Evans Bancorp, Inc. (the “Company” or “Evans”) (NYSE American: EVBN), a group monetary companies firm serving Western New York since 1920, as we speak reported outcomes of operations for the fourth quarter and full yr ended December 31, 2021.
FOURTH QUARTER AND FULL YEAR 2021 HIGHLIGHTS (in contrast with prior-year interval except in any other case famous)
- Achieved fourth quarter web earnings of $5.9 million, or $1.06 per diluted share, and a report $24.0 million, or $4.37 per diluted share, for 2021
- Net curiosity earnings elevated 20% to $19.7 million in the fourth quarter, reflecting accelerated amortization of Paycheck Protection Program (“PPP”) charges, larger curiosity on non-accrual loans that paid off, amortization of honest worth marks on acquired loans and decrease curiosity expense
- Full yr web curiosity earnings of $72.8 million was up 22% on the identical themes because the fourth quarter and in addition mirrored the complete yr affect of the Fairport Savings Bank (“FSB”) acquisition
- Net curiosity margin of 3.74% elevated 26 foundation factors from the third quarter of 2021 and 36 foundation factors from the fourth quarter of 2020; Full yr web curiosity margin of 3.57% was up 20 foundation factors
- Total deposits of $1.94 billion elevated 3% for the quarter and 9% for the yr
- Improved efficiency ratios in 2021: Return on common property of 1.12%, return on fairness of 13.71%, return on common tangible frequent fairness of 14.96%, and GAAP effectivity ratio of 66.8%
- Evans made $500,000 in philanthropic contributions throughout 2021
Net earnings was $5.9 million, or $1.06 per diluted share, in the fourth quarter of 2021, in contrast with $7.0 million, or $1.27 per diluted share, in the third quarter of 2021 and $6.0 million, or $1.11 per diluted share, in final yr’s fourth quarter. The prior-year change was largely because of the affect of a historic tax credit score transaction, which resulted in a decrease tax fee in the fourth quarter of 2020. Pretax earnings for the 2021 fourth quarter was up $0.9 million, or 12%, as web curiosity earnings development of 20% greater than offset larger salaries and advantages bills and a rise in philanthropic contributions made in the course of the interval. Net earnings when put next with the sequential third quarter, mirrored web curiosity earnings development of $1.5 million which was greater than offset by a better provision for mortgage loss and adjustments in non-interest earnings and bills. Return on common fairness was 12.98% for the fourth quarter of 2021, in contrast with 15.58% in the third quarter of 2021 and 14.51% in the fourth quarter of 2020.
For the complete yr 2021, web earnings reached a report $24.0 million, or $4.37 per diluted share, up from $11.2 million, or $2.13 per diluted share, in 2020. The improve mirrored larger web curiosity earnings of $13.0 million largely from a rise in PPP charges of $5.9 million and the complete yr affect of the 2020 acquisition of FSB. The prior yr additionally included a $5.4 million provision for mortgage loss in contrast with a launch of allowance for mortgage loss of $1.5 million in 2021. Improvement in non-performing and criticized loans in addition to enhanced financial situations referring to the COVID-19 pandemic had been the first drivers for the discharge of allowance for mortgage loss. Non-interest bills elevated $1.4 million, or 2%, primarily reflecting the complete yr affect of FSB and a rise in wage incentive expense, partially offset by merger associated bills in the prior yr. The return on common fairness was 13.71% for 2021 in contrast with 7.06% in 2020.
“Evans was able to deliver record performance against a backdrop of continued unprecedented challenges for our clients, the communities we serve and our organization. Outstanding loan production was critical in offsetting historic prepayment and repayment activity that occurred throughout the industry due to low interest rates and unusual levels of liquidity in the banking system. In addition, 2021 saw Evans support businesses and our community with a significant level of additional Paycheck Protection Program loans as well as loan forgiveness for the majority of these loans produced over the last two years,” stated David J. Nasca, President and CEO of Evans Bancorp, Inc. “This year also saw progress in our newly acquired Rochester footprint, growth in core deposits and strengthened credit quality particularly related to businesses in hospitality and lodging as the Bank worked closely with these clients. While unusual levels of liquidity have put pressure on asset returns we expect to utilize this liquidity in coming quarters in support of a robust loan pipeline and investments that will provide enhanced growth and earnings.”
Net Interest Income |
||||||||||||||
($ in 1000’s) |
||||||||||||||
|
|
|
|
|||||||||||
|
4Q 2021 |
3Q 2021 |
4Q 2020 |
|||||||||||
|
|
|
|
|||||||||||
Interest earnings |
$ |
20,732 |
$ |
19,302 |
|
$ |
18,175 |
|
||||||
Interest expense |
|
1,057 |
|
1,139 |
|
|
1,744 |
|
||||||
Net curiosity earnings |
|
19,675 |
|
18,163 |
|
|
16,431 |
|
||||||
Provision (credit score) for mortgage losses |
|
393 |
|
(1,459 |
) |
|
(126 |
) |
||||||
Net curiosity earnings after provision |
$ |
19,282 |
$ |
19,622 |
|
$ |
16,557 |
|
Net curiosity earnings elevated $1.5 million, or 8%, from the sequential third quarter, and $3.2 million, or 20%, from prior-year fourth quarter. These will increase mirrored larger curiosity acknowledged on the payoff of non-accrual loans, larger amortization of honest worth marks on acquired loans because of this of sooner than anticipated mortgage payoffs and higher PPP charges. During the fourth quarter of 2021, $0.7 million of curiosity was acknowledged on non-accrual loans that paid off and $0.8 million of honest worth marks on acquired loans was amortized into curiosity earnings. As PPP loans are forgiven, the Company accelerates the popularity of charges that had been being amortized over the unique life of the mortgage. PPP charges acknowledged in curiosity earnings had been $2.4 million in the fourth quarter of 2021, $2.1 million in the third quarter of 2021 and $1.4 million in the fourth quarter of 2020. Interest expense decreased $0.7 million from the prior-year fourth quarter because the Company continued to successfully handle charges on deposits.
