Evans Bancorp Reports Net Income of $2.9 Million In Second Quarter 2024
HIGHLIGHTS
-
Net income per share was
$0.53 in the second quarter, which was up 26% sequentially on higher revenue and lower expenses - Second quarter net interest margin of 2.71% was above expectations due to balance sheet adjustments in the first quarter and ongoing deposit pricing strategy
-
Total loan balances of
$1.77 billion increased$43 million , or 5% annualized, year-to-date and were up$94 million , or 6%, over last year’s second quarter -
Strong loan pipeline of
$137 million -
Total deposits of
$1.89 billion increased$173 million , or 10%, year-to-date, and were up$105 million , or 6%, from the end of last year’s second quarter
Net income increased 26% to
“We remain focused on strategic priorities, including enhancing our digital capabilities to provide innovative banking solutions, expanding our commercial loan portfolio in the
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Net Interest Income |
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($ in thousands) |
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2Q 2024 |
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1Q 2024 |
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2Q 2023 |
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Interest income |
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$ |
27,815 |
|
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$ |
25,374 |
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$ |
23,988 |
|
Interest expense |
|
|
13,495 |
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|
|
11,467 |
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|
|
8,307 |
|
Net interest income |
|
|
14,320 |
|
|
|
13,907 |
|
|
|
15,681 |
|
Provision for credit losses |
|
|
297 |
|
|
|
266 |
|
|
|
(116 |
) |
Net interest income after provision |
|
$ |
14,023 |
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$ |
13,641 |
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$ |
15,797 |
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Net interest income of
Second quarter net interest margin of 2.71% decreased 8 basis points from the trailing first quarter and 39 basis points from the prior-year period. The yield on loans increased 7 basis points compared with the first quarter and was up 37 basis points year-over-year. The cost of interest-bearing liabilities was 3.27% compared with 3.04% in the first quarter of 2024 and 2.18% in the second quarter of 2023.
The
Asset Quality |
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($ in thousands) |
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2Q 2024 |
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1Q 2024 |
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2Q 2023 |
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Total non-performing loans |
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$ |
25,128 |
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$ |
27,977 |
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$ |
27,789 |
|
Total net loan charge-offs |
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|
22 |
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|
93 |
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|
35 |
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Non-performing loans / Total loans |
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1.42 |
% |
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|
1.62 |
% |
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|
1.66 |
% |
Net loan charge-offs / Average loans |
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|
0.01 |
% |
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|
0.02 |
% |
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|
0.01 |
% |
Allowance for loan losses / Total loans |
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|
1.28 |
% |
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|
1.29 |
% |
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|
1.28 |
% |
Non-Interest Income |
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($ in thousands) |
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2Q 2024 |
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1Q 2024 |
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2Q 2023 |
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Deposit service charges |
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$ |
667 |
|
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$ |
681 |
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$ |
645 |
|
Insurance service and fee revenue |
|
|
176 |
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|
149 |
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|
2,720 |
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Bank-owned life insurance |
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|
252 |
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|
246 |
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238 |
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Interchange fee income |
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|
504 |
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|
466 |
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|
528 |
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Other income |
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|
801 |
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|
725 |
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|
570 |
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Total non-interest income |
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$ |
2,400 |
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$ |
2,267 |
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$ |
4,701 |
Total non-interest income increased
The
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Non-Interest Expense |
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($ in thousands) |
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2Q 2024 |
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1Q 2024 |
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2Q 2023 |
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Salaries and employee benefits |
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$ |
7,330 |
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$ |
7,837 |
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$ |
8,649 |
|
Occupancy |
|
|
1,089 |
|
|
|
1,157 |
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|
1,145 |
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Advertising and public relations |
|
|
254 |
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|
171 |
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|
407 |
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Professional services |
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|
870 |
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|
895 |
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|
808 |
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Technology and communications |
|
|
1,596 |
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1,409 |
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1,542 |
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Amortization of intangibles |
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4 |
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4 |
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|
100 |
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|
300 |
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|
325 |
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|
350 |
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Other expenses |
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|
1,115 |
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|
1,129 |
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|
1,171 |
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Total non-interest expenses |
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$ |
12,558 |
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$ |
12,927 |
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$ |
14,172 |
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Non-interest expenses decreased
Salaries and employee benefits, the largest component of non-interest expenses, were down
The change in advertising and public relations when compared with both periods reflected the timing of promotional campaigns.
