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Press Release: Evans Bancorp Reports Net Income -4-

· 02/04/2021 16:15
CONTACT: John B. Connerton--------- --------- --------- --------- --------- Total Assets $2,050,875 $2,067,448 $1,896,594 $1,502,382 $1,472,667 NOW 218,587 221,343 203,458 144,564 136,077 Savings 818,878 799,082 721,578 605,103 593,694 Time deposits 300,605 337,967 337,187 274,576 274,856 --------- --------- --------- --------- --------- Total interest-bearing deposits 1,338,070 1,358,392 1,262,223 1,024,243 1,004,627 Borrowings 80,814 84,926 51,493 24,708 27,241 --------- --------- --------- --------- --------- Total interest-bearing liabilities 1,418,884 1,443,318 1,313,716 1,048,951 1,031,868 Demand deposits 439,953 430,658 399,807 281,624 272,834 Other non-interest bearing liabilities 25,882 29,644 25,540 22,127 20,375 Stockholders' equity 166,156 163,828 157,531 149,680 147,590 --------- --------- --------- --------- --------- Total Liabilities and Equity $2,050,875 $2,067,448 $1,896,594 $1,502,382 $1,472,667 YIELD/RATE Loans, net 4.09% 4.01% 4.22% 4.80% 4.92% Investment securities 2.18% 2.06% 2.12% 3.24% 2.46% Interest-bearing deposits at banks 0.10% 0.10% 0.08% 1.27% 1.65% Total interest-earning assets 3.74% 3.62% 3.84% 4.51% 4.61% NOW 0.15% 0.19% 0.24% 0.50% 0.57% Savings 0.24% 0.33% 0.37% 0.87% 0.94% Time deposits 0.90% 1.04% 1.40% 2.02% 2.09% Total interest-bearing deposits 0.37% 0.48% 0.62% 1.13% 1.21% Borrowings 2.43% 2.26% 1.41% 2.78% 2.64% Total interest-bearing liabilities 0.49% 0.59% 0.65% 1.17% 1.24% Interest rate spread 3.25% 3.03% 3.19% 3.34% 3.36% Contribution of interest-free funds 0.13% 0.16% 0.17% 0.30% 0.31% Net interest margin 3.38% 3.19% 3.36% 3.64% 3.67% EVANS BANCORP, INC AND SUBSIDIARIES SELECTED OPERATIONS DATA (UNAUDITED) (in thousands, except share and per share data) 2020 2019 Year to Date Year to Date % Change -------------- -------------- ---------- Interest income $ 68,833 $ 64,740 6% Interest expense 9,051 12,685 (29)% Net interest income 59,782 52,055 15% Provision for loan losses 5,351 75 7,035% Net interest income after provision 54,431 51,980 5% Deposit service charges 2,242 2,569 (13)% Insurance service and fee revenue 10,610 10,688 (1)% Bank-owned life insurance 680 656 4% Loss on tax credit investment (2,475) (158) 1,466% Refundable NY state historic tax credit 1,857 115 1,515% Gain on sale of securities 667 - -% Other income 4,656 4,212 11% Total non-interest income 18,237 18,082 1% Salaries and employee benefits 32,990 29,628 11% Occupancy 4,296 3,429 25% Advertising and public relations 1,128 1,033 9% Professional services 3,544 3,510 1% Technology and communications 5,234 4,124 27% FDIC insurance 1,090 431 153% Amortization of intangibles 533 448 19% Merger-related expenses 5,958 232 2,468% Other expenses 5,087 4,985 2% Total non-interest expenses 59,860 47,820 25% Income before income taxes 12,808 22,242 (42)% Income tax provision 1,562 5,228 (70)% Net income 11,246 17,014 (34)% PER SHARE DATA Net income per common share-diluted $ 2.13 $ 3.42 (38)% Cash dividends per common share $ 1.16 $ 1.04 12% Weighted average number of diluted shares 5,268,560 4,968,172 PERFORMANCE RATIOS Return on average total assets 0.60% 1.17% Return on average stockholders' equity 7.06% 12.08% Efficiency ratio 76.72% 68.18% Efficiency ratio (Non-GAAP)* 68.45% 67.21% Net interest margin 3.37% 3.82% Net loan charge-offs (recoveries)/Average loans 0.01% (0.03)% * 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210204006063/en/

Executive Vice President and Chief Financial Officer

(716) 926-2000

jconnerton@evansbank.com

-OR-

Deborah K. Pawlowski

Kei Advisors LLC

(716) 843-3908

dpawlowski@keiadvisors.com

Media Contact:

Kathleen Rizzo Young

Public & Community Relations Manager

716-343-5562

krizzoyoung@evansbank.com

(END) Dow Jones Newswires

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