FOR IMMEDIATE RELEASE | ||
For: | Evans Bancorp, Inc.14-16 N Main St. Angola, NY 14006 |
Evans Bancorp Reports 3.2% Increase in Fourth Quarter Net Income over Fourth Quarter 2005
• | Diluted earnings per share increased 4.9% to $0.43 over fourth quarter 2005 |
• | Net Interest Income increased 6.6% over fourth quarter 2005 |
• | Net loans and leases increased 11.1% from December 2005 |
• | Total deposits grew 5.6% from December 2005 |
ANGOLA, NY, February 1, 2007 – Evans Bancorp, Inc. (NASDAQ: EVBN), a financial services company serving Western New York, today reported a 3.2% increase in net income to $1.162 million for the fourth quarter which ended December 31, 2006. On a per share basis, earnings grew 4.9% to $0.43 per diluted share. The results for the quarter are compared with fourth quarter 2005 results of $1.126 million in net income or $0.41 per diluted share. On a year-to-date basis, net income grew 2.1% to $4.921 million in fiscal 2006 from $4.819 million in fiscal 2005. On a per diluted share basis, earnings grew 1.7% to $1.80 in fiscal 2006 from $1.77 in fiscal 2005.
James Tilley, CEO of Evans Bancorp, Inc., commented, “During the fourth quarter, we successfully met the challenge of the difficult interest rate environment presented by the flat yield curve present for the majority of 2006. We have grown our core transactional accounts, continued to expand our commercial lease business and focused on containing our costs.”
Revenue and Expenses
Total interest income for the fourth quarter of 2006 was $7.0 million, up $0.9 million, or 15.5%, from the same period last year. Interest income from loans and leases increased $1.1 million, or 23.7%, to $5.5 million on a larger loan and lease base. Approximately $0.5 million of the increase in loan and lease interest income was related to the Company’s national leasing subsidiary’s growth in revenue. Higher interest income was offset by a $0.7 million, or 28.7%, increase in interest expense to $3.1 million from $2.4 million in the fourth quarter last year. Higher interest expense reflects elevated interest rates paid on deposits. Net interest income of $3.8 million was up $0.2 million, or 6.6%, from the fourth quarter 2005 mainly due to the growth in higher yielding loans and leases outpacing the increased expense paid on interest-bearing deposits.
The Company’s net interest margin for the quarter was 3.66%, up 18 basis points from last year’s fourth quarter net interest margin of 3.48%. The largest contributing factor to the improvement was the growth of interest free funds, as the bank continues to have success in penetrating its market area with core transactional accounts. Net interest income after the provision for loan losses was $3.5 million in the fourth quarter 2006, up $0.1 million from $3.4 million in the same period of 2005. A higher provision for loan and lease losses reflects the growth in the allowance for loan and lease losses primarily due to a larger loan and lease base over last year.
Total non-interest income for the fourth quarter of 2006 was $2.5 million, or approximately 26.3% of total revenue, an increase of 4.2%, or $0.1 million, over the fourth quarter of 2005. Higher other income was primarily from loan and lease-volume driven revenue which includes significant increases in lease fee income. Insurance service and fees, although impacted by the soft insurance market, increased slightly in the quarter.
Non-interest expense for the fourth quarter of 2006 increased slightly to $4.4 million from $4.3 million in the fourth quarter of 2005. Slight increases in occupancy, supplies, repair and maintenance, and advertising are related to the opening of the Tonawanda, New York Bank branch in December 2006. A $0.1 million decrease in salaries during the quarter was mainly attributable to a decline in profit sharing expenses from the same period in 2005.
Balance Sheet Trends and Asset Quality
At December 31, 2006, total assets were $473.9 million compared with $468.5 million at December 31, 2005. Net loans increased $28.6 million or 11.1% to $285.4 million from $256.8 million at December 31, 2005. The higher loan balances were attributed to strong residential mortgage growth, and continued success with expanding the Company’s small-ticket equipment leasing business.
