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Press Release: Evans Bancorp Reports Net Income -3-

· 02/04/2021 16:15
EVANS BANCORP, INC. AND SUBSIDIARIES SELECTED FINANCIAL DATA (UNAUDITED) (in thousands, except shares and per share data) 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 -------------- -------------- -------------- -------------- -------------- ASSETS Interest-bearing deposits at banks $ 83,902 $ 88,249 $ 109,943 $ 40,706 $ 28,280 Investment Securities 166,600 160,757 169,975 162,038 130,308 Loans 1,693,794 1,703,076 1,685,761 1,246,206 1,226,531 Allowance for loan losses (20,415) (20,601) (18,754) (18,157) (15,175) Goodwill and intangible assets 14,951 15,085 15,222 13,421 12,545 All other assets 105,283 110,427 103,793 80,597 77,741 Total assets $2,044,115 $2,056,993 $2,065,940 $1,524,811 $1,460,230 LIABILITIES AND STOCKHOLDERS' EQUITY Demand deposits 436,157 442,536 428,655 273,623 263,717 NOW deposits 230,751 215,492 229,788 159,223 140,654 Savings deposits 825,947 799,739 794,513 625,773 587,142 Time deposits 278,554 323,211 356,147 268,978 275,927 Total deposits 1,771,409 1,780,978 1,809,103 1,327,597 1,267,440 Borrowings 79,663 82,909 67,715 23,902 23,755 Other liabilities 24,138 30,218 27,124 25,216 20,582 Total stockholders' equity 168,905 162,888 161,998 148,096 148,453 SHARES AND CAPITAL RATIOS Common shares outstanding 5,411,384 5,376,742 5,376,872 4,942,802 4,929,593 Book value per share $ 31.21 $ 30.29 $ 30.13 $ 29.96 $ 30.11 Tier 1 leverage ratio 8.21% 7.82% 8.44% 9.92% 10.33% Tier 1 risk-based capital ratio 11.62% 11.28% 11.14% 11.84% 12.32% Total risk-based capital ratio 12.88% 12.53% 12.39% 13.09% 13.56% ASSET QUALITY DATA Total non-performing loans $ 28,118 $ 21,466 $ 19,718 $ 16,717 $ 14,396 Total net loan charge-offs 60 34 - 17 85 Non-performing loans/Total loans 1.66% 1.26% 1.17% 1.34% 1.17% Net loan charge-offs /Average loans 0.01% 0.01% -% 0.01% 0.03% Allowance for loans losses/Total loans 1.21% 1.21% 1.11% 1.46% 1.24% EVANS BANCORP, INC AND SUBSIDIARIES SELECTED OPERATIONS DATA (UNAUDITED) (in thousands, except share and per share data) 2020 2020 2020 2020 2019 -------------- -------------- -------------- -------------- -------------- Fourth Quarter Third Quarter Second Quarter First Quarter Fourth Quarter -------------- -------------- -------------- -------------- -------------- Interest income $ 18,175 $ 17,766 $ 17,069 $ 15,823 $ 16,028 Interest expense 1,744 2,124 2,136 3,047 3,236 Net interest income 16,431 15,642 14,933 12,776 12,792 Provision (credit) for loan losses (126) 1,881 597 2,999 (122) Net interest income after provision 16,557 13,761 14,336 9,777 12,914 Deposit service charges 619 598 397 628 747 Insurance service and fee revenue 2,301 3,217 2,667 2,425 2,120 Bank-owned life insurance 172 170 178 160 164 Loss on tax credit investment - - - (2,475) (158) Refundable NY state historic tax credit - - - 1,857 115 Gain on sale of securities - 667 - - - Other income 1,711 1,205 997 743 1,005 Total non-interest income 4,803 5,857 4,239 3,338 3,993 Salaries and employee benefits 9,087 8,101 8,005 7,797 7,355 Occupancy 1,169 1,204 1,062 861 868 Advertising and public relations 233 503 123 269 421 Professional services 893 865 872 914 827 Technology and communications 1,306 1,365 1,467 1,096 1,075 Amortization of intangibles 133 136 134 130 112 FDIC insurance 339 290 282 179 74 Merger-related expenses - 524 4,974 460 232 Other expenses 1,350 1,480 1,093 1,164 1,207 Total non-interest expenses 14,510 14,468 18,012 12,870 12,171 Income before income taxes 6,850 5,150 563 245 4,736 Income tax provision 821 606 94 41 988 Net income 6,029 4,544 469 204 3,748 PER SHARE DATA Net income per common share-diluted $ 1.11 $ 0.84 $ 0.09 $ 0.04 $ 0.75 Cash dividends per common share $ - $ 0.58 $ - $ 0.58 $ - Weighted average number of diluted shares 5,416,198 5,395,806 5,243,581 4,992,214 4,990,863 PERFORMANCE RATIOS Return on average total assets 1.18% 0.88% 0.10% 0.05% 1.02% Return on average stockholders' equity 14.51% 11.09% 1.19% 0.55% 10.16% Efficiency ratio 68.33% 67.30% 93.95% 79.87% 72.51% Efficiency ratio (Non-GAAP)* 67.71% 66.28% 67.30% 73.39% 70.28% * The calculation of the non-GAAP efficiency ratio excludes amortization of intangibles, gains and losses from investment securities, merger-related expenses and the impact of historic tax credit transactions. EVANS BANCORP, INC AND SUBSIDIARIES SELECTED AVERAGE BALANCES AND YIELDS/RATES (UNAUDITED) (in thousands) 2020 2020 2020 2020 2019 -------------- -------------- -------------- -------------- -------------- Fourth Quarter Third Quarter Second Quarter First Quarter Fourth Quarter -------------- -------------- -------------- -------------- -------------- AVERAGE BALANCES Loans, net $1,677,502 $1,671,338 $1,535,206 $1,219,230 $1,213,837 Investment securities 162,941 172,712 179,677 136,029 137,354 Interest-bearing deposits at banks 92,974 106,154 73,973 57,319 32,061 --------- --------- --------- --------- --------- Total interest-earning assets 1,933,417 1,950,204 1,788,856 1,412,578 1,383,252 Non interest-earning assets 117,458 117,244 107,738 89,804 89,415

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 Evans Bancorp to differ materially from the results expressed or implied by such statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include the impacts from COVID-19, competitive pressures among financial services companies, interest rate trends, general economic conditions, changes in legislation or regulatory requirements, effectiveness at achieving stated goals and strategies, and difficulties in achieving operating efficiencies. These risks and uncertainties are more fully described in Evans Bancorp's Annual and Quarterly Reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. Evans Bancorp undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new, updated information, future events or otherwise.

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February 04, 2021 16:15 ET (21:15 GMT)