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Elmira Savings Bank Reports 2015 Earnings

ELMIRA, NY--(Marketwired - Jan 27, 2016) - Elmira Savings Bank ( NASDAQ : ESBK )

Highlights

  • Net income was $1,036,000 and $4,122,000 for the three and twelve months ended December 31, 2015 compared to $1,031,000 and $3,665,000 for the same periods in 2014.

  • Diluted earnings per share were $.30 per share and $1.17 per share for the three and twelve months ended December 31, 2015 compared to $.29 per share and $.99 per share for the same periods in 2014. 

  • Return on average assets (annualized) was .73% for both the three and twelve months ended December 31, 2015 compared to .76% and .70% for the same periods in 2014.

  • Return on average equity (annualized) was 7.46% and 7.43% for the three and twelve months ended December 31, 2015 compared to 7.34% and 6.60% for the same periods in 2014.

Net Income

Net income totaled $1,036,000 for the three months ended December 31, 2015, an increase of $5,000 or 0.5% from the $1,031,000 recorded for the same period in 2014. This increase was the net result of an increase in noninterest income of $343,000, an increase in net interest income of $110,000 and a decrease in income tax expense of $54,000, offset by an increase in the provision for loan losses of $130,000 and an increase in noninterest expense of $371,000.

Net income totaled $4,122,000 for the twelve months ended December 31, 2015, an increase of $457,000 or 12.5% from the $3,665,000 of net income recorded for the same period in 2014. This increase was the net result of an increase in noninterest income of $633,000 and an increase in net interest income of $222,000, offset by an increase in the provision for loan losses of $223,000, an increase in noninterest expense of $90,000, and an increase in income tax expense of $85,000.

"The year 2015 was a successful one for the company. We expanded into Watkins Glen with our 13 th full-service branch. We achieved a 12% increase in earnings, supported by 8% growth in the loan portfolio and 4% growth in the deposit base," said Thomas M. Carr, President and CEO. Carr continued, "We also had significant accomplishments in improving our internal processes and systems, with an emphasis on becoming more focused on organic growth."

Basic and diluted earnings per share for the twelve months ended December 31, 2015 were $1.19 per share and $1.17 per share compared to $1.03 per share and $.99 per share for the same periods in 2014. Both basic and diluted earnings per share for the three months ended December 31, 2015 were $.30 per share compared to $.30 per share and $.29 per share for the same periods in 2014.

Net Interest Margin

The net interest margin for the twelve months ended December 31, 2015 was 3.07% compared to 3.23% for the same period in 2014. The yield on average earning assets was 4.06% for the twelve months ended December 31, 2015 compared to 4.24% for the same period in 2014. The average cost of interest-bearing liabilities was 1.16% for the twelve months ended December 31, 2015 compared to 1.21% for the same period in 2014.

The net interest margin for the three months ended December 31, 2015 was 3.19% compared to 3.24% for the same period in 2014. The average yield on earning assets was 4.09% for the three months ended December 31, 2015 compared to 4.23% for the same period in 2014. The average cost of interest-bearing liabilities was 1.07% for the three months ended December 31, 2015 compared to 1.18% for the same period in 2014.

Assets

Total assets increased $15.4 million or 2.8% to $561.3 million at December 31, 2015 compared to $546.0 million at December 31, 2014. Loans receivable increased 8.2% to $451.4 million at December 31, 2015 compared to December 31, 2014. The available-for-sale investment portfolio decreased $22.9 million from December 31, 2014 to December 31, 2015.

Nonperforming Loans

Our nonperforming loans to total loans ratio has decreased to 1.05% at December 31, 2015 from 1.13% at December 31, 2014. Net loan charge-offs to average loans for the twelve months ended December 31, 2015 of 0.11% increased from 0.07% for the twelve months ended December 31, 2014. The allowance for loan losses was 0.92% of total loans at December 31, 2015 and 0.95% of total loans at December 31, 2014.

