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Elmira Savings Bank (ESBK)
Chart Events
Performance Outlook
| Previous Close | 14.85 |
| Open | 15.25 |
| Bid | 0.00 x 800 |
| Ask | 0.00 x 800 |
| Day's Range | 14.99 - 15.40 |
| 52 Week Range | 10.30 - 16.08 |
| Volume | 3,557 |
| Avg. Volume | 4,337 |
| Market Cap | 54.088M |
| Beta (5Y Monthly) | 0.68 |
| PE Ratio (TTM) | 12.98 |
| EPS (TTM) | 1.19 |
| Earnings Date | Jan 27, 2021 |
| Forward Dividend & Yield | 0.60 (3.91%) |
| Ex-Dividend Date | Mar 03, 2021 |
| 1y Target Est | N/A |
Fair Value
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- GlobeNewswire
Elmira Savings Bank Declares Cash Dividend
ELMIRA, N.Y., Feb. 17, 2021 (GLOBE NEWSWIRE) -- The Board of Directors of Elmira Savings Bank (NASDAQ:ESBK) has declared a $0.15 per share cash dividend on their existing common shares outstanding. The cash dividend will be paid on March 12, 2021 to shareholders of record March 4, 2021. Elmira Savings Bank, with $649.0 million in total assets, is insured by the Federal Deposit Insurance Corporation (FDIC) and is a state-chartered bank with five offices in Chemung County, NY; three offices 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 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 publicly available regulatory reports. For further information contact:Thomas M. Carr, President & CEOElmira Savings Bank333 East Water StreetElmira, New York 14901(607) 735-8660E-Mail tcarr@elmirasavingsbank.com
- GlobeNewswire
Elmira Savings Bank Reports 2020 Earnings
NEW YORK, Jan. 27, 2021 (GLOBE NEWSWIRE) -- Elmira Savings Bank (NASDAQ:ESBK) Highlights Net income was $1,284,000 and $4,159,000 for the three and twelve months ended December 31, 2020 compared to $940,000 and $3,486,000 for the same periods in 2019.Diluted earnings per share were $.37 per share and $1.19 per share for the three and twelve months ended December 31, 2020 compared to $.27 per share and $1.00 per share for the same periods in 2019. Return on average assets was .78% and .64% for the three and twelve months ended December 31, 2020 compared to .61% and .57% for the three and twelve months ended December 31, 2019.Return on average equity was 8.40% and 6.94% for the three and twelve months ended December 31, 2020 compared to 6.33% and 5.93% for the same periods in 2019. "We are pleased to report an increase in earnings year-to-year, while at the same time having increased our loan loss reserves largely in response to the economic uncertainty resulting from the ongoing pandemic,” said Thomas M Carr, President and CEO. Carr continued, "We continue to be concerned about the economic impact in our region from the pandemic, but we are dedicated to continuing to provide the financial services needed in the communities we serve, balancing those efforts with prudent safety measures to minimize potential COVID health risks to our customers and staff.” Net Income Net income totaled $4,159,000 for the twelve months ended December 31, 2020, an increase of $673,000 or 19% from the $3,486,000 of net income recorded for the same period in 2019. This increase was the net result of an increase in noninterest income of $2,486,000 and an increase in net interest income of $152,000, offset by an increase in the provision for loan losses of $706,000, an increase in noninterest expense of $855,000, and an increase in tax expense of $404,000. Net income totaled $1,284,000 for the three months ended December 31, 2020, an increase of $344,000 or 37% from the $940,000 recorded for the same period in 