Evans Bancorp has set a record for annual profits – with three months of results yet to be counted.
The Hamburg-based parent company of Evans Bank recorded net income of $3.7 million in the third quarter, pushing its year-to-date total to $9.4 million. That topped Evans' full-year record of $8.3 million, set in 2016.
"I think it's outstanding," said David J. Nasca, president and CEO. "We've had outstanding results across all our business categories here. It was meaningful."
Evans recorded growth in loans, insurance, employee benefits and municipal deposits, Nasca said. "We're pretty hopeful that puts us on a new plane to continue growing."
Evans has stepped up its employee benefits and municipal deposits business through hiring new employees who have driven that activity, Nasca said. Its director of government banking, Marc O'Hearn, was previously with First Niagara Bank.
Evans reported a loan portfolio of $998 million in the third quarter, up $22 million from the previous quarter. Nasca said he believes Evans has built itself into a "competitive alternative" for commercial lending in the market.
"It doesn't hurt that First Niagara, which was one of the competitors, has gone away," he said. "But I think we are now a viable, significant alternative to other players."