3
| As of December 31, | ||||||||||||
| 2011 | 2010 | 2009 | ||||||||||
| Direct financing lease principal balance |
$6,509 | $16,968 | $35,645 | |||||||||
| Mark-to-market adjustment |
(488) | (1,493) | (4,159) | |||||||||
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| Direct financing lease carrying balance |
$6,021 | $15,475 | $31,486 | |||||||||
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| For the year ended December 31, | ||||||||||||
| 2011 | 2010 | 2009 | ||||||||||
| Beginning balance of mark |
$1,493 | $4,159 | $0 | |||||||||
| Mark-to-market adjustment |
- | - | 7,164 | |||||||||
| Net write-offs |
(1,005) | (2,666) | (3,005) | |||||||||
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| Remaining mark |
$488 | $1,493 | $4,159 | |||||||||
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| Allowance for lease losses, beginning balance |
$1,471 | $0 | $2,450 | |||||||||
| (Reduction of) provision for lease losses |
(477) | 1,471 | 6,822 | |||||||||
| Leasing net charge-offs |
- | - | (9,272) | |||||||||
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| Allowance for lease losses, ending balance |
$994 | $1,471 | $0 | |||||||||
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| Total mark plus allowance |
$1,482 | $2,964 | $4,159 | |||||||||
| Mark plus allowance / leasing principal balance |
22.77% | 17.47% | 11.67% | |||||||||
| Non-accruing leases |
$1,160 | $2,930 | $2,905 | |||||||||
| Non-accruing leases / leasing principal balance |
17.82% | 17.27% | 8.15% | |||||||||
| EVANS BANCORP, INC. AND SUBSIDIARIES | ||
| /s/ David J. Nasca | ||
| David J. Nasca | ||
| President and Chief Executive Officer | ||
| /s/ Gary A. Kajtoch | ||
| Gary A. Kajtoch Treasurer | ||
| 2011 | 2010 | |||||||
| (in thousands) | ||||||||
| Direct financing lease payments receivable |
$7,114 | $18,765 | ||||||
| Estimated residual value of leased assets |
156 | 315 | ||||||
| Unearned income |
(761) | (2,112) | ||||||
| Remaining mark |
(488) | (1,493) | ||||||
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| Net investment in direct financing leases |
$6,021 | $15,475 | ||||||
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| EVANS BANCORP, INC. | ||
| By: | /s/ David J. Nasca | |
| David J. Nasca, | ||
| President and Chief Executive Officer | ||
| Date: March 6, 2012 | ||