Evans Bancorp (EVBN) Misses Q1 EPS by 3c

Evans Bancorp (NYSE: EVBN) reported Q1 EPS of $0.75, $0.03 worse than the analyst estimate of $0.78.

• Net income of $3.7 million, up 12%; Earnings per diluted share grew 10% to $0.75
• Net interest income increased 9% to $12.5 million
• Non-interest income of $4.2 million increased 11% on strength of insurance business
• Loan portfolio of $1.2 billion up $29 million in the quarter, or 10% on an annualized basis
• Total deposits grew 12%, or $141 million, year-over-year; Deposits increased 5% in the quarter

“We are pleased to report strong execution against our growth strategies leading to notable performance across lending, deposits and fee-based businesses,” said David J. Nasca, President and CEO of Evans Bancorp, Inc. “We are addressing the challenges presented in a difficult interest rate environment while adding new capabilities to enhance the client experience and deepen relationships. Overall, we continue to strengthen our platform and drive to increased operating scale, positioning the Bank for further success.”

Outlook

Mr. Nasca concluded, “Evans is well positioned to capitalize on an evolving banking environment. We will continue to make focused investments for the future, aimed at improving the client experience with new technology, digital capabilities and relationship services. We will maintain our focus on growth and loan originations that are consistent with our risk appetite and believe our balance sheet is well structured for the current rate environment and volatility. We are confident that our consistent, customer-focused strategy will allow for the delivery of sound growth.”

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

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