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United States

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For quarterly period ended September 30, 2024

¨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.)

6460 Main St. Williamsville, NY 14221

(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)

Securities registered pursuant to Section 12(b) of the Act:



Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.50 par value	EVBN	NYSE American

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 x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files). Yes x 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.


Large accelerated filer ¨		Accelerated filer ¨
Non-accelerated filer x		Smaller reporting company x
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 x

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, 5,534,239 shares as of October 31, 2024.

‎

Table of Contents

INDEX

EVANS BANCORP, INC. AND SUBSIDIARIES



PART 1. FINANCIAL INFORMATION		PAGE

Item 1.	Financial Statements

	Unaudited Consolidated Balance Sheets – September 30, 2024 and December 31, 2023	1

	Unaudited Consolidated Statements of Income – Three months ended September 30, 2024 and 2023	2

	Unaudited Consolidated Statements of Income – Nine months ended September 30, 2024 and 2023	3

	Unaudited Consolidated Statements of Comprehensive (Loss) Income – Three months ended September 30, 2024 and 2023	4

	Unaudited Consolidated Statements of Comprehensive (Loss) Income – Nine months ended September 30, 2024 and 2023	4

	Unaudited Consolidated Statements of Changes in Stockholders’ Equity – Three months ended September 30, 2024 and 2023	5

	Unaudited Consolidated Statements of Changes in Stockholders’ Equity – Nine months ended September 30, 2024 and 2023	6

	Unaudited Consolidated Statements of Cash Flows – Nine months ended September 30, 2024 and 2023	7

	Notes to Unaudited Consolidated Financial Statements	9

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	32

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	41

Item 4.	Controls and Procedures	42

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	43

Item 1A.	Risk Factors	45

Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	45

Item 3.	Defaults Upon Senior Securities	45

Item 4.	Mine Safety Disclosure	45

Item 5.	Other Information	45

Item 6.	Exhibits	46

	Signatures	47

Table of Contents


PART I - FINANCIAL INFORMATION
ITEM 1 - FINANCIAL STATEMENTS
EVANS BANCORP, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2024 AND DECEMBER 31, 2023
(in thousands, except share and per share amounts)
	September 30,		December 31,
	2024		2023
ASSETS
Cash and due from banks	$	20,786	$	19,669
Interest-bearing deposits at banks		107,296		3,798
Securities:
Available for sale, at fair value		271,232		275,680
Held to maturity, at amortized cost		4,376		2,059
(fair value: $4,351 at September 30, 2024; $1,988 at December 31, 2023)
Federal Home Loan Bank common stock, at cost		4,396		4,914
Federal Reserve Bank common stock, at cost		3,690		3,097
Loans, net of allowance for credit losses of $23,091 at September 30, 2024
and $22,114 at December 31, 2023		1,764,866		1,698,832
Properties and equipment, net of accumulated depreciation of $13,747 at September 30, 2024
and $12,538 at December 31, 2023		14,467		15,397
Goodwill		1,768		1,768
Intangible assets		82		94
Bank-owned life insurance		43,509		42,758
Operating lease right-of-use asset		4,062		3,781
Other assets		39,476		36,816

TOTAL ASSETS	$	2,280,006	$	2,108,663

LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Demand	$	435,358	$	390,238
NOW		372,462		345,279
Savings		706,849		649,621
Time		386,049		333,623
Total deposits		1,900,718		1,718,761

Securities sold under agreement to repurchase		8,282		9,475
Other borrowings		128,000		145,123
Operating lease liability		4,314		4,063
Other liabilities		21,591		21,845
Subordinated debt		31,254		31,177
Total liabilities		2,094,159		1,930,444

STOCKHOLDERS' EQUITY:
Common stock, $0.50 par value, 10,000,000 shares authorized; 5,609,507 and 5,601,308 shares issued at
September 30, 2024 and December 31, 2023, respectively, and 5,534,239 and 5,499,772 shares outstanding at
September 30, 2024 and December 31, 2023, respectively.		2,807		2,803
Capital surplus		83,009		82,712
Treasury stock, at cost, 75,268 and 101,536 shares at September 30, 2024 and
December 31, 2023, respectively		(2,576)		(3,656)
Retained earnings		139,297		138,631
Accumulated other comprehensive loss, net of tax		(36,690)		(42,271)
Total stockholders' equity		185,847		178,219