Deposits increased $18.9 million, or 5.6%, to $355.7 million, compared with the fourth quarter last year. The growth in deposits during 2006 was mainly due to successful bidding on large municipal accounts which were used to fund loan growth. The Company redesigned its retail deposit product suite in the first half of 2006 to focus on growing its core deposit base.
The allowance for loan and lease losses to total loans and leases at December 31, 2006 was 1.29% compared with 1.23% at December 31, 2005. Additionally, nonperforming loans and leases to total loans and leases decreased to 0.23%, a 49 basis point improvement over December 31, 2005.
Stockholders’ equity was $39.5 million as of December 31, 2006, up from $36.9 million at December 31, 2005.
Outlook
Mr. Tilley concluded, “We had another record year of earnings for the Company in a tough banking and insurance environment. Our strategy is to create a dynamic, growth-oriented community-based financial services organization that can capitalize on the small business market place that is better served by relationship-based, flexible community banking. As our newer branches continue to mature in 2007, we believe our continued focus on providing excellent customer service and cross-selling among our broad business lines will continue to serve us well in this difficult interest rate environment.”
About Evans Bancorp, Inc.
Evans Bancorp, Inc., a financial holding company, is the parent company of Evans National Bank, a commercial bank with approximately $474 million in assets and $356 million in deposits at December 31, 2006. The Bank has 11 branches located in Western New York. Evans National Leasing, Inc., an indirect wholly-owned subsidiary of Evans National Bank is a general business equipment leasing company with customers throughout the U.S. ENB Insurance Agency, Inc. is an indirect, wholly-owned subsidiary of Evans Bancorp and provides retail and commercial property and casualty insurance through 12 agencies in the Western New York region. ENB Associates, a wholly-owned subsidiary of ENB Insurance Agency, provides non-deposit investment products such as annuities and mutual funds. More information on Evans Bancorp, Inc and Evans National Bank can be found at its websites:www.evansbancorp.com andwww.evansnationalonline.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning future business, revenues and earnings. These statements are not historical facts or guarantees of future performance, events or results. There are risks, uncertainties and other factors that could cause the actual results of Evans Bancorp to differ materially from the results expressed or implied by such statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements, include competitive pressures among financial services companies, general economic conditions, changes in legislation or regulatory requirements, effectiveness at achieving stated goals and strategies, difficulties in achieving operating efficiencies and difficulties in integrating acquired companies’ businesses. These risks and uncertainties are more fully described in Evans Bancorp’s Annual and Quarterly Reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. Evans Bancorp undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new, updated information future events or otherwise.
For more information contact: | -OR- | |
James Tilley, CEO | Deborah K. Pawlowski, Kei Advisors LLC | |
Phone: (716) 926-2000 Email: jtilley@evansnational.com | Phone: (716) 843-3908 Email: dpawlowski@keiadvisors.com | |
