Attached files

file filename
EX-32.2 - EX-32.2 - EVANS BANCORP INCevbn-20170930xex32_2.htm
EX-32.1 - EX-32.1 - EVANS BANCORP INCevbn-20170930xex32_1.htm
EX-31.2 - EX-31.2 - EVANS BANCORP INCevbn-20170930xex31_2.htm
EX-31.1 - EX-31.1 - EVANS BANCORP INCevbn-20170930xex31_1.htm



United States

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



For quarterly period ended September 30, 2017



TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



For the transition period from             to ______



Commission file number    001-35021



                   EVANS BANCORP, INC.                  

(Exact name of registrant as specified in its charter)



          New York                            16-1332767

(State or other jurisdiction of         (I.R.S. Employer

incorporation or organization)       Identification No.)



One Grimsby Drive, Hamburg, NY        14075

(Address of principal executive offices)  (Zip Code)



       (716) 926-2000    

(Registrant's telephone number, including area code)



            Not Applicable         

 (Former name, former address and former fiscal year, if changed

 since last report)



Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No



Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes No



Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”  and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):





 

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer (Do not check if smaller reporting company)

 

Smaller reporting company

Emerging growth company

 

 



If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 



Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes   No 



Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: Common Stock, $.50 par value, 4,779,262 shares as of October 30, 2017



 

 

 


 



INDEX





EVANS BANCORP, INC. AND SUBSIDIARIES







 

 



 

 

PART 1.  FINANCIAL INFORMATION

PAGE



 

 

Item 1.

Financial Statements

 



 

 



Unaudited Consolidated Balance Sheets – September 30, 2017 and December 31, 2016



 

 



Unaudited Consolidated Statements of Income – Three months ended September 30, 2017 and 2016



 

 



Unaudited Consolidated Statements of Income – Nine months ended September 30, 2017 and 2016



 

 



Unaudited Consolidated Statements of Comprehensive Income – Three months ended September 30, 2017 and 2016



 

 



Unaudited Consolidated Statements of Comprehensive Income – Nine months ended September 30, 2017 and 2016



 

 



Unaudited Consolidated Statements of Changes in Stockholders’ Equity – Nine months ended September 30, 2017 and 2016



 

 



Unaudited Consolidated Statements of Cash Flows - Nine months ended September 30, 2017 and 2016



 

 



Notes to Unaudited Consolidated Financial Statements



 

 

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

38 



 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

47 



 

 

Item 4.

Controls and Procedures

48 



 

 

PART II.  OTHER INFORMATION

 



 

 

Item 1.

Legal Proceedings

49 



 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

49 



 

 

Item 6.

Exhibits

49 



 

 



Signatures

51 



 

 







 

 

 


 





 

 

 

 

 

 



 

 

 

 

 

 

PART I - FINANCIAL INFORMATION

 

 

 

 

 

 

ITEM 1 - FINANCIAL STATEMENTS

 

 

 

 

 

 

EVANS BANCORP, INC. AND SUBSIDIARIES

 

 

 

 

 

 

UNAUDITED CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

SEPTEMBER 30, 2017 AND DECEMBER 31, 2016

 

 

 

 

 

 

(in thousands, except share and per share amounts)

 

 

 

 

 

 



 

September 30,

 

December 31,



 

2017

 

2016

ASSETS

 

 

 

 

 

 

Cash and due from banks

 

$

16,790 

 

$

12,503 

Interest-bearing deposits at banks

 

 

1,265 

 

 

581 

Securities:

 

 

 

 

 

 

Available for sale, at fair value (amortized cost: $148,771 at September 30, 2017;

 

 

148,300 

 

 

95,222 

$95,810 at December 31, 2016)

 

 

 

 

 

 

Held to maturity, at amortized cost (fair value: $4,472 at September 30, 2017;

 

 

4,487 

 

 

1,983 

$1,959 at December 31, 2016)

 

 

 

 

 

 

Federal Home Loan Bank common stock, at cost

 

