Evans Bancorp reports Q3 EPS 66c, consensus 71c

David J. Nasca, President and CEO of Evans Bancorp, Inc., said, “Third quarter results were solid from a growth and operating performance standpoint and position the Company strongly in a challenging business environment. The net interest margin continued to be pressured by rate headwinds, especially related to funding costs, as anticipated. The margin was also impacted by a reversal of interest income from one large, longtime credit client. Absent that reduction, our margin was in line with expectations. Deposits and liquidity are stable. In addition, our associates have performed well in lending and business development despite market dynamics, making inroads with new clients and cementing existing relationships, as evidenced by our 8% annualized loan growth in the quarter. We continue to take proactive steps to manage costs and expenditures by focusing on operating efficiency and providing exceptional experience to our valued clients.”