Elmira Savings Bank Reports First Quarter Earnings
April 23 2019 - 2:27PM
Elmira Savings Bank (NASDAQ:ESBK)
Highlights
- Net income was $927,000 for the
three months ended March 31, 2019 compared to $1,131,000 for the
same period in 2018.
- Diluted earnings per share were
$.26 per share for the three months ended March 31, 2019 compared
to $.32 per share for the same period in 2018.
- Return on average assets was .64%
for the three months ended March 31, 2019 and .83% for the same
period in 2018.
- Return on average equity was 6.41%
for the three months ended March 31, 2019 compared to 8.03% for the
same period in 2018.
- Loans receivable of $489.2 million
were up 8.3% over the same period in 2018, and are up 1.4% compared
to December 31, 2018.
- Total deposits of $503.1 million
reflect an increase of 10.3% over the same period last year, and
are up 2.4% from December 31, 2018.
“Net income is lower year to year due to lower
revenue and higher provision expense. We are pleased with the
continued growth in deposits across all the market areas our
branches are located” said Thomas M. Carr, President and CEO.
Carr continued, “we were pleased to increase loans by 1.4% and
deposits by 2.4% during the first quarter.”
Net Income
Net income totaled $927,000 for the three months
ended March 31, 2019, a decrease of $204,000 or 18.0% from the
$1,131,000 recorded for the same period in 2018. This
decrease was the net result of a decrease in noninterest income of
$125,000, a decrease in net interest income of $75,000, an increase
in the provision for loan losses of $90,000, and an increase in
noninterest expense of $26,000, offset by a decrease in tax expense
of $112,000.
Basic and diluted earnings per share for the
three months ended March 31, 2019 were $.27 and $.26 per share
compared to $.33 and $.32 per share for the same period in
2018. Per share data has been restated to reflect the 5%
stock dividend paid on June 15, 2018.
Net Interest Margin
The net interest margin for the three months
ended March 31, 2019 was 3.13% compared to 3.38% for the first
quarter of 2018. The yield on average earning assets was
4.27% for the three months ended March 31, 2019 compared to 4.19%
for the same period in 2018. The average cost of
interest-bearing liabilities was 1.34% for the three months ended
March 31, 2019 compared to .96% for the three months ended March
31, 2018.
Assets
Total assets increased $6.6 million or 1.1% to
$596.6 million at March 31, 2019 compared to $590.0 million at
December 31, 2018. Loans receivable increased 1.4% to $489.2
million at March 31, 2019 compared to December 31, 2018. The
available-for-sale investment portfolio decreased $393,000 from
December 31, 2018 to March 31, 2019, and cash and cash equivalents
decreased by $1.1 million from December 31, 2018 to March 31,
2019.
Nonperforming Loans
Our nonperforming loans to total loans ratio was
1.01% at March 31, 2019 and .94% at December 31, 2018. Net
loan charge-offs to average loans for the three months ended March
31, 2019 was .10% and .05% for the three months ended March 31,
2018. The allowance for loan losses was .90% of total loans
at March 31, 2019 and .91% at December 31, 2018.
Liabilities
Deposits totaled $503.1 million at March 31,
2019, an increase of $11.6 million or 2.4% from the December 31,
2018 total of $491.5 million. Borrowed funds decreased by
$2.0 million from December 31, 2018 to $29.0 million.
Shareholders’ Equity
Shareholders’ equity increased $282,000 to $58.2
million at March 31, 2019 compared to December 31, 2018. The
current level of shareholders’ equity equates to a book value per
share of $16.59 at March 31, 2019, compared to $16.52 at December
31, 2018. Dividends paid to common shareholders were $0.23
for the three months ended March 31, 2018 and $.22 for the three
months ended March 31, 2018.
Elmira Savings Bank, with $596.6 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 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.