Fourth quarter web curiosity margin of 3.74% elevated 26 foundation factors from the third quarter of 2021 and 36 foundation factors from the fourth quarter of 2020. The yield on loans elevated 50 foundation factors in contrast with the third quarter of 2021 and 77 foundation factors in contrast with the fourth quarter of 2020. The price of interest-bearing liabilities decreased to 0.28% in contrast with 0.31% in the third quarter of 2021 and 0.49% in the fourth quarter of 2020.
The Company continues to judge its mortgage portfolio in response to the financial affect of the COVID-19 pandemic on shoppers. During the third quarter of 2020, the Company recognized a well-defined weak point in the lodge trade and labeled $81 million of loans to shoppers inside that trade as criticized. During 2021, the Company upgraded $24 million of these loans out of the criticized mortgage class and obtained payoffs of $6 million, whereas a $2 million mortgage was downgraded to nonaccrual standing.
The $0.4 million provision for mortgage losses in the present quarter was resulting from mortgage development, partially offset by a discount in particular reserves. Evans has deferred the adoption of the Current Expected Credit Loss Impairment Model (CECL), as permitted by its classification as a Smaller Reporting Company by the Securities and Exchange Commission.
Asset Quality |
||||||||||||||
($ in 1000’s) |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||
|
|
4Q 2021 |
|
|
3Q 2021 |
|
|
4Q 2020 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||
Total non-performing loans |
|
$ |
18,415 |
|
|
$ |
25,463 |
|
|
$ |
28,118 |
|
||
Total web mortgage charge-offs |
|
|
6 |
|
|
|
431 |
|
|
|
60 |
|
||
Non-performing loans / Total loans |
|
|
1.17 |
% |
|
|
1.58 |
% |
|
|
1.66 |
% |
||
Net mortgage charge-offs / Average loans |
|
|
– |
% |
|
|
0.10 |
% |
|
|
0.01 |
% |
||
Allowance for mortgage losses / Total loans |
|
|
1.17 |
% |
|
|
1.12 |
% |
|
|
1.21 |
% |
“Non-performing loans showed a marked decline during the quarter as approximately $7 million of those loans were fully repaid, including one hotel credit. Looking to the past year, we were successful in our efforts to assist our hotel portfolio clients through the pandemic challenges. As a result, approximately a third of the portfolio was upgraded, leaving approximately $50 million in criticized status at year end. The improvement of the remaining criticized hotel credits are dependent on positive payment performance through the second quarter of 2022,” acknowledged John Connerton, Chief Financial Officer of Evans Bank.
Non-Interest Income |
|||||||||||
($ in 1000’s) |
|||||||||||
|
|
4Q 2021 |
|
|
3Q 2021 |
|
|
4Q 2020 |
|||
|
|
|
|
|
|
|
|
|
|||
Deposit service expenses |
|
$ |
688 |
|
|
$ |
664 |
|
|
$ |
619 |
Insurance service and charge income |
|
|
2,107 |
|
|
|
3,191 |
|
|
|
2,301 |
Bank-owned life insurance coverage |
|
|
360 |
|
|
|
158 |
|
|
|
172 |
Other earnings |
|
|
1,551 |
|
|
|
1,144 |
|
|
|
1,711 |
Total non-interest earnings |
|
$ |
4,706 |
|
|
$ |
5,157 |
|
|
$ |
4,803 |
The decline in insurance coverage service and charge income from the third quarter was because of the seasonal lower in industrial strains insurance coverage commissions and decreased revenue sharing income. The change from the fourth quarter of 2020 was the outcome of decreased revenue sharing income, ensuing from larger loss ratios skilled by the insurance coverage carriers.
The Company acknowledged a $0.2 million acquire on a bank-owned life insurance coverage declare in the fourth quarter of 2021. There had been no coverage claims in the third quarter of 2021 or fourth quarter of 2020.
The improve in different earnings from the third quarter was largely because of the reversal of an earnout referring to a small 2020 insurance coverage company acquisition equating to a $0.3 million profit. The fourth quarter of 2020 included a $0.7 million acquire on the sale of the Company’s former administrative headquarters.
