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EVBN (Evans Bancorp) Beneish M-Score : -2.56 (As of Mar. 21, 2025)


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What is Evans Bancorp Beneish M-Score?

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.56 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Evans Bancorp's Beneish M-Score or its related term are showing as below:

EVBN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.57   Med: -2.38   Max: -1.45
Current: -2.56

During the past 13 years, the highest Beneish M-Score of Evans Bancorp was -1.45. The lowest was -3.57. And the median was -2.38.


Evans Bancorp Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Evans Bancorp for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1+0.528 * 1+0.404 * 1.0009+0.892 * 0.7352+0.115 * 1.1688
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.128+4.679 * 0.006725-0.327 * 0.6165
=-2.56

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was $0.00 Mil.
Revenue was 18.274 + 18.038 + 16.72 + 16.174 = $69.21 Mil.
Gross Profit was 18.274 + 18.038 + 16.72 + 16.174 = $69.21 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $2,187.47 Mil.
Property, Plant and Equipment(Net PPE) was $17.98 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.24 Mil.
Selling, General, & Admin. Expense(SGA) was $32.89 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $115.35 Mil.
Net Income was 3.731 + 2.943 + 2.946 + 2.334 = $11.95 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was -3.957 + 11.909 + -8.606 + -2.103 = $-2.76 Mil.
Total Receivables was $0.00 Mil.
Revenue was 32.497 + 19.812 + 20.382 + 21.438 = $94.13 Mil.
Gross Profit was 32.497 + 19.812 + 20.382 + 21.438 = $94.13 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $2,108.66 Mil.
Property, Plant and Equipment(Net PPE) was $19.18 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.56 Mil.
Selling, General, & Admin. Expense(SGA) was $39.66 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $180.36 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(0 / 69.206) / (0 / 94.129)
=0 / 0
=1

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(94.129 / 94.129) / (69.206 / 69.206)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 17.98) / 2187.465) / (1 - (0 + 19.178) / 2108.663)
=0.99178 / 0.990905
=1.0009

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=69.206 / 94.129
=0.7352

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(1.559 / (1.559 + 19.178)) / (1.236 / (1.236 + 17.98))
=0.07518 / 0.064321
=1.1688

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(32.887 / 69.206) / (39.655 / 94.129)
=0.475204 / 0.421284
=1.128

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((115.351 + 0) / 2187.465) / ((180.363 + 0) / 2108.663)
=0.052733 / 0.085534
=0.6165

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(11.954 - 0 - -2.757) / 2187.465
=0.006725

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Evans Bancorp has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.


Evans Bancorp Beneish M-Score Related Terms

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Evans Bancorp Business Description

Traded in Other Exchanges
N/A
Address
6460 Main Street, Williamsville, NY, USA, 14221
Evans Bancorp Inc is a financial holding company. Through its subsidiaries, it provides various banking services to consumers and commercial customers in the USA. The firm operates through a single business segment throughout Western New York and Finger Lakes Region, which derives interest and fee income.
Executives
David J Nasca director ONE GRIMSBY DRIVE, HAMBURG NY 14075
John B Connerton officer: Vice President/Controller ONE GRIMSBY DRIVE, HAMBURG NY 14075
Miller Robert G Jr director, officer: Pres. M&W Agency/ENB Assoc. 1845 LAKE ROAD, SILVER CREEK NY 14136
Lee C Wortham director ONE GRIMSBY DRIVE, HAMBURG NY 14075
Jody L Lomeo director ONE GRIMSBY DRIVE, HAMBURG NY 14075
Robert A James director 6460 MAIN STREET, WILLIAMSVILLE NY 14221
Dawn Deperrior director 45 SOUTH MAIN STREET, FAIRPORT NY 14450
Kevin D Maroney director 45 SOUTH MAIN STREET, FAIRPORT NY 14450
Waring Thomas H Jr director ONE GRIMSBY DRIVE, HAMBURG NY 14075
Aaron Whitehouse officer: President, The Evans Agency ONE GRIMSBY DRIVE, HAMBURG NY 14075
Oliver Sommer director ONE GRIMSBY DRIVE, HAMBURG NY 14075
St. George Mark G. officer: President, The Evans Agency ONE GRIMSBY DRIVE, HAMBURG NY 14075
Kimberley A Minkel director ONE GRIMSBY DRIVE, HAMBURG NY 14075
Christina P Orsi director ONE GRIMSBY DRIVE, HAMBURG NY 14075
Michael A Battle director ONE GRIMSBY DRIVE, HAMBURG NY 14075