Evans Bancorp has achieved a long-sought goal: $1 billion in total assets.
The Hamburg-based bank hit the target in the second quarter, when it also recorded a 20 percent increase in profits from a year ago, to $2 million. It had net income per diluted share of 46 cents, up from 39 cents a year ago.
David J. Nasca, Evans’ president and CEO, said hitting the $1 billion in assets mark “shows the strength of the franchise” and positions the bank for additional growth.
“It helps us recognize that we’re now a larger player,” he said. “But also, there’s also a lot more expected out of us as a larger player, in terms of performance, in terms of coming on investors’ radar screens. It’s a milepost.”
Like other banks, Evans is eager to capitalize on the market disruption caused by KeyCorp’s acquisition of First Niagara Financial Group. That deal is set to close on Aug. 1.
“I would humbly say we’re already taking advantage of it,” Nasca said.
Evans had record loan growth in the quarter. It reported increases in its loan portfolio, deposits and net interest income.
“All the indicators are flashing green currently,” Nasca said.
The bank has grown its work force to 265 people. In May, Evans opened a branch in Lockport, its first in Niagara County, and looks to generate more business at that location.
“I think we’re feeling good about the presence,” Nasca said of the Lockport branch. “I think we’re feeling good about the contacts we’ve made up there. We starting to get some good traction.”