2019. This increase was the net result of an increase in noninterest income of $1,148,000 and an increase in net interest income of $151,000, offset by an increase in noninterest expense of $599,000, an increase in the provision for loan losses of $175,000, and an increase in tax expense of $181,000. The increase in noninterest income for both the three and twelve months ended December 31, 2020 is primarily due to increases in the gain on sale of loans, reflecting higher levels of residential mortgages originated for sale to the secondary markets compared to the same periods in 2019. The increase in noninterest expense for both the three and twelve months ended December 31, 2020 reflects higher levels of salaries and benefits and other expense. The higher levels of salaries and benefits and other expense for both the three and twelve months ended December 31, 2020 are in part related to higher levels of residential mortgage originations in 2020. For the twelve months ended December 31, 2020 the increase in other expense also includes the impact of a one-time FDIC small bank assessment credit of $143,000 recognized in 2019. For both the three and twelve months ended December 31, 2020, the increases in the provision for loan losses reflect management’s consideration of the uncertainty of ongoing economic conditions resulting from the COVID-19 pandemic and associated economic slowdown. Basic and diluted earnings per share for the twelve months ended December 31, 2020 were both $1.19 per share compared to $1.00 per share for both for the same period in 2019. Basic and diluted earnings per share for the three months ended December 31, 2020 were both $.37 per share compared to $.27 per share for both for the same period in 2019. Net Interest Margin The net interest margin for the twelve months ended December 31, 2020 was 3.06% compared to 3.04% for the same period in 2019. The yield on average earning assets was 4.13% for the twelve months ended December 31, 2020 compared to 4.31% for the same period in 2019. The average cost of interest-bearing liabilities was 1.23% for the twelve months ended December 31, 2020 compared to 1.48% for the same period in 2019. The net interest margin for the three months ended December 31, 2020 was 3.24% compared to 3.01% for the same period in 2019. The average yield on earning assets was 4.13% for the three months ended December 31, 2020 compared to 4.30% for the same period in 2019. The average cost of interest-bearing liabilities was 0.97% for the three months ended December 31, 2020 compared to 1.54% for the same period in 2019. Assets Total assets increased $37.8 million or 6.2% to $644.6 million at December 31, 2020 compared to $606.8 million at December 31, 2019. Loans, including loans held for sale, decreased 6% to $489.2 million at December 31, 2020 compared to December 31, 2019. The available-for-sale investment portfolio decreased $5.7 million from December 31, 2019 to December 31, 2020. Total cash and cash equivalents were $89.2 million at December 31, 2020, an increase of $77.2 million from December 31, 2019 when cash totaled $12.0 million. The $77.2 million increase in cash resulted primarily from a $31.0 million decrease in loans, including loans held for sale, and an increase of $34.8 million in deposits. Nonperforming Loans The nonperforming loans to total loans ratio was 1.07% at December 31, 2020 and 0.82% at December 31, 2019. Net loan charge-offs to average loans for the twelve months ended December 31, 2020 was 0.05% and was 0.11% for the twelve months