Evans Bancorp Reports Net Income of $2.3 Million In First Quarter 2024
HIGHLIGHTS
- First quarter net interest margin of 2.79% expanded 4 basis points sequentially
-
Total loan balances of
$1.7 billion up$63 million , or 4%, year-over-year -
Robust loan pipeline of
$95 million -
Total deposits of
$1.9 billion increased$173 million , or 10%, in the quarter, and were up$41 million , or 2%, from the end of last year’s first quarter -
Comparative periods include business activity relating to
The Evans Agency (TEA) prior to the sale to Arthur J. Gallagher & Co. onNovember 30, 2023
Net income was
Net Interest Income |
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($ in thousands) |
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1Q 2024 |
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|
4Q 2023 |
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|
1Q 2023 |
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|
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|
|
|
|
|
|
Interest income |
|
$ |
25,374 |
|
|
$ |
25,205 |
|
|
$ |
23,365 |
Interest expense |
|
|
11,467 |
|
|
|
11,259 |
|
|
|
6,040 |
Net interest income |
|
|
13,907 |
|
|
|
13,946 |
|
|
|
17,325 |
Provision for credit losses |
|
|
266 |
|
|
|
282 |
|
|
|
(654) |
Net interest income after provision |
|
$ |
13,641 |
|
|
$ |
13,664 |
|
|
$ |
17,979 |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income of
First quarter net interest margin of 2.79% increased 4 basis points from the trailing fourth quarter but decreased 67 basis points from the prior-year period. The yield on loans increased 13 basis points compared with the fourth quarter and 40 basis points year-over-year. The cost of interest-bearing liabilities was 3.04% compared with 2.87% in the fourth quarter of 2023 and 1.65% in the first quarter of 2023.
The
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Asset Quality |
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($ in thousands) |
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1Q 2024 |
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4Q 2023 |
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1Q 2023 |
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Total non-performing loans |
|
$ |
27,977 |
|
|
$ |
27,325 |
|
|
$ |
24,084 |
|
Total net loan charge-offs |
|
|
93 |
|
|
|
11 |
|
|
|
(4) |
|
Non-performing loans / Total loans |
|
|
1.62 |
% |
|
|
1.59 |
% |
|
|
1.45 |
% |
Net loan charge-offs / Average loans |
|
|
0.02 |
% |
|
|
- |
% |
|
|
- |
% |
Allowance for loan losses / Total loans |
|
|
1.29 |
% |
|
|
1.28 |
% |
|
|
1.30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest Income |
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($ in thousands) |
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|
|
1Q 2024 |
|
|
4Q 2023 |
|
|
1Q 2023 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
Deposit service charges |
|
$ |
681 |
|
|
$ |
670 |
|
|
$ |
613 |
Insurance service and fee revenue |
|
|
149 |
|
|
|
1,613 |
|
|
|
2,429 |
Bank-owned life insurance |
|
|
246 |
|
|
|
230 |
|
|
|
224 |
Interchange fee income |
|
|
466 |
|
|
|
510 |
|
|
|
493 |
Gain on sale of insurance agency |
|
|
- |
|
|
|
20,160 |
|
|
|
- |
Loss on sale of investment securities |
|
|
- |
|
|
|
(5,044) |
|
|
|
- |
Other income |
|
|
725 |
|
|
|
412 |
|
|
|
354 |
Total non-interest income |
|
$ |
2,267 |
|
|
$ |
18,551 |
|
|
$ |
4,113 |
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest income was down
Total non-interest income was down
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|
Non-Interest Expense |
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($ in thousands) |
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|
|
1Q 2024 |
|
|
4Q 2023 |
|
|
1Q 2023 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
$ |
7,837 |
|
|
$ |
10,251 |
|
|
$ |
9,413 |
Occupancy |
|
|
1,157 |
|
|
|
1,078 |
|
|
|
1,173 |
Advertising and public relations |
|
|
171 |
|
|
|
296 |
|
|
|
156 |
Professional services |
|
|
895 |
|
|
|
1,003 |
|
|
|
883 |
Technology and communications |
|
|
1,409 |
|
|
|
1,545 |
|
|
|
1,356 |
Amortization of intangibles |
|
|
4 |
|
|
|
67 |
|
|
|
100 |
|
|
|
325 |
|
|
|
350 |
|
|
|
350 |
Other expenses |
|
|
1,129 |
|
|
|
1,710 |
|
|
|
1,071 |
Total non-interest expenses |
|
$ |
12,927 |
|
|
$ |
16,300 |
|
|
$ |
14,502 |
|
|
|
|
|
|
|
|
|
|
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|
Non-interest expenses decreased
The decrease in non-interest expenses from the fourth quarter of 2023 was due to lower incentive accruals of
The decrease in non-interest expenses from the first quarter of 2023 was due to
The Company’s GAAP efficiency ratio, or noninterest expenses divided by the sum of net interest income and noninterest income, was 79.92% in the first quarter of 2024, 50.2% in the fourth quarter of 2023, and 67.6% in the first quarter of 2023.