Non-Interest Expense |
|||||||||||
($ in 1000’s) |
|||||||||||
|
|
4Q 2021 |
|
|
3Q 2021 |
|
|
4Q 2020 |
|||
|
|
|
|
|
|
|
|
|
|||
Salaries and worker advantages |
|
$ |
10,273 |
|
|
$ |
9,930 |
|
|
$ |
9,087 |
Occupancy |
|
|
1,208 |
|
|
|
1,126 |
|
|
|
1,169 |
Advertising and public relations |
|
|
325 |
|
|
|
434 |
|
|
|
233 |
Professional companies |
|
|
799 |
|
|
|
840 |
|
|
|
893 |
Technology and communications |
|
|
1,353 |
|
|
|
1,327 |
|
|
|
1,306 |
Amortization of intangibles |
|
|
132 |
|
|
|
135 |
|
|
|
133 |
FDIC insurance coverage |
|
|
269 |
|
|
|
285 |
|
|
|
339 |
Other bills |
|
|
1,926 |
|
|
|
1,316 |
|
|
|
1,350 |
Total non-interest bills |
|
$ |
16,285 |
|
|
$ |
15,393 |
|
|
$ |
14,510 |
Total non-interest expense elevated $0.9 million, or 6%, from the third quarter of 2021, and $1.8 million, or 12%, from final yr’s fourth quarter.
The addition of strategic hires to help the Company’s continued development together with inflation in labor prices was mirrored in the salaries and worker advantages improve. In addition, the change from the prior-year interval included a $0.7 million improve in incentive expense.
Other bills elevated $0.6 million from every of the prior intervals primarily reflecting a rise of $0.4 million in philanthropic contributions.
The Company’s GAAP effectivity ratio, or noninterest bills divided by the sum of web curiosity earnings and noninterest earnings, was 66.8% in the fourth quarter of 2021, 66.0% in the third quarter of 2021, and 68.3% in the fourth quarter of 2020. The Company’s non-GAAP effectivity ratio, excluding amortization expense, positive aspects and losses from funding securities, and merger-related bills, was 66.2% in contrast with 65.4% in the third quarter of 2021 and 67.7% in final yr’s fourth quarter.
Income tax expense was $1.8 million, for an efficient tax fee of 23.4%, in the fourth quarter of 2021 in contrast with 25.6% in the third quarter of 2021 and 12.0% in final yr’s fourth quarter. Excluding the affect of a 2020 historic tax credit score transaction, the efficient tax fee was 22.1% in the fourth quarter of 2020.
Balance Sheet Highlights
Total property had been $2.21 billion as of December 31, 2021, a rise of 3% from $2.15 billion at September 30, 2021, and eight% from $2.04 billion at December 31, 2020. The development from the prior yr resulted from a rise in interest-bearing deposits at banks of $151 million and funding securities of $143 million, partially offset by a lower in whole loans of $122 million. Since final yr’s fourth quarter, industrial and industrial loans decreased $193 million, of which $162 million was because of the change in PPP mortgage balances from mortgage forgiveness and $34 million was a discount in strains of credit score. PPP loans totaled $24.9 million at December 31, 2021, in contrast with $76.3 million at September 30, 2021 and $186.9 million at December 31, 2020. Residential mortgages elevated $43 million and industrial actual property loans had been up $25 million because the finish of final yr.
Investment securities had been $309 million at December 31, 2021, $51 million larger than the tip of the third quarter of 2021, and $143 million larger than on the finish of final yr’s fourth quarter. The will increase replicate the use of extra money balances. The major targets of the Company’s funding portfolio are to supply liquidity, safe municipal deposits, and maximize earnings whereas preserving the protection of principal.
Total deposits of $1.94 billion elevated $61 million, or 3%, from September 30, 2021, and $166 million, or 9%, from the tip of final yr’s fourth quarter. The improve from the prior yr displays an accumulation of liquidity by industrial prospects in response to the pandemic, together with deposits associated to PPP loans, and will increase in shopper deposits from authorities stimulus funds and decrease shopper spending.
Capital Management
The Company has persistently maintained regulatory capital ratios measurably above the Federal “well capitalized” commonplace, together with a Tier 1 leverage ratio of 8.57% at December 31, 2021 in contrast with 8.34% at September 30, 2021 and eight.21% at December 31, 2020. Book worth per share was $33.54 at December 31, 2021 in contrast with $32.73 at September 30, 2021 and $31.21 at December 31, 2020. Tangible e-book worth per share was $30.93 at December 31, 2021 in contrast with $30.07 at September 30, 2021 and $28.45 at December 31, 2020.
For the complete yr of 2021, money dividends totaled $1.20 per share, up 3% over 2020.
2021 Year in Review (in contrast with prior-year)
Net curiosity earnings was $72.8 million, up 22%. Contributing to the rise in web curiosity earnings was $5.9 million of PPP charges, $0.8 million in industrial prepayment charges, $0.5 million referring to the amortization of honest worth marks on acquired loans, and the complete yr affect of FSB. In addition, curiosity expense decreased $4.3 million because the Company continued to successfully handle charges on deposits. Net curiosity margin was 3.57%, a rise of 20 foundation factors.
The Company’s launch of allowance for mortgage losses of $1.5 million in contrast with a provision for mortgage loss of $5.4 million throughout 2020 displays a lower in non-performing and criticized loans in addition to enhancements in the financial system from the COVID-19 pandemic. The ratio of non-performing loans to whole loans was 1.17% in contrast with 1.66% in 2020.
