Elmira Savings Bank (NASDAQ:ESBK)
Highlights
- Net income was $718,000 and
$1,645,000 for the three and six months ended June 30, 2019
compared to $1,163,000 and $2,294,000 for the same periods in
2018.
- Diluted earnings per share were
$.21 per share and $.47 per share for the three and six months
ended June 30, 2019 compared to $.33 per share and $.66 per share
for the same periods in 2018.
- Return on average assets was .47%
and .56% for the three and six months ended June 30, 2019 compared
to .83% for both the three and six months ended June 30, 2018.
- Return on average equity was 4.92%
and 5.66% for the three and six months ended June 30, 2019 compared
to 8.11% and 8.07% for the same periods in 2018.
“We are pleased with our loan and deposit growth
through the first half of the year. We are focused on
improving profitability. We anticipate our efforts to have a
positive impact during the last two quarters of the year,” said
Thomas M. Carr, President and CEO.
Net Income
Net income totaled $1,645,000 for the six months
ended June 30, 2019, a decrease of $649,000 or 28% from the
$2,294,000 of net income recorded for the same period in
2018. This decrease was the net result of an increase in
noninterest expense of $500,000, an increase in the provision for
loan losses of $227,000, a decrease in net interest income of
$58,000, and a decrease in noninterest income of $129,000, offset
by a decrease in tax expense of $265,000.
Net income totaled $718,000 for the three months
ended June 30, 2019, a decrease of $445,000 or 38% from the
$1,163,000 recorded for the same period in 2018. This
decrease was the net result of an increase in noninterest expense
of $474,000, an increase in the provision for loan losses of
$137,000, a decrease in noninterest income of $4,000, offset by and
a decrease in tax expense of $153,000 and an increase in net
interest income of $17,000.
Basic and diluted earnings per share for the six
months ended June 30, 2019 were both $.47 per share compared to
$.66 per share for both for the same period in 2018. Basic
and diluted earnings per share for the three months ended June 30,
2019 were both $.21 per share compared to $.33 per share for both
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 six months ended
June 30, 2019 was 3.10% compared to 3.35% for the same period in
2018. The yield on average earning assets was 4.31% for the
six months ended June 30, 2019 compared to 4.19% for the same
period in 2018. The average cost of interest-bearing
liabilities was 1.42% for the six months ended June 30, 2019
compared to .99% for the same period in 2018.
The net interest margin for the three months
ended June 30, 2019 was 3.06% compared to 3.32% for the same period
in 2018. The average yield on earning assets was 4.36% for
the three months ended June 30, 2019 compared to 4.19% for the same
period in 2018. The average cost of interest-bearing
liabilities was 1.50% for the three months ended June 30, 2019
compared to 1.01% for the same period in 2018.
Assets
Total assets increased $20.4 million or 3.5% to
$610.4 million at June 30, 2019 compared to $590.0 million at
December 31, 2018. Loans, including loans held for sale,
increased 3.8% to $502.0 million at June 30, 2019 compared to
December 31, 2018. The available-for-sale investment
portfolio decreased $2.4 million from December 31, 2018 to June 30,
2019.
Nonperforming Loans
Our nonperforming loans to total loans ratio was
0.96% at June 30, 2019 and 0.94% at December 31, 2018. Net
loan charge-offs to average loans for the six months ended June 30,
2019 was 0.09% and was 0.07% for the six months ended June 30,
2018. The allowance for loan losses was 0.89% of total loans
at June 30, 2019 and 0.94% of total loans at December 31, 2018.
Liabilities
Deposits total $516.3 million at June 30, 2019,
an increase of $24.8 million or 5.0%. The $24.8 million
increase consists of an $34.3 million increase in time deposits,
offset by a $4.4 million decrease in savings accounts, a $441,000
decrease in noninterest-bearing accounts, a $4.5 million decrease
in interest bearing transaction accounts, and a $162,000 decrease
in money market accounts. Borrowed funds totaled $29.0
million as of June 30, 2019, a decrease of $2.0 million from
December 31, 2018.