Income tax expense was
Balance Sheet Highlights
“We strategically strengthened our balance sheet during the current quarter. We added
Total assets were
Investment securities were
Total deposits of
While the Company has not experienced a significant outflow of deposits, in the event of such occurrences, it has access to alternate sources of funding to meet withdrawal demands. 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 10.52% at
Book value per share was
Non-GAAP tangible book value per share was
On
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 |
|
$ |
164,400 |
|
|
$ |
3,798 |
|
|
$ |
7,468 |
|
|
$ |
10,334 |
|
|
$ |
3,832 |
|
Securities AFS |
|
|
268,476 |
|
|
|
275,680 |
|
|
|
334,460 |
|
|
|
351,595 |
|
|
|
365,929 |
|
Securities HTM |
|
|
3,611 |
|
|
|
2,059 |
|
|
|
2,170 |
|
|
|
2,241 |
|
|
|
3,707 |
|
Loans |
|
|
1,721,876 |
|
|
|
1,720,946 |
|
|
|
1,704,400 |
|
|
|
1,670,753 |
|
|
|
1,658,576 |
|
Allowance for credit losses |
|
|
(22,287) |
|
|
|
(22,114) |
|
|
|
(21,846) |
|
|
|
(21,368) |
|
|
|
(21,523) |
|
|
|
|
1,858 |
|
|
|
1,862 |
|
|
|
13,629 |
|
|
|
13,729 |
|
|
|
13,829 |
|
All other assets |
|
|
122,010 |
|
|
|
126,432 |
|
|
|
134,462 |
|
|
|
127,679 |
|
|
|
123,920 |
|
Total assets |
|
$ |
2,259,944 |
|
|
$ |
2,108,663 |
|
|
$ |
2,174,743 |
|
|
$ |
2,154,963 |
|
|
$ |
2,148,270 |
|
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LIABILITIES AND STOCKHOLDERS' |
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EQUITY |
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Demand deposits |
|
$ |
399,558 |
|
|
$ |
390,238 |
|
|
$ |
447,306 |
|
|
$ |
442,195 |
|
|
$ |
483,958 |
|
NOW deposits |
|
|
381,798 |
|
|
|
345,279 |
|
|
|
324,219 |
|
|
|
303,159 |
|
|
|
268,283 |
|
Savings deposits |
|
|
715,495 |
|
|
|
649,621 |
|
|
|
698,653 |
|
|
|
726,687 |
|
|
|
807,532 |
|
Time deposits |
|
|
394,515 |
|
|
|
333,623 |
|
|
|
335,228 |
|
|
|
314,574 |
|
|
|
290,141 |
|
Total deposits |
|
|
1,891,366 |
|
|
|
1,718,761 |
|
|
|
1,805,406 |
|
|
|
1,786,615 |
|
|
|
1,849,914 |
|
Securities sold under agreement to repurchase |
|
|
6,873 |
|
|
|
9,475 |
|
|
|
13,447 |
|
|
|
19,185 |
|
|
|
9,264 |
|
Subordinated debt |
|
|
31,203 |
|
|
|
31,177 |
|
|
|
31,152 |
|
|
|
31,126 |
|
|
|
31,101 |
|
Other borrowings |
|
|
131,023 |
|
|
|
145,123 |
|
|
|
151,252 |
|
|
|
140,386 |
|
|
|
79,637 |
|
Other liabilities |
|
|
24,884 |
|
|
|
25,908 |
|
|
|
22,551 |
|
|
|
18,167 |
|
|
|
20,103 |
|
Total stockholders' equity |
|
$ |
174,595 |
|
|
$ |
178,219 |
|
|
$ |
150,935 |
|
|
$ |
159,484 |
|
|
$ |
158,251 |
|
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SHARES AND CAPITAL RATIOS |
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Common shares outstanding |
|
|
5,521,009 |
|
|
|
5,499,772 |
|
|
|
5,483,591 |
|
|
|
5,477,505 |
|
|
|
5,462,763 |
|
Book value per share |
|
$ |
31.62 |
|
|
$ |
32.40 |
|
|
$ |
27.52 |
|
|
$ |
29.12 |
|
|
$ |
28.97 |
|
Tangible book value per share (Non-GAAP) |
|
$ |
31.29 |
|
|
$ |
32.07 |
|
|
$ |