Technology and communications expenses increased
The Company’s GAAP efficiency ratio, or noninterest expenses divided by the sum of net interest income and noninterest income, was 75.11% in the second quarter of 2024, 79.92% in the first quarter of 2024, and 69.53% in the second quarter of 2023.
Income tax expense was
Balance Sheet Highlights
“Our capital position remains solid, providing us with the capacity to support clients, invest in strategic initiatives, and return capital to shareholders. Investments in our team continue to drive strong loan production, which is on plan through the first half of the year. With a healthy pipeline in place, we expect mid-single digit commercial loan growth in 2024,” commented
Total assets were
Investment securities were
Total deposits of
At
Capital Management
The Company has consistently maintained regulatory capital ratios measurably above the Federal “well capitalized” standard, including a Tier 1 leverage ratio of 10.04% at
Book value per share was
Non-GAAP tangible book value per share was
Webcast and Conference Call
The Company will host a conference call and webcast on
The conference call can be accessed by calling (201) 689-8471. Alternatively, the webcast can be monitored at www.evansbancorp.com.
A telephonic replay will be available from
About
Safe Harbor Statement:
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning future business, revenue and earnings. These statements are not historical facts or guarantees of future performance, events or results. There are risks, uncertainties and other factors that could cause the actual results of
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SELECTED FINANCIAL DATA (UNAUDITED) |
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(in thousands, except shares and per share data) |
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ASSETS |
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Interest-bearing deposits at banks |
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$ |
110,042 |
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$ |
164,400 |
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$ |
3,798 |
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$ |
7,468 |
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$ |
10,334 |
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Securities AFS |
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263,740 |
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268,476 |
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275,680 |
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334,460 |
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351,595 |
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Securities HTM |
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3,626 |
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3,611 |
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2,059 |
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2,170 |
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2,241 |
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Loans |
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1,765,116 |
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1,721,876 |
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1,720,946 |
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1,704,400 |
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1,670,753 |
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Allowance for credit losses |
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(22,562) |
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(22,287) |
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(22,114) |
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(21,846) |
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(21,368) |
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|
1,854 |
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|
1,858 |
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|
1,862 |
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|
13,629 |
