Share this article

print logo

Evans Bank sets profits record for third straight year

Evans Bancorp's fourth-quarter profits more than quadrupled, capping a year of record-setting profits for the Hamburg-based banking company.

The parent of Evans Bank reported profits of $4.5 million, or 90 cents per share, up from $1 million, or 20 cents per share, a year ago.

For the year, Evans earned $16.4 million in 2018, up 56 percent from the year before. The bank had already eclipsed its full 2017 total after the third quarter last year. It was Evans' third straight year of record profits.

"We've created an engine that has been successfully capturing market share for the last couple of years," said David J. Nasca, Evans' president and CEO.

The bank's total deposits increased 16 percent, to $1.2 billion. As of the most recent FDIC figures, Evans ranked No. 6 among area banks in deposits.

Increasing customers' deposits remains a focus, Nasca said. "We've made a concerted effort to not just get the loan and move on. We're trying to get all of their business."

Nasca said Evans also performed well in loans and noninterest income, including insurance. "We hit on all cylinders, if you think about it," he said.

The bank last year acquired the Richardson & Stout Insurance Agency, which contributed to a 19 percent increase in Evans' insurance revenue.

Nasca said the bank has benefited from adding talent, investing in its operations and making community investments. Evans has grown to 315 employees and has added a downtown branch.

"I believe that the organization has gotten a level of awareness in the marketplace that is reflected in the increased business, and vice versa," Nasca said. "I think we're getting a lot of awareness for being a viable, competitive option."

Story topics: / / / /

There are no comments - be the first to comment