 

2,404 

 

 

2,185 

Federal Reserve Bank common stock, at cost

 

 

1,908 

 

 

1,546 

Loans, net of allowance for loan losses of $14,182 at September 30, 2017

 

 

 

 

 

 

and $13,916 at December 31, 2016

 

 

983,823 

 

 

928,596 

Properties and equipment, net of accumulated depreciation of $17,952 at September 30, 2017

 

 

 

 

 

 

and $17,012 at December 31, 2016

 

 

10,742 

 

 

11,310 

Goodwill and intangible assets

 

 

8,581 

 

 

8,406 

Bank-owned life insurance

 

 

23,233 

 

 

21,534 

Other assets

 

 

18,621 

 

 

16,843 



 

 

 

 

 

 

TOTAL ASSETS

 

$

1,220,154 

 

$

1,100,709 



 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Demand

 

$

216,250 

 

$

201,741 

NOW

 

 

96,741 

 

 

88,632 

Savings

 

 

552,559 

 

 

508,652 

Time

 

 

166,769 

 

 

140,949 

Total deposits

 

 

1,032,319 

 

 

939,974 



 

 

 

 

 

 

Securities sold under agreement to repurchase

 

 

9,380 

 

 

10,159 

Other borrowings

 

 

33,600 

 

 

28,200 

Other liabilities

 

 

16,033 

 

 

14,298 

Junior subordinated debentures

 

 

11,330 

 

 

11,330 

Total liabilities

 

 

1,102,662 

 

 

1,003,961 



 

 

 

 

 

 

CONTINGENT LIABILITIES AND COMMITMENTS

 

 

 

 

 

 



 

 

 

 

 

 

STOCKHOLDERS' EQUITY:

 

 

 

 

 

 

Common stock, $.50 par value, 10,000,000 shares authorized; 4,776,763

 

 

 

 

 

 

and 4,302,504 shares issued at September 30, 2017 and December 31, 2016,

 

 

 

 

 

 

respectively, and 4,776,360 and 4,300,634 outstanding at September 30, 2017

 

 

 

 

 

 

and December 31, 2016, respectively

 

 

2,391 

 

 

2,153 

Capital surplus

 

 

59,017 

 

 

44,389 

Treasury stock, at cost, 403 and 1,870 shares at September 30, 2017 and

 

 

 

 

 

 

December 31, 2016, respectively

 

 

-    

 

 

-    

Retained earnings

 

 

58,304 

 

 

52,630 

Accumulated other comprehensive loss, net of tax

 

 

(2,220)

 

 

(2,424)

Total stockholders' equity

 

 

117,492 

 

 

96,748 



 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

1,220,154 

 

$

1,100,709 



 

 

 

 

 

 

See Notes to Unaudited Consolidated Financial Statements

 

 

 

 

 

 







1

 


 







 

 

 

 

 

 



 

 

 

 

 

 

PART I - FINANCIAL INFORMATION

 

 

 

 

 

 

ITEM 1 - FINANCIAL STATEMENTS

 

 

 

 

 

 

EVANS BANCORP, INC. AND SUBSIDIARIES

 

 

 

 

 

 

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

 

 

 

 

 

 

THREE MONTHS ENDED SEPTEMBER 30, 2017 AND 2016

 

 

 

 

 

 

(in thousands, except share and per share amounts)

 

 

 

 

 

 



 

Three Months Ended September 30,



 

2017

 

2016

INTEREST INCOME

 

 

 

 

 

 

Loans

 

$

11,659 

 

$

9,620 

Interest-bearing deposits at banks

 

 

 

 

Securities:

 

 

 

 

 

 

Taxable

 

 

706 

 

 

385 

Non-taxable

 

 

202 

 

 

235 

Total interest income

 

 

12,574 

 

 

10,241 

INTEREST EXPENSE

 

 

 

 

 

 

Deposits

 

 

1,252 

 

 

