Evans Bank(US:EVBN)2024-07-30 20:50Financial Performance - Net income for the second quarter of 2024 was $2.9 million, a 26% increase from $2.3 million in the first quarter of 2024, but down from $4.9 million in the second quarter of 2023[4]. - Evans Bancorp reported a net income of $2.9 million for the second quarter of 2024[34]. - The return on average total assets increased to 0.52% in the second quarter of 2024, up from 0.44% in the first quarter[32]. Loan and Deposit Growth - Total loan balances reached $1.77 billion, an increase of $43 million, or 5% annualized, year-to-date, and up $94 million, or 6%, compared to the second quarter of 2023[6]. - Total deposits increased to $1.89 billion, up $173 million, or 10%, year-to-date, and up $105 million, or 6%, from the end of last year's second quarter[20]. - Total deposits stood at $1.892 billion as of June 30, 2024, consistent with $1.891 billion in the previous quarter[31]. - Average net loans increased to $1,715,280 thousand in Q2 2024, up from $1,703,320 thousand in Q1 2024[34]. Interest Income and Margin - Net interest income was $14.3 million, a sequential increase of $0.4 million, or 3%, but down $1.4 million, or 9%, from the second quarter of 2023[7]. - Net interest income for the second quarter of 2024 was $14.32 million, compared to $13.91 million in the first quarter, reflecting a growth of 2.95%[32]. - The net interest margin for the second quarter of 2024 was 2.71%, which decreased 8 basis points from the first quarter and 39 basis points from the prior-year period[8]. - The net interest margin for Q2 2024 was 2.71%, a decrease from 2.79% in Q1 2024[34]. - The interest rate spread for Q2 2024 was 1.99%, down from 2.05% in Q1 2024[34]. - The yield on loans increased to 5.63% in Q2 2024, up from 5.56% in Q1 2024[34]. Asset Management - Total assets increased to $2.26 billion, a rise of $149 million, or 7%, since December 31, 2023, and up $102 million, or 5%, since June 30, 2023[18]. - Total assets as of June 30, 2024, were $2.257 billion, slightly down from $2.259 billion at the end of the first quarter[31]. - Total assets reached $2,252,033 thousand in Q2 2024, compared to $2,120,830 thousand in Q1 2024, reflecting a growth of approximately 6.2%[34]. - Total liabilities and equity amounted to $2,252,033 thousand in Q2 2024, reflecting a significant increase from $2,120,830 thousand in Q1 2024[34]. Efficiency and Expenses - Non-interest income totaled $2.4 million, an increase of $0.1 million from the first quarter of 2024, but down $2.3 million from the prior-year period due to lower insurance service revenue[12]. - Non-interest expenses decreased to $12.6 million, down $0.4 million from the first quarter of 2024 and down $1.6 million from the second quarter of 2023[13]. - The efficiency ratio improved to 75.11% in the second quarter of 2024, compared to 79.92% in the first quarter of 2024 and 69.53% in the second quarter of 2023[16]. - The efficiency ratio improved to 75.11% in the second quarter of 2024 from 79.92% in the first quarter, reflecting better operational efficiency[32]. Capital and Asset Quality - The Tier 1 risk-based capital ratio was 13.55% for the second quarter of 2024, slightly down from 13.63% in the first quarter[31]. - Non-performing loans decreased to $25.128 million, down from $27.977 million in the previous quarter, indicating improved asset quality[31]. - Book value per share was $32.15 at June 30, 2024, reflecting an increase from $29.12 at June 30, 2023, despite unrealized losses on investment securities[23]. - The company maintained a tangible book value per share of $31.81 as of June 30, 2024, compared to $31.29 in the previous quarter[31]. - Average tangible common stockholders' equity was $172,546 thousand in Q2 2024, compared to $175,103 thousand in Q1 2024[34].