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Table of Contents

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, 2021

¨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, 5,433,604 shares as of April 29, 2021.



Table of Contents

INDEX

EVANS BANCORP, INC. AND SUBSIDIARIES

PART 1. FINANCIAL INFORMATION

PAGE

Item 1.

Financial Statements

Unaudited Consolidated Balance Sheets – March 31, 2021 and December 31, 2020

1

Unaudited Consolidated Statements of Income – Three months ended March 31, 2021 and 2020

2

Unaudited Consolidated Statements of Comprehensive Income – Three months ended March 31, 2021 and 2020

3

Unaudited Consolidated Statements of Changes in Stockholders’ Equity – Three months ended March 31, 2021 and 2020

4

Unaudited Consolidated Statements of Cash Flows – Three months ended March 31, 2021 and 2020

5

Notes to Unaudited Consolidated Financial Statements

7

Item 2.

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

36

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

44

Item 4.

Controls and Procedures

45

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings

46

Item 1A.

Risk Factors

46

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

46

Item 3.

Defaults Upon Senior Securities

46

Item 4.

Mine Safety Disclosure

46

Item 5.

Other Information

46

Item 6.

Exhibits

47

Signatures

48


Table of Contents

PART I - FINANCIAL INFORMATION

ITEM 1 - FINANCIAL STATEMENTS

EVANS BANCORP, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED BALANCE SHEETS

MARCH 31, 2021 AND DECEMBER 31, 2020

(in thousands, except share and per share amounts)

March 31,

December 31,

2021

2020

ASSETS

Cash and due from banks

$

10,562 

$

13,702 

Interest-bearing deposits at banks

105,658 

83,902 

Securities:

Available for sale, at fair value (amortized cost: $192,352 at March 31, 2021;

190,338 

162,396 

$159,157 at December 31, 2020)

Held to maturity, at amortized cost (fair value: $4,697 at March 31, 2021;

4,674 

4,204 

$4,271 at December 31, 2020)

Federal Home Loan Bank common stock, at cost

3,551 

3,470 

Federal Reserve Bank common stock, at cost

2,782 

2,323 

Loans, net of allowance for loan losses of $20,701 at March 31, 2021

and $20,415 at December 31, 2020

1,726,527 

1,673,379 

Properties and equipment, net of accumulated depreciation of $20,436 at March 31, 2021

and $19,963 at December 31, 2020

19,065 

19,305 

Goodwill

12,713 

12,713 

Intangible assets

2,104 

2,238 

Bank-owned life insurance

34,152 

33,989 

Operating lease right-of-use asset

5,058 

5,282 

Other assets

27,081 

27,212 

TOTAL ASSETS

$

2,144,265 

$

2,044,115 

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES

Deposits:

Demand

$

486,386 

$

436,157 

NOW

238,769 

230,751 

Savings

924,781 

825,947 

Time

222,002 

278,554 

Total deposits

1,871,938 

1,771,409 

Securities sold under agreement to repurchase

5,682 

4,093 

Other borrowings

41,699 

44,698 

Operating lease liability

5,463 

5,694 

Other liabilities

21,612 

18,444 

Subordinated debt

30,897 

30,872 

Total liabilities

1,977,291 

1,875,210 

STOCKHOLDERS' EQUITY:

Common stock, $0.50 par value, 10,000,000 shares authorized; 5,428,993

and 5,411,384 shares issued at March 31, 2021 and December 31, 2020,

respectively, and 5,428,993 and 5,411,384 outstanding at March 31, 2021

and December 31, 2020, respectively

2,716 

2,708 

Capital surplus

76,673 

76,394 

Retained earnings

92,117 

90,522 

Accumulated other comprehensive income (loss), net of tax

(4,532)

(719)

Total stockholders' equity

166,974 

168,905 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

2,144,265 

$

2,044,115 

See Notes to Unaudited Consolidated Financial Statements


1


Table of Contents

EVANS BANCORP, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

THREE MONTHS ENDED MARCH 31, 2021 AND 2020

(in thousands, except share and per share amounts)

Three Months Ended March 31,

2021

2020

INTEREST INCOME

Loans

$

17,066 

$

14,546 

Interest-bearing deposits at banks

16 

181 

Securities:

Taxable

832 

1,049 

Non-taxable

56 

47 

Total interest income

17,970 

15,823 

INTEREST EXPENSE

Deposits

886 

2,876 

Other borrowings

88 

47 

Subordinated debt

399 

124 

Total interest expense

1,373 

3,047 

NET INTEREST INCOME

16,597 

12,776 

PROVISION FOR LOAN LOSSES

313 

2,999 

NET INTEREST INCOME AFTER

PROVISION FOR LOAN LOSSES

16,284 

9,777 

NON-INTEREST INCOME

Deposit service charges

572 

628 

Insurance service and fees

2,502 

2,425 

Gain on loans sold

-

51 

Bank-owned life insurance

163 

160 

Loss on tax credit investment

-

(2,475)

Refundable state historic tax credit

-

1,857 

Interchange fee income

490 

382 

Other

839 

310 

Total non-interest income

4,566 

3,338 

NON-INTEREST EXPENSE

Salaries and employee benefits

9,044 

7,797 

Occupancy

1,187 

861 

Advertising and public relations

263 

269 

Professional services

959 

914 

Technology and communications

1,264 

1,096 

Amortization of intangibles

135 

130 

FDIC insurance

300 

179 

Merger-related

-

460 

Other

1,213 

1,164 

Total non-interest expense

14,365 

12,870 

INCOME BEFORE INCOME TAXES

6,485 

245 

INCOME TAX PROVISION

1,633 

41 

NET INCOME

$

4,852 

$

204 

Net income per common share-basic

$

0.89 

$

0.04 

Net income per common share-diluted

$

0.89 

$

0.04 

Weighted average number of common shares outstanding

5,421,837 

4,936,947 

Weighted average number of diluted shares outstanding

5,463,674 

4,992,214 

See Notes to Unaudited Consolidated Financial Statements


2


Table of Contents

EVANS BANCORP, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

THREE MONTHS ENDED MARCH 31, 2021 AND 2020

(in thousands)

Three Months Ended March 31,

2021

2020

NET INCOME

$

4,852 

$

204 

OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX:

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

(3,889)

1,835 

Defined benefit pension plans:

Amortization of prior service cost

6 

5 

Amortization of actuarial loss

70 

82 

Total