25.04 |
|
|
$ |
26.61 |
|
|
$ |
26.44 |
|
Tier 1 leverage ratio |
|
|
10.52 |
% |
|
|
10.37 |
% |
|
|
9.40 |
% |
|
|
9.43 |
% |
|
|
9.13 |
% |
Tier 1 risk-based capital ratio |
|
|
13.63 |
% |
|
|
13.80 |
% |
|
|
12.04 |
% |
|
|
12.73 |
% |
|
|
12.55 |
% |
Total risk-based capital ratio |
|
|
14.89 |
% |
|
|
15.05 |
% |
|
|
13.29 |
% |
|
|
13.98 |
% |
|
|
13.80 |
% |
|
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ASSET QUALITY DATA |
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|
Total non-performing loans |
|
$ |
27,977 |
|
|
$ |
27,325 |
|
|
$ |
27,311 |
|
|
$ |
27,789 |
|
|
$ |
24,084 |
|
Total net loan charge-offs (recoveries) |
|
|
93 |
|
|
|
11 |
|
|
|
35 |
|
|
|
35 |
|
|
|
(4) |
|
Other real estate owned (OREO) |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans/Total loans |
|
|
1.62 |
% |
|
|
1.59 |
% |
|
|
1.60 |
% |
|
|
1.66 |
% |
|
|
1.45 |
% |
Net loan charge-offs (recoveries)/Average loans |
|
|
0.02 |
% |
|
|
- |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
|
- |
% |
Allowance for credit losses/Total loans |
|
|
1.29 |
% |
|
|
1.28 |
% |
|
|
1.28 |
% |
|
|
1.28 |
% |
|
|
1.30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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SELECTED OPERATIONS DATA (UNAUDITED) |
||||||||||||||||||||
(in thousands, except share and per share data) |
||||||||||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
|
First Quarter |
|
|
|
Fourth Quarter |
|
|
|
Third Quarter |
|
|
|
Second Quarter |
|
|
|
First Quarter |
|
Interest income |
|
$ |
25,374 |
|
|
$ |
25,205 |
|
|
$ |
24,292 |
|
|
$ |
23,988 |
|
|
$ |
23,365 |
|
Interest expense |
|
|
11,467 |
|
|
|
11,259 |
|
|
|
10,036 |
|
|
|
8,307 |
|
|
|
6,040 |
|
Net interest income |
|
|
13,907 |
|
|
|
13,946 |
|
|
|
14,256 |
|
|
|
15,681 |
|
|
|
17,325 |
|
Provision for credit losses |
|
|
266 |
|
|
|
282 |
|
|
|
506 |
|
|
|
(116) |
|
|
|
(654) |
|
Net interest income after provision for credit losses |
|
|
13,641 |
|
|
|
13,664 |
|
|
|
13,750 |
|
|
|
15,797 |
|
|
|
17,979 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit service charges |
|
|
681 |
|
|
|
670 |
|
|
|
665 |
|
|
|
645 |
|
|
|
613 |
|
Insurance service and fee revenue |
|
|
149 |
|
|
|
1,613 |
|
|
|
3,498 |
|
|
|
2,720 |
|
|
|
2,429 |
|
Bank-owned life insurance |
|
|
246 |
|
|
|
230 |
|
|
|
239 |
|
|
|
238 |
|
|
|
224 |
|
Interchange fee income |
|
|
466 |
|
|
|
510 |
|
|
|
516 |
|
|
|
528 |
|
|
|
493 |
|
Gain on sale of insurance agency |
|
|
- |
|
|
|
20,160 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Loss on sale of investment securities |
|
|
- |
|
|
|
(5,044) |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other income |
|
|
725 |
|
|
|
412 |
|
|
|
638 |
|
|
|
570 |
|
|
|
354 |
|
Total non-interest income |
|
|
2,267 |
|
|
|
18,551 |
|
|
|
5,556 |
|
|
|
4,701 |
|
|
|
4,113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
7,837 |
|
|
|
10,251 |
|
|
|
8,735 |
|
|
|
8,649 |
|
|
|
9,413 |
|
Occupancy |
|
|
1,157 |
|
|
|
1,078 |