Liabilities

Deposits total $440.5 million at December 31, 2015, an increase of $17.9 million or 4.2%. The $17.9 million increase consists of an $8.2 million increase in interest-bearing transaction accounts, a $4.9 million increase in noninterest-bearing accounts, a $2.9 million increase in money market accounts, a $1.6 million increase in savings accounts, and a $.3 million increase in time deposits. Borrowed funds decreased by $2.5 million or 4.0%.

Shareholders' Equity

Shareholders' equity decreased $0.7 million to $54.8 million at December 31, 2015 compared to December 31, 2014. The decrease is primarily the result of the repurchase of a warrant in May 2015 that had been issued to the United States Treasury Department at a purchase price of $1.5 million. The current level of shareholders' equity equates to a book value per share of $16.53 at December 31, 2015, compared to $16.91 at December 31, 2014. Dividends paid to common shareholders were $0.23 and $0.92 for the three and twelve months ended for both December 31, 2015 and 2014.

Elmira Savings Bank, with $561.3 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; a loan center in Cortland County, NY; and a loan center in Broome 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

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except for share and per share data)

 

December 31,

 

 

December 31,

 

 

 

 

 

 

2015

 

 

2014

 

 

% Change

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

5,352

 

 

$

7,959

 

 

-32.8

%

Federal funds sold and other short-term investments

 

 

102

 

 

 

606

 

 

-83.2

%

 

Total cash and cash equivalents

 

 

5,454

 

 

 

8,565

 

 

-36.3

%

 

 

 

 

 

 

 

 

 

 

 

 

Securities available for sale, at fair value

 

 

42,709

 

 

 

65,624

 

 

-34.9

%

Securities held to maturity - fair value $9,010 at December 31, 2015, and $7,641 at December 31, 2014

 

 


9,003

 

 

 


7,389

 

 


21.8

%

Federal Reserve and Federal Home Loan Bank (FHLB) stock, at cost

 

 

11,108

 

 

 

11,182

 

 

-0.7

%

 

 

 

 

 

 

 

 

 

 

 

 

Loans held for sale

 

 

3,630

 

 

 

787

 

 

361.2

%

 

 

 

 

 

 

 

 

 

 

 

 

Loans receivable

 

 

451,368

 

 

 

417,359

 

 

8.1

%

Less: Allowance for loan losses

 

 

4,148

 

 

 

3,974

 

 

4.4

%

 

Net loans

 

 

447,220

 

 

 

413,385

 

 

8.2

%

 

 

 

 

 

 

 

 

 

 

 

 

Premises and equipment, net

 

 

12,130

 

 

 

9,475

 

 

28.0

%

Bank-owned life insurance

 

 

13,188

 

 

 

12,790

 

 

3.1

%

Accrued interest receivable

 

 

1,541

 

 

 

1,566

 

 

-1.6

%

Intangible assets, net

 

 

61

 

 

 

125

 

 

-51.2

%

Goodwill

 

 

12,320

 

 

 

12,320

 

 

-

 

Other assets

 

 

2,980

 

 

 

2,761

 

 

7.9

%

 

Total assets

 

$

561,344

 

 

$

545,969

 

 

2.8

%

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$

440,472

 

 

$

422,561

 

 

4.2

%

Borrowings

 

 

59,525

 

 

 

62,000

 

 

-4.0

%

Other liabilities

 

 

6,576

 

 

 

5,915

 

 

11.2

%

 

Total liabilities

 

 

506,573

 

 

 

490,476

 

 

3.3

%

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

 

 

 

 

Preferred stock, $1,000 liquidation value per issued share; 5,000,000 shares authorized; 10,000 shares issued at December 31, 2015 and at December 31, 2014

 

 


9,700

 

 

 


9,700

 

 


-

 

Common stock, $1 par value; authorized 5,000,000 shares; 2,820,745 shares issued at December 31, 2015 and 2,809,364 shares issued at December 31, 2014

 

 


2,821

 

 

 


2,809

 

 


0.4

%

Additional paid-in capital

 

 

41,243

 

 

 

42,365

 

 

-2.6

%

Retained earnings

 

 

3,488

 

 

 

2,769

 

 

26.0

%

Treasury stock, at cost - 98,118 shares at December 31, 2015 and 104,418 shares at December 31, 2014