977 

Other borrowings

 

 

116 

 

 

100 

Junior subordinated debentures

 

 

111 

 

 

95 

Total interest expense

 

 

1,479 

 

 

1,172 

NET INTEREST INCOME  

 

 

11,095 

 

 

9,069 

PROVISION FOR LOAN LOSSES

 

 

161 

 

 

1,006 

NET INTEREST INCOME AFTER

 

 

 

 

 

 

PROVISION FOR LOAN LOSSES

 

 

10,934 

 

 

8,063 

NON-INTEREST INCOME

 

 

 

 

 

 

Deposit service charges

 

 

448 

 

 

475 

Insurance service and fees

 

 

2,169 

 

 

1,855 

Gain on loans sold

 

 

61 

 

 

35 

Bank-owned life insurance

 

 

128 

 

 

144 

Loss on tax credit investment

 

 

(1,338)

 

 

-    

Refundable state historic tax credit

 

 

972 

 

 

-    

Interchange fee income

 

 

379 

 

 

319 

Other

 

 

546 

 

 

507 

Total non-interest income

 

 

3,365 

 

 

3,335 

NON-INTEREST EXPENSE

 

 

 

 

 

 

Salaries and employee benefits

 

 

6,343 

 

 

5,402 

Occupancy

 

 

805 

 

 

732 

Advertising and public relations

 

 

311 

 

 

232 

Professional services

 

 

514 

 

 

535 

Technology and communications

 

 

730 

 

 

504 

Amortization of intangibles

 

 

28 

 

 

-    

FDIC insurance

 

 

195 

 

 

201 

Other

 

 

910 

 

 

1,105 

Total non-interest expense

 

 

9,836 

 

 

8,711 

INCOME BEFORE INCOME TAXES

 

 

4,463 

 

 

2,687 

INCOME TAX PROVISION

 

 

740 

 

 

471 

NET INCOME

 

$

3,723 

 

$

2,216 



 

 

 

 

 

 

Net income per common share-basic

 

$

0.78 

 

$

0.52 

Net income per common share-diluted

 

$

0.76 

 

$

0.51 

Cash dividends per common share

 

$

0.40 

 

$

0.38 

Weighted average number of common shares outstanding

 

 

4,774,602 

 

 

4,287,124 

Weighted average number of diluted shares outstanding

 

 

4,896,967 

 

 

4,362,479 



 

 

 

 

 

 

See Notes to Unaudited Consolidated Financial Statements

 

 

 

 

 

 



2

 


 







 

 

 

 

 



 

 

 

 

 

PART I - FINANCIAL INFORMATION

 

 

 

 

 

ITEM 1 - FINANCIAL STATEMENTS

 

 

 

 

 

EVANS BANCORP, INC. AND SUBSIDIARIES

 

 

 

 

 

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

 

 

 

 

 

NINE MONTHS ENDED SEPTEMBER 30, 2017 AND 2016

 

 

 

 

 

(in thousands, except share and per share amounts)

 

 

 

 

 



Nine Months Ended September 30,



2017

 

2016

INTEREST INCOME

 

 

 

 

 

Loans

$

32,551 

 

$

27,228 

Interest-bearing deposits at banks

 

62 

 

 

45 

Securities:

 

 

 

 

 

Taxable

 

1,705 

 

 

1,323 

Non-taxable

 

636 

 

 

695 

Total interest income

 

34,954 

 

 

29,291 

INTEREST EXPENSE

 

 

 

 

 

Deposits

 

3,558 

 

 

2,972 

Other borrowings

 

224 

 

 

201 

Junior subordinated debentures

 

315 

 

 

273 

Total interest expense

 

4,097 

 

 

3,446 

NET INTEREST INCOME  

 

30,857 

 

 

25,845 

PROVISION FOR LOAN LOSSES

 

136 

 

 

838 

NET INTEREST INCOME AFTER

 

 

 

 

 

PROVISION FOR LOAN LOSSES

 

