- Net income for the quarter increased $0.9 million, or 176.4%, to $1.3 million, or $0.33 per diluted share compared with $0.5 million, or $0.12 per diluted share in 2010.
- Record results achieved in 2011 with net income of $6.1 million, or $1.49 per diluted share
- Return on average equity improved to 9.17% in 2011 compared with 8.35% in 2010
- Core loans (defined as total loans and leases less direct financing leases) increased 3.0% in the fourth quarter of 2011, or 11.8% annualized, to $577.4 million
- Core deposits grew in the fourth quarter with Demand, NOW, and Savings deposits gaining 3.4%, or an annualized growth rate of 13.7%
- Capital position remains strong with Total Risk-Based Capital ratio of 14.03% at December 31, 2011
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, 2011. HIGHLIGHTS OF THE 2011 FOURTH QUARTER AND YEAR-END