Evans Bancorp needed just nine months to set a full-year record for profits.
Hamburg-based Evans recorded profits of $11.9 million through September, topping the full-year high of $10.5 million set in 2017. Evans was bolstered by a strong third quarter, during which the bank reported profits of $4.8 million, up 29 percent from the year before.
"I think we've been building our growth over several years," said David J. Nasca, Evans' president and CEO. "Lending is like an annuity. You get clients and they continue to provide revenues, we fund those revenues, that's what we're doing."
Evans' third quarter included total insurance revenue of $3.2 million, a 48 percent increase fueled by its acquisition of Richardson & Stout Insurance Agency. The bank's average commercial loans were $918 million, up $129 million from a year ago.