30,721 

 

 

25,007 

NON-INTEREST INCOME

 

 

 

 

 

Deposit service charges

 

1,266 

 

 

1,321 

Insurance service and fees

 

6,249 

 

 

5,175 

Gain on loans sold

 

131 

 

 

79 

Bank-owned life insurance

 

400 

 

 

421 

Loss on tax credit investment

 

(2,257)

 

 

(2,139)

Refundable state historic tax credit

 

1,619 

 

 

1,508 

Interchange fee income

 

1,102 

 

 

977 

Other

 

1,466 

 

 

1,267 

Total non-interest income

 

9,976 

 

 

8,609 

NON-INTEREST EXPENSE

 

 

 

 

 

Salaries and employee benefits

 

18,089 

 

 

16,383 

Occupancy

 

2,355 

 

 

2,171 

Advertising and public relations

 

717 

 

 

707 

Professional services

 

1,666 

 

 

1,771 

Technology and communications

 

2,141 

 

 

1,653 

Amortization of intangibles

 

84 

 

 

-    

FDIC insurance

 

551 

 

 

542 

Other

 

2,605 

 

 

2,731 

Total non-interest expense

 

28,208 

 

 

25,958 

INCOME BEFORE INCOME TAXES

 

12,489 

 

 

7,658 

INCOME TAX PROVISION

 

3,002 

 

 

1,725 

NET INCOME

$

9,487 

 

$

5,933 



 

 

 

 

 

Net income per common share-basic

$

2.01 

 

$

1.39 

Net income per common share-diluted

$

1.96 

 

$

1.37 

Cash dividends per common share

$

0.80 

 

$

0.76 

Weighted average number of common shares outstanding

 

4,724,774 

 

 

4,278,171 

Weighted average number of diluted shares outstanding

 

4,845,664 

 

 

4,345,307 



 

 

 

 

 

See Notes to Unaudited Consolidated Financial Statements

 

 

 

 

 









3

 


 







 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

PART I - FINANCIAL INFORMATION

 

 

 

 

 

 

 

 

 

 

 

ITEM 1 - FINANCIAL STATEMENTS

 

 

 

 

 

 

 

 

 

 

 

EVANS BANCORP, INC. AND SUBSIDIARIES

UNAUDITED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME

THREE MONTHS ENDED SEPTEMBER 30, 2017 AND 2016

(in thousands)

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended September 30,



 

2017

 

 

2016



 

 

 

 

 

 

 

 

 

 

 

NET INCOME

 

 

 

$

3,723 

 

 

 

 

$

2,216 



 

 

 

 

 

 

 

 

 

 

 

OTHER COMPREHENSIVE INCOME, NET OF TAX:

 

 

 

 

 

 

Unrealized loss on available-for-sale securities

 

 

 

 

(112)

 

 

 

 

 

(376)



 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

Defined benefit pension plans:

 

 

 

 

 

 

 

 

 

 

 

Amortization of prior service cost

 

 

 

 

 

 

 

 

 

Amortization of actuarial loss

 

28 

 

 

 

 

 

35 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

32 

 

 

 

 

 

40 



 

 

 

 

 

 

 

 

 

 

 

OTHER COMPREHENSIVE LOSS, NET OF TAX

 

 

(80)

 

 

 

 

 

(336)



 

 

 

 

 

 

 

 

 

 

 

COMPREHENSIVE INCOME

 

 

 

$

3,643 

 

 

 

 

$

1,880 



 

 

 

 

 

 

 

 

 

 

 

See Notes to Unaudited Consolidated Financial Statements

 

 

 

 

 

 

 

 

 

 

 





4

 


 







 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

PART I - FINANCIAL INFORMATION

 

 

 

 

 

 

 

 

 

 

 

ITEM 1 - FINANCIAL STATEMENTS

 

 

 

 

 

 

 

 

 

 

 

