Elmira Savings Bank Posts Earnings

Marketwired

ELMIRA, NY--(Marketwire -01/19/12)- Elmira Savings Bank (NASDAQ: ESBK - News) 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:
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

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