SOURCE: Elmira Savings Bank

Elmira Savings Bank

July 20, 2011 10:37 ET

Elmira Savings Bank Posts 5% Earnings Increase

ELMIRA, NY--(Marketwire - Jul 20, 2011) - Elmira Savings Bank, FSB (NASDAQ: ESBK) today announced net income for the six months ended June 30, 2011 totaling $2,422,000 or $.85 per diluted share, compared to the $2,312,000 of net income or $.80 per diluted share reported for the same period in 2010. This represents a 5% or $110,000 increase in net income and a 6% increase in diluted earnings per share.

Net income for the three months ended June 30, 2011 totaled $1,308,000 or $.47 per diluted share compared to $1,233,000 or $.44 per diluted share for the same period in 2010. This represents a 6% or $75,000 increase in net income and a 7% increase in diluted earnings per share.

Net interest income was $7.9 million for the first six months of 2011 compared to $7.4 million for the same period last year. Noninterest income was $2.1 million compared to $2.3 million for the same period in 2010. Operating expenses were $6.1 million for the first six months of 2011 compared to $5.9 million for the same period in 2010.

Total assets increased by $.5 million from $499.2 million at June 30, 2010 to $499.7 million as of June 30, 2011. Total deposits were $349.4 million as of June 30, 2010 compared to $365.6 million as of June 30, 2011. This represents a $16.2 million or 5% increase. Total loans increased by $18.6 million or 6% from $301.5 million as of June 30, 2010 to $320.1 million as of June 30, 2011.

"During the first half of 2011, our mortgage and consumer loan production remained strong and above our expectations. We have continued to see commercial loan activity increase in our market area and are dedicated to growing this portfolio in the coming periods," said Michael P. Hosey, President and CEO. Hosey continued, "We continue to protect our net interest margin, focus on operating efficiency, monitor asset quality, and evaluate our capital needs and alternatives."

Elmira Savings Bank, FSB with $499.7 million in total assets, is insured by the Federal Deposit Insurance Corporation (FDIC) and is a federally chartered Bank with five offices in Chemung County, NY; three offices and a loan center in Tompkins County, NY; one office in Steuben County, NY; one office in Cayuga County, NY; one cashless office in Schuyler County; NY; and a loan center in Cortland County, NY.

Except for the historical information contained herein, the matters discussed in this news release are forward looking statements that involve the risks and uncertainties, including the timely availability and acceptance of Bank products, the impact of competitive products and pricing, the management of growth, and other risks detailed from time to time in the Bank's regulatory reports.

Elmira Savings Bank, FSB
SELECTED CONSOLIDATED INCOME STATEMENT ITEMS
(Unaudited)
(In thousands except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
2011 2010 2011 2010
Net interest income $ 3,945 $ 3,556 $ 7,869 $ 7,368
Provision for loan losses 182 50 332 350
Gain on sale of securities 230 103 296 309
Other noninterest income 1,013 1,083 1,849 1,952
Total noninterest expense 3,035 2,875 6,093 5,857
Income before taxes 1,971 1,817 3,589 3,422
Net income 1,308 1,233 2,422 2,312
Dividends on preferred stock 362 362 721 721
Income available to common shareholders 946 871 1,701 1,591
Basic earnings per common share $ 0.49 $ 0.45 $ 0.87 $ 0.82
Diluted earnings per common share $ 0.47 $ 0.44 $ 0.85 $ 0.80
Dividends per common share $ 0.20 $ 0.20 $ 0.40 $ 0.40

Elmira Savings Bank, FSB
SELECTED CONSOLIDATED BALANCE SHEET ITEMS
(Unaudited)
(In thousands except per share amounts)
June 30 December 31 June 30
2011 2010 2010
Total assets $ 499,745 $ 499,839 $ 499,244
Loans receivable 320,140 309,945 301,535
Allowance for loan losses 3,010 2,909 3,006
Deposits 365,550 356,621 349,443
Borrowings 70,057 81,093 86,128
Shareholders' equity 58,528 56,451 56,222
Book value per common share $ 20.31 $ 19.30 $ 19.26

Contact Information

  • For further information contact:
    Thomas M. Carr
    EVP & COO
    Elmira Savings Bank, FSB
    333 East Water Street
    Elmira, New York 14901
    (607) 735-8660
    E-Mail Email Contact