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	2,280,006	$	2,108,663

See Notes to Unaudited Consolidated Financial Statements

Table of Contents


EVANS BANCORP, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023
(in thousands, except share and per share amounts)
	Three Months Ended September 30,
	2024		2023
INTEREST INCOME
Loans	$	25,393	$	21,936
Interest-bearing deposits at banks		1,567		132
Securities:
Taxable		1,673		2,173
Non-taxable		65		51
Total interest income		28,698		24,292
INTEREST EXPENSE
Deposits		11,495		7,544
Other borrowings		1,600		1,932
Subordinated debt		559		560
Total interest expense		13,654		10,036
NET INTEREST INCOME		15,044		14,256
PROVISION FOR (RECAPTURE OF) CREDIT LOSSES		570		506
NET INTEREST INCOME AFTER
PROVISION FOR CREDIT LOSSES		14,474		13,750
NON-INTEREST INCOME
Deposit service charges		699		665
Insurance service and fees		186		3,498
Bank-owned life insurance		253		239
Interchange fee income		529		516
Gain on sale of other real estate owned		598		-
Other		729		638
Total non-interest income		2,994		5,556
NON-INTEREST EXPENSE
Salaries and employee benefits		7,539		8,735
Occupancy		1,088		1,109
Advertising and public relations		327		348
Professional services		992		869
Technology and communications		1,423		1,517
Amortization of intangibles		4		100
FDIC insurance		340		350
Merger related		600		-
Other		1,274		1,379
Total non-interest expense		13,587		14,407
INCOME BEFORE INCOME TAXES		3,881		4,899
INCOME TAX PROVISION		938		1,281
NET INCOME	$	2,943	$	3,618
Net income per common share-basic	$	0.53	$	0.66
Net income per common share-diluted	$	0.53	$	0.66
Weighted average number of common shares outstanding		5,527,343		5,481,566
Weighted average number of diluted shares outstanding		5,542,694		5,490,600

See Notes to Unaudited Consolidated Financial Statements

‎

Table of Contents


EVANS BANCORP, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023
(in thousands, except share and per share amounts)
	Nine Months Ended September 30,
	2024		2023
INTEREST INCOME
Loans	$	72,931	$	64,424
Interest-bearing deposits at banks		3,650		308
Securities:
Taxable		5,128		6,719
Non-taxable		178		194
Total interest income		81,887		71,645
INTEREST EXPENSE
Deposits		32,112		17,840
Other borrowings		4,839		4,917
Subordinated debt		1,665		1,626
Total interest expense		38,616		24,383
NET INTEREST INCOME		43,271		47,262
PROVISION FOR (RECAPTURE OF) CREDIT LOSSES		1,133		(264)
NET INTEREST INCOME AFTER
PROVISION FOR CREDIT LOSSES		42,138		47,526
NON-INTEREST INCOME
Deposit service charges		2,047		1,923
Insurance service and fees		511		8,648
Bank-owned life insurance		751		702
Interchange fee income		1,500		1,537
Gain on sale of other real estate owned		598		-
Other		2,254		1,561
Total non-interest income		7,661		14,371
NON-INTEREST EXPENSE
Salaries and employee benefits		22,706		26,796
Occupancy		3,334		3,428
Advertising and public relations		752		911
Professional services		2,757		2,560
Technology and communications		4,428		4,414
Amortization of intangibles		12		300
FDIC insurance		965		1,050
Merger related		600		-
Other		3,518		3,623
Total non-interest expense		39,072		43,082
INCOME BEFORE INCOME TAXES		10,727		18,815
INCOME TAX PROVISION		2,504		4,465
NET INCOME	$	8,223	$	14,350
Net income per common share-basic	$	1.49	$	2.63
Net income per common share-diluted	$	1.49	$	2.62
Weighted average number of common shares outstanding		5,520,291		5,464,741
Weighted average number of diluted shares outstanding		5,531,680		5,481,514

See Notes to Unaudited Consolidated Financial Statements

‎

Table of Contents



EVANS BANCORP, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
THREE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023
(in thousands)
	Three Months Ended September 30,
		2024		2023

NET INCOME		$	2,943	$	3,618
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Unrealized gain (loss) on available-for-sale securities:			8,370		(8,813)
Defined benefit pension plans:
Amortization of prior service cost			-		-
Amortization of actuarial loss			17		20
Total			17		20
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:			8,387		(8,793)
COMPREHENSIVE INCOME (LOSS)		$	11,330	$	(5,175)

