Subordinated Debt	9 Months Ended
Sep. 30, 2020
Subordinated Debt [Abstract]
Subordinated Debt	6. SubordinateD Debt On July 9, 2020, the Company entered into Subordinated Note Purchase Agreements with certain qualified institutional buyers and institutional accredited investors pursuant to which the Company issued and sold $20.0 million in aggregate principal amount of its 6.00% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “2020 Notes”). The 2020 Notes were offered and sold by the Company to eligible purchasers in a private offering. Net of debt issuance costs, the Company received $19.5 million for the sale of the 2020 Notes. The Company intends to use the proceeds from the offering for general corporate purposes, organic growth and regulatory capital. The 2020 Notes mature on July 15, 2030 and bear interest at a fixed annual rate of 6.00%, payable semi-annually in arrears, to but excluding July 15, 2025. From and including July 15, 2025 to but excluding the maturity date or early redemption date, the interest rate will reset quarterly to an interest rate per annum initially equal to the then-current three-month Secured Overnight Financing Rate provided by the Federal Reserve Bank of New York plus 590 basis points, payable quarterly in arrears. The Company is entitled to redeem the 2020 Notes, in whole or in part, at any time on or after July 15, 2025, and to redeem the 2020 Notes at any time in whole upon certain other events. Any redemption of the 2020 Notes will be subject to prior regulatory approval to the extent required. In connection with the issuance and sale of the 2020 Notes, the Company entered into Registration Rights Agreements with the purchasers of the 2020 Notes, pursuant to which the Company has agreed to take certain actions to provide for the exchange of the 2020 Notes for subordinated notes that are registered under the Securities Act of 1933, as amended, with substantially the same terms as the 2020 Notes. In connection with the Registration Rights Agreements, the Company filed a Registration Statement on Form S-4 with the Securities and Exchange Commission on September 3, 2020 and commenced an exchange offer on October 7, 2020. The exchange offer is expected to expire on November 9, 2020. On October 1, 2004, Evans Capital Trust I, a statutory business trust wholly-owned by the Company (the “Trust”), issued $11.0 million in aggregate principal amount of floating rate preferred capital securities due November 23, 2034 (the “Capital Securities”) and $0.3 million of common securities (the “Common Securities”). The Capital Securities represent preferred undivided interests in the assets of the Trust. Under the Federal Reserve Board’s current risk-based capital guidelines, the Capital Securities are includable in the Company’s Tier 1 (Core) capital. The Common Securities are wholly-owned by the Company and are the only class of the Trust’s securities possessing general voting powers.

Subordinated Debt

9 Months Ended

Sep. 30, 2020

6. SubordinateD Debt

On July 9, 2020, the Company entered into Subordinated Note Purchase Agreements with certain qualified institutional buyers and institutional accredited investors pursuant to which the Company issued and sold $20.0 million in aggregate principal amount of its 6.00% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “2020 Notes”). The 2020 Notes were offered and sold by the Company to eligible purchasers in a private offering. Net of debt issuance costs, the Company received $19.5 million for the sale of the 2020 Notes. The Company intends to use the proceeds from the offering for general corporate purposes, organic growth and regulatory capital.

The 2020 Notes mature on July 15, 2030 and bear interest at a fixed annual rate of 6.00%, payable semi-annually in arrears, to but excluding July 15, 2025. From and including July 15, 2025 to but excluding the maturity date or early redemption date, the interest rate will reset quarterly to an interest rate per annum initially equal to the then-current three-month Secured Overnight Financing Rate provided by the Federal Reserve Bank of New York plus 590 basis points, payable quarterly in arrears. The Company is entitled to redeem the 2020 Notes, in whole or in part, at any time on or after July 15, 2025, and to redeem the 2020 Notes at any time in whole upon certain other events. Any redemption of the 2020 Notes will be subject to prior regulatory approval to the extent required.

In connection with the issuance and sale of the 2020 Notes, the Company entered into Registration Rights Agreements with the purchasers of the 2020 Notes, pursuant to which the Company has agreed to take certain actions to provide for the exchange of the 2020 Notes for subordinated notes that are registered under the Securities Act of 1933, as amended, with substantially the same terms as the 2020 Notes. In connection with the Registration Rights Agreements, the Company filed a Registration Statement on Form S-4 with the Securities and Exchange Commission on September 3, 2020 and commenced an exchange offer on October 7, 2020. The exchange offer is expected to expire on November 9, 2020.

On October 1, 2004, Evans Capital Trust I, a statutory business trust wholly-owned by the Company (the “Trust”), issued $11.0 million in aggregate principal amount of floating rate preferred capital securities due November 23, 2034 (the “Capital Securities”) and $0.3 million of common securities (the “Common Securities”). The Capital Securities represent preferred undivided interests in the assets of the Trust. Under the Federal Reserve Board’s current risk-based capital guidelines, the Capital Securities are includable in the Company’s Tier 1 (Core) capital. The Common Securities are wholly-owned by the Company and are the only class of the Trust’s securities possessing general voting powers.