Evans Bancorp reported net income of $1.9 million in the first quarter, essentially unchanged from a year ago.
The Hamburg-based bank recorded diluted earnings per share of 44 cents, down from 47 cents a year ago.
“On a pretax basis, our net income surpassed last year by $12,000, and last year was the start of what was our all-time record year, so we feel very strongly about the first quarter’s performance,” said David J. Nasca, Evans’ president and CEO.
Nasca said Evans’ loan growth was up 6.2 percent from a year ago, deposit growth increased 8.1 percent, and the bank had “very strong expense discipline.” Its total non-interest expense declined, despite a slight increase in personnel costs.
Evans’ net interest income from making loans and taking deposits was $7.6 million, up 3.9 percent, driven by loan growth. “In addition to that, we had growth in deposits which has allowed us to put more money to work, creating more income,” Nasca said.
Nasca said the bank’s deposit growth has turned upward after a flat year last year. “We think it’s a good omen that we’re starting to capture some more customers.”
The bank’s non-interest income such as fees was $3.1 million, down 9.7 percent from the previous year. That was due to a decrease in insurance agency revenue, driven by drops in personal property and casualty and profit sharing revenue.
Evans’ assets reached the $900 million mark for the first time during the quarter, as the bank pushes toward a target of $1 billion. . Reaching that level, he said, helps with the bank’s operating scale, to make it better equipped to handle regulatory burdens and expenses.
Evans’ annual shareholders meeting is scheduled for Thursday morning in Hamburg. email: email@example.com