Non-interest earnings was up $0.6 million to $18.9 million. The improve was resulting from larger interchange charges of $0.4 million, $0.4 million in mortgage charges, $0.3 million from mortgage servicing rights and $0.3 million in deposit service expenses. During 2020, a $0.7 million acquire on sale of securities, and a $0.7 million acquire on the sale of the Company’s former administrative headquarters had been partially offset by a web loss of $0.6 million because of this of a historic tax credit score transaction. There had been no important historic tax credit score transactions or acquire on sale of property throughout 2021.
Non-interest expense elevated $1.4 million, or 2%, to $61.2 million. Salaries and worker advantages elevated $5.6 million primarily ensuing from larger incentive accruals of $2.7 million, the complete yr affect of the FSB acquisition and the addition of strategic hires to help the Company’s continued development together with inflation in the fee of labor. Occupancy expense was up $0.4 million and advertising expense was up $0.3 million additionally reflecting the addition of FSB. In addition, the Company had a $0.5 million improve in philanthropic contributions. Offsetting was a lower in merger-related bills of $6.0 million that had been incurred throughout 2020 in reference to the acquisition of FSB. There had been no merger-related bills throughout 2021.
The Company’s GAAP effectivity ratio was 66.8% in 2021 in contrast with 76.7% in 2020, and the non-GAAP effectivity ratio, as beforehand outlined, was 66.2% in contrast with 68.5%.
Income tax expense for the yr was $7.9 million, representing an efficient tax fee of 24.7% in contrast with an efficient tax fee of 12.2% in 2020. Excluding the affect of historic tax credit score transactions, the efficient tax fee was 23.9% in 2020.
Webcast and Conference Call
The Company will host a convention name and webcast on Thursday, February 3, 2022 at 4:45 p.m. ET. Management will assessment the monetary and working outcomes for the fourth quarter and full yr 2021, in addition to the Company’s technique and outlook. A query and reply session will comply with the formal presentation.
The convention name may be accessed by calling (201) 689-8471. Alternatively, the webcast may be monitored at www.evansbancorp.com.
A telephonic replay will likely be out there from 7:45 p.m. ET on the day of the teleconference till Thursday, February 10, 2022. To take heed to the archived name, dial (412) 317-6671 and enter convention ID quantity 13725932, or entry the webcast replay at www.evansbancorp.com, the place a transcript will likely be posted as soon as out there.
About Evans Bancorp, Inc.
Evans Bancorp, Inc. is a monetary holding firm and the father or mother firm of Evans Bank, N.A., a industrial financial institution with $2.2 billion in property and $1.9 billion in deposits at December 31, 2021. Evans is a full-service group financial institution with 21 monetary facilities offering complete monetary companies to shopper, enterprise and municipal prospects all through Western New York. Evans Insurance Agency, a completely owned subsidiary, gives life insurance coverage, worker advantages, and property and casualty insurance coverage by ten places of work in the Western New York area. Evans Investment Services gives non-deposit funding merchandise, reminiscent of annuities and mutual funds.
Evans Bancorp, Inc. and Evans Bank routinely publish information and different vital info on their web sites, at www.evansbancorp.com and www.evansbank.com.
Safe Harbor Statement: This information launch accommodates forward-looking statements throughout the which means of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements embrace, however usually are not restricted to, statements regarding future enterprise, income and earnings. These statements usually are not historic information or ensures of future efficiency, occasions or outcomes. There are dangers, uncertainties and different components that might trigger the precise outcomes of Evans Bancorp to vary materially from the outcomes expressed or implied by such statements. Factors that will trigger precise outcomes to vary materially from these contemplated by such forward-looking statements embrace the impacts from COVID-19, aggressive pressures amongst monetary companies corporations, rate of interest developments, common financial situations, adjustments in laws or regulatory necessities, effectiveness at reaching acknowledged objectives and methods, and difficulties in reaching working efficiencies. These dangers and uncertainties are extra totally described in Evans Bancorp’s Annual and Quarterly Reports filed with the Securities and Exchange Commission. Forward-looking statements communicate solely as of the date they’re made. Evans Bancorp undertakes no obligation to publicly replace or revise forward-looking info, whether or not because of this of new, up to date info, future occasions or in any other case.
