Elmira Savings Bank Posts 5% Earnings Increase

Marketwired

ELMIRA, NY--(Marketwire - Oct 24, 2012) -  Elmira Savings Bank (NASDAQ: ESBK) today announced net income for the nine months ended September 30, 2012 totaling $3,914,000 or $1.20 per diluted share, compared to the $3,738,000 of net income or $1.08 per diluted share reported for the same period in 2011. This represents a 5% or $176,000 increase in net income. 

Net income for the three months ended September 30, 2012 totaled $1,398,000 or $.44 per diluted share compared to $1,316,000 or $.31 per diluted share for the same period in 2011. This represents a 6% or $82,000 increase in net income.

Net interest income was $11.4 million for the first nine months of 2012 compared to $11.7 million for the same period last year. Our noninterest income was $4.5 million for the nine months ended September 30, 2012 versus $3.3 million for the same period a year ago. Noninterest expense increased by $607,000 during the nine months ended September 30, 2012 to total $9.6 million compared to $9.0 million for the same period a year ago.

Total assets increased by $10.8 million from $523.4 million at December 31, 2011 to $534.2 million as of September 30, 2012. Total deposits were $406.2 million as of September 30, 2012 compared to $381.7 million as of December 31, 2011. This represents a $24.5 million or 6% increase. Total loans increased by $28.1 million or 8% from $348.8 million as of December 31, 2011 to $376.9 million as of September 30, 2012. 

"During the first nine months of 2012, our mortgage and consumer loan production remained strong. This activity has allowed us to grow our loan portfolio, recognize increased levels of revenue from our secondary market activities, and avoid participating in the historically low yield investment market," said Michael P. Hosey, President and CEO. Hosey continued, "We continue to protect our net interest margin, monitor asset quality, and evaluate our capital needs and alternatives."

Elmira Savings Bank, with $534.2 million in total assets, is insured by the Federal Deposit Insurance Corporation (FDIC) and is a 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; 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   Nine Months Ended
    September 30,   September 30,
    2012   2011   2012   2011
                         
Net interest income   $ 3,810   $ 3,838   $ 11,350   $ 11,715
                         
Provision for loan losses     154     195     421     527
                         
Gain on sale of securities     -     -     75     296
                         
Other noninterest income     1,723     1,198     4,446     3,039
                         
Total noninterest expense     3,271     2,943     9,643     9,036
                         
Income before taxes     2,108     1,898     5,807     5,487
                         
Net income     1,398     1,316     3,914     3,738
                         
Dividends on preferred stock     405     427     1,203     1,106
                         
Accretion of preferred stock discount     -     210     -     252
                         
Income available to common shareholders     993     679     2,711     2,380
                         
Basic earnings per common share   $ 0.46   $ 0.32   $ 1.25   $ 1.11
                         
Diluted earnings per common share   $ 0.44   $ 0.31   $ 1.20   $ 1.08
                         
Dividends per common share   $ 0.23   $ 0.18   $ 0.67   $ 0.55
                         
                         
                         
Elmira Savings Bank
SELECTED CONSOLIDATED BALANCE SHEET ITEMS
(Unaudited)
(In thousands except per share amounts)
             
    September 30   December 31   September 30
    2012   2011   2011
Total assets   $ 534,159   $ 523,358   $ 518,090
                   
Loans receivable     373,580     345,982     343,579
                   
Allowance for loan losses     3,729     3,299     3,216
                   
Deposits     406,216     381,729     376,023
                   
Borrowings     54,000     70,019     70,038
                   
Shareholders' equity     66,543     64,615     64,586
                   
Book value per common share   $ 19.45   $ 18.83   $ 18.82
                   
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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