See Notes to Unaudited Consolidated Financial Statements



EVANS BANCORP, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023
(in thousands)
	Nine Months Ended September 30,
	2024		2023

NET INCOME	$	8,223	$	14,350
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Unrealized gain (loss) on available-for-sale securities		5,530		(9,472)
Defined benefit pension plans:
Amortization of prior service cost		-		-
Amortization of actuarial loss		51		60
Total		51		60
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX		5,581		(9,412)
COMPREHENSIVE INCOME	$	13,804	$	4,938

See Notes to Unaudited Consolidated Financial Statements

‎

Table of Contents




EVANS BANCORP, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
THREE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023
(in thousands, except share and per share amounts)
							Accumulated
							Other
	Common		Capital		Retained		Comprehensive		Treasury
	Stock		Surplus		Earnings		Loss		Stock		Total
Balance, June 30, 2023	$	2,795	$	81,777	$	128,465	$	(49,897)	$	(3,656)	$	159,484
Net Income						3,618						3,618
Other comprehensive loss								(8,793)				(8,793)
Cash dividends ($0.66 per common share)						(3,615)						(3,615)
Stock compensation expense				238								238
Issued 2,360 restricted shares/units, net of forfeitures		-		-								-
Issued 113 shares in stock option exercises		1		2								3
Balance, September 30, 2023	$	2,796	$	82,017	$	128,468	$	(58,690)	$	(3,656)	$	150,935

Balance, June 30, 2024	$	2,807	$	82,700	$	140,107	$	(45,077)	$	(2,888)	$	177,649
Net Income						2,943						2,943
Other comprehensive income								8,387				8,387
Cash dividends ($0.66 per common share)						(3,648)						(3,648)
Stock compensation expense				292								292
Reissued 8,250 shares in stock option exercises		-		-		(105)				312		207
Issued 832 shares in stock option exercises				17								17
Forfeitures of 680 shares of restricted stock												-
Balance, September 30, 2024	$	2,807	$	83,009	$	139,297	$	(36,690)	$	(2,576)	$	185,847

See Notes to Unaudited Consolidated Financial Statements

‎

Table of Contents



EVANS BANCORP, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023
(in thousands, except share and per share amounts)
							Accumulated
							Other
	Common		Capital		Retained		Comprehensive		Treasury
	Stock		Surplus		Earnings		Loss		Stock		Total
Balance, December 31, 2022	$	2,775	$	81,031	$	123,356	$	(49,278)	$	(3,891)	$	153,993
Cumulative effect of change in accounting principle— credit losses		-		-		(2,026)		-		-		(2,026)
Beginning balance after cumulative effect adjustment	$	2,775	$	81,031	$	121,330	$	(49,278)	$	(3,891)	$	151,967
Net Income						14,350						14,350
Other comprehensive loss								(9,412)				(9,412)
Cash dividends ($1.32 per common share)						(7,212)						(7,212)
Stock compensation expense				772								772
Reissued 6,228 restricted shares				(235)						235		-
Issued 12,534 shares in stock option exercises		7		116								123
Issued 14,135 restricted shares, net of forfeitures		6		(6)								-
Issued 4,545 shares in Dividend Reinvestment Plan		2		152								154
Issued 9,101 shares in Employee Stock Purchase Plan		6		187								193
Balance, September 30, 2023	$	2,796	$	82,017	$	128,468	$	(58,690)	$	(3,656)	$	150,935

Balance, December 31, 2023	$	2,803	$	82,712	$	138,631	$	(42,271)	$	(3,656)	$	178,219
Net Income						8,223						8,223
Other comprehensive income								5,581				5,581
Cash dividends ($1.32 per common share)						(7,282)						(7,282)
Stock compensation expense				913								913
Repurchased 7,000 shares of Common Stock				-						(204)		(204)
Issued 3,365 shares in stock option exercises		2		48								50
Reissued 26,803 restricted shares, net of forfeitures		-		(798)		(170)				968		-
Reissued 8,404 shares in stock option exercises		-		(4)		(105)				316		207
Issued 4,834 shares in Dividend Reinvestment Plan		2		138								140
Balance, September 30, 2024

EVANS BANCORP INC 10-Q