TABLES FOLLOW
1
EVANS BANCORP, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(In thousands except share and per share data)
Three Months Ended | ||||||||||||
December 31, | ||||||||||||
2006 | 2005 | |||||||||||
Performance ratios, annualized | ||||||||||||
Return on average total assets | 0.99 | % | 0.98 | % | ||||||||
Return on average stockholders’ equity | 11.81 | % | 12.42 | % | ||||||||
Common dividend payout ratio (TTM) | 36.61 | % | 37.70 | % | ||||||||
Efficiency ratio | 67.62 | % | 69.92 | % | ||||||||
Yield on average earning assets | 6.65 | % | 5.83 | % | ||||||||
Cost of interest-bearing liabilities | 3.57 | % | 2.77 | % | ||||||||
Net interest rate spread | 3.08 | % | 3.06 | % | ||||||||
Contribution of interest-free funds | 0.58 | % | 0.42 | % | ||||||||
Net interest margin | 3.66 | % | 3.48 | % | ||||||||
Asset quality data | ||||||||||||
Past due over 90 days and accruing loans and leases | $ | 74 | $ | 95 | ||||||||
Non-accrual loans and leases | $ | 588 | $ | 1,775 | ||||||||
Total non-performing loans and leases | $ | 662 | $ | 1,870 | ||||||||
Other real estate owned (ORE) | $ | 40 | $ | 40 | ||||||||
Total non-performing assets | $ | 702 | $ | 1,910 | ||||||||
Net loan and lease charge-offs (recoveries) | $ | 255 | $ | 329 | ||||||||
Net charge-offs to average total loans and leases | 0.36 | % | 0.52 | % | ||||||||
Asset quality ratios | ||||||||||||
Non-performing loans and leases to total loans and leases | 0.23 | % | 0.72 | % | ||||||||
Non-performing assets to total assets | 0.15 | % | 0.41 | % | ||||||||
Allowance for loan and lease losses to total loans and leases | 1.29 | % | 1.23 | % | ||||||||
Allowance for loan and lease losses to non- performing loans and leases | 564.80 | % | 171.71 | % | ||||||||
Capital ratios | ||||||||||||
Average common equity to average total assets | 8.39 | % | 7.87 | % | ||||||||
Leverage ratio | 8.86 | % | 8.29 | % | ||||||||
Tier 1 risk-based capital ratio | 12.77 | % | 12.59 | % | ||||||||
Risk-based capital ratio | 13.95 | % | 13.67 | % | ||||||||
Book value per share | $ | 14.46 | $ | 13.51 | ||||||||
Common shares outstanding | ||||||||||||
Average-diluted | 2,730,983 | 2,725,294 | ||||||||||
Period-end basic | 2,733,056 | 2,729,779 |
EVANS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands except share and per share data)
December 31, | December 31, | |||||||||||||||
2006 | 2005 | |||||||||||||||
ASSETS | ||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||
Cash and due from banks | $ | 12,592 | $ | 15,635 | ||||||||||||
| ||||||||||||||||
Securities: | ||||||||||||||||
Available for sale, at fair value | 133,519 | 155,610 | ||||||||||||||
Held to maturity, at amortized cost | 4,211 | 4,342 | ||||||||||||||
| ||||||||||||||||
Loans and leases, net of allowance for loan and lease losses of $3,739 | ||||||||||||||||
in 2006 and $3,211 in 2005 | 285,367 | 256,810 | ||||||||||||||
| ||||||||||||||||
Properties and equipment, net | 8,743 | 8,151 | ||||||||||||||
Goodwill | 10,003 | 9,639 | ||||||||||||||
Intangible assets | 2,298 | 2,728 | ||||||||||||||
Bank-owned life insurance | 10,140 | 9,586 | ||||||||||||||
Other assets | 7,021 | 6,045 | ||||||||||||||
| ||||||||||||||||
| ||||||||||||||||
TOTAL ASSETS | $ | 473,894 | $ | 468,546 | ||||||||||||
| ||||||||||||||||
| ||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
| ||||||||||||||||
LIABILITIES | ||||||||||||||||
Deposits: | ||||||||||||||||
Demand | $ | 72,125 | $ | 71,183 | ||||||||||||
