Evans Bancorp, Inc. (the “Company” or “Evans”) (NYSE Amex: 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, 2010.

HIGHLIGHTS OF THE 2010 FOURTH QUARTER AND YEAR-END
  • Net income increased to $4.8 million, or $1.34 per diluted share, in 2010, from $0.7 million, or $0.25 per diluted share, in 2009.
  • Return on average equity improved to 8.35% in 2010 compared with 1.57% in 2009.
  • Core loans (defined as total loans and leases less direct financing leases) increased 5.5% in the fourth quarter of 2010, or 22.0% annualized, to $512.5 million.
  • Total deposits grew 9.0% to $544.5 million in 2010 driven by continued growth in total checking and savings deposits, which increased $11.3 million, or 2.9%, during the fourth quarter and $45.6 million, or 12.8%, for the year.
  • Provision for loan and lease losses of $1.4 million in the 2010 fourth quarter included $0.4 million for the leasing portfolio which continues to wind down after the Company exited the business in 2009.
  • Strong capital position with Total Risk-Based Capital ratio of 14.31% at December 31, 2010, compared with 11.17% at December 31, 2009.

The Company had net income of $0.5 million, or $0.12 per diluted share, in the fourth quarter of 2010, a decrease from net income of $1.4 million, or $0.49 per diluted share, in the fourth quarter of 2009. The change in net income reflects a provision for loan and lease losses of $1.4 million in the fourth quarter of 2010, which was $0.5 million higher than the fourth quarter of 2009. The 2010 fourth quarter included a $0.4 million provision for the Company’s leasing portfolio, compared with zero provision for the leasing portfolio in last year’s fourth quarter. Last year’s fourth-quarter provision did not have any amount included for the leasing portfolio. The return on average equity was 3.00% for the fourth quarter of 2010, compared with 11.93% in the fourth quarter of 2009.

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