|
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|
|
|
|
|
|
ELMIRA SAVINGS BANK |
|
CONSOLIDATED BALANCE SHEET |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
(in
thousands, except for share and per share data) |
|
March 31, |
|
December 31, |
|
|
|
|
|
|
|
2019 |
|
2018 |
|
% Change |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
due from banks |
|
|
$ |
18,347 |
|
|
$ |
19,429 |
|
|
-5.6 |
% |
Federal
funds sold and other short-term investments |
|
|
93 |
|
|
|
94 |
|
|
-1.1 |
% |
Total cash and cash equivalents |
|
|
|
18,440 |
|
|
|
19,523 |
|
|
-5.5 |
% |
|
|
|
|
|
|
|
|
|
|
Securities
available for sale, at fair value |
|
|
24,658 |
|
|
|
25,051 |
|
|
-1.6 |
% |
Securities
held to maturity - fair value $7,565 |
|
|
|
|
|
|
|
at March 31, 2019, and $7,638 at December 31, 2018 |
|
|
7,439 |
|
|
|
7,518 |
|
|
-1.1 |
% |
Federal
Reserve and Federal Home Loan Bank (FHLB) stock, at cost |
|
9,380 |
|
|
|
9,462 |
|
|
-0.9 |
% |
|
|
|
|
|
|
|
|
|
|
Loans held
for sale |
|
|
|
843 |
|
|
|
1,392 |
|
|
-39.4 |
% |
|
|
|
|
|
|
|
|
|
|
Loans receivable |
|
|
|
|
489,167 |
|
|
|
482,272 |
|
|
1.4 |
% |
Less:
Allowance for loan losses |
|
|
|
4,387 |
|
|
|
4,372 |
|
|
0.3 |
% |
Net
loans |
|
|
|
|
484,780 |
|
|
|
477,900 |
|
|
1.4 |
% |
|
|
|
|
|
|
|
|
|
|
Premises
and equipment, net |
|
|
|
18,963 |
|
|
|
16,846 |
|
|
12.6 |
% |
Bank-owned
life insurance |
|
|
|
14,536 |
|
|
|
14,444 |
|
|
0.6 |
% |
Accrued
interest receivable |
|
|
|
1,622 |
|
|
|
1,566 |
|
|
3.6 |
% |
Goodwill |
|
|
|
|
12,320 |
|
|
|
12,320 |
|
|
0.0 |
% |
Other assets |
|
|
|
|
3,632 |
|
|
|
4,018 |
|
|
-9.6 |
% |
Total
assets |
|
|
|
$ |
596,613 |
|
|
$ |
590,040 |
|
|
1.1 |
% |
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
$ |
503,089 |
|
|
$ |
491,517 |
|
|
2.4 |
% |
Borrowings |
|
|
|
|
29,000 |
|
|
|
31,000 |
|
|
-6.5 |
% |
Other liabilities |
|
|
|
|
6,293 |
|
|
|
9,574 |
|
|
-34.3 |
% |
Total
liabilities |
|
|
|
|
538,382 |
|
|
|
532,091 |
|
|
1.2 |
% |
|
|
|
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
|
|
|
Preferred
stock, $1,000 liquidation value per issued share; 5,000,000
shares |
|
|
|
|
|
|
authorized; 10,000 shares issued at March 31, 2019 and at
December 31, 2018 |
|
9,700 |
|
|
|
9,700 |
|
|
0.0 |
% |
Common
stock, $1 par value; 5,000,000 shares authorized; 3,601,136
shares |
|
|
|
|
|
|
issued at March 31, 2019 and 3,597,605 shares issued at
December 31, 2018 |
|
3,601 |
|
|
|
3,598 |
|
|
0.1 |
% |
Additional
paid-in capital |
|
|
|
53,839 |
|
|
|
53,784 |
|
|
0.1 |
% |
Retained earnings |
|
|
|
3,296 |
|
|
|
3,176 |
|
|
3.8 |
% |
Treasury stock, at cost - 93,883 common shares and 10,000
preferred shares |
|
|
|
|
|
|
at March 31, 2019 and December 31, 2018 |
|
|
(12,202 |
) |
|
|
(12,202 |
) |
|
0.0 |
% |
Accumulated
other comprehensive loss |
|
|
(53 |
) |
|
|
(158 |
) |
|
-66.5 |
% |
Total Elmira Savings Bank shareholders' equity |
|
|
58,181 |
|
|
|
57,898 |
|
|
0.5 |
% |
Noncontrolling interest |
|
|
|
50 |
|
|
|
51 |
|
|
-2.0 |
% |
Total shareholders' equity |
|
|
|
58,231 |
|
|
|
57,949 |
|
|
0.5 |
% |
Total liabilities and shareholders' equity |
|
$ |
596,613 |
|
|
$ |
590,040 |
|
|
1.1 |
% |
|
|
|
|
|
|
|
|
|
|
ELMIRA SAVINGS BANK |
|
CONSOLIDATED STATEMENT OF
INCOME |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
March 31, |
|
|
|
