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Evans Bank reaches $1 billion mark for deposits

Evans Bank's parent company hit a record high for deposits during the second quarter, reaching the $1 billion mark.

"We're experiencing exceptional results across all our business lines, despite all the announced competition," said David J. Nasca, president and CEO of Hamburg-based Evans Bancorp.

Nasca said the $1 billion in deposits "assures we can continue the solid growth that we've had, because that funding is there to support it." The bank reached another milestone last year, when its assets reached the $1 billion mark.

Evans reported net income of $2.6 million in the second quarter, up 31 percent from a year ago. Its earnings per diluted share increased 17 percent, to 54 cents.

The local banking landscape is changing, with Bank on Buffalo adding branches, and Steuben Trust and Tompkins Bank of Castile preparing to open their first Buffalo-area branches. "I think there's a lot of announcements that banks are coming," Nasca said. "I think (Evans is) still in a position where we've been here almost 100 years. It's going to take them a fairly long time to prove that they are more than just announcements. They've got work to do."

While it's been nearly one year since KeyCorp completed its deal for First Niagara Financial Group, Nasca said he believes the market disruption caused by that deal continues "strongly."

"We're continuing to see benefits in both deposit growth and loan growth," he said.

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