SOURCE: Elmira Savings Bank

Elmira Savings Bank

January 19, 2012 10:48 ET

Elmira Savings Bank Posts Earnings

ELMIRA, NY--(Marketwire - Jan 19, 2012) - Elmira Savings Bank (NASDAQ: ESBK) today announced net income for the twelve months ended December 31, 2011 totaling $5,029,000 or $1.48 per diluted share, compared to the $4,833,000 or $1.56 per diluted share reported for the same period in 2010. This was an increase in net income of 4.1% or $196,000.

Net income for the three months ended December 31, 2011 totaled $1,291,000 or $.40 per diluted share, compared to a net income of $1,226,000 or $.39 per diluted share in the fourth quarter of 2010.

Net interest income was $15.6 million for 2011 compared to $14.9 million in 2010. The increase in net interest income was partially offset by an increase in noninterest expense of $343,000 or 2.9%.

Total assets increased by $23.5 million or 4.7% from $499.8 million on December 31, 2010 to $523.4 million at December 31, 2011. Total outstanding loans increased by $36.0 million or 11.6% from $309.9 million as of December 31, 2010 to $345.9 million as of December 31, 2011. Total deposits increased by $25.1 million or 7.0% from $356.6 million as of December 31, 2010 to $381.7 million as of December 31, 2011.

"We are pleased with our results from 2011, achieving net income of over $5 million for the first time in our institution's history. During 2011, we experienced strong loan growth in all our portfolios. We increased our residential loan portfolio by $26 million or 15%, with over $110 million of originations. Additionally, we increased our commercial loan portfolio by $14 million or 14%, with over $41 million of originations," said Michael P. Hosey, President and Chief Executive Officer.

Hosey continued, "Our net interest margin, asset quality, and efficiency all continue to be strong. The dividend yield on our common stock is in excess of 5%. We continue to focus our commercial lending efforts on lending to small businesses."

Elmira Savings Bank, with $523.4 million in total assets, is insured by the Federal Deposit Insurance Corporation (FDIC) and is a New York State chartered Bank with six 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 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 Twelve Months Ended
December 31, December 31,
2011 2010 2011 2010
Net interest income $ 3,845 $ 3,868 $ 15,550 $ 14,919
Provision for loan losses 141 80 668 515
Gain on sale of securities 152 5 448 474
Other noninterest income 1,230 1,070 4,279 4,119
Total noninterest expense 3,166 3,045 12,202 11,859
Income before taxes 1,920 1,818 7,407 7,138
Net income 1,291 1,226 5,029 4,833
Dividends on preferred stock 406 344 1,512 1,367
Accretion of preferred stock discount 0 21 252 84
Income available to common shareholders 885 861 3,265 3,382
Basic earnings per common share $ 0.41 $ 0.40 $ 1.52 $ 1.59
Diluted earnings per common share $ 0.40 $ 0.39 $ 1.48 $ 1.56
Dividends per common share $ 0.20 $ 0.18 $ 0.75 $ 0.73

Elmira Savings Bank, FSB
SELECTED CONSOLIDATED BALANCE SHEET ITEMS
(Unaudited)
(In thousands except per share amounts)
December 31 December 31
2011 2010
Total assets $ 523,358 $ 499,839
Loans receivable 345,982 309,945
Allowance for loan losses 3,299 2,909
Deposits 381,729 356,621
Borrowings 70,019 81,093
Shareholders' equity 64,615 56,451
Book value per common share $ 18.83 $ 17.45
(1) Per share data have been adjusted to reflect the 10% stock dividend, or 196,819 shares, distributed on December 28, 2011.

Contact Information

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