SOURCE: Elmira Savings Bank

Elmira Savings Bank

April 24, 2012 12:42 ET

Elmira Savings Bank Reports Earnings Increase

ELMIRA, NY--(Marketwire - Apr 24, 2012) - Elmira Savings Bank (NASDAQ: ESBK) today announced net income for the three months ended March 31, 2012 totaling $1,158,000 or $.34 per diluted share, compared to the $1,114,000 of net income or $.34 per diluted share reported for the same period in 2011. This represents a $44,000 or 4% increase in net income from the corresponding period in 2011.

Net interest income was $3.8 million for the first quarter of 2012 compared to $3.9 million for the same period last year. Noninterest expense was $3.2 million for the first quarter of 2012, slightly increased from the $3.1 million for the same period last year. Noninterest income was $1.25 Million for the first quarter of 2012, well above the $904,000 for the first quarter of 2011. The provision for loan losses and gain on sale of securities were lower by $25,000 and $66,000, respectively, for the first quarter of 2012 when compared to the same quarter a year ago.

Total assets declined by $3.8 million or 1% from $523.4 million at December 31, 2011 to $519.6 million as of March 31, 2012. Total loans increased by $3.6 million or 1% from $346.0 million as of December 31, 2011 to $349.6 million as of March 31, 2012. Total deposits were $383.3 million as of March 31, 2012 compared to $381.7 million as of December 31, 2011. Borrowed funds declined during the quarter by $5.0 million due to maturities.

"During the first quarter of 2012, our loan production in all portfolios remained strong and our commercial loan production increased by 10% over the same period in 2011," said Michael P. Hosey, President and CEO. Hosey continued, "We continue to aggressively monitor asset quality, and focus on maintaining efficiency and net interest margin."

Elmira Savings Bank, with $519.6 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 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
SELECTED CONSOLIDATED INCOME STATEMENT ITEMS
(Unaudited)
(In thousands except per share amounts)
Three Months Ended
March 31,
2012 2011
Net interest income $ 3,768 $ 3,922
Provision for loan losses 125 150
Gain on sale of securities - 66
Other noninterest income 1,250 838
Total noninterest expense 3,215 3,058
Income before taxes 1,678 1,618
Net income 1,158 1,114
Dividends on preferred stock 395 359
Income available to common shareholders 763 755
Basic earnings per common share $ 0.35 $ 0.35
Diluted earnings per common share $ 0.34 $ 0.34
Dividends per common share $ 0.22 $ 0.18
Elmira Savings Bank
SELECTED CONSOLIDATED BALANCE SHEET ITEMS
(Unaudited)
(In thousands except per share amounts)
March 31 December 31
2012 2011
Total assets $ 519,618 $ 523,358
Loans receivable 349,578 345,982
Allowance for loan losses 3,434 3,299
Deposits 383,314 381,729
Borrowings 65,000 70,019
Shareholders' equity 64,944 64,615
Book value per common share $ 18.98 $ 18.83
(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