Evans Bancorp (EVBN) Misses Q1 EPS by 6c

Evans Bancorp (NYSE: EVBN) reported Q1 EPS of $0.89, $0.06 worse than the analyst estimate of $0.95.

• Originated $89 million of PPP loans and $90 million of other commercial loans during the first quarter
• Net interest income increased 30% to $16.6 million reflecting the FSB acquisition and fees earned in connection with Paycheck Protection Program (“PPP”)
• Results included $0.3 million provision for loan loss due to specific reserves associated with a single commercial customer relationship, partially offset by continued positive macroeconomic trends
• Total non-interest expense decreased sequentially to $14.4 million due to expense
• management efforts
• Total deposits increased 41% to $1.87 billion

For earnings history and earnings-related data on Evans Bancorp (EVBN) click here.

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