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|
13,729 |
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All other assets |
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135,551 |
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|
122,010 |
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|
126,432 |
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|
134,462 |
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|
127,679 |
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Total assets |
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$ |
2,257,367 |
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$ |
2,259,944 |
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$ |
2,108,663 |
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$ |
2,174,743 |
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$ |
2,154,963 |
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LIABILITIES AND STOCKHOLDERS' |
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EQUITY |
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Demand deposits |
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$ |
397,535 |
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$ |
399,558 |
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$ |
390,238 |
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$ |
447,306 |
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$ |
442,195 |
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NOW deposits |
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|
382,513 |
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|
381,798 |
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|
345,279 |
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|
324,219 |
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|
303,159 |
|
Savings deposits |
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710,596 |
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715,495 |
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|
649,621 |
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698,653 |
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726,687 |
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Time deposits |
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400,897 |
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|
394,515 |
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333,623 |
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335,228 |
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|
314,574 |
|
Total deposits |
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1,891,541 |
|
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1,891,366 |
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1,718,761 |
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1,805,406 |
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1,786,615 |
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Securities sold under agreement to repurchase |
|
|
7,684 |
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|
6,873 |
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|
9,475 |
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|
13,447 |
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|
19,185 |
|
Subordinated debt |
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|
31,228 |
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|
31,203 |
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|
31,177 |
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|
31,152 |
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|
31,126 |
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Other borrowings |
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|
129,006 |
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|
131,023 |
|
|
|
145,123 |
|
|
|
151,252 |
|
|
|
140,386 |
|
Other liabilities |
|
|
20,259 |
|
|
|
24,884 |
|
|
|
25,908 |
|
|
|
22,551 |
|
|
|
18,167 |
|
Total stockholders' equity |
|
$ |
177,649 |
|
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$ |
174,595 |
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$ |