|
|
|
1,109 |
|
|
|
1,145 |
|
|
|
1,173 |
|
Advertising and public relations |
|
|
171 |
|
|
|
296 |
|
|
|
348 |
|
|
|
407 |
|
|
|
156 |
|
Professional services |
|
|
895 |
|
|
|
1,003 |
|
|
|
869 |
|
|
|
808 |
|
|
|
883 |
|
Technology and communications |
|
|
1,409 |
|
|
|
1,545 |
|
|
|
1,517 |
|
|
|
1,542 |
|
|
|
1,356 |
|
Amortization of intangibles |
|
|
4 |
|
|
|
67 |
|
|
|
100 |
|
|
|
100 |
|
|
|
100 |
|
|
|
|
325 |
|
|
|
350 |
|
|
|
350 |
|
|
|
350 |
|
|
|
350 |
|
Other expenses |
|
|
1,129 |
|
|
|
1,710 |
|
|
|
1,379 |
|
|
|
1,171 |
|
|
|
1,071 |
|
Total non-interest expenses |
|
|
12,927 |
|
|
|
16,300 |
|
|
|
14,407 |
|
|
|
14,172 |
|
|
|
14,502 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
2,981 |
|
|
|
15,915 |
|
|
|
4,899 |
|
|
|
6,326 |
|
|
|
7,590 |
|
Income tax provision |
|
|
647 |
|
|
|
5,741 |
|
|
|
1,281 |
|
|
|
1,394 |
|
|
|
1,790 |
|
Net income |
|
|
2,334 |
|
|
|
10,174 |
|
|
|
3,618 |
|
|
|
4,932 |
|
|
|
5,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share-diluted |
|
$ |
0.42 |
|
|
$ |
1.85 |
|
|
$ |
0.66 |
|
|
$ |
0.90 |
|
|
$ |
1.06 |
|
Cash dividends per common share |
|
$ |
0.66 |
|
|
$ |
- |
|
|
$ |
0.66 |
|
|
$ |
- |
|
|
$ |
0.66 |
|
Weighted average number of diluted shares |
|
|
5,519,244 |
|
|
|
5,497,029 |
|
|
|
5,490,600 |
|
|
|
5,474,462 |
|
|
|
5,475,790 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average total assets |
|
|
0.44 |
% |
|
|
1.90 |
% |
|
|
0.67 |
% |
|
|
0.91 |
% |
|
|
1.07 |
% |
Return on average stockholders' equity |
|
|
5.28 |
% |
|
|
25.73 |
% |
|
|
9.06 |
% |
|
|
12.25 |
% |
|
|
14.97 |
% |
Return on average tangible common stockholders' equity (Non-GAAP)* |
|
|
5.33 |
% |
|
|
27.37 |
% |
|
|
9.90 |
% |
|
|
13.39 |
% |
|
|
16.44 |
% |
Efficiency ratio |
|
|
79.92 |
% |
|
|
50.16 |
% |
|
|
72.72 |
% |
|
|
69.53 |
% |
|
|
67.65 |
% |
Efficiency ratio (Non-GAAP)** |
|
|
79.90 |
% |
|
|
93.40 |
% |
|
|
72.21 |
% |
|
|
69.04 |
% |
|
|
67.18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
|
First Quarter |
|
|
|
Fourth Quarter |
|
|
|
Third Quarter |
|
|
|
Second Quarter |
|
|
|
First Quarter |
|
AVERAGE BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net |
|
$ |
1,703,320 |
|
|
$ |
1,682,177 |
|
|
$ |
1,658,132 |
|
|
$ |
1,646,502 |
|
|
$ |
1,641,162 |
|
Investment securities |
|
|
280,975 |
|
|
|
327,303 |
|
|
|
355,870 |
|
|
|
373,922 |
|
|
|
382,329 |
|
Interest-bearing deposits at banks |
|
|
18,889 |
|
|
|
5,916 |
|
|
|
9,883 |
|
|
|
7,235 |
|
|
|
9,824 |
|
Total interest-earning assets |
|
|
2,003,184 |
|
|
|
2,015,396 |
|
|
|
2,023,885 |
|
|
|
2,027,659 |
|
|
|
2,033,315 |
|
Non interest-earning assets |
|
|
117,646 |
|
|
|
128,915 |
|
|
|
135,896 |
|
|
|
129,793 |
|
|
|
133,936 |
|
Total Assets |
|
$ |
2,120,830 |
|
|
$ |
2,144,311 |
|
|
$ |
2,159,781 |
|
|
$ |
2,157,452 |
|
|
$ |
2,167,251 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW |
|
|
347,908 |
|
|
|
333,893 |
|
|
|
311,624 |
|
|
|
281,910 |
|
|
|
260,242 |
|
Savings |
|
|
658,656 |
|
|
|