ended December 31, 2019. The allowance for loan losses was 1.19% of total loans at December 31, 2020 and 0.88% of total loans at December 31, 2019. Liabilities Deposits totaled $547.0 million at December 31, 2020, an increase of $34.8 million or 6.8% from the December 31, 2019 total of $512.2 million. The $34.8 million increase in deposits consists of a $27.4 million increase in noninterest bearing accounts, a $12.2 million increase in savings accounts, a $12.2 million increase in interest bearing transaction accounts, and an $11.2 million increase in money market accounts, partially offset by a $28.2 million decrease in time deposits. Borrowed funds totaled $29.0 million as of December 31, 2020 and December 31, 2019. Shareholders’ Equity Shareholders’ equity increased $2,150,000 to $60.8 million at December 31, 2020 compared to December 31, 2019. The current level of shareholders’ equity equates to a book value per share of $17.23 at December 31, 2020, compared to $16.67 at December 31, 2019. Dividends paid for common shareholders were $0.15 and $0.68 for the three and twelve months ended December 31, 2020 and $0.23 and $0.92 for the three and twelve months ended December 31, 2019. Elmira Savings Bank, with $644.6 million in total assets, is insured by the Federal Deposit Insurance Corporation (FDIC) and is a state-chartered bank with five offices in Chemung County, NY; three offices 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 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 BANKCONSOLIDATED BALANCE SHEET(unaudited) (in thousands, except for share and per share data)December 31, December 31, 2020 2019 % ChangeASSETS Cash and due from banks$89,099 $11,954 645.3%Federal funds sold and other short-term investments 88 92 -4.3% Total cash and cash equivalents 89,187 12,046 640.4% Securities available for sale, at fair value 6,125 11,802 -48.1%Securities held to maturity - fair value $7,211 at December 31, 2020 and $7,209 at December 31, 2019 6,597 6,994 -5.7%Federal Reserve and Federal Home Loan Bank (FHLB) stock, at cost 9,054 9,944 -9.0% Loans held for sale 5,408 1,354 299.4% Loans receivable 483,768 518,871 -6.8%Less: Allowance for loan losses 5,755 4,576 25.8% Net loans 478,013 514,295 -7.1% Premises and equipment, net 15,876 16,210 -2.1%Bank-owned life insurance 15,410 14,919 3.3%Accrued interest receivable 1,564 1,625 -3.8%Goodwill 12,320 12,320 0.0%Other assets 5,033 5,320 -5.4% Total assets$644,587 $606,829 6.2% LIABILITIES AND SHAREHOLDERS' EQUITY Deposits$547,021 $512,215 6.8%Borrowings 29,000 29,000 0.0%Other liabilities 7,805 7,003 11.5% Total liabilities 583,826 548,218 6.5% Shareholders' equity: Preferred stock, $1 par value; $1,000 liquidation value per issued share; 5,000,000 shares authorized; 10,000 shares issued and none outstanding at December 31, 2020 and at December 31, 2019 9,700 9,700 0.0%Common stock, $1 par value; authorized 5,000,000 shares; 3,616,770 shares issued and 3,522,887 oustanding at December 31, 2020 and 3,606,089 shares issued and 3,512,206 outstanding at December 31, 2019 3,617 3,606 0.3%Additional paid-in capital 54,255 53,993 0.5%Retained earnings 5,197 3,432 51.4%Treasury stock, at cost - 93,883 common shares and 10,000 preferred shares at December 31, 2020 and December 31, 2019 (12,202) (12,202) 0.0%Accumulated other comprehensive income 144 32 350.0% Total Elmira Savings Bank shareholders' equity 60,711 58,561 3.7%Noncontrolling interest 50 50 0.0% Total shareholders' equity 60,761 58,611 3.7% Total liabilities and shareholders' equity$644,587 $606,829 6.2% ELMIRA SAVINGS BANKCONSOLIDATED STATEMENT OF INCOME (unaudited) Three Months Ended Twelve Months Ended December 31, December 31,(in thousands, except for per share data) 2020 2019 % Change 2020 2019 % Change Interest and dividend income: Interest and fees on loans $5,262 $5,642 -6.7% $21,475 $21,857 -1.7% Interest and dividends on securities Taxable 155 218 -28.9% 708 977 -27.5% Non-taxable 71 96 -26.0% 297 427 -30.4% Total interest and dividend income 5,488 5,956 -7.9% 22,480 23,261 -3.4% Interest expense: Interest on deposits 968 1,585 -38.9% 5,018 5,992 -16.3% Interest on borrowings 210 212 -0.9% 882 841 4.9% Total interest expense 1,178 1,797 -34.4% 5,900 6,833 -13.7%Net interest income 4,310 4,159 3.6% 16,580 16,428 0.9%Provision for loan losses 375 200 87.5% 1,450 744 94.9%Net interest income after provision for loan losses 3,935 3,959 -0.6% 15,130 15,684 -3.5% Noninterest income: Service fees 292 345 -15.4% 1,163 1,399 -16.9% Gain on sale of loans held for sale 1,820 662 174.9% 4,577 1,790 155.7% Gain on sale of securities - - - - 90 - Other service fees 203 201 1.0% 793 822 -3.5% Earnings on bank-owned life insurance 104 101 3.0% 402 385 4.4% Other 85 47 80.9% 284 247 15.0% Total noninterest income 2,504 1,356 84.7% 7,219 4,733 52.5% Noninterest expense: Salaries and benefits 2,515 2,154 16.8% 8,965 8,537 5.0% Net occupancy 396 363 9.1% 1,613 1,562 3.3% Equipment 476 372 28.0% 1,669 1,517 10.0% Marketing and public relations 168 272 -38.2% 693 1,060 -34.6% Professional fees 195 213 -8.5% 653 574 13.8% Other 1,021 798 27.9% 3,499 2,987 17.1% Total noninterest expense 4,771 4,172 14.4% 17,092 16,237 5.3%Income before income taxes 1,668 1,143 45.9% 5,257 4,180 25.8%Income taxes 379 198 91.4% 1,093 689 58.6%Net income 1,289 945 36.4% 4,164 3,491 19.3%Less: Net income attributable to noncontrolling interest 5 5 - 5 5 - Net income attibutable to Elmira Savings Bank 1,284 940 36.6% 4,159 3,486 19.3% Dividend on preferred stock - - - - - - Income available to common shareholders $1,284 $940 36.6% $4,159 $3,486 19.3% Basic earnings per share $0.37 $0.27 37.0% $1.19 $1.00 19.0% Diluted earnings per share $0.37 $0.27 37.0% $1.19 $1.00 19.0% Weighted average shares outstanding - basic 3,511,688 3,498,955 0.4% 3,507,910 3,495,089 0.4% Weighted average shares outstanding - diluted 3,511,688 3,501,487 0.3% 3,508,722 3,500,123 0.2% Dividends per share $0.15 $0.23 -34.8% $0.68 $0.92 -26.1% ELMIRA SAVINGS BANK AVERAGE BALANCES AND INTEREST RATES (Dollars in Thousands)For the Three Months Ended December 31, 2020 December 31, 2019 ASSETS:Average BalanceInterest Average Rate Average BalanceInterest Average RateLoans$503,332 $5,262 4.15% $518,297 $5,642 4.32%Short-term investments 2,348 - 0.04 730 3 1.64 Securities 22,177 226 4.04 30,290 311 4.09 Total interest-earning assets 527,857 5,488 4.13 549,317 5,956 4.30 Noninterest-earning assets 130,513 65,253 TOTAL ASSETS$658,370 $614,570 LIABILITIES AND SHAREHOLDERS' EQUITY Interest-bearing deposits$437,689 $968 0.88 $434,491 $1,585 1.45 Borrowings 43,831 210 1.87 29,000 212 2.85 Total interest-bearing liabilities 481,520 1,178 0.97 463,491 1,797 1.54 Noninterest-bearing liabilities 116,069 92,138 Shareholders' equity 60,781 58,941 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$658,370 $614,570 Interest rate spread 3.16% 2.76%Net interest income/margin $4,310 3.24% $4,159 3.01% ELMIRA SAVINGS BANK AVERAGE BALANCES AND INTEREST RATES (Dollars in Thousands)For the Twelve Months Ended December 31, 2020 December 31, 2019 ASSETS:Average BalanceInterest