Evans Bancorp's (EVBN) third quarter results provided a positive surprise as net interest income was larger than expected and the company posted a net provisions reversal instead of provisions charge for loan losses.
This reversal was attributable to one large recovery, and as it will not be repeated in the future, I'm expecting earnings to normalize in upcoming quarters. Based on a slightly improved outlook, I've revised my earnings estimates for next year, and updated my target price.
Due to improving sentiment and strong third quarter results, EVBN's stock price has recently rallied,