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Evans Bancorp Inc. (EVBN-0.20%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing total assets of $2.2 billion, an increase from $2.1 billion the previous year. Net loans grew to $1.8 billion from $1.7 billion, while deposits increased to $1.9 billion from $1.7 billion.
Net income for 2024 was $11.954 million, down from $24.524 million in 2023. This decrease was primarily due to the absence of a significant gain from the sale of its insurance subsidiary, The Evans Agency, LLC, which occurred in 2023.
Net interest income decreased to $58.968 million from $61.208 million in 2023. The net interest margin was 2.81%, down from 3.02% the previous year, influenced by higher deposit costs.
The allowance for credit losses increased to $24.176 million from $22.114 million. The provision for credit losses was $2.236 million, reflecting a reserve taken on a previously non-performing loan and loan growth during the year.
Non-interest income fell to $10.958 million from $32.922 million in 2023, largely due to the prior year's gain on the sale of The Evans Agency, LLC.
Non-interest expense decreased by $6 million to $53.422 million, mainly due to lower salaries and benefits following the sale of the insurance agency.
The company's capital ratios remained strong, with a Tier 1 capital to average assets ratio of 10.37%.
The filing also details the company's pending merger with NBT Bancorp Inc., expected to close in the second quarter of 2025, and the sale of its insurance subsidiary in 2023.
Evans Bancorp Inc. continues to focus on its banking operations, with a significant portion of its loan portfolio concentrated in commercial real estate and commercial loans.
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. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.