NOW | 11,253 | 12,401 | ||||||||||||||
Regular savings | 85,084 | 86,558 | ||||||||||||||
Muni-vest | 31,240 | 27,521 | ||||||||||||||
Time | 156,047 | 139,145 | ||||||||||||||
| ||||||||||||||||
| ||||||||||||||||
Total deposits | 355,749 | 336,808 | ||||||||||||||
| ||||||||||||||||
Federal funds purchased and agreements to repurchase securities | 8,954 | 8,985 | ||||||||||||||
Other short-term borrowings | 24,753 | 34,585 | ||||||||||||||
Other liabilities | 9,089 | 6,629 | ||||||||||||||
Junior subordinated debentures | 11,330 | 11,330 | ||||||||||||||
Long-term borrowings | 24,476 | 33,333 | ||||||||||||||
| ||||||||||||||||
| ||||||||||||||||
Total liabilities | 434,351 | 431,670 | ||||||||||||||
| ||||||||||||||||
| ||||||||||||||||
CONTINGENT LIABILITIES AND COMMMITMENTS | ||||||||||||||||
| ||||||||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||||||||
Common stock, $.50 par value; 10,000,000 shares authorized; | ||||||||||||||||
2,745,338 and 2,745,338 shares issued, respectively, and | ||||||||||||||||
2,733,056 and 2,729,779 shares outstanding, respectively | 1,373 | 1,373 | ||||||||||||||
Capital surplus | 26,160 | 26,155 | ||||||||||||||
Retained earnings | 14,196 | 11,087 | ||||||||||||||
Accumulated other comprehensive loss, net of tax | (1,917 | ) | (1,387 | ) | ||||||||||||
Less: Treasury stock, at cost (12,282 and 15,559 shares, respectively) | (269 | ) | (352 | ) | ||||||||||||
| ||||||||||||||||
Total stockholders’ equity | 39,543 | 36,876 | ||||||||||||||
| ||||||||||||||||
| ||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 473,894 | $ | 468,546 | ||||||||||||
| ||||||||||||||||
|
EVANS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands except share and per share data)
Three Months Ended | ||||||||||||||||||||||||
�� | December 31, | |||||||||||||||||||||||
2006 | 2005 | |||||||||||||||||||||||
INTEREST INCOME | ||||||||||||||||||||||||
Loans and leases | $ | 5,515 | $ | 4,458 | ||||||||||||||||||||
Federal funds sold/Interest bearing deposits at other banks | 14 | 4 | ||||||||||||||||||||||
Securities: | ||||||||||||||||||||||||
Taxable | 1,000 | 1,107 | ||||||||||||||||||||||
Non-taxable | 454 | 477 | ||||||||||||||||||||||
| ||||||||||||||||||||||||
Total interest income | 6,983 | 6,046 | ||||||||||||||||||||||
INTEREST EXPENSE | ||||||||||||||||||||||||
Deposits | 2,550 | 1,739 | ||||||||||||||||||||||
Other borrowings | 359 | 512 | ||||||||||||||||||||||
Junior subordinated debentures | 229 | 188 | ||||||||||||||||||||||
| ||||||||||||||||||||||||
Total interest expense | 3,138 | 2,439 | ||||||||||||||||||||||
NET INTEREST INCOME | 3,845 | 3,607 | ||||||||||||||||||||||
PROVISION FOR LOAN AND LEASE LOSSES | 313 | 215 | ||||||||||||||||||||||
| ||||||||||||||||||||||||
NET INTEREST INCOME AFTER | ||||||||||||||||||||||||
PROVISION FOR LOAN AND LEASE LOSSES | 3,532 | 3,392 | ||||||||||||||||||||||
NON-INTEREST INCOME: | ||||||||||||||||||||||||
Bank charges | 482 | 531 | ||||||||||||||||||||||
Insurance service and fees | 1,319 | 1,293 | ||||||||||||||||||||||
Net gain on sales of securities | 26 | - | ||||||||||||||||||||||
Premium on loans sold | 4 | 2 | ||||||||||||||||||||||
Bank-owned life insurance | 189 | 211 | ||||||||||||||||||||||
Other | 472 | 354 | ||||||||||||||||||||||
| ||||||||||||||||||||||||
Total non-interest income | 2,492 | 2,391 | ||||||||||||||||||||||
NON-INTEREST EXPENSE: | ||||||||||||||||||||||||
Salaries and employee benefits | 2,333 | 2,395 | ||||||||||||||||||||||
Occupancy | 526 | 493 | ||||||||||||||||||||||