Shareholders’ Equity
Shareholders’ equity increased $408,000 to $58.4
million at June 30, 2019 compared to December 31, 2018. The
current level of shareholders’ equity equates to a book value per
share of $16.60 at June 30, 2019, compared to $16.52 at December
31, 2018. Dividends paid for common shareholders were $0.23
and $0.46 for the three and six months ended for both June 30, 2019
and 2018.
Elmira Savings Bank, with $610.4 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.
|
|
|
|
|
|
ELMIRA SAVINGS BANK |
CONSOLIDATED BALANCE SHEET |
(unaudited) |
|
|
|
|
|
|
(in thousands, except for
share and per share data) |
June 30, |
|
December 31, |
|
|
|
|
2019 |
|
|
|
2018 |
|
|
% Change |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
22,633 |
|
|
$ |
19,429 |
|
|
16.5 |
% |
Federal funds sold and other
short-term investments |
|
92 |
|
|
|
94 |
|
|
-2.1 |
% |
Total cash and cash equivalents |
|
22,725 |
|
|
|
19,523 |
|
|
16.4 |
% |
|
|
|
|
|
|
Securities available for sale,
at fair value |
|
22,615 |
|
|
|
25,051 |
|
|
-9.7 |
% |
Securities held to maturity -
fair value $7,344 |
|
|
|
|
|
at June 30, 2019, and $7,638 at December 31, 2018 |
|
7,254 |
|
|
|
7,518 |
|
|
-3.5 |
% |
Federal Reserve and Federal
Home Loan Bank (FHLB) stock, at cost |
|
9,699 |
|
|
|
9,462 |
|
|
2.5 |
% |
|
|
|
|
|
|
Loans held for sale |
|
1,451 |
|
|
|
1,392 |
|
|
4.2 |
% |
|
|
|
|
|
|
Loans receivable |
|
500,593 |
|
|
|
482,272 |
|
|
3.8 |
% |
Less: Allowance for loan
losses |
|
4,444 |
|
|
|
4,372 |
|
|
1.6 |
% |
Net loans |
|
496,149 |
|
|
|
477,900 |
|
|
3.8 |
% |
|
|
|
|
|
|
Premises and equipment,
net |
|
18,723 |
|
|
|
16,846 |
|
|
11.1 |
% |
Bank-owned life insurance |
|
14,720 |
|
|
|
14,444 |
|
|
1.9 |
% |
Accrued interest
receivable |
|
1,613 |
|
|
|
1,566 |
|
|
3.0 |
% |
Goodwill |
|
12,320 |
|
|
|
12,320 |
|
|
0.0 |
% |
Other assets |
|
3,129 |
|
|
|
4,018 |
|
|
-22.1 |
% |
Total assets |
$ |
610,398 |
|
|
$ |
590,040 |
|
|
3.5 |
% |
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Deposits |
$ |
516,327 |
|
|
$ |
491,517 |
|
|
5.0 |
% |
Borrowings |
|
29,000 |
|
|
|
31,000 |
|
|
-6.5 |
% |
Other liabilities |
|
6,714 |
|
|
|
9,574 |
|
|
-29.9 |
% |
Total liabilities |
|
552,041 |
|
|
|
532,091 |
|
|
3.7 |
% |
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
Preferred stock, $1,000
liquidation value per issued share; 5,000,000 shares |
|
|
|
|
|
authorized; 10,000 shares issued at June 30, 2019 and at December
31, 2018 |
|
9,700 |
|
|
|
9,700 |
|
|
0.0 |
% |
Common stock, $1 par value;
5,000,000 shares authorized; 3,605,336 shares |
|
|
|
|
|
issued at June 30, 2019 and 3,597,605 shares issued at December 31,
2018 |
|
3,605 |
|
|
|
3,598 |
|
|
0.2 |
% |
Additional paid-in
capital |
|
53,892 |
|
|
|
53,784 |
|
|
0.2 |
% |
Retained earnings |
|
3,206 |
|
|
|
3,176 |
|
|
0.9 |
% |
Treasury stock, at cost - 93,883 common shares and 10,000 preferred
shares |
|
|
|
|
|
