Evans Bancorp INC

Market Movers (8-K)

NBT Bancorp finalizes its acquisition of Evans Bancorp, merging both parent companies and their respective subsidiary banks.
Evans Bancorp declares a cash dividend of $0.66 per share, payable on April 10, 2025, to shareholders of record as of March 13, 2025.
Evans Bancorp announces a net income of $3.7 million for the fourth quarter of 2024, highlighting growth in loans and deposits while navigating merger-related expenses.
Evans Bancorp shareholders have approved the merger with NBT Bancorp, and all necessary regulatory approvals have been secured, paving the way for the merger to proceed.
Evans Bancorp and NBT Bancorp have supplemented their merger proxy statement to address allegations of incomplete and misleading disclosures made in demand letters and lawsuits from purported shareholders.
Delay expected
Evans Bancorp reported a net income of $2.9 million for the third quarter of 2024, alongside announcing a definitive merger agreement with NBT Bancorp Inc.

Quarterly Earnings (10-Q)

Evans Bancorp's third quarter results show a slight increase in net interest income but are overshadowed by merger-related expenses and the pending acquisition by NBT Bancorp.
Worse than expected
Evans Bancorp's second quarter earnings were impacted by lower net interest income and the absence of insurance revenue following the sale of its agency, despite loan growth and deposit increases.
Worse than expected
Evans Bancorp's first quarter earnings were impacted by lower net interest income and a decrease in non-interest income, despite a slight increase in total loans.
Worse than expected

Annual Reports (10-K)

Evans Bancorp files an amendment to its 2024 annual report to include Part III information and correct a typographical error, following shareholder approval of its merger with NBT Bancorp.
Evans Bancorp reports a decrease in net income for 2024 due to the absence of a gain from the sale of its insurance agency, while navigating a merger with NBT Bancorp expected to close in the second quarter of 2025.
Worse than expected
Evans Bancorp, Inc. reports a 10% increase in net income for 2023, driven by the sale of its insurance subsidiary, despite a decrease in net interest income.
Worse than expected

Insider Trading (Form 4)

Director Thomas H. Waring Jr. reports the conversion of his Evans Bancorp shares into NBT Bancorp shares following the merger agreement.
Director Lee C. Wortham reports the disposal of Evans Bancorp shares due to the merger with NBT Bancorp, Inc.
Nora B. Sullivan, a director of Evans Bancorp Inc., reported the disposition of 6,107 common stock shares due to the merger with NBT Bancorp, Inc.
Director Michael Rogers reports the disposal of Evans Bancorp shares due to the merger with NBT Bancorp, where each share was converted into the right to receive 0.91 shares of NBT Bancorp.
David R. Pfalzgraf Jr., a director of Evans Bancorp, disposed of shares following the merger with NBT Bancorp, Inc.
Director Christina P. Orsi reports the disposal of 3,843 shares of Evans Bancorp common stock due to the merger with NBT Bancorp, Inc.

Proxy Statements (Def-14A)

NBT Bancorp Inc. and Evans Bancorp, Inc. have entered into a definitive agreement for NBT to acquire Evans in an all-stock transaction, pending shareholder and regulatory approvals.
Evans Bancorp will hold its annual shareholder meeting virtually on May 7, 2024, to vote on director nominees and other proposals.
Evans Bancorp achieved a historic net income of $24.2 million in 2023, driven by the strategic sale of The Evans Agency to Arthur J. Gallagher & Co. for $40 million.