INSURANCE DOMINATES NONINTEREST INCOME AT EVANS BANCORP

Hamburg, NY-based, $614 million-asset Evans Bancorp reported third-quarter insurance brokerage fee income remained basically steady at $1.75 million compared to $1.76 million in third quarter 2008, and, as the largest single contributor to noninterest income, comprised 45.7% of that revenue, which climbed 31.2% to $3.83 million, up from $2.92 million, helped by a $671,000 gain on the FDIC-assisted purchase of Clarence, NY-based Waterford Village Bank (WVB). Bank-owned life insurance (BOLI) income also grew, jumping 258.1% to $111,0000, up from $31,000, to comprise 2.9% of noninterest income. Net interest income on a 4.43% net interest margin increased 17.1% to $5.33 million, up from $4.55 million a year ago, helped by the WVB acquisition, and net income, reflecting the WVB acquisition, jumped 71% to $2.4 million, up from $1.4 million in third quarter 2008. Evans Bancorp President and CEO David Nasca said, “We have proven through the successful integration of WVB and our growth in a weak economy that we have the staff and skill sets to continue to pursue other acquisition opportunities and capture market share where our community banking capabilities are valued.”