 

 


(2,907

)

 

 


(3,053

)

 


-4.8

%

Accumulated other comprehensive income

 

 

373

 

 

 

849

 

 

-56.1

%

 

Total Elmira Savings Bank shareholders' equity

 

 

54,718

 

 

 

55,439

 

 

-1.3

%

Noncontrolling interest

 

 

53

 

 

 

54

 

 

-1.9

%

 

Total shareholders' equity

 

 

54,771

 

 

 

55,493

 

 

-1.3

%

 

Total liabilities and shareholders' equity

 

$

561,344

 

 

$

545,969

 

 

2.8

%

 

 

 

 

 

 

 

ELMIRA SAVINGS BANK

 

CONSOLIDATED STATEMENT OF INCOME

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Twelve Months Ended   

 

 

 

December 31,

 

 

December 31,   

 

(in thousands, except for per share data)

 

2015

 

2014

 

% Change

 

 

2015

 

2014

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

4,762

 

$

4,598

 

3.6

%

 

$

18,418

 

$

17,709

 

4.0

%

 

Interest and dividends on securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

304

 

 

390

 

-22.1

%

 

 

1,367

 

 

1,659

 

-17.6

%

 

 

Non-taxable

 

 

240

 

 

270

 

-11.1

%

 

 

949

 

 

899

 

5.6

%

 

 

Total interest and dividend income

 

 

5,306

 

 

5,258

 

0.9

%

 

 

20,734

 

 

20,267

 

2.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

762

 

 

746

 

2.1

%

 

 

3,016

 

 

2,986

 

1.0

%

 

Interest on borrowings

 

 

416

 

 

494

 

-15.8

%

 

 

2,084

 

 

1,869

 

11.5

%

 

 

Total interest expense

 

 

1,178

 

 

1,240

 

-5.0

%

 

 

5,100

 

 

4,855

 

5.0

%

Net interest income

 

 

4,128

 

 

4,018

 

2.7

%

 

 

15,634

 

 

15,412

 

1.4

%

Provision for loan losses

 

 

270

 

 

140

 

92.9

%

 

 

630

 

 

407

 

54.8

%

Net interest income after provision for loan losses

 

 

3,858

 

 

3,878

 

-0.5

%

 

 

15,004

 

 

15,005

 

0.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service fees

 

 

372

 

 

363

 

2.5

%

 

 

1,471

 

 

1,437

 

2.4

%

 

Gain on sale of loans held for sale

 

 

701

 

 

357

 

96.4

%

 

 

2,382

 

 

1,633

 

45.9

%

 

Gain on sale of securities

 

 

-

 

 

-

 

-

 

 

 

284

 

 

422

 

-32.7

%

 

Other service fees

 

 

184

 

 

177

 

4.0

%

 

 

716

 

 

687

 

4.2

%

 

Earnings on bank-owned life insurance

 

 

100

 

 

96

 

4.2

%

 

 

398

 

 

404

 

-1.5

%

 

Other

 

 

25

 

 

46

 

-45.7

%

 

 

140

 

 

175

 

-20.0

%

 

 

Total noninterest income

 

 

1,382

 

 

1,039

 

33.0

%

 

 

5,391

 

 

4,758

 

13.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and benefits

 

 

1,917

 

 

1,609

 

19.1

%

 

 

7,324

 

 

7,692

 

-4.8

%

 

Net occupancy

 

 

337

 

 

352

 

-4.3

%

 

 

1,383

 

 

1,416

 

-2.3

%

 

Equipment

 

 

281

 

 

249

 

12.9

%

 

 

1,061

 

 

1,012

 

4.8

%

 

Marketing and public relations

 

 

197

 

 

270

 

-27.0

%

 

 

832

 

 

884

 

-5.9

%

 

Professional fees

 

 

145

 

 

167

 

-13.2

%

 

 

773

 

 

690

 

12.0

%

 

Other

 

 

900

 

 

759

 

18.6

%

 

 

3,220

 

 

2,809

 

14.6

%

 

 

Total noninterest expense

 