EVANS BANCORP, INC. AND SUBSIDIARIES

UNAUDITED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME

NINE MONTHS ENDED SEPTEMBER 30, 2017 AND 2016

(in thousands)

 

 

 

 

 

 

 

 

 

 

 



 

Nine Months Ended September 30,



 

2017

 

 

2016



 

 

 

 

 

 

 

 

 

 

 

NET INCOME

 

 

 

$

9,487 

 

 

 

 

$

5,933 



 

 

 

 

 

 

 

 

 

 

 

OTHER COMPREHENSIVE INCOME, NET OF TAX:

 

 

 

 

 

 

Unrealized gain on available-for-sale securities

 

 

 

 

78 

 

 

 

 

 

533 



 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

Defined benefit pension plans:

 

 

 

 

 

 

 

 

 

 

 

Amortization of prior service cost

 

19 

 

 

 

 

 

15 

 

 

 

Amortization of actuarial loss

 

107 

 

 

 

 

 

105 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

126 

 

 

 

 

 

120 



 

 

 

 

 

 

 

 

 

 

 

OTHER COMPREHENSIVE INCOME, NET OF TAX

 

 

204 

 

 

 

 

 

653 



 

 

 

 

 

 

 

 

 

 

 

COMPREHENSIVE INCOME

 

 

 

$

9,691 

 

 

 

 

$

6,586 



 

 

 

 

 

 

 

 

 

 

 

See Notes to Unaudited Consolidated Financial Statements

 

 

 

 

 

 

 

 

 

 

 









5

 


 







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

PART I - FINANCIAL INFORMATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ITEM 1 - FINANCIAL STATEMENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EVANS BANCORP, INC. AND SUBSIDIARIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

NINE MONTHS ENDED SEPTEMBER 30, 2017 AND 2016

 

 

 

 

 

 

 

 

(in thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 



 

Common

 

Capital

 

Retained

 

Comprehensive

 

Treasury

 

 

 



 

Stock

 

Surplus

 

Earnings

 

Income (Loss)

 

Stock

 

Total

Balance, December 31, 2015

 

$

2,132 

 

$

43,318 

 

$

47,616 

 

$

(1,810)

 

$

-    

 

$

91,256 

Net Income

 

 

 

 

 

 

 

 

5,933 

 

 

 

 

 

 

 

 

5,933 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

653 

 

 

 

 

 

653 

Cash dividends ($0.76 per common share)

 

 

 

 

 

 

 

 

(3,255)

 

 

 

 

 

 

 

 

(3,255)

Stock compensation expense

 

 

 

 

 

421 

 

 

 

 

 

 

 

 

 

 

 

421 

Excess tax benefit from stock-based compensation

 

 

 

 

 

22 

 

 

 

 

 

 

 

 

 

 

 

22 

Repurchased 3,280 shares in treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(80)

 

 

(80)

Issued 19,093 restricted shares

 

 

10 

 

 

(10)

 

 

 

 

 

 

 

 

 

 

 

-    

Issued 5,270 shares under Dividend Reinvestment Plan

 

 

 

 

129 

 

 

 

 

 

 

 

 

 

 

 

132 

Issued 5,166 shares in Employee Stock Purchase Plan

 

 

 

 

106 

 

 

 

 

 

 

 

 

 

 

 

108 

Issued 490 shares in stock option exercise

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reissued 267 shares in stock option exercises

 

 

 

 

 

(6)

 

 

 

 

 

 

 

 

 

 

-    

Reissued 3,215 restricted shares, net of forfeitures

 

 

 

 

 

(5)

 

 

 

 

 

 

 

 

 

 

-    

Balance, September 30, 2016

 

$

2,147 

 

$

43,983 

 

$

50,294 

 

$

(1,157)

 

$

(69)

 

$

95,198 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2016

 

$

2,153 

 

$

44,389 

 

$

52,630 

 

$

(2,424)

 

$

-    

 

$

96,748 

Net Income

 

 

 

 

 

 

 

 