EVANS BANCORP, INC. AND SUBSIDIARIES |
||||||||||||||||||||
SELECTED FINANCIAL DATA (UNAUDITED) |
||||||||||||||||||||
(in 1000’s, besides shares and per share knowledge) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
12/31/2021 |
|
9/30/2021 |
|
6/30/2021 |
|
3/31/2021 |
|
12/31/2020 |
||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest-bearing deposits at banks |
|
$ |
234,929 |
|
|
$ |
179,231 |
|
|
$ |
126,810 |
|
|
$ |
105,658 |
|
|
$ |
83,902 |
|
Investment Securities |
|
|
309,124 |
|
|
|
258,221 |
|
|
|
234,350 |
|
|
|
195,012 |
|
|
|
166,600 |
|
Loans |
|
|
1,571,905 |
|
|
|
1,614,162 |
|
|
|
1,697,321 |
|
|
|
1,747,229 |
|
|
|
1,693,794 |
|
Allowance for mortgage losses |
|
|
(18,438) |
|
|
|
(18,051) |
|
|
|
(19,942) |
|
|
|
(20,701) |
|
|
|
(20,415) |
|
Goodwill and intangible property |
|
|
14,329 |
|
|
|
14,546 |
|
|
|
14,682 |
|
|
|
14,817 |
|
|
|
14,951 |
|
All different property |
|
|
98,791 |
|
|
|
103,949 |
|
|
|
106,982 |
|
|
|
102,250 |
|
|
|
105,283 |
|
Total property |
|
$ |
2,210,640 |
|
|
$ |
2,152,058 |
|
|
$ |
2,160,203 |
|
|
$ |
2,144,265 |
|
|
$ |
2,044,115 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
LIABILITIES AND STOCKHOLDERS’ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Demand deposits |
|
|
492,864 |
|
|
|
502,689 |
|
|
|
486,737 |
|
|
|
486,385 |
|
|
|
436,157 |
|
NOW deposits |
|
|
259,908 |
|
|
|
253,124 |
|
|
|
261,173 |
|
|
|
238,769 |
|
|
|
230,751 |
|
Savings deposits |
|
|
1,019,925 |
|
|
|
942,147 |
|
|
|
940,352 |
|
|
|
924,781 |
|
|
|
825,947 |
|
Time deposits |
|
|
164,340 |
|
|
|
178,083 |
|
|
|
195,533 |
|
|
|
222,002 |
|
|
|
278,554 |
|
Total deposits |
|
|
1,937,037 |
|
|
|
1,876,043 |
|
|
|
1,883,795 |
|
|
|
1,871,937 |
|
|
|
1,771,409 |
|
Borrowings |
|
|
67,965 |
|
|
|
71,564 |
|
|
|
76,895 |
|
|
|
78,278 |
|
|
|
79,663 |
|
Other liabilities |
|
|
21,746 |
|
|
|
25,617 |
|
|
|
23,824 |
|
|
|
27,076 |
|
|
|
24,138 |
|
Total stockholders’ fairness |
|
|
183,892 |
|
|
|
178,834 |
|
|
|
175,689 |
|
|
|
166,974 |
|
|
|
168,905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
SHARES AND CAPITAL RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Common shares excellent |
|
|
5,482,756 |
|
|
|
5,463,141 |
|
|
|
5,443,491 |
|
|
|
5,428,993 |
|
|
|
5,411,384 |
|
Book worth per share |
|
$ |
33.54 |
|
|
$ |
32.73 |
|
|
$ |
32.28 |
|
|
$ |
30.76 |
|
|
$ |
31.21 |
|
Tangible e-book worth per share |
|
$ |
30.93 |
|
|
$ |
30.07 |
|
|
$ |
29.58 |
|
|
$ |
28.03 |
|
|
$ |
28.45 |
|
Tier 1 leverage ratio |
|
|
8.57 |
% |
|
|
8.34 |
% |
|
|
8.23 |
% |
|
|
8.19 |
% |
|
|
8.21 |
% |
Tier 1 risk-based capital ratio |
|
|
12.76 |
% |
|
|
12.34 |
% |
|
|
11.96 |
% |
|
|
11.90 |
% |
|
|
11.62 |
% |
Total risk-based capital ratio |
|
|
14.02 |
% |
|
|
13.57 |
% |
|
|
13.21 |
% |
|
|
13.15 |
% |
|
|
12.88 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
ASSET QUALITY DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total non-performing loans |
|
$ |
18,415 |
|
|
$ |
25,463 |
|
|
$ |
24,317 |
|
|
$ |
29,079 |
|
|
$ |
28,118 |
|
Total web mortgage charge-offs |
|
|
6 |
|
|
|
431 |
|
|
|
– |
|
|
|
27 |
|
|
|
60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-performing loans/Total loans |
|
|
1.17 |
% |
|
|
1.58 |
% |
|
|
1.43 |
% |
|
|
1.66 |
% |
|
|
1.66 |
% |
Net mortgage charge-offs /Average loans |
|
|
– |
% |
|
|
0.10 |
% |
|
|
– |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
Allowance for loans losses/Total loans |
|
|
1.17 |
% |
|
|
1.12 |
% |
|
|
1.17 |
% |
|
|
1.18 |
% |
|
|
1.21 |
% |
EVANS BANCORP, INC AND SUBSIDIARIES |
||||||||||||||||||||
SELECTED OPERATIONS DATA (UNAUDITED) |
||||||||||||||||||||
(in 1000’s, besides share and per share knowledge) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
2021 |
|
2021 |
|
2021 |
|
2021 |
|
2020 |
|||||||||||
|
Fourth Quarter |
|
Third Quarter |
|
Second Quarter |
|
First Quarter |
|
Fourth Quarter |
|||||||||||
Interest earnings |
$ |
20,732 |
|
$ |
19,302 |
|
$ |
19,576 |
|
$ |
17,970 |
|
$ |
18,175 |
|
|||||
Interest expense |
|
1,057 |
|
|
1,139 |
|
|
1,226 |
|
|
1,373 |
|
|
1,744 |
|
|||||
Net curiosity earnings |
|
19,675 |
|
|
18,163 |
|
|
18,350 |
|
|
16,597 |
|
|
16,431 |
|
|||||
Provision (credit score) for mortgage losses |
|
393 |
|
|
(1,459) |
|
|
(760) |
|
|
313 |
|
|
(126) |
|
|||||
Net curiosity earnings after provision (credit score) for mortgage losses |
|
19,282 |
|
|
19,622 |
|
|
19,110 |
|
|
16,284 |
|
|
16,557 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposit service expenses |
|
688 |
|
|
664 |
|
|
607 |
|
|
572 |
|
|
619 |
|
|||||
Insurance service and charge income |
|
2,107 |
|
|
3,191 |
|
|
2,657 |
|
|
2,502 |
|
|
2,301 |
|
|||||
Bank-owned life insurance coverage |
|
360 |
|
|
158 |
|
|
172 |
|
|
163 |
|
|
172 |
|
|||||
Loss on tax credit score funding |
|
(30) |
|
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|||||
Refundable NY state historic tax credit score |
|
21 |
|
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|||||
Other earnings |
|
1,560 |
|
|
1,144 |
|
|
982 |
|
|
1,329 |
|
|
1,711 |
|
|||||
Total non-interest earnings |
|
4,706 |
|
|
5,157 |
|
|
4,418 |
|
|
4,566 |
|
|
4,803 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Salaries and worker advantages |
|
10,273 |
|
|
9,930 |
|
|
9,365 |
|
|
9,044 |
|
|
9,087 |
|
|||||
Occupancy |
|
1,208 |
|
|
1,126 |
|
|
1,177 |
|
|
1,187 |
|
|
1,169 |
|
|||||
Advertising and public relations |
|
325 |
|
|
434 |
|
|
405 |
|
|
263 |
|
|
233 |
|
|||||
Professional companies |
|
799 |
|
|
840 |
|
|
989 |
|
|
959 |
|
|
893 |
|
|||||
Technology and communications |
|
1,353 |
|
|
1,327 |
|
|
1,432 |
|
|
1,264 |
|
|
1,306 |
|
|||||
Amortization of intangibles |
|
132 |
|
|
135 |
|
|
135 |
|
|
135 |
|
|
133 |
|
|||||
FDIC insurance coverage |
|
269 |
|
|
285 |
|
|
279 |
|
|
300 |
|
|
339 |
|
|||||
Other bills |
|
1,926 |
|
|
1,316 |
|
|
1,394 |
|
|
1,213 |
|
|
1,350 |
|
|||||
Total non-interest bills |
|
16,285 |
|
|
15,393 |
|
|
15,176 |
|
|
14,365 |
|
|
14,510 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income earlier than earnings taxes |
|
7,703 |
|
|
9,386 |
|
|
8,352 |
|
|
6,485 |
|
|
6,850 |
|
|||||
Income tax provision |
|
1,804 |
|
|
2,407 |
|
|
2,039 |
|
|
1,633 |
|
|
821 |
|
|||||
Net earnings |
|
5,899 |
|
|
6,979 |
|
|
6,313 |
|
|
4,852 |
|
|
6,029 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net earnings per frequent share-diluted |
$ |
1.06 |
|
$ |
1.27 |
|
$ |
1.15 |
|
$ |
0.89 |
|
$ |
1.11 |
|
|||||
Cash dividends per frequent share |
$ |
– |
|
$ |
0.60 |
|
$ |
– |
|
$ |
0.60 |
|
$ |
– |
|
|||||
Weighted common quantity of diluted shares |
|
5,540,924 |
|
|
5,516,781 |
|
|
5,489,420 |
|
|
5,463,674 |
|
|
5,416,198 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
PERFORMANCE RATIOS |
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on common whole property |
|
1.07 |
% |
|
1.28 |
% |
|
1.17 |
% |
|
0.93 |
% |
|
1.18 |
% |
|||||
Return on common stockholders’ fairness |
|
12.98 |
% |
|
15.58 |
% |
|
14.72 |
% |
|
11.48 |
% |
|
14.51 |
% |
|||||
Return on common tangible frequent stockholders’ fairness* |
|
14.11 |
% |
|
16.96 |
% |
|
16.11 |
% |
|
12.59 |
% |
|
15.96 |
% |
|||||
Efficiency ratio |
|
66.79 |
% |
|
66.01 |
% |
|
66.65 |
% |
|
67.88 |
% |
|
68.33 |
% |
|||||
Efficiency ratio (Non-GAAP)** |
|
66.23 |
% |
|
65.43 |
% |
|
66.06 |
% |
|
67.24 |
% |
|
67.71 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
* The calculation of the common tangible frequent stockholders’ fairness ratio excludes goodwill and intangible property from common stockholders fairness. |
||||||||||||||||||||
** The calculation of the non-GAAP effectivity ratio excludes amortization of intangibles, positive aspects and losses from funding securities, merger-related bills and the affect of historic tax credit score transactions. |
EVANS BANCORP, INC AND SUBSIDIARIES |
||||||||||||||||||||
SELECTED AVERAGE BALANCES AND YIELDS/RATES (UNAUDITED) |
||||||||||||||||||||
(in 1000’s) |
||||||||||||||||||||
|
2021 |
2021 |
2021 |
2021 |
2020 |
|||||||||||||||
|
Fourth Quarter |
Third Quarter |
Second Quarter |
First Quarter |
Fourth Quarter |
|||||||||||||||
AVERAGE BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loans, web |
$ |
1,573,608 |
|
$ |
1,647,395 |
|
$ |
1,718,507 |
|
$ |
1,706,325 |
|
$ |
1,677,502 |
|
|||||
Investment securities |
|
283,216 |
|
|
248,690 |
|
|
216,134 |
|
|
180,473 |
|
|
162,941 |
|
|||||
Interest-bearing deposits at banks |
|
229,658 |
|
|
174,296 |
|
|
97,168 |
|
|
76,651 |
|
|
92,974 |
|
|||||
Total interest-earning property |
|
2,086,482 |
|
|
2,070,381 |
|
|
2,031,809 |
|
|
1,963,449 |
|
|
1,933,417 |
|
|||||
Non interest-earning property |
|
110,315 |
|
|
109,601 |
|
|
119,392 |
|
|
115,200 |
|
|
117,458 |
|
|||||
Total Assets |
$ |
2,196,797 |
|
$ |
2,179,982 |
|
$ |
2,151,201 |
|
$ |
2,078,649 |
|
$ |
2,050,875 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
NOW |
|
254,059 |
|
|
262,105 |
|
|
246,565 |
|
|
230,627 |
|
|
218,587 |
|
|||||
Savings |
|
983,403 |
|
|
949,956 |
|
|
928,375 |
|
|
866,991 |
|
|
818,878 |
|
|||||
Time deposits |
|
170,318 |
|
|
186,126 |
|
|
210,287 |
|
|
246,120 |
|
|
300,605 |
|
|||||
Total interest-bearing deposits |
|
1,407,780 |
|
|
1,398,187 |
|
|
1,385,227 |
|
|
1,343,738 |
|
|
1,338,070 |
|
|||||
Borrowings |
|
69,847 |
|
|
74,326 |
|
|
77,050 |
|
|
78,284 |
|
|
80,814 |
|
|||||
Total interest-bearing liabilities |
|
1,477,627 |
|
|
1,472,513 |
|
|
1,462,277 |
|
|
1,422,022 |
|
|
1,418,884 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Demand deposits |
|
515,204 |
|
|
503,006 |
|
|
493,734 |
|
|
464,579 |
|
|
439,953 |
|
|||||
Other non-interest bearing liabilities |
|
22,223 |
|
|
25,250 |
|
|
23,682 |
|
|
23,031 |
|
|
25,882 |
|
|||||
Stockholders’ fairness |
|
181,743 |
|
|
179,213 |
|
|
171,508 |
|
|
169,017 |
|
|
166,156 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Liabilities and Equity |
$ |
2,196,797 |
|
$ |
2,179,982 |
|
$ |
2,151,201 |
|
$ |
2,078,649 |
|
$ |
2,050,875 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average tangible frequent stockholders’ fairness* |
|
167,285 |
|
|
164,588 |
|
|
156,748 |
|
|
154,122 |
|
|
151,131 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
YIELD/RATE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loans, web |
|
4.86 |
% |
|
4.36 |
% |
|
4.32 |
% |
|
4.06 |
% |
|
4.09 |
% |
|||||
Investment securities |
|
1.91 |
% |
|
1.82 |
% |
|
1.94 |
% |
|
2.00 |
% |
|
2.18 |
% |
|||||
Interest-bearing deposits at banks |
|
0.15 |
% |
|
0.14 |
% |
|
0.08 |
% |
|
0.08 |
% |
|
0.10 |
% |
|||||
Total interest-earning property |
|
3.94 |
% |
|
3.70 |
% |
|
3.86 |
% |
|
3.71 |
% |
|
3.74 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
NOW |
|
0.09 |
% |
|
0.10 |
% |
|
0.11 |
% |
|
0.13 |
% |
|
0.15 |
% |
|||||
Savings |
|
0.14 |
% |
|
0.15 |
% |
|
0.17 |
% |
|
0.20 |
% |
|
0.24 |
% |
|||||
Time deposits |
|
0.44 |
% |
|
0.49 |
% |
|
0.52 |
% |
|
0.64 |
% |
|
0.90 |
% |
|||||
Total interest-bearing deposits |
|
0.17 |
% |
|
0.18 |
% |
|
0.21 |
% |
|
0.27 |
% |
|
0.37 |
% |
|||||
Borrowings |
|
2.64 |
% |
|
2.62 |
% |
|
2.55 |
% |
|
2.52 |
% |
|
2.43 |
% |
|||||
Total interest-bearing liabilities |
|
0.28 |
% |
|
0.31 |
% |
|
0.34 |
% |
|
0.39 |
% |
|
0.49 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest fee unfold |
|
3.66 |
% |
|
3.39 |
% |
|
3.52 |
% |
|
3.32 |
% |
|
3.25 |
% |
|||||
Contribution of interest-free funds |
|
0.08 |
% |
|
0.09 |
% |
|
0.10 |
% |
|
0.11 |
% |
|
0.13 |
% |
|||||
Net curiosity margin |
|
3.74 |
% |
|
3.48 |
% |
|
3.62 |
% |
|
3.43 |
% |
|
3.38 |
% |
|||||
* Average tangible frequent stockholders’ fairness excludes goodwill and intangible property from common stockholders fairness. |
EVANS BANCORP, INC AND SUBSIDIARIES |
|||||||||||
SELECTED OPERATIONS DATA (UNAUDITED) |
|||||||||||
(in 1000’s, besides share and per share knowledge) |
|||||||||||
|
|
|
|
|
|
|
|
|
|
||
|
|
2021 |
|
2020 |
|
|
|||||
|
|
Year to Date |
|
Year to Date |
|
% Change |
|||||
Interest earnings |
|
$ |
77,580 |
|
$ |
68,833 |
|
13 |
|
||
Interest expense |
|
|
4,795 |
|
|
9,051 |
|
(47) |
|
||
Net curiosity earnings |
|
|
72,785 |
|
|
59,782 |
|
22 |
|
||
Provision for mortgage losses |
|
|
(1,513) |
|
|
5,351 |
|
(128) |
|
||
Net curiosity earnings after provision for mortgage losses |
|
|
74,298 |
|
|
54,431 |
|
36 |
|
||
|
|
|
|
|
|
|
|
|
|
||
Deposit service expenses |
|
|
2,531 |
|
|
2,242 |
|
13 |
|
||
Insurance service and charge income |
|
|
10,457 |
|
|
10,610 |
|
(1) |
|
||
Bank-owned life insurance coverage |
|
|
853 |
|
|
680 |
|
25 |
|
||
Loss on tax credit score funding |
|
|
(30) |
|
|
(2,475) |
|
(99) |
|
||
Refundable NY state historic tax credit score |
|
|
21 |
|
|
1,857 |
|
(99) |
|
||
Gain on sale of securities |
|
|
– |
|
|
667 |
|
(100) |
|
||
Other earnings |
|
|
5,015 |
|
|
4,656 |
|
8 |
|
||
Total non-interest earnings |
|
|
18,847 |
|
|
18,237 |
|
3 |
|
||
|
|
|
|
|
|
|
|
|
|
||
Salaries and worker advantages |
|
|
38,612 |
|
|
32,990 |
|
17 |
|
||
Occupancy |
|
|
4,698 |
|
|
4,296 |
|
9 |
|
||
Advertising and public relations |
|
|
1,427 |
|
|
1,128 |
|
27 |
|
||
Professional companies |
|
|
3,587 |
|
|
3,544 |
|
1 |
|
||
Technology and communications |
|
|
5,376 |
|
|
5,234 |
|
3 |
|
||
FDIC insurance coverage |
|
|
1,133 |
|
|
1,090 |
|
4 |
|
||
Amortization of intangibles |
|
|
537 |
|
|
533 |
|
1 |
|
||
Merger-related bills |
|
|
– |
|
|
5,958 |
|
(100) |
|
||
Other bills |
|
|
5,849 |
|
|
5,087 |
|
15 |
|
||
Total non-interest bills |
|
|
61,219 |
|
|
59,860 |
|
2 |
|
||
|
|
|
|
|
|
|
|
|
|
||
Income earlier than earnings taxes |
|
|
31,926 |
|
|
12,808 |
|
149 |
|
||
Income tax provision |
|
|
7,883 |
|
|
1,562 |
|
405 |
|
||
Net earnings |
|
|
24,043 |
|
|
11,246 |
|
114 |
|
||
|
|
|
|
|
|
|
|
|
|
||
PER SHARE DATA |
|
|
|
|
|
|
|
|
|
||
Net earnings per frequent share-diluted |
|
$ |
4.37 |
|
$ |
2.13 |
|
105 |
|
||
Cash dividends per frequent share |
|
$ |
1.20 |
|
$ |
1.16 |
|
3 |
|
||
Weighted common quantity of diluted shares |
|
|
5,501,511 |
|
|
5,268,560 |
|
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PERFORMANCE RATIOS |
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Return on common whole property |
1.12 |
% |
0.60 |
% |
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Return on common stockholders’ fairness |
|
|
13.71 |
% |
|
7.06 |
% |
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Return on common tangible frequent stockholders’ fairness* |
|
|
14.96 |
% |
|
7.77 |
% |
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||
Efficiency ratio |
|
|
66.81 |
% |
|
76.72 |
% |
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||
Efficiency ratio (Non-GAAP)** |
|
|
66.22 |
% |
|
68.45 |
% |
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||
Net curiosity margin |
|
|
3.57 |
% |
|
3.37 |
% |
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||
Net mortgage charge-offs (recoveries)/Average loans |
|
|
0.03 |
% |
|
0.01 |
% |
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* The calculation of the common tangible frequent stockholders’ fairness ratio excludes goodwill and intangible property from common stockholders fairness. |
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** The calculation of the non-GAAP effectivity ratio excludes amortization of intangibles, positive aspects and losses from funding securities, merger-related bills and the affect of historic tax credit score transactions. |
View supply model on businesswire.com: https://www.businesswire.com/news/home/20220203005896/en/
Business Wire 2022
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Technical evaluation developments EVANS BANCORP, INC.
Short Term | Mid-Term | Long Term | |
Trends | Bullish | Bullish | Bullish |
Income Statement Evolution
Sell Buy |
|
Mean consensus | HOLD |
Number of Analysts | 3 |
Last Close Price | 43,97 $ |
Average goal value | 40,67 $ |
Spread / Average Target | -7,51% |