178,219 |
|
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$ |
150,935 |
|
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$ |
159,484 |
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SHARES AND CAPITAL RATIOS |
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Common shares outstanding |
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5,525,838 |
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5,521,009 |
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5,499,772 |
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5,483,591 |
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|
5,477,505 |
|
Book value per share |
|
$ |
32.15 |
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$ |
31.62 |
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$ |
32.40 |
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$ |
27.52 |
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$ |
29.12 |
|
Tangible book value per share (Non-GAAP) |
|
$ |
31.81 |
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$ |
31.29 |
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$ |
32.07 |
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$ |
25.04 |
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$ |
26.61 |
|
Tier 1 leverage ratio |
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|
10.04 |
% |
|
|
10.52 |
% |
|
|
10.37 |
% |
|
|
9.40 |
% |
|
|
9.43 |
% |
Tier 1 risk-based capital ratio |
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13.55 |
% |
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|
13.63 |
% |
|
|
13.80 |
% |
|
|
12.04 |
% |
|
|
12.73 |
% |
Total risk-based capital ratio |
|
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14.80 |
% |
|
|
14.89 |
% |
|
|
15.05 |
% |
|
|
13.29 |
% |
|
|
13.98 |
% |
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ASSET QUALITY DATA |
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Total non-performing loans |
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$ |
25,128 |
|
|
$ |
27,977 |
|
|
$ |
27,325 |
|
|
$ |
27,311 |
|
|
$ |
27,789 |
|
Total net loan charge-offs (recoveries) |
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|
22 |
|
|
|
93 |
|
|
|
11 |
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|
35 |
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|
35 |
|
Other real estate owned (OREO) |
|
$ |
6,902 |
|
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$ |
- |
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$ |
- |
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$ |
- |
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$ |
- |
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Non-performing loans/Total loans |
|
|
1.42 |
% |
|
|
1.62 |
% |
|
|
1.59 |
% |
|
|
1.60 |
% |
|
|
1.66 |
% |
Net loan charge-offs (recoveries)/Average loans |
|
|
0.01 |
% |
|
|
0.02 |
% |
|
|
- |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
Allowance for credit losses/Total loans |
|
|
1.28 |
% |
|
|
1.29 |
% |
|
|
1.28 |
% |
|
|
1.28 |
% |
|
|
1.28 |
% |
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SELECTED OPERATIONS DATA (UNAUDITED) |
||||||||||||||||||||
(in thousands, except share and per share data) |
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|
2024 |
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2024 |
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2023 |
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2023 |
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2023 |
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Second Quarter |
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First Quarter |
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Fourth Quarter |
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Third Quarter |
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Second Quarter |
||
Interest income |
|
$ |
27,815 |
|
|
$ |
25,374 |
|
|
$ |
25,205 |
|
|
$ |
24,292 |
|
|
$ |
23,988 |
|
Interest expense |
|
|
13,495 |
|
|
|
11,467 |
|
|
|
11,259 |
|
|
|
10,036 |
|
|
|
8,307 |
|
Net interest income |
|
|
14,320 |
|
|
|