 

3,777

 

 

3,406

 

10.9

%

 

 

14,593

 

 

14,503

 

0.6

%

Income before income taxes

 

 

1,463

 

 

1,511

 

-3.2

%

 

 

5,802

 

 

5,260

 

10.3

%

Income taxes

 

 

422

 

 

476

 

-11.3

%

 

 

1,675

 

 

1,590

 

5.3

%

Net income

 

 

1,041

 

 

1,035

 

0.6

%

 

 

4,127

 

 

3,670

 

12.5

%

Less: Net income attributable to noncontrolling interest

 

 

5

 

 

5

 

-

 

 

 

5

 

 

5

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attibutable to Elmira Savings Bank

 

 

1,036

 

 

1,031

 

0.5

%

 

 

4,122

 

 

3,665

 

12.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend on preferred stock

 

 

225

 

 

225

 

0.0

%

 

 

900

 

 

900

 

0.0

%

Income available to common shareholders

 

$

811

 

$

805

 

0.7

%

 

$

3,222

 

$

2,765

 

16.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.30

 

$

0.30

 

0.0

%

 

$

1.19

 

$

1.03

 

15.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

 

$

0.30

 

$

0.29

 

3.4

%

 

$

1.17

 

$

0.99

 

18.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - basic

 

 

2,712,052

 

 

2,692,833

 

0.7

%

 

 

2,707,491

 

 

2,677,252

 

1.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - diluted

 

 

2,731,078

 

 

2,807,591

 

-2.7

%

 

 

2,762,332

 

 

2,799,670

 

-1.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends per share

 

$

0.23

 

$

0.23

 

0.0

%

 

$

0.92

 

$

0.92

 

0.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ELMIRA SAVINGS BANK

 

AVERAGE BALANCES AND INTEREST RATES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in Thousands)

 

For the Twelve Months Ended

 

 

 

December 31, 2015

 

 

December 31, 2014

 

ASSETS:

 

Average Balance

 

Interest

 

Average Rate

 

 

Average Balance

 

Interest

 

Average Rate

 

Loans

 

$

433,397

 

$

18,418

 

4.24

%

 

$

398,416

 

$

17,709

 

4.44

%

Short-term investments

 

 

847

 

 

-

 

0.03

 

 

 

1,069

 

 

1

 

0.02

 

Securities

 

 

75,228

 

 

2,316

 

3.08

 

 

 

77,349

 

 

2,557

 

3.31

 

Total interest-earning assets

 

 

509,472

 

 

20,734

 

4.06

 

 

 

476,834

 

 

20,267

 

4.24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-earning assets

 

 

54,990

 

 

 

 

 

 

 

 

44,418

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$

564,462

 

 

 

 

 

 

 

$

521,252

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits

 

$

365,142

 

$

3,016

 

0.83

 

 

$

339,720

 

$

2,986

 

0.88

 

Borrowings

 

 

70,773

 

 

2,084

 

2.90

 

 

 

60,263

 

 

1,869

 

3.06

 

Total interest-bearing liabilities

 

 

435,915

 

 

5,100

 

1.16

 

 

 

399,983

 

 

4,855

 

1.21

 

Noninterest-bearing liabilities 73,103 65,727 Shareholders' equity 55,444 55,542 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 564,462 $ 521,252 Interest rate spread 2.90 % 3.03 % Net interest income/margin $ 15,634 3.07 % $ 15,412 3.23 %

ELMIRA SAVINGS BANK

AVERAGE BALANCES AND INTEREST RATES

(Dollars in Thousands)

For the Three Months Ended

December 31, 2015

December 31, 2014

ASSETS:

