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Evans Bancorp, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports that Evans Bancorp, Inc. entered into an agreement and plan of merger with NBT Bancorp Inc. (NBTB) on September 9, 2024. Under the terms of the agreement, each outstanding share of Evans common stock will be converted into 0.91 shares of NBT common stock. The merger is subject to regulatory and shareholder approvals and is expected to close in the second quarter of 2025.
The company reported total assets of $2.28 billion as of September 30, 2024, compared to $2.11 billion as of December 31, 2023. Total liabilities were $2.09 billion, with stockholders' equity at $185.8 million.
Net income for the third quarter was $2.9 million, down from $3.6 million in the same quarter of the previous year. The decrease is attributed to a reduction in non-interest income following the sale of TEA in 2023.
Net interest income increased to $15.0 million from $14.3 million in the previous year, driven by higher average loan balances and a stabilization of net interest margin.
The company recorded a provision for credit losses of $0.6 million for the quarter, primarily due to loan growth and slower prepayment rates.
Non-interest income was $3.0 million, compared to $5.6 million in the previous year, reflecting the impact of the sale of TEA.
Non-interest expense decreased to $13.6 million from $14.4 million in the previous year, with the decrease primarily due to lower salaries and employee benefits following the sale of TEA.
Total deposits increased to $1.9 billion, up from $1.7 billion at the end of 2023, with growth in demand deposits, time deposits, and savings.
The company maintains a Tier 1 leverage ratio of 10.01% and remains above the federal 'well capitalized' standard.
Evans Bancorp continues to manage its liquidity through various sources, including the Federal Home Loan Bank and the Federal Reserve, with a net short-term liquidity position of $351 million at the end of the quarter.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Evans Bancorp Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.