Supplies | 86 | 67 | ||||||||||||||||||||||
Repairs and maintenance | 134 | 123 | ||||||||||||||||||||||
Advertising and public relations | 99 | 86 | ||||||||||||||||||||||
Professional services | 236 | 201 | ||||||||||||||||||||||
Amortization of intangibles | 157 | 129 | ||||||||||||||||||||||
Other Insurance | 91 | 86 | ||||||||||||||||||||||
Other | 780 | 743 | ||||||||||||||||||||||
| ||||||||||||||||||||||||
Total non-interest expense | 4,442 | 4,323 | ||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | 1,582 | 1,460 | ||||||||||||||||||||||
INCOME TAXES | 420 | 334 | ||||||||||||||||||||||
| ||||||||||||||||||||||||
NET INCOME | $ | 1,162 | $ | 1,126 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Net income per common share-basic | $ | 0.43 | $ | 0.41 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Net income per common share-diluted | $ | 0.43 | $ | 0.41 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Cash dividends per common share | - | - | ||||||||||||||||||||||
| ||||||||||||||||||||||||
Weighted average number of common shares | 2,729,736 | 2,724,687 | ||||||||||||||||||||||
| ||||||||||||||||||||||||
Weighted average number of diluted shares | 2,730,983 | 2,725,294 | ||||||||||||||||||||||
| ||||||||||||||||||||||||
EVANS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands except share and per share data)
Twelve Months Ended | ||||||||||||||||
December 31, | ||||||||||||||||
2006 | 2005 | |||||||||||||||
INTEREST INCOME | ||||||||||||||||
Loans and leases | $ | 20,405 | $ | 16,234 | ||||||||||||
Federal funds sold/Interest bearing deposits at other banks | 49 | 116 | ||||||||||||||
Securities: | ||||||||||||||||
Taxable | 4,209 | 4,663 | ||||||||||||||
Non-taxable | 1,881 | 1,933 | ||||||||||||||
| ||||||||||||||||
Total interest income | 26,544 | 22,946 | ||||||||||||||
INTEREST EXPENSE | ||||||||||||||||
Deposits | 8,979 | 6,241 | ||||||||||||||
Other borrowings | 1,868 | 1,666 | ||||||||||||||
Junior subordinated debentures | 850 | 662 | ||||||||||||||
| ||||||||||||||||
Total interest expense | 11,697 | 8,569 | ||||||||||||||
NET INTEREST INCOME | 14,847 | 14,377 | ||||||||||||||
PROVISION FOR LOAN AND LEASE LOSSES | 1,128 | 769 | ||||||||||||||
| ||||||||||||||||
NET INTEREST INCOME AFTER | ||||||||||||||||
PROVISION FOR LOAN AND LEASE LOSSES | 13,719 | 13,608 | ||||||||||||||
NON-INTEREST INCOME: | ||||||||||||||||
Bank charges | 1,990 | 2,077 | ||||||||||||||
Insurance service and fees | 6,466 | 6,377 | ||||||||||||||
Net gain on sales of securities | 140 | 107 | ||||||||||||||
Premium on loans sold | 10 | 18 | ||||||||||||||
Bank-owned life insurance | 554 | 513 | ||||||||||||||
Life insurance proceeds | - | 95 | ||||||||||||||
Other | 1,613 | 1,189 | ||||||||||||||
| ||||||||||||||||
Total non-interest income | 10,773 | 10,376 | ||||||||||||||
NON-INTEREST EXPENSE: | ||||||||||||||||
Salaries and employee benefits | 9,677 | 9,338 | ||||||||||||||
Occupancy | 2,055 | 1,978 | ||||||||||||||
Supplies | 302 | 337 | ||||||||||||||
Repairs and maintenance | 545 | 553 | ||||||||||||||
Advertising and public relations | 442 | 464 | ||||||||||||||
Professional services | 838 | 986 | ||||||||||||||
Amortization of intangibles | 563 | 515 | ||||||||||||||
Other Insurance | 347 | 368 | ||||||||||||||
Other | 2,959 | 2,865 | ||||||||||||||
| ||||||||||||||||
Total non-interest expense | 17,728 | 17,404 | ||||||||||||||
INCOME BEFORE INCOME TAXES | 6,764 | 6,580 | ||||||||||||||
INCOME TAXES | 1,843 | 1,761 | ||||||||||||||