(in thousands, except
for per share data) |
|
2019 |
|
2018 |
|
% Change |
|
|
|
|
|
|
|
|
|
Interest and dividend
income: |
|
|
|
|
|
|
|
Interest
and fees on loans |
|
$ |
5,183 |
|
$ |
4,796 |
|
8.1 |
% |
Interest
and dividends on securities |
|
|
|
|
|
|
|
Taxable |
|
|
273 |
|
|
252 |
|
8.3 |
% |
Non-taxable |
|
|
115 |
|
|
120 |
|
-4.2 |
% |
Total
interest and dividend income |
|
|
5,571 |
|
|
5,168 |
|
7.8 |
% |
|
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
|
Interest
on deposits |
|
|
1,261 |
|
|
750 |
|
68.1 |
% |
Interest
on borrowings |
|
|
210 |
|
|
243 |
|
-13.6 |
% |
Total
interest expense |
|
|
1,471 |
|
|
993 |
|
48.1 |
% |
Net interest
income |
|
|
4,100 |
|
|
4,175 |
|
-1.8 |
% |
Provision for loan
losses |
|
|
132 |
|
|
42 |
|
214.3 |
% |
Net interest income
after provision for loan losses |
|
|
3,968 |
|
|
4,133 |
|
-4.0 |
% |
|
|
|
|
|
|
|
|
Noninterest
income: |
|
|
|
|
|
|
|
Service
fees |
|
|
356 |
|
|
388 |
|
-8.2 |
% |
Gain on
sale of loans held for sale |
|
|
289 |
|
|
378 |
|
-23.5 |
% |
Other
service fees |
|
|
202 |
|
|
193 |
|
4.7 |
% |
Earnings
on bank-owned life insurance |
|
|
92 |
|
|
90 |
|
2.2 |
% |
Other |
|
|
46 |
|
|
61 |
|
-24.6 |
% |
Total
noninterest income |
|
|
985 |
|
|
1,110 |
|
-11.3 |
% |
|
|
|
|
|
|
|
|
Noninterest
expense: |
|
|
|
|
|
|
|
Salaries
and benefits |
|
|
2,020 |
|
|
1,947 |
|
3.7 |
% |
Net
occupancy |
|
|
445 |
|
|
429 |
|
3.7 |
% |
Equipment |
|
|
363 |
|
|
337 |
|
7.7 |
% |
Marketing
and public relations |
|
|
246 |
|
|
221 |
|
11.3 |
% |
Professional fees |
|
|
138 |
|
|
177 |
|
-22.0 |
% |
Other |
|
|
642 |
|
|
717 |
|
-10.5 |
% |
Total
noninterest expense |
|
|
3,854 |
|
|
3,828 |
|
0.7 |
% |
Income before income
taxes |
|
|
1,099 |
|
|
1,415 |
|
-22.3 |
% |
Income taxes |
|
|
172 |
|
|
284 |
|
-39.4 |
% |
Net income |
|
|
927 |
|
|
1,131 |
|
-18.0 |
% |
Less: Net income
attributable to noncontrolling interest |
|
|
- |
|
|
- |
|
- |
|
|
|
|
|
|
|
|
|
Net income attributable
to Elmira Savings Bank |
|
|
927 |
|
|
1,131 |
|
-18.0 |
% |
|
|
|
|
|
|
|
|
Dividend on preferred
stock |
|
|
- |
|
|
- |
|
- |
|
Income available to
common shareholders |
|
$ |
927 |
|
$ |
1,131 |
|
-18.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share |
|
$ |
0.27 |
|
$ |
0.33 |
|
-18.2 |
% |
|
|
|
|
|
|
|
|
Diluted earnings per
share |
|
$ |
0.26 |
|
$ |
0.32 |
|
-18.8 |
% |
|
|
|
|
|
|
|
|
Weighted average shares
outstanding - basic |
|
|
3,491,821 |
|
|
3,474,449 |
|
0.5 |
% |
|
|
|
|
|
|
|
|
Weighted average shares
outstanding - diluted |
|
|
3,501,037 |
|
|
3,488,857 |
|
0.3 |
% |
|
|
|
|
|
|
|
|
Dividends per
share |
|
$ |
0.23 |
|
$ |
0.22 |
|
4.5 |
% |
|
|
|
|
|
|
|
|
Share and per share data has been restated to reflect
the 5% stock dividend paid on June 15, 2018. |
|
|
ELMIRA SAVINGS BANK |
|
AVERAGE BALANCES AND INTEREST
RATES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
Thousands) |
For the Three Months Ended |
|
|
March 31, 2019 |
|
|
March 31, 2018 |
|
ASSETS: |
Average Balance |
|
Interest |
|
Average Rate |
|
|
Average Balance |
|
Interest |
|
Average Rate |
|
Loans |
$ |
481,954 |
|
$ |
5,183 |
|
4.32 |
% |
|
$ |
453,362 |
|
$ |
4,796 |
|
4.25 |
% |
Short-term
investments |
|
479 |
|
|
2 |
|
1.88 |
|
|
|
433 |
|
|
2 |
|
1.33 |
|
Securities |
|
41,727 |
|
|
386 |
|
3.72 |
|
|
|
41,519 |
|
|
