Evans Bancorp Reports Stable Q3 Earnings Amid Merger Plans
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 02 2024
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Source: Business Insider
Q3 Earnings Report: Evans Bancorp reported a net income of $2.9 million for Q3 2024, maintaining consistency with the previous quarter despite merger-related expenses and benefiting from property sales. The company experienced growth in loans (4%) and deposits (11%) since December 2023, while also seeing an increase in net interest margin to 2.80%.
Merger with NBT Bancorp: The company has announced a definitive agreement to merge with NBT Bancorp Inc., expected to close in Q2 2025, which aims to enhance service capabilities and create long-term shareholder value through shared regional presence and values.
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.
