Evans Bancorp ( (EVBN) ) has released its Q3 earnings. Here is a breakdown of the information Evans Bancorp presented to its investors.
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Evans Bancorp, Inc. is a community financial services company headquartered in Williamsville, NY, primarily serving Western New York with various banking and financial services since 1920. The company operates in the financial sector, offering comprehensive services through its commercial bank, Evans Bank, N.A.
Evans Bancorp reported a net income of $2.9 million for the third quarter of 2024, consistent with the previous quarter, despite incurring merger-related expenses and benefiting from gains on property sales. The company also announced a definitive agreement to merge with NBT Bancorp Inc., reflecting significant strategic progress.
Key financial metrics show a net interest margin increase to 2.80%, with total loans growing by 4% since the end of 2023. Total deposits also rose by 11% since December 2023. While the company reported higher net interest income and non-interest income, expenses increased due to the upcoming merger.
Evans Bancorp maintains a strong financial position with a solid loan pipeline and robust capital ratios above the federal ‘well-capitalized’ standards. The merger with NBT Bancorp is expected to close in the second quarter of 2025, promising to expand service capabilities and deliver long-term shareholder value.
Looking forward, Evans Bancorp is optimistic about its merger with NBT Bancorp, which is anticipated to enhance its ability to serve customers and communities by leveraging shared values and regional presence, aiming for sustained growth and value creation.