370 |
|
3.59 |
|
Total interest-earning
assets |
|
524,160 |
|
|
5,571 |
|
4.27 |
|
|
|
495,314 |
|
|
5,168 |
|
4.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning
assets |
|
61,310 |
|
|
|
|
|
|
|
57,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
$ |
585,470 |
|
|
|
|
|
|
$ |
553,201 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits |
$ |
415,680 |
|
$ |
1,261 |
|
1.23 |
|
|
$ |
381,823 |
|
$ |
750 |
|
0.80 |
|
Borrowings |
|
29,755 |
|
|
210 |
|
2.82 |
|
|
|
35,515 |
|
|
243 |
|
2.73 |
|
Total interest-bearing
liabilities |
|
445,435 |
|
|
1,471 |
|
1.34 |
|
|
|
417,338 |
|
|
993 |
|
0.96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
liabilities |
|
81,406 |
|
|
|
|
|
|
|
78,744 |
|
|
|
|
|
Shareholders'
equity |
|
58,629 |
|
|
|
|
|
|
|
57,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
585,470 |
|
|
|
|
|
|
$ |
553,201 |
|
|
|
|
|
Interest rate
spread |
|
|
|
|
2.93 |
% |
|
|
|
|
|
3.23 |
% |
Net interest
income/margin |
|
|
$ |
4,100 |
|
3.13 |
% |
|
|
|
$ |
4,175 |
|
3.38 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
Thousands, Except Per Share Data) |
|
3/31/2019 |
|
|
12/31/2018 |
|
|
9/30/2018 |
|
|
6/30/2018 |
|
|
3/31/2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
$ |
927 |
|
$ |
935 |
|
$ |
1,010 |
|
$ |
1,163 |
|
$ |
1,131 |
|
|
|
Net
interest income |
|
4,100 |
|
|
4,225 |
|
|
4,090 |
|
|
4,080 |
|
|
4,175 |
|
|
|
Provision
for loan losses |
|
132 |
|
|
150 |
|
|
150 |
|
|
25 |
|
|
42 |
|
|
|
Non-interest income, ex. Net security gains |
|
985 |
|
|
1,124 |
|
|
1,154 |
|
|
1,130 |
|
|
1,110 |
|
|
|
Non-interest expense |
|
3,854 |
|
|
4,038 |
|
|
3,891 |
|
|
3,732 |
|
|
3,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Statistics |
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|
Net
interest margin |
|
3.13 |
% |
|
3.26 |
% |
|
3.26 |
% |
|
3.32 |
% |
|
3.38 |
% |
|
|
Annualized
return on average assets |
|
0.64 |
% |
|
0.65 |
% |
|
0.71 |
% |
|
0.83 |
% |
|
0.83 |
% |
|
|
Annualized
return on average equity |
|
6.41 |
% |
|
6.39 |
% |
|
6.94 |
% |
|
8.11 |
% |
|
8.03 |
% |
|
|
Annualized
net loan charge-offs to avg loans |
|
0.10 |
% |
|
0.17 |
% |
|
0.08 |
% |
|
0.09 |
% |
|
0.05 |
% |
|
|
Net
charge-offs |
|
117 |
|
|
199 |
|
|
91 |
|
|
96 |
|
|
51 |
|
|
|
Efficiency
ratio |
|
75.8 |
% |
|
75.5 |
% |
|
74.2 |
% |
|
71.6 |
% |
|
72.4 |
% |
|
|
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|
Per
Share Data |
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|
Basic
earnings per share |
$ |
0.27 |
|
$ |
0.27 |
|
$ |
0.29 |
|
$ |
0.33 |
|
$ |
0.33 |
|
|
|
Diluted
earnings per share |
|
0.26 |
|
|
0.27 |
|
|
0.29 |
|
|
0.33 |
|
|
0.32 |
|
|
|
Dividend
declared per share |
|
0.23 |
|
|
0.23 |
|
|
0.23 |
|
|
0.23 |
|
|
0.22 |
|
|
|
Book
value |
|
16.59 |
|
|
16.52 |
|
|
16.42 |
|
|
16.36 |
|
|
16.27 |
|
|
|
Common
stock price: |
|
|
|
|
|
|
|
|
|
|
|
|
|
High |
|
19.09 |
|
|
20.47 |
|
|
21.00 |
|
|
20.60 |
|
|
19.95 |
|
|
|
|
Low |
|
16.32 |
|
|
15.77 |
|
|
20.10 |
|
|
19.29 |
|
|
19.19 |
|
|
|
|
Close |
|
16.75 |
|
|
17.45 |
|
|
20.40 |
|
|
20.43 |
|
|
19.52 |
|
|
|
Weighted
average common shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
3,492 |
|
|
3,487 |
|
|
3,481 |
|
|
3,477 |
|
|
3,474 |
|
|
|
|
Fully diluted |
|
3,501 |
|
|
3,499 |
|
|
3,497 |
|
|
3,491 |
|
|
3,489 |
|