Average Rate Average BalanceInterest Average Rate Loans$516,170 $21,475 4.14% $500,066 $21,857 4.36%Short-term investments 1,422 2 0.12 604 12 1.93 Securities 24,490 1,003 4.09 37,183 1,392 3.74 Total interest-earning assets 542,082 22,480 4.13 537,853 23,261 4.31 Noninterest-earning assets 104,926 68,787 TOTAL ASSETS$647,008 $606,640 LIABILITIES AND SHAREHOLDERS' EQUITY Interest-bearing deposits$434,495 $5,018 1.15 $430,831 $5,992 1.39 Borrowings 43,964 882 1.97 29,186 841 2.84 Total interest-bearing liabilities 478,459 5,900 1.23 460,017 6,833 1.48 Noninterest-bearing liabilities 108,595 87,883 Shareholders' equity 59,954 58,740 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$647,008 $606,640 Interest rate spread 2.90% 2.83%Net interest income/margin $16,580 3.06% $16,428 3.04% Quarter Ended(Dollars in Thousands, Except Per Share Data) 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019Operating Data Net income$1,284 $948 $909 $1,018 $940 Net interest income 4,310 3,852 4,137 4,281 4,159 Provision for loan losses 375 450 575 50 200 Non-interest income 2,504 1,928 1,648 1,139 1,356 Non-interest expense 4,771 4,155 4,085 4,081 4,172 Performance Statistics Net interest margin 3.24% 2.81% 2.98% 3.16% 3.01% Annualized return on average assets 0.78% 0.55% 0.57% 0.68% 0.61% Annualized return on average equity 8.40% 6.27% 6.12% 6.93% 6.33% Annualized net loan charge-offs to avg loans 0.03% 0.04% 0.09% 0.05% 0.14% Net charge-offs 38 57 116 60 183 Efficiency ratio 70.0% 71.9% 70.6% 75.3% 75.6%Per Share Data Basic earnings per share$0.37 $0.27 $0.26 $0.29 $0.27 Diluted earnings per share 0.37 0.27 0.26 0.29 0.27 Dividend declared per share 0.15 0.15 0.15 0.23 0.23 Book value 17.23 17.01 16.87 16.77 16.67 Common stock price: High 13.25 11.18 13.39 17.40 15.99 Low 10.44 10.30 10.49 11.50 13.97 Close 11.50 11.02 11.00 11.50 15.10 Weighted average common shares: Basic 3,512 3,509 3,507 3,503 3,499 Fully diluted 3,512 3,509 3,507 3,507 3,501 End-of-period common shares: Issued 3,617 3,617 3,617 3,611 3,606 Treasury 94 94 94 94 94 Financial Condition Data: General Total assets$644,587 $674,032 $675,862 $598,017 $606,829 Loans, net 478,013 504,946 518,698 506,076 514,295 Intangibles 12,320 12,320 12,320 12,320 12,320 Total deposits 547,021 551,350 551,225 501,760 512,215 Noninterest-bearing 109,346 107,423 109,985 83,431 81,934 Savings 82,573 79,492 79,150 72,174 70,358 NOW 100,293 98,464 91,166 83,323 88,126 Money Market 35,920 34,375 28,467 20,306 24,724 Time deposits 218,889 231,596 242,457 242,526 247,073 Total interest-bearing deposits 437,675 443,927 441,240 418,329 430,281 Shareholders' equity 60,761 59,960 59,496 59,044 58,611 Asset Quality Non-performing assets$5,304 $5,507 $5,578 $4,686 $4,723 Non-performing assets to total assets 0.82% 0.82% 0.83% 0.78% 0.78% Allowance for loan losses 5,755 5,418 5,025 4,566 4,576 Allowance for loan losses to total loans 1.19% 1.06% 0.96% 0.89% 0.88% Allowance for loan losses to non-performing loans 112.67% 104.11% 95.28% 105.43% 108.51% Non-performing loans to total loans 1.07% 1.03% 1.02% 0.86% 0.82%Capitalization Shareholders' equity to total assets 9.43% 8.90% 8.80% 9.87% 9.66% For further information contact:Thomas M. Carr, President & CEOElmira Savings Bank333 East Water StreetElmira, New York 14901(607) 735-8660tcarr@elmirasavingsbank.com
- Simply Wall St.
Just Four Days Till Elmira Savings Bank (NASDAQ:ESBK) Will Be Trading Ex-Dividend
Some investors rely on dividends for growing their wealth, and if you're one of those dividend sleuths, you might be...
