Evans Bancorp reports Q2 EPS 90c, consensus 64c

Reports Q2 net interest income $15.67M vs $17.325M last year. David Nasca, President and CEO of Evans Bancorp, Inc., said, “We believe we are executing well given the challenging market forces and backdrop of margin pressure. Staying close to clients and cultivating prospective relationships remains paramount as we maintain stable liquidity and pursue opportunities to continue driving growth and loan production. Equally important is our focus on controlling costs and efforts to improve efficiencies, which is evidenced by our non-interest expense decline both quarter-over-quarter and year-over-year.” He added, “The net interest margin reduction during the quarter reflects ongoing market forces that have driven deposits costs higher. Overall, we believe we are maintaining our posture against stiff competition as our team has continued to retain key deposits. Looking ahead, we expect market dynamics and pricing pressures will continue to have an impact on our margin in the third quarter and then begin to moderate heading into the end of the year.”