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|
End-of-period common shares: |
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|
|
|
|
|
|
|
|
|
|
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|
Issued |
|
3,601 |
|
|
3,598 |
|
|
3,593 |
|
|
3,593 |
|
|
3,591 |
|
|
|
|
Treasury |
|
94 |
|
|
94 |
|
|
94 |
|
|
94 |
|
|
94 |
|
|
|
|
|
|
|
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Share and
per share data has been restated to reflect the 5% stock dividend
paid on June 15, 2018. |
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Financial Condition Data: |
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General |
|
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Total
assets |
$ |
596,613 |
|
$ |
590,040 |
|
$ |
570,785 |
|
$ |
562,924 |
|
$ |
553,259 |
|
|
|
Loans,
net |
|
484,780 |
|
|
477,900 |
|
|
462,713 |
|
|
448,690 |
|
|
447,131 |
|
|
|
Intangibles |
|
12,320 |
|
|
12,320 |
|
|
12,320 |
|
|
12,320 |
|
|
12,320 |
|
|
|
Total
deposits |
|
503,089 |
|
|
491,517 |
|
|
474,449 |
|
|
468,293 |
|
|
456,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
76,414 |
|
|
81,690 |
|
|
78,324 |
|
|
76,880 |
|
|
73,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Savings |
|
71,642 |
|
|
75,483 |
|
|
71,748 |
|
|
73,200 |
|
|
70,574 |
|
|
|
|
NOW |
|
85,808 |
|
|
89,666 |
|
|
89,835 |
|
|
87,402 |
|
|
86,205 |
|
|
|
|
Money Market |
|
19,405 |
|
|
20,087 |
|
|
18,910 |
|
|
21,934 |
|
|
22,928 |
|
|
|
|
Time deposits |
|
249,820 |
|
|
224,591 |
|
|
215,632 |
|
|
208,877 |
|
|
203,075 |
|
|
|
|
Total interest-bearing
deposits |
|
426,675 |
|
|
409,827 |
|
|
396,125 |
|
|
391,413 |
|
|
382,782 |
|
|
|
|
|
|
|
|
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|
Shareholders' equity |
|
58,231 |
|
|
57,949 |
|
|
57,512 |
|
|
57,299 |
|
|
56,887 |
|
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|
Asset
Quality |
|
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|
Non-performing assets |
$ |
5,081 |
|
$ |
4,649 |
|
$ |
4,520 |
|
$ |
4,560 |
|
$ |
3,181 |
|
|
|
Non-performing assets to total assets |
|
0.85 |
% |
|
0.79 |
% |
|
0.79 |
% |
|
0.81 |
% |
|
0.57 |
% |
|
|
Allowance
for loan losses |
|
4,387 |
|
|
4,372 |
|
|
4,421 |
|
|
4,362 |
|
|
4,433 |
|
|
|
Allowance
for loan losses to total loans |
|
0.90 |
% |
|
0.91 |
% |
|
0.95 |
% |
|
0.96 |
% |
|
0.98 |
% |
|
|
Allowance
for loan losses to |
|
|
|
|
|
|
|
|
|
|
|
|
|
non-performing
loans |
|
89.71 |
% |
|
97.16 |
% |
|
100.00 |
% |
|
99.18 |
% |
|
142.59 |
% |
|
|
Non-performing loans to total loans |
|
1.01 |
% |
|
0.94 |
% |
|
0.96 |
% |
|
0.98 |
% |
|
0.70 |
% |
|
|
|
|
|
|
|
|
|
|
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|
Capitalization |
|
|
|
|
|
|
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|
|
|
|
|
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|
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|
|
Shareholders' equity to total assets |
|
9.76 |
% |
|
9.82 |
% |
|
10.08 |
% |
|
10.18 |
% |
|
10.28 |
% |
|
|
|
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|
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For further information contact:Thomas M. Carr, President &
CEOElmira Savings Bank333 East Water StreetElmira, New York
14901(607) 735-8660tcarr@elmirasavingsbank.com
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