9,487 

 

 

 

 

 

 

 

 

9,487 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

204 

 

 

 

 

 

204 

Cash dividends ($0.80 per common share)

 

 

 

 

 

 

 

 

(3,813)

 

 

 

 

 

 

 

 

(3,813)

Stock compensation expense

 

 

 

 

 

462 

 

 

 

 

 

 

 

 

 

 

 

462 

Reissued 741 restricted shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-    

Issued 440,000 shares in stock offering

 

 

220 

 

 

13,922 

 

 

 

 

 

 

 

 

 

 

 

14,142 

Issued 13,936 restricted shares, net of forfeitures

 

 

 

 

(9)

 

 

 

 

 

 

 

 

 

 

 

-    

Issued 3,253 shares under Dividend Reinvestment Plan

 

 

 

 

124 

 

 

 

 

 

 

 

 

 

 

 

126 

Issued 3,713 shares in Employee Stock Purchase Plan

 

 

 

 

124 

 

 

 

 

 

 

 

 

 

 

 

126 

Issued 10,001 shares in stock option exercises

 

 

 

 

140 

 

 

 

 

 

 

 

 

 

 

 

145 

Repurchased 9,218 shares in treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(342)

 

 

(342)

Reissued 13,300 shares in stock option exercises

 

 

 

 

 

(135)

 

 

 

 

 

 

 

 

342 

 

 

207 

Balance, September 30, 2017

 

$

2,391 

 

$

59,017 

 

$

58,304 

 

$

(2,220)

 

$

-    

 

$

117,492 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See Notes to Unaudited Consolidated Financial Statements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 













6

 


 





 

 

 

 

 

 



 

 

 

 

 

 

PART I - FINANCIAL INFORMATION

ITEM 1 - FINANCIAL STATEMENTS

EVANS BANCORP, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

NINE MONTHS ENDED SEPTEMBER 30, 2017 AND 2016

(in thousands)



 

Nine Months Ended September 30,



 

 

2017

 

 

2016

OPERATING ACTIVITIES:

 

 

 

 

 

 

Interest received

 

$

34,568 

 

$

28,952 

Fees received

 

 

10,095 

 

 

8,648 

Interest paid

 

 

(4,062)

 

 

(3,419)

Cash paid to employees and vendors

 

 

(27,256)

 

 

(24,467)

Cash contributed to pension plan

 

 

(1,000)

 

 

(140)

Income taxes paid

 

 

(1,733)

 

 

(974)

Proceeds from sale of loans held for resale

 

 

9,793 

 

 

5,300 

Originations of loans held for resale

 

 

(9,483)

 

 

(7,227)



 

 

 

 

 

 

Net cash provided by operating activities

 

 

10,922 

 

 

6,673 



 

 

 

 

 

 

INVESTING ACTIVITIES:

 

 

 

 

 

 

Available for sales securities:

 

 

 

 

 

 

Purchases

 

 

(65,889)

 

 

(25,953)

Proceeds from maturities, calls, and payments

 

 

12,041 

 

 

18,425 

Held to maturity securities:

 

 

 

 

 

 

Purchases

 

 

(3,355)

 

 

(194)

Proceeds from maturities, calls, and payments

 

 

851 

 

 

337 

Cash paid for bank owned life insurance

 

 

(1,300)

 

 

-    

Additions to properties and equipment

 

 

(358)

 

 

(1,329)

Purchase of tax credit investment

 

 

(2,380)

 

 

(703)

  Insurance agency acquisitions

 

 

(275)

 

 

-    

Net increase in loans

 

 

(54,724)

 

 

(136,160)



 

 

 

 

 

 

Net cash used in investing activities

 

 

(115,389)

 

 

(145,577)



 

 

 

 

 

 

FINANCING ACTIVITIES:

 

 

 

 

 

 

Proceeds from short-term borrowings, net

 

 

4,621 

 

 

41,985 

Net increase in deposits

 

 

92,345