13,907 |
|
|
|
13,946 |
|
|
|
14,256 |
|
|
|
15,681 |
|
Provision for credit losses |
|
|
297 |
|
|
|
266 |
|
|
|
282 |
|
|
|
506 |
|
|
|
(116 |
) |
Net interest income after provision for credit losses |
|
|
14,023 |
|
|
|
13,641 |
|
|
|
13,664 |
|
|
|
13,750 |
|
|
|
15,797 |
|
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|
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||
Deposit service charges |
|
|
667 |
|
|
|
681 |
|
|
|
670 |
|
|
|
665 |
|
|
|
645 |
|
Insurance service and fee revenue |
|
|
176 |
|
|
|
149 |
|
|
|
1,613 |
|
|
|
3,498 |
|
|
|
2,720 |
|
Bank-owned life insurance |
|
|
252 |
|
|
|
246 |
|
|
|
230 |
|
|
|
239 |
|
|
|
238 |
|
Interchange fee income |
|
|
504 |
|
|
|
466 |
|
|
|
510 |
|
|
|
516 |
|
|
|
528 |
|
Gain on sale of insurance agency |
|
|
- |
|
|
|
- |
|
|
|
20,160 |
|
|
|
- |
|
|
|
- |
|
Loss on sale of investment securities |
|
|
- |
|
|
|
- |
|
|
|
(5,044 |
) |
|
|
- |
|
|
|
- |
|
Other income |
|
|
801 |
|
|
|
725 |
|
|
|
412 |
|
|
|
638 |
|
|
|
570 |
|
Total non-interest income |
|
|
2,400 |
|
|
|
2,267 |
|
|
|
18,551 |
|
|
|
5,556 |
|
|
|
4,701 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Salaries and employee benefits |
|
|
7,330 |
|
|
|
7,837 |
|
|
|
10,251 |
|
|
|
8,735 |
|
|
|
8,649 |
|
Occupancy |
|
|
1,089 |
|
|
|
1,157 |
|
|
|
1,078 |
|
|
|
1,109 |
|
|
|
1,145 |
|
Advertising and public relations |
|
|
254 |
|
|
|
171 |
|
|
|
296 |
|
|
|
348 |
|
|
|
407 |
|
Professional services |
|
|
870 |
|
|
|
895 |
|
|
|
1,003 |
|
|
|
869 |
|
|
|
808 |
|
Technology and communications |
|
|
1,596 |
|
|
|
1,409 |
|
|
|
1,545 |
|
|
|
1,517 |
|
|
|
1,542 |
|
Amortization of intangibles |
|
|
4 |
|
|
|
4 |
|
|
|
67 |
|
|
|
100 |
|
|
|
100 |
|
|
|
|
300 |
|
|
|
325 |
|
|
|
350 |
|
|
|
350 |
|
|
|
350 |
|
Other expenses |
|
|
1,115 |
|
|
|
1,129 |
|
|
|
1,710 |
|
|
|
1,379 |
|
|
|
1,171 |
|
Total non-interest expenses |
|
|
12,558 |
|
|
|
12,927 |
|
|
|
16,300 |
|
|
|
14,407 |
|
|
|
14,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Income before income taxes |
|
|
3,865 |
|
|
|
2,981 |
|
|
|
15,915 |
|
|
|
4,899 |
|
|
|
6,326 |
|
Income tax provision |
|
|
919 |
|
|
|
647 |
|
|
|
5,741 |
|
|
|
1,281 |
|
|
|
1,394 |
|
Net income |
|
|
2,946 |
|
|
|
2,334 |
|
|
|
10,174 |
|
|
|
3,618 |
|
|
|
4,932 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Net income per common share-diluted |
|
$ |
0.53 |
|
|
$ |
0.42 |
|
|
$ |
1.85 |
|
|
$ |
0.66 |
|
|
$ |
0.90 |
|
Cash dividends per common share |
|
$ |
- |
|
|
$ |
0.66 |
|
|
$ |
- |
|
|
$ |
0.66 |
|
|
$ |
- |
|
Weighted average number of diluted shares |
|
|
5,530,120 |
|
|
|
5,519,244 |
|
|
|
5,497,029 |
|
|
|
5,490,600 |
|
|
|
5,474,462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
PERFORMANCE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Return on average total assets |
|
|
0.52 |
% |
|
|
0.44 |
% |
|
|
1.90 |
% |
|
|
0.67 |
% |
|
|
0.91 |
% |
Return on average stockholders' equity |
|
|
6.76 |
% |
|
|
5.28 |
% |
|
|
25.73 |
% |
|
|
9.06 |
% |
|
|
12.25 |
% |
Return on average tangible common stockholders' equity (Non-GAAP)* |
|
|
6.83 |
% |
|
|
5.33 |
% |
|
|
27.37 |
% |
|
|
9.90 |
% |
|
|
13.39 |
% |
Efficiency ratio |
|
|
75.11 |
% |
|
|
79.92 |
% |
|
|
50.16 |
% |
|
|
72.72 |
% |
|
|
69.53 |
% |
Efficiency ratio (Non-GAAP)** |
|
|
75.08 |
% |
|
|
79.90 |
% |
|
|
93.40 |
% |
|
|
72.21 |
% |
|
|
69.04 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
* The calculation of the average tangible common stockholders' equity ratio excludes goodwill and intangible assets from average stockholders equity. |
||||||||||||||||||||
** The calculation of the non-GAAP efficiency ratio excludes amortization of intangibles, gains and losses from investment securities, gains from sale of subsidiaries, merger-related expenses and the impact of historic tax credit transactions. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
SELECTED AVERAGE BALANCES AND YIELDS/RATES (UNAUDITED) |
||||||||||||||||||||
(in thousands) |
||||||||||||||||||||
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
|
Second Quarter |
|
|
|
First Quarter |
