Evans Bancorp Inc (EVBN) has reported a 33.35 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $2.34 million, or $0.53 a share in the quarter, compared with $1.75 million, or $0.41 a share for the same period last year.
Revenue during the quarter grew 4.68 percent to $11.68 million from $11.15 million in the previous year period. Net interest income for the quarter rose 11.46 percent over the prior year period to $9.40 million. Non-interest income for the quarter fell 9.52 percent over the last year period to $2.64 million.
Evans Bancorp has made provision of $0.37 million for loan losses during the quarter, up 81.86 percent from $0.20 million in the same period last year.
Net interest margin contracted 23 basis points to 3.68 percent in the quarter from 3.91 percent in the last year period. Efficiency ratio for the quarter improved to 74.17 percent from 76.30 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"2016 was an outstanding year for Evans with record growth and strong returns further fueling already robust momentum and carrying the organization over the $1 billion in assets level. We have capitalized on our community commitment and unprecedented market transformation to gain new customers, increase deposits, and develop a more diversified loan portfolio. Our loan portfolio grew 22% as we focused on complementing our long-established commercial real estate expertise with small and mid-market business lending," said David J. Nasca, President and CEO of Evans Bancorp.
Deposits stood at $939.97 million as on Dec. 31, 2016, up 17.06 percent compared with $802.98 million on Dec. 31, 2015.
Investments stood at $97.20 million as on Dec. 31, 2016, down 1.57 percent or $1.55 million from year-ago. Shareholders equity was at $96.75 million as on Dec. 31, 2016.
Return on average assets moved up 11 basis points to 0.86 percent in the quarter from 0.75 percent in the last year period. At the same time, return on average equity increased 198 basis points to 9.70 percent in the quarter from 7.72 percent in the last year period.
Tier-1 leverage ratio stood at 9.49 percent for the quarter, down from 10.45 percent for the previous year quarter. Book value per share was $22.50 for the quarter, up 4.94 percent or $1.06 compared to $21.44 for the same period last year.
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