  • Strong capital position with Total Risk-Based Capital ratio of 15.28% at March 31, 2013.

Net income was $1.8 million in the first quarter of 2013, down 23.7% from net income of $2.4 million in the first quarter of 2012, primarily reflecting an increase in the provision for loan and lease losses. The prior-year period included a release of loan and lease loss reserves due to the continued improvement in the leasing portfolio's credit quality. Overall, the provision for loan and lease losses increased $0.7 million from a release of $249 thousand in the first quarter of 2012 to a provision of $450 thousand in the first quarter of 2013. Return on average equity was 9.55% for the first quarter of 2013, compared with 13.59% in the first quarter of 2012.

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