|
|
|
Fourth Quarter |
|
|
|
Third Quarter |
|
|
|
Second Quarter |
|
AVERAGE BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net |
|
$ |
1,715,280 |
|
|
$ |
1,703,320 |
|
|
$ |
1,682,177 |
|
|
$ |
1,658,132 |
|
|
$ |
1,646,502 |
|
Investment securities |
|
|
275,854 |
|
|
|
280,975 |
|
|
|
327,303 |
|
|
|
355,870 |
|
|
|
373,922 |
|
Interest-bearing deposits at banks |
|
|
137,442 |
|
|
|
18,889 |
|
|
|
5,916 |
|
|
|
9,883 |
|
|
|
7,235 |
|
Total interest-earning assets |
|
|
2,128,576 |
|
|
|
2,003,184 |
|
|
|
2,015,396 |
|
|
|
2,023,885 |
|
|
|
2,027,659 |
|
Non interest-earning assets |
|
|
123,457 |
|
|
|
117,646 |
|
|
|
128,915 |
|
|
|
135,896 |
|
|
|
129,793 |
|
Total Assets |
|
$ |
2,252,033 |
|
|
$ |
2,120,830 |
|
|
$ |
2,144,311 |
|
|
$ |
2,159,781 |
|
|
$ |
2,157,452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW |
|
|
374,910 |
|
|
|
347,908 |
|
|
|
333,893 |
|
|
|
311,624 |
|
|
|
281,910 |
|
Savings |
|
|
718,627 |
|
|
|
658,656 |
|
|
|
687,223 |
|
|
|
708,724 |
|
|
|
776,020 |
|
Time deposits |
|
|
399,476 |
|
|
|
342,358 |
|
|
|
335,646 |
|
|
|
325,667 |
|
|
|
304,575 |
|
Total interest-bearing deposits |
|
|
1,493,013 |
|
|
|
1,348,922 |
|
|
|
1,356,762 |
|
|
|
1,346,015 |
|
|
|
1,362,505 |
|
Borrowings |
|
|
168,856 |
|
|
|
166,948 |
|
|
|
197,363 |
|
|
|
192,277 |
|
|
|
163,338 |
|
Total interest-bearing liabilities |
|
|
1,661,869 |
|
|
|
1,515,870 |
|
|
|
1,554,125 |
|
|
|
1,538,292 |
|
|
|
1,525,843 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
395,876 |
|
|
|
404,053 |
|
|
|
409,115 |
|
|
|
441,149 |
|
|
|
451,990 |
|
Other non-interest bearing liabilities |
|
|
19,885 |
|
|
|
23,943 |
|
|
|
22,880 |
|
|
|
20,529 |
|
|
|
18,532 |
|
Stockholders' equity |
|
|
174,403 |
|
|
|
176,964 |
|
|
|
158,191 |
|
|
|
159,811 |
|
|
|
161,087 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity |
|
$ |
2,252,033 |
|
|
$ |
2,120,830 |
|
|
$ |
2,144,311 |
|
|
$ |
2,159,781 |
|
|
$ |
2,157,452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible common stockholders' equity (Non-GAAP)* |
|
|
172,546 |
|
|
|
175,103 |
|
|
|
148,673 |
|
|
|
146,122 |
|
|
|
147,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YIELD/RATE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net |
|
|
5.63 |
% |
|
|
5.56 |
% |
|
|
5.43 |
% |
|
|
5.25 |
% |
|
|
5.26 |
% |
Investment securities |
|
|
2.63 |
% |
|
|
2.53 |
% |
|
|
2.53 |
% |
|
|
2.48 |
% |
|
|
2.47 |
% |
Interest-bearing deposits at banks |
|
|
5.86 |
% |
|
|
1.68 |
% |
|
|
6.38 |
% |
|
|
5.29 |
% |
|
|
4.45 |
% |
Total interest-earning assets |
|
|
5.26 |
% |
|
|
5.09 |
% |
|
|
4.96 |
% |
|
|
4.76 |
% |
|
|
4.75 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW |
|
|
2.50 |
% |
|
|
2.30 |
% |
|
|
2.12 |
% |
|
|
1.79 |
% |
|
|
1.24 |
% |
Savings |
|
|
2.53 |
% |
|
|
2.25 |
% |
|
|
2.09 |
% |
|
|
1.85 |
% |
|
|
1.58 |
% |
Time deposits |
|
|
4.52 |
% |
|
|
4.24 |
% |
|
|
3.83 |
% |
|
|
3.45 |
% |
|
|
3.10 |
% |
Total interest-bearing deposits |
|
|
3.05 |
% |
|
|
2.77 |
% |
|
|
2.53 |
% |
|
|
2.22 |
% |
|
|
1.85 |
% |
Borrowings |
|
|
5.16 |
% |
|
|
5.25 |
% |
|
|
5.27 |
% |
|
|
5.14 |
% |
|
|
4.98 |
% |
Total interest-bearing liabilities |
|
|
3.27 |
% |
|
|
3.04 |
% |
|
|
2.87 |
% |
|
|
2.59 |
% |
|
|
2.18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate spread |
|
|
1.99 |
% |
|
|
2.05 |
% |
|
|
2.09 |
% |
|
|
2.17 |
% |
|
|
2.57 |
% |
Contribution of interest-free funds |
|
|
0.72 |
% |
|
|
0.74 |
% |
|
|
0.66 |
% |
|
|
0.62 |
% |
|
|
0.53 |
% |
Net interest margin |
|
|
2.71 |
% |
|
|
2.79 |
% |
|
|
2.75 |
% |
|
|
2.79 |
% |
|
|
3.10 |
% |
* Average tangible common stockholders' equity excludes goodwill and intangible assets from average stockholders equity. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240730696735/en/
For more information contact:
Executive Vice President and Chief Financial Officer
(716) 926-2000
jconnerton@evansbank.com
-OR-
(716) 843-3908
dpawlowski@keiadvisors.com
cmychajluk@keiadvisors.com
Media Contact:
Group VP/Public & Community Relations Director
(716) 343-5562
krizzoyoung@evansbank.com
Source: