ELMIRA, NY--(Marketwired - Apr 23, 2013) - Elmira Savings Bank (
- Net income increased to $1,192,000 for the three months ended March 31, 2013 compared to $1,158,000 for the same period in 2012.
- Diluted earnings per share were $.32 per share for the three months ended March 31, 2013, the same as the same period in 2012.
- Return on average assets was .91% for the three months ended March 31, 2013 compared to .90% for the same period in 2012.
- Return on average equity was 7.26% for the three months ended March 31, 2013 compared to 7.12% for the same period in 2012.
- Noninterest income increased to $1,485,000 for the three months ended March 31, 2013 compared to $1,250,000 for the same period in 2012. This represents an increase of 19% for the three months ended March 31, 2013.
"We are pleased to have a strong start to 2013," said Michael P. Hosey, President and Chief Executive Officer. Hosey continued, "During the first quarter, our loan volume has remained strong and we expanded our geographic footprint with our expansion into Erwin, NY, in January."
Net income totaled $1,192,000 for the three months ended March 31, 2013, an increase of $34,000 or 3% from the $1,158,000 recorded for the same period in 2012. This modest increase was the result of an increase in noninterest income of $235,000 partially offset by an increase of $161,000 in noninterest expense.
Basic and diluted earnings per share for the three months ended March 31, 2013 were $.32 per share, the same as the first quarter of 2012.
Net Interest Margin
The net interest margin for the three months ended March 31, 2013 was 3.32% compared to 3.40% for the first quarter of 2012. The yield on average earning assets was 4.46% for the three months ended March 31, 2013 compared to 4.83% for the same period in 2012. The average cost of interest-bearing liabilities was 1.32% for the three months ended March 31, 2013 compared to 1.59% for the three months ended March 31, 2012.
Total assets decreased $26.0 million or 5% to $510.9 million at March 31, 2013 compared to $536.9 million at December 31, 2012. Loans receivable decreased 1% to $374.5 million at March 31, 2013 compared to December 31, 2012. The available-for-sale investment portfolio decreased $4.0 million from December 31, 2012 to March 31, 2013.
"At the end of the first quarter, the Bank redeemed $10.5 million of preferred stock. Despite the reduction in capital, the Bank continues to maintain strong capital ratios. The redemption will reduce our preferred dividends and help to increase our earnings per common shareholder in future periods," said Michael P. Hosey, President and CEO. Hosey continued, "The first quarter also evidenced depositors using excess funds to extinguish debt or reenter the equity markets."
Our nonperforming loans to total loans ratio has decreased to .99% at March 31, 2013 from 1.02% at December 31, 2012. Net loan charge-offs to average loans for the three months ended March 31, 2013 of .21% increased from .01% for the twelve months ended December 31, 2012. The allowance for loan losses was .99% of total loans at March 31, 2013 and at December 31, 2012.
Deposits total $395.1 million at March 31, 2013, a decrease of $14.5 million or 3.5%.
Shareholders' equity decreased $10.2 million to $56.7 million at March 31, 2013 compared to December 31, 2012. The decrease in shareholders' equity is attributable to the Bank redeeming $10.5 million of preferred stock issued to the United States Treasury Department through the Small Business Lending Fund. The current level of shareholders' equity equates to a book value per share of $18.13 at March 31, 2013, compared to $18.50 at December 31, 2012. Dividends paid to common shareholders were $0.23 for the three months ended March 31, 2013 compared to $0.21 for the same period in 2012.
Elmira Savings Bank, with $510.9 million in total assets, is insured by the Federal Deposit Insurance Corporation (FDIC) and is a state-chartered bank with six offices in Chemung County, NY; three offices and a loan center in Tompkins County, NY; two offices in Steuben County, NY; one office in Cayuga County, NY; one office in Schuyler County; and a loan center in Cortland County, NY.
Except for the historical information contained herein, the matters discussed in this news release are forward looking statements that involve the risks and uncertainties, including the timely availability and acceptance of Bank products, the impact of competitive products and pricing, the management of growth, and other risks detailed from time to time in the Bank's regulatory reports.
|ELMIRA SAVINGS BANK|
|CONSOLIDATED BALANCE SHEET|
|(in thousands, except for share and per share data)||March 31,||December 31,|
|Cash and due from banks||$||20,664||$||39,641||-47.9||%|
|Federal funds sold and other short-term investments||524||684||-23.4||%|
|Total cash and cash equivalents||21,188||40,325||-47.5||%|
|Securities available for sale, at fair value||62,891||66,875||-6.0||%|
|Securities held to maturity - fair value $6,334 at March 31, 2013, and $5,853 at December 31, 2012||6,002||5,521||8.7||%|
|Federal Reserve and Federal Home Loan Bank (FHLB) stock, at cost||9,679||9,178||5.5||%|
|Loans held for sale||2,471||3,167||-22.0||%|
|Less: Allowance for loan losses||3,724||3,740||-0.4||%|
|Premises and equipment, net||8,043||7,947||1.2||%|
|Bank-owned life insurance||12,078||11,988||0.8||%|
|Accrued interest receivable||1,575||1,529||3.0||%|
|Intangible assets, net||289||316||-8.5||%|
|Other real estate owned||137||125||9.6||%|
|LIABILITIES AND SHAREHOLDERS' EQUITY|
|Preferred stock, $1,000 liquidation value per issued share; 5,000,000 shares authorized; 13,515 shares issued at March 31, 2013 and at 24,063 shares issued at December 31, 2012||13,215||23,763||-44.4||%|
|Common stock, $1 par value; authorized 5,000,000 shares; 2,509,865 shares issued at March 31, 2013 and 2,454,840 shares issued at December 31, 2012||2,510||2,455||2.2||%|
|Additional paid-in capital||41,470||41,448||0.1||%|
|Treasury stock, at cost - 116,268 shares at March 31, 2013 and 125,865 shares at December 31, 2012||(3,327||)||(3,548||)||-6.2||%|
|Accumulated other comprehensive income||1,644||1,872||-12.2||%|
|Total Elmira Savings Bank shareholders' equity||56,621||66,858||-15.3||%|
|Total shareholders' equity||56,677||66,909||-15.3||%|
|Total liabilities and shareholders' equity||$||510,915||$||536,936||-4.8||%|
|ELMIRA SAVINGS BANK|
|CONSOLIDATED STATEMENT OF INCOME|
|Three Months Ended|
|(in thousands, except for per share data)||2013||2012||% Change|
|Interest and Dividend Income:|
|Interest and fees on loans||$||4,473||$||4,574||-2.2||%|
|Interest and dividends on securities|
|Total interest and dividend income||5,105||5,349||-4.6||%|
|Interest on deposits||829||947||-12.5||%|
|Interest expense on borrowings||477||634||-24.8||%|
|Total interest expense||1,306||1,581||-17.4||%|
|Net interest income||3,799||3,768||0.8||%|
|Provision for loan losses||180||125||44.0||%|
|Net interest income after provision for loan losses||3,619||3,643||-0.7||%|
|Net gain on sale of loans||848||656||29.3||%|
|Net gain on sale of securities||61||-|
|Other service fees||154||164||-6.1||%|
|Earnings on bank-owned life insurance||90||82||9.8||%|
|Total noninterest income||1,485||1,250||18.8||%|
|Salaries and benefits||1,821||1,652||10.2||%|
|Marketing and public relations||147||146||0.7||%|
|Total noninterest expense||3,376||3,215||5.0||%|
|Income before income taxes||1,728||1,678||3.0||%|
|Less: Net income attributable to noncontrolling interest||-||-|
|Net income attibutable to Elmira Savings Bank||1,192||1,158||2.9||%|
|Dividend on preferred stock||401||395||1.5||%|
|Income available to common shareholders||$||791||$||763||3.7||%|
|Basic earnings per share||$||0.34||$||0.34||0.0||%|
|Diluted earnings per share||$||0.32||$||0.32||0.0||%|
|Weighted average shares outstanding - basic||2,334,550||2,262,917||3.2||%|
|Weighted average shares outstanding - diluted||2,471,344||2,353,433||5.0||%|
|Dividends per share||$||0.23||$||0.21||9.5||%|
|Per share data has been restated to reflect the 5% stock dividend paid on December 28, 2012.|
|ELMIRA SAVINGS BANK|
|AVERAGE BALANCES AND INTEREST RATES|
|(Dollars in Thousands)||For the Three Months Ended|
|March 31, 2013||March 31, 2012|
|ASSETS:||Average Balance||Interest||Average Rate||Average Balance||Interest||Average Rate|
|Total interest-earning assets||460,097||5,105||4.46||443,187||5,349||4.83|
|LIABILITIES AND SHAREHOLDERS' EQUITY|
|Total interest-bearing liabilities||397,753||1,306||1.32||397,470||1,581||1.59|
|TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY||$||530,119||$||518,933|
|Interest rate spread||3.14||%||3.24||%|
|Net interest income/margin||$||3,799||3.32||%||$||3,768||3.40||%|
|(Dollars in Thousands, Except Per Share Data)||3/31/2013||12/31/2012||9/30/2012||6/30/2012||3/31/2012|
|Net income||$||1,192||$||1,299||$||1,398||$||1,358||$ 1,158|
|Net interest income||3,799||3,739||3,810||3,772||3,768|
|Provision for loan losses||180||42||154||142||125|
|Net security gains||61||-||-||75||-|
|Non-interest income, ex. Net security gains||1,424||1,529||1,723||1,473||1,250|
|Net interest margin||3.32||%||3.25||%||3.32||%||3.37||%||3.40%|
|Annualized return on average assets||0.91||%||0.97||%||1.04||%||1.04||%||0.90%|
|Annualized return on average equity||7.26||%||7.72||%||8.39||%||8.33||%||7.12%|
|Annualized net loan charge-offs to avg loans||0.21||%||0.03||%||-0.02||%||0.02||%||-0.01%|
|Net charge-offs (recoveries)||196||31||(19||)||20||(10)|
|Per Share Data|
|Basic earnings per share||$||0.34||$||0.39||$||0.44||$||0.42||$ 0.33|
|Diluted earnings per share||0.32||0.37||0.42||0.40||0.32|
|Dividend declared per share||0.23||0.22||0.22||0.21||0.21|
|Common stock price:|
|Weighted average common shares:|
|End-of-period common shares:|
|Share and per share data has been restated to reflect the 5% stock dividend paid on December 28, 2012.|
|Financial Condition Data:|
|Total assets||$||510,915||$||536,936||$||534,159||$||530,646||$ 519,618|
|Total interest-bearing deposits||336,973||348,121||347,456||342,703||333,201|
|Non-performing assets||$||3,826||$||3,986||$||3,980||$||3,829||$ 3,764|
|Non-performing assets to total assets||0.75||%||0.74||%||0.75||%||0.72||%||0.72%|
|Allowance for loan losses||3,724||3,740||3,729||3,556||3,434|
|Allowance for loan losses to total loans||0.99||%||0.99||%||1.00||%||0.98||%||0.98%|
|Allowance for loan losses to total loans non-performing loans||100.95||%||96.87||%||97.29||%||96.57||%||94.26%|
|Non-performing loans to total loans||0.99||%||1.02||%||1.03||%||1.02||%||1.05%|
|Shareholders' equity to total assets||11.09||%||12.41||%||12.46||%||12.37||%||12.50%|
- Investment & Company Information
Thomas M. Carr
EVP & COO
Elmira Savings Bank
333 East Water Street
Elmira, New York 14901