Evans Bancorp Reports Net Income of $3.7 Million In Fourth Quarter 2024
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 04 2025
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Source: Newsfilter
Financial Performance Overview: Evans Bancorp, Inc. reported a net income of $3.7 million for Q4 2024, down from $10.2 million in the same quarter last year, largely due to the absence of a significant gain from the sale of The Evans Agency. Total loans increased by 4% and total deposits rose by 9% compared to the previous year.
Merger Approval and Future Outlook: Shareholders approved the merger with NBT Bancorp Inc., which is expected to close in Q2 2025. The merger aims to enhance service delivery and market position while maintaining strong credit quality during the transition.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