687,223 |
|
|
|
708,724 |
|
|
|
776,020 |
|
|
|
796,793 |
|
Time deposits |
|
|
342,358 |
|
|
|
335,646 |
|
|
|
325,667 |
|
|
|
304,575 |
|
|
|
257,733 |
|
Total interest-bearing deposits |
|
|
1,348,922 |
|
|
|
1,356,762 |
|
|
|
1,346,015 |
|
|
|
1,362,505 |
|
|
|
1,314,768 |
|
Borrowings |
|
|
166,948 |
|
|
|
197,363 |
|
|
|
192,277 |
|
|
|
163,338 |
|
|
|
173,053 |
|
Total interest-bearing liabilities |
|
|
1,515,870 |
|
|
|
1,554,125 |
|
|
|
1,538,292 |
|
|
|
1,525,843 |
|
|
|
1,487,821 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
404,053 |
|
|
|
409,115 |
|
|
|
441,149 |
|
|
|
451,990 |
|
|
|
503,945 |
|
Other non-interest bearing liabilities |
|
|
23,943 |
|
|
|
22,880 |
|
|
|
20,529 |
|
|
|
18,532 |
|
|
|
20,487 |
|
Stockholders' equity |
|
|
176,964 |
|
|
|
158,191 |
|
|
|
159,811 |
|
|
|
161,087 |
|
|
|
154,998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity |
|
$ |
2,120,830 |
|
|
$ |
2,144,311 |
|
|
$ |
2,159,781 |
|
|
$ |
2,157,452 |
|
|
$ |
2,167,251 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible common stockholders' equity (Non-GAAP)* |
|
|
175,103 |
|
|
|
148,673 |
|
|
|
146,122 |
|
|
|
147,299 |
|
|
|
141,111 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YIELD/RATE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net |
|
|
5.56 |
% |
|
|
5.43 |
% |
|
|
5.25 |
% |
|
|
5.26 |
% |
|
|
5.16 |
% |
Investment securities |
|
|
2.53 |
% |
|
|
2.53 |
% |
|
|
2.48 |
% |
|
|
2.47 |
% |
|
|
2.53 |
% |
Interest-bearing deposits at banks |
|
|
1.68 |
% |
|
|
6.38 |
% |
|
|
5.29 |
% |
|
|
4.45 |
% |
|
|
3.97 |
% |
Total interest-earning assets |
|
|
5.09 |
% |
|
|
4.96 |
% |
|
|
4.76 |
% |
|
|
4.75 |
% |
|
|
4.66 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW |
|
|
2.30 |
% |
|
|
2.12 |
% |
|
|
1.79 |
% |
|
|
1.24 |
% |
|
|
0.75 |
% |
Savings |
|
|
2.25 |
% |
|
|
2.09 |
% |
|
|
1.85 |
% |
|
|
1.58 |
% |
|
|
0.95 |
% |
Time deposits |
|
|
4.24 |
% |
|
|
3.83 |
% |
|
|
3.45 |
% |
|
|
3.10 |
% |
|
|
2.63 |
% |
Total interest-bearing deposits |
|
|
2.77 |
% |
|
|
2.53 |
% |
|
|
2.22 |
% |
|
|
1.85 |
% |
|
|
1.24 |
% |
Borrowings |
|
|
5.25 |
% |
|
|
5.27 |
% |
|
|
5.14 |
% |
|
|
4.98 |
% |
|
|
4.74 |
% |
Total interest-bearing liabilities |
|
|
3.04 |
% |
|
|
2.87 |
% |
|
|
2.59 |
% |
|
|
2.18 |
% |
|
|
1.65 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate spread |
|
|
2.05 |
% |
|
|
2.09 |
% |
|
|
2.17 |
% |
|
|
2.57 |
% |
|
|
3.01 |
% |
Contribution of interest-free funds |
|
|
0.74 |
% |
|
|
0.66 |
% |
|
|
0.62 |
% |
|
|
0.53 |
% |
|
|
0.45 |
% |
Net interest margin |
|
|
2.79 |
% |
|
|
2.75 |
% |
|
|
2.79 |
% |
|
|
3.10 |
% |
|
|
3.46 |
% |
* 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/20240430748925/en/
For more information:
Executive Vice President and Chief Financial Officer
(716) 926-2000
jconnerton@evansbank.com
-OR-
(716) 843-3908
dpawlowski@keiadvisors.com
cmychajluk@keiadvisors.com
Media:
Group VP/Public & Community Relations Director
(716) 343-5562
krizzoyoung@evansbank.com
Source: