Evans Bancorp (EVBN) Misses Q4 EPS by 1c, Miss on Revenues

Evans Bancorp (NYSE: EVBN) reported Q4 EPS of $0.62, $0.01 worse than the analyst estimate of $0.63. Revenue for the quarter came in at $10.56 million versus the consensus estimate of $14.12 million.

FOURTH QUARTER AND FULL YEAR 2017 HIGHLIGHTS (compared with prior-year periods unless noted otherwise)

• Record annual net income of $10.5 million, up 27%. Impressive results despite $2.1 million writedown of deferred tax asset due to the Tax Cuts and Jobs Act (“TCJA”). Excluding TCJA impact, 2017 net income was $12.6 million (non-GAAP), or 52% higher than 2016.
• Fourth quarter net income of $1.0 million, or $0.20 per diluted share, was 58% below last year’s fourth quarter net income of $2.3 million, or $0.53 per diluted share, due primarily to TCJA impact.
• Excluding the TCJA impact, fourth quarter net income of $3.1 million (non-GAAP), or $0.62 per diluted share, was 31% higher than prior year’s fourth quarter.
• Fourth quarter results included a $300,000 contribution to the Evans Bank Foundation.
• Net interest income in fourth quarter increased 19% to $11.2 million driven by higher average loans and investments along with expanded net interest margin.
• Total assets grew 18% to $1.3 billion, driven by robust loan growth of 13%, or $123 million.
• Strong growth across multiple categories drove total deposits to $1.1 billion, up 12%.

For earnings history and earnings-related data on Evans Bancorp (EVBN) click here.

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