Evans Bancorp ( (EVBN) ) has released its Q4 earnings. Here is a breakdown of the information Evans Bancorp presented to its investors.
Discover the Best Stocks and Maximize Your Portfolio:
- See what stocks are receiving strong buy ratings from top-rated analysts.
- Filter, analyze, and streamline your search for investment opportunities with TipRanks’ Stock Screener.
Evans Bancorp, Inc. is a community financial services company based in Williamsville, NY, operating since 1920, and provides a range of financial services primarily in Western New York. The company has announced its earnings for the fourth quarter of 2024, reporting a net income of $3.7 million.
In the fourth quarter of 2024, Evans Bancorp achieved a net income of $3.7 million, or $0.67 per diluted share, reflecting an increase from the previous quarter. This increase was driven by higher net interest income of $0.7 million and a rise in non-interest income, partially offset by merger-related expenses and a higher provision for credit losses. The company’s net interest margin improved to 2.96%, showcasing effective strategic deposit pricing.
A significant boost in total loans by $63 million and an increase in total deposits by $148 million from the previous year-end underscores Evans’ growth trajectory. The approval of a merger with NBT Bancorp Inc. marks a pivotal development for the company, expected to enhance its market position and service delivery upon completion in mid-2025.
Looking ahead, Evans Bancorp remains focused on ensuring smooth integration with NBT Bancorp and maintaining strong credit quality. The company is optimistic about creating long-term value for its stakeholders through the merger, reflecting a positive outlook for the future.