| ||||||||||||||||
NET INCOME | $ | 4,921 | $ | 4,819 | ||||||||||||
| ||||||||||||||||
Net income per common share-basic | $ | 1.81 | $ | 1.77 | ||||||||||||
| ||||||||||||||||
Net income per common share-diluted | $ | 1.80 | $ | 1.77 | ||||||||||||
| ||||||||||||||||
Cash dividends per common share | $ | 0.68 | $ | 0.65 | ||||||||||||
| ||||||||||||||||
Weighted average number of common shares | 2,725,601 | 2,722,644 | ||||||||||||||
| ||||||||||||||||
Weighted average number of diluted shares | 2,727,331 | 2,723,960 | ||||||||||||||
|
EVANS BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEETS AND ANNUALIZED RATES
(In thousands except share and per share data)
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||
December 31, 2006 | December 31, 2005 | |||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | |||||||||||||||||||||||||||||||||
Outstanding | Earned/ | Yield/ | Outstanding | Earned/ | Yield/ | |||||||||||||||||||||||||||||||
Balance | Paid | Rate | Balance | Paid | Rate | |||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||
Loans and leases, net | $ | 279,441 | $ | 5,515 | 7.89 | % | $ | 251,959 | $ | 4,458 | 7.08 | % | ||||||||||||||||||||||||
Taxable securities | 97,360 | 1,000 | 4.11 | % | 116,868 | 1,107 | 3.79 | % | ||||||||||||||||||||||||||||
Tax-exempt securities | 42,016 | 454 | 4.32 | % | 45,458 | 477 | 4.20 | % | ||||||||||||||||||||||||||||
Federal funds sold | 1,507 | 14 | 3.72 | % | 383 | 4 | 4.08 | % | ||||||||||||||||||||||||||||
Total interest-earning assets | 420,324 | 6,983 | 6.65 | % | 414,668 | 6,046 | 5.83 | % | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Non interest-earning assets: | ||||||||||||||||||||||||||||||||||||
Cash and due from banks | 10,992 | 11,257 | ||||||||||||||||||||||||||||||||||
Premises and equipment, net | 8,254 | 8,217 | ||||||||||||||||||||||||||||||||||
Other assets | 29,415 | 27,407 | ||||||||||||||||||||||||||||||||||
Total Assets | $ | 468,985 | $ | 461,549 | ||||||||||||||||||||||||||||||||
LIABILITIES & STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||
NOW | $ | 11,891 | $ | 6 | 0.20 | % | $ | 11,733 | $ | 5 | 0.18 | % | ||||||||||||||||||||||||
Regular savings | 87,254 | 248 | 1.14 | % | 90,746 | 191 | 0.84 | % | ||||||||||||||||||||||||||||
Muni-Vest savings | 33,692 | 377 | 4.48 | % | 40,428 | 351 | 3.48 | % | ||||||||||||||||||||||||||||
Time deposits | 161,528 | 1,919 | 4.75 | % | 136,997 | 1,192 | 3.48 | % | ||||||||||||||||||||||||||||
Other borrowed funds | 34,519 | 336 | 3.89 | % | 53,856 | 497 | 3.69 | % | ||||||||||||||||||||||||||||
Junior subordinated debentures | 11,330 | 229 | 8.08 | % | 11,330 | 188 | 6.64 | % | ||||||||||||||||||||||||||||
Securities sold U/A to repurchase | 10,934 | 23 | 0.84 | % | 7,158 | 15 | 0.82 | % | ||||||||||||||||||||||||||||
Total interest-bearing liabilities | 351,148 | $ | 3,138 | 3.57 | % | 352,248 | $ | 2,439 | 2.77 | % | ||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||
Demand deposits | 69,762 | 66,154 | ||||||||||||||||||||||||||||||||||
Other | 8,720 | 6,875 | ||||||||||||||||||||||||||||||||||
Total liabilities | $ | 429,630 | $ | 425,277 | ||||||||||||||||||||||||||||||||
Stockholders’ equity | 39,355 | 36,272 | ||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Total Liabilities and Equity | $ | 468,985 | $ | 461,549 | ||||||||||||||||||||||||||||||||
Net interest earnings | $ | 3,845 | $ | 3,607 | ||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Net yield on interest earning assets | 3.66 | % | 3.48 | % | ||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Interest rate spread | 3.08 | % | 3.06 | % | ||||||||||||||||||||||||||||||||
