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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 March 31, 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 x

Non-accelerated filer ¨

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, 5,521,009 shares as of April 30, 2024.


INDEX

EVANS BANCORP, INC. AND SUBSIDIARIES

PART 1. FINANCIAL INFORMATION

PAGE

Item 1.

Financial Statements

Unaudited Consolidated Balance Sheets – March 31, 2024 and December 31, 2023

1

Unaudited Consolidated Statements of Income – Three months ended March 31, 2024 and 2023

2

Unaudited Consolidated Statements of Comprehensive (Loss) Income – Three months ended March 31, 2024 and 2023

3

Unaudited Consolidated Statements of Changes in Stockholders’ Equity – Three months ended March 31, 2024 and 2023

4

Unaudited Consolidated Statements of Cash Flows – Three months ended March 31, 2024 and 2023

5

Notes to Unaudited Consolidated Financial Statements

7

Item 2.

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

26

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

34

Item 4.

Controls and Procedures

35

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings

36

Item 1A.

Risk Factors

36

Item 2.

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

36

Item 3.

Defaults Upon Senior Securities

36

Item 4.

Mine Safety Disclosure

36

Item 5.

Other Information

36

Item 6.

Exhibits

37

Signatures

38

PART I - FINANCIAL INFORMATION

ITEM 1 - FINANCIAL STATEMENTS

EVANS BANCORP, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED BALANCE SHEETS

MARCH 31, 2024 AND DECEMBER 31, 2023

(in thousands, except share and per share amounts)

March 31,

December 31,

2024

2023

ASSETS

Cash and due from banks

$

13,952

$

19,669

Interest-bearing deposits at banks

164,400

3,798

Securities:

Available for sale, at fair value and net of valuation allowance

268,476

275,680

(amortized cost: $326,885 at March 31, 2024; $330,725 at December 31, 2023)

Held to maturity, at amortized cost and net of valuation allowance

3,611

2,059

(fair value: $3,531 at March 31, 2024; $1,988 at December 31, 2023)

Federal Home Loan Bank common stock, at cost

4,384

4,914

Federal Reserve Bank common stock, at cost

3,676

3,097

Loans, net of allowance for credit losses of $22,287 at March 31, 2024

and $22,114 at December 31, 2023

1,699,589

1,698,832

Properties and equipment, net of accumulated depreciation of $12,950 at March 31, 2024

and $12,538 at December 31, 2023

15,173

15,397

Goodwill

1,768

1,768

Intangible assets

90

94

Bank-owned life insurance

43,004

42,758

Operating lease right-of-use asset

3,945

3,781

Other assets

37,876

36,816

TOTAL ASSETS

$

2,259,944

$

2,108,663

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES

Deposits:

Demand

$

399,558

$

390,238

NOW

381,798

345,279

Savings

715,495

649,621

Time

394,515

333,623

Total deposits

1,891,366

1,718,761

Securities sold under agreement to repurchase

6,873

9,475

Other borrowings

131,023

145,123

Operating lease liability

4,218

4,063

Other liabilities

20,666

21,845

Subordinated debt

31,203

31,177

Total liabilities

2,085,349

1,930,444

STOCKHOLDERS' EQUITY:

Common stock, $0.50 par value, 10,000,000 shares authorized; 5,603,541 and 5,601,308 shares issued at

March 31, 2024 and December 31, 2023, respectively, and 5,521,009 and 5,499,772 shares outstanding at

March 31, 2024 and December 31, 2023, respectively.

2,804

2,803

Capital surplus

82,268

82,712

Treasury stock, at cost, 82,532 and 101,536 shares at March 31, 2024 and

December 31, 2023, respectively

(2,892)

(3,656)

Retained earnings

137,161

138,631

Accumulated other comprehensive loss, net of tax

(44,746)

(42,271)

Total stockholders' equity

174,595

178,219

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

2,259,944

$

2,108,663

See Notes to Unaudited Consolidated Financial Statements


EVANS BANCORP, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

THREE MONTHS ENDED MARCH 31, 2024 AND 2023

(in thousands, except share and per share amounts)

Three Months Ended March 31,

2024

2023

INTEREST INCOME

Loans

$

23,529

$

20,886

Interest-bearing deposits at banks

79

96

Securities:

Taxable

1,719

2,294

Non-taxable

47

89

Total interest income

25,374

23,365

INTEREST EXPENSE

Deposits

9,288

4,015

Other borrowings

1,627

1,499

Subordinated debt

552

526

Total interest expense

11,467

6,040

NET INTEREST INCOME

13,907

17,325

PROVISION FOR CREDIT LOSSES

266

(654)

NET INTEREST INCOME AFTER

PROVISION FOR CREDIT LOSSES

13,641

17,979

NON-INTEREST INCOME

Deposit service charges

681

613

Insurance service and fees

149

2,429

Bank-owned life insurance

246

224

Interchange fee income

466

493

Other

725

354

Total non-interest income

2,267

4,113

NON-INTEREST EXPENSE

Salaries and employee benefits

7,837

9,413

Occupancy

1,157

1,173

Advertising and public relations

171

156

Professional services

895

883

Technology and communications

1,409

1,356

Amortization of intangibles

4

100

FDIC insurance

325

350

Other

1,129

1,071

Total non-interest expense

12,927

14,502

INCOME BEFORE INCOME TAXES

2,981

7,590

INCOME TAX PROVISION

647

1,790

NET INCOME

$

2,334

$

5,800

Net income per common share-basic

$

0.42

$

1.07

Net income per common share-diluted

$

0.42

$

1.06

Weighted average number of common shares outstanding

5,507,760

5,444,352

Weighted average number of diluted shares outstanding

5,519,244

5,475,790

See Notes to Unaudited Consolidated Financial Statements


EVANS BANCORP, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

THREE MONTHS ENDED MARCH 31, 2024 AND 2023

(in thousands)

Three Months Ended March 31,

2024

2023

NET INCOME

$

2,334 

$

5,800 

OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX:

Unrealized (loss) gain on available-for-sale securities:

(2,493)

3,635 

Defined benefit pension plans:

Amortization of prior service cost

-

-

Amortization of actuarial loss

18 

20 

Total

18 

20 

OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX:

(2,475)

3,655 

COMPREHENSIVE (LOSS) INCOME

$

(141)

$

9,455 

See Notes to Unaudited Consolidated Financial Statements


 

EVANS BANCORP, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

THREE MONTHS ENDED MARCH 31, 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