Average Balance

Interest

Average Rate

Average Balance

Interest

Average Rate

Loans

$

447,731

$

4,762

4.23

%

$

413,733

$

4,598

4.42

%

Short-term investments

177

-

0.10

1,318

-

0.02

Securities

67,996

544

3.19

79,810

660

3.30

Total interest-earning assets

515,904

5,306

4.09

494,861

5,258

4.23

Noninterest-earning assets

47,119

45,947

TOTAL ASSETS

$

563,023

$

540,808

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-bearing deposits

$

369,180

$

762

0.82

$

348,115

$

746

0.85

Borrowings

64,134

416

2.54

68,105

494

2.85

Total interest-bearing liabilities

433,314

1,178

1.07

416,220

1,240

1.18

Noninterest-bearing liabilities

74,581

68,841

Shareholders' equity

55,128

55,747

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

563,023

$

540,808

Interest rate spread

3.02

%

3.05

%

Net interest income/margin

$

4,128

3.19

%

$

4,018

3.24

%

Quarter Ended

(Dollars in Thousands, Except Per Share Data)

12/31/2015

9/30/2015

6/30/2015

3/31/2015

12/31/2014

Operating Data

Net income

$

1,036

$

1,057

$

1,019

$

1,010

$

1,031

Net interest income

4,128

3,852

3,829

3,825

4,018

Provision for loan losses

270

170

140

50

140

Net security gains

-

-

80

204

-

Non-interest income, ex. Net security gains

1,382

1,539

1,155

1,031

1,039

Non-interest expense

3,777

3,725

3,522

3,569

3,406

Performance Statistics

Net interest margin

3.19

%

2.97

%

3.04

%

3.07

%

3.24

%

Annualized return on average assets

0.73

%

0.73

%

0.72

%

0.74

%

0.76

%

Annualized return on average equity

7.46

%

7.60

%

7.39

%

7.29

%

7.37

%

Annualized net loan charge-offs to avg loans

0.18

%

0.10

%

0.11

%

0.02

%

0.09

%

Net charge-offs (recoveries)

204

117

114

21

94

Efficiency ratio

68.5

%

69.1

%

69.5

%

70.5

%

67.4

%

Per Share Data

Basic earnings per share

$

0.30

$

0.31

$

0.29

$

0.29

$

0.30

Diluted earnings per share

0.30

0.30

0.29

0.28

0.29

Dividend declared per share

0.23

0.23

0.23

0.23

0.23

Book value

16.53

16.49

16.34

16.96

16.91

Common stock price:

High

21.13

20.81

20.82

23.00

23.00

Low

18.41

19.05

19.43

19.99

20.50

Close

19.88

19.20

20.09

20.40

23.00

Weighted average common shares:

Basic

2,712

2,710

2,707

2,701

2,693

Fully diluted

2,731

2,730

2,776

2,812

2,808

End-of-period common shares:

Issued

2,821

2,821

2,821

2,813

2,809

Treasury

98

98

98

98

104

Financial Condition Data:

General

Total assets

$

561,344

$

566,228

$

572,890

$

562,185

$

545,969

Loans, net

447,220

438,777

431,993

416,235

413,385

Intangibles

12,381

12,396

12,412

12,428

12,445

Total deposits

440,472

442,046

437,663

426,075

422,561

Noninterest-bearing

66,964

72,293

68,707

64,442

62,019

Savings

66,914

64,421

64,758

63,776

65,287

NOW

87,083

85,136

86,835

78,169

78,920

Money Market

23,382

19,912

20,678

22,112

20,512

Time deposits

196,129

200,284

196,685

197,576

195,823

Total interest-bearing deposits

373,508

369,753

368,956

361,633

360,542

Shareholders' equity

54,771

54,657

54,233

55,818

55,493

Asset Quality

Non-performing assets

$

4,943

$

4,545

$

4,430

$

4,790

$

4,699

Non-performing assets to total assets

0.88

%

0.80

%

0.77

%

0.85

%

0.86

%

Allowance for loan losses

4,148

4,082

4,028

4,002

3,974

Allowance for loan losses to total loans

0.92

%

0.92

%

0.92

%

0.95

%

0.95

%

Allowance for loan losses to non-performing loans


87.66

%


91.20

%


91.75

%


83.55

%


84.57

%

Non-performing loans to total loans

1.05

%

1.01

%

1.01

%

1.14

%

1.13

%

Capitalization

Shareholders' equity to total assets

9.76

%

9.65

%

9.47

%

9.93

%

10.16

%