Profits Rise 70.9% at Evans Bancorp

Summary

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Evans Bancorp said Wednesday that third-quarter profits leaped 70.9 percent, driven by strong growth in net interest income from lending and a $700,000 "bargain purchase" gain from its purchase of the failed Waterford Village Bank.

The Hamburg-based parent of Evans Bank reported net income of $2.4 million, or 87 cents per share, up from $1.4 million, or 52 cents per share, in the same quarter a year ago. That includes the $700,000 pretax -- $400,000 after tax -- gain from buying Waterford.

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Extract

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Profits Rise 70.9% at Evans Bancorp

That's because the Federal Deposit Insurance Corp. paid Evans $800,000 to take Waterford's assets and assume the liabilities, and Evans cut the value of th...

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