Profile: Evans Bancorp Inc (EVBN.N)
28 May 2019
Evans Bancorp, Inc., incorporated on October 28, 1988, is a financial holding company. The Company conducts its business through its subsidiaries, such as Evans Bank, N.A. (the Bank), which provides a range of banking services to consumer and commercial customers in Western New York, and Evans National Financial Services, LLC (ENFS), which hold interests in The Evans Agency, LLC (TEA), which sells various premium-based insurance policies on a commission basis. The Bank operates through over 10 banking offices in Erie County and Chautauqua County, New York. ENFS owns the business and assets of the Company's non-banking financial services subsidiaries. The Company operates in two segments, namely, banking activities and insurance agency activities.
The Company's banking business segment includes both commercial and consumer banking services, including a range of lending and depository services. It also includes direct financing leasing of commercial small-ticket general business equipment. The insurance agency segment includes the activities of selling various premium-based insurance policies on a commission basis, including business and personal insurance, surety bonds, risk management, life, disability and long-term care coverage, as well as providing claims adjusting services to various insurance companies and offering non-deposit investment products, such as annuities and mutual funds.
The Company offers a range of loan products, which include mortgage loans on real estate, including residential mortgages, commercial and multi-family loans, construction-residential loans, construction-commercial loans and home equities. It also offers direct financing leases, commercial and industrial loans, consumer loans and other loans. It offers commercial and industrial loans on a secured and unsecured basis, including lines of credit and term loans at fixed and variable interest rates and multiple maturities. The Company originates adjustable-rate and fixed-rate, one- to four-family residential real estate loans for the construction, purchase, or refinancing of a mortgage. The Company's net loans amount to $761,101,000.
The Company's investment portfolio includes its available-for-sale securities and held-to-maturity securities. The Company's available-for-sale securities include debt securities, such as the United States Government sponsored agencies, and states and local subdivisions, and mortgage-backed securities, such as Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corp (FHLMC), Government National Mortgage Association (GNMA) and Collateralized Mortgage Obligations (CMO's). Its available-for-sale securities has a total fair value of $97,141,000. The Company's held-to-maturity securities include those of state and political subdivisions. The Company's held-to-maturity securities has a total fair value of $1,617,000.
Sources of Funds
The Company offers a range of deposit products, which are its primary source of funds. The Company's deposits portfolio includes negotiable order of withdrawal (NOW) accounts, regular savings accounts, time deposits and other time deposits. The Company's deposits amount to $802,982,000. The Company's other sources of funds include Federal Home Loan Bank (FHLB) advances and deposits.
The Company's subsidiaries include Evans Bank, N.A. (the Bank), and its subsidiaries, Suchak Data Systems, LLC (SDS), Evans National Leasing, Inc. (ENL) and Evans National Holding Corp. (ENHC), and Evans National Financial Services, LLC (ENFS) and its subsidiary, The Evans Agency LLC (TEA). It also includes Frontier Claims Services, Inc. (FCS). FCS is a subsidiary of TEA and provides claims adjusting services to various insurance companies.
ENL provides direct financing leasing of commercial small-ticket general business equipment to companies located throughout the contiguous approximately 50 United States. ENHC operates as a real estate investment trust that holds commercial real estate loans and residential mortgages, providing additional flexibility and planning opportunities for the business of the Bank. ENFS's primary business is to own the business and assets of the Company's non-banking financial services subsidiaries. TEA is a property and casualty insurance agency. FCS provides claims adjusting services to various insurance companies.
The Company competes with M&T Bank and First Niagara Financial Group.
Evans Bancorp Inc
1 Grimsby Dr
HAMBURG NY 14075-3764