|
2
EVANS BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEETS AND ANNUALIZED RATES
(In thousands except share and per share data)
Twelve Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2006 | December 31, 2005 | |||||||||||||||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | |||||||||||||||||||||||||||||||||||||||||||||
Outstanding | Earned/ | Yield/ | Outstanding | Earned/ | Yield/ | |||||||||||||||||||||||||||||||||||||||||||
Balance | Paid | Rate | Balance | Paid | Rate | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases, net | $ | 268,538 | $ | 20,405 | 7.60 | % | $ | 236,754 | $ | 16,234 | 6.86 | % | ||||||||||||||||||||||||||||||||||||
Taxable securities | 104,368 | 4,209 | 4.03 | % | 124,774 | 4,663 | 3.74 | % | ||||||||||||||||||||||||||||||||||||||||
Tax-exempt securities | 44,044 | 1,881 | 4.27 | % | 45,751 | 1,933 | 4.23 | % | ||||||||||||||||||||||||||||||||||||||||
Time Deposits-Other Banks | — | — | — | 215 | 3 | 1.40 | % | |||||||||||||||||||||||||||||||||||||||||
Federal funds sold | 1,097 | 49 | 4.47 | % | 4,462 | 113 | 2.53 | % | ||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 418,047 | 26,544 | 6.35 | % | 411,956 | 22,946 | 5.57 | % | ||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||
Non interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 12,066 | 11,183 | ||||||||||||||||||||||||||||||||||||||||||||||
Premises and equipment, net | 8,194 | 8,215 | ||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 29,022 | 26,160 | ||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 467,329 | $ | 457,514 | ||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES & STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||
NOW | $ | 11,767 | $ | 22 | 0.19 | % | $ | 11,976 | $ | 22 | 0.18 | % | ||||||||||||||||||||||||||||||||||||
Regular savings | 88,522 | 926 | 1.05 | % | 94,841 | 804 | 0.85 | % | ||||||||||||||||||||||||||||||||||||||||
Muni-Vest savings | 36,301 | 1,550 | 4.27 | % | 51,300 | 1,454 | 2.83 | % | ||||||||||||||||||||||||||||||||||||||||
Time deposits | 151,530 | 6,481 | 4.28 | % | 126,945 | 3,961 | 3.12 | % | ||||||||||||||||||||||||||||||||||||||||
Other borrowed funds | 46,304 | 1,800 | 3.89 | % | 49,939 | 1,616 | 3.23 | % | ||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures | 11,330 | 850 | 7.50 | % | 11,330 | 662 | 5.84 | % | ||||||||||||||||||||||||||||||||||||||||
Securities sold U/A to repurchase | 8,493 | 68 | 0.80 | % | 6,467 | 50 | 0.77 | % | ||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 354,247 | $ | 11,697 | 3.30 | % | 352,798 | $ | 8,569 | 2.43 | % | ||||||||||||||||||||||||||||||||||||||
| �� | |||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | 67,046 | 62,186 | ||||||||||||||||||||||||||||||||||||||||||||||
Other | 8,153 | 6,419 | ||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 429,446 | $ | 421,403 | ||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | 37,883 | 36,111 | ||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities and Equity | $ | 467,329 | $ | 457,514 | ||||||||||||||||||||||||||||||||||||||||||||
Net interest earnings | $ | 14,847 | $ | 14,377 | ||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||
Net yield on interest earning assets | 3.55 | % | 3.49 | % | ||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread | 3.05 | % | 3.14 | % | ||||||||||||||||||||||||||||||||||||||||||||
|
3