at June 30, 2019 and December 31, 2018 |
|
(12,202 |
) |
|
|
(12,202 |
) |
|
0.0 |
% |
Accumulated other
comprehensive income (loss) |
|
106 |
|
|
|
(158 |
) |
|
-167.1 |
% |
Total Elmira Savings Bank shareholders' equity |
|
58,307 |
|
|
|
57,898 |
|
|
0.7 |
% |
Noncontrolling interest |
|
50 |
|
|
|
51 |
|
|
-2.0 |
% |
Total shareholders' equity |
|
58,357 |
|
|
|
57,949 |
|
|
0.7 |
% |
Total liabilities and shareholders' equity |
$ |
610,398 |
|
|
$ |
590,040 |
|
|
3.5 |
% |
ELMIRA SAVINGS BANK |
CONSOLIDATED STATEMENT
OF INCOME |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
(in thousands, except for per
share data) |
|
2019 |
|
|
2018 |
|
% Change |
|
|
2019 |
|
|
2018 |
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
Interest and dividend
income: |
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
$ |
5,464 |
|
$ |
4,786 |
|
14.2 |
% |
|
$ |
10,647 |
|
$ |
9,582 |
|
11.1 |
% |
Interest and dividends on securities |
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
252 |
|
|
244 |
|
3.3 |
% |
|
|
525 |
|
|
496 |
|
5.8 |
% |
Non-taxable |
|
109 |
|
|
118 |
|
-7.6 |
% |
|
|
224 |
|
|
238 |
|
-5.9 |
% |
Total interest and dividend income |
|
5,825 |
|
|
5,148 |
|
13.2 |
% |
|
|
11,396 |
|
|
10,316 |
|
10.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
1,519 |
|
|
827 |
|
83.7 |
% |
|
|
2,780 |
|
|
1,577 |
|
76.3 |
% |
Interest on borrowings |
|
209 |
|
|
241 |
|
-13.3 |
% |
|
|
419 |
|
|
484 |
|
-13.4 |
% |
Total interest expense |
|
1,728 |
|
|
1,068 |
|
61.8 |
% |
|
|
3,199 |
|
|
2,061 |
|
55.2 |
% |
Net interest income |
|
4,097 |
|
|
4,080 |
|
0.4 |
% |
|
|
8,197 |
|
|
8,255 |
|
-0.7 |
% |
Provision for loan losses |
|
162 |
|
|
25 |
|
548.0 |
% |
|
|
294 |
|
|
67 |
|
338.8 |
% |
Net interest income after
provision for loan losses |
|
3,935 |
|
|
4,055 |
|
-3.0 |
% |
|
|
7,903 |
|
|
8,188 |
|
-3.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
Service fees |
|
345 |
|
|
353 |
|
-2.3 |
% |
|
|
701 |
|
|
741 |
|
-5.4 |
% |
Gain on sale of loans held for sale |
|
425 |
|
|
408 |
|
4.2 |
% |
|
|
714 |
|
|
786 |
|
-9.2 |
% |
Other service fees |
|
212 |
|
|
208 |
|
1.9 |
% |
|
|
414 |
|
|
401 |
|
3.2 |
% |
Earnings on bank-owned life insurance |
|
94 |
|
|
103 |
|
-8.7 |
% |
|
|
186 |
|
|
193 |
|
-3.6 |
% |
Other |
|
50 |
|
|
58 |
|
-13.8 |
% |
|
|
96 |
|
|
119 |
|
-19.3 |
% |
Total noninterest income |
|
1,126 |
|
|
1,130 |
|
-0.4 |
% |
|
|
2,111 |
|
|
2,240 |
|
-5.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
Salaries and benefits |
|
2,105 |
|
|
1,998 |
|
5.4 |
% |
|
|
4,125 |
|
|
3,945 |
|
4.6 |
% |
Net occupancy |
|
375 |
|
|
369 |
|
1.6 |
% |
|
|
820 |
|
|
798 |
|
2.8 |
% |
Equipment |
|
401 |
|
|
345 |
|
16.2 |
% |
|
|
764 |
|
|
682 |
|
12.0 |
% |
Marketing and public relations |
|
253 |
|
|
230 |
|
10.0 |
% |
|
|
499 |
|
|
451 |
|
10.6 |
% |
Professional fees |
|
133 |
|
|
93 |
|
43.0 |
% |
|
|
271 |
|
|
270 |
|
0.4 |
% |
Other |
|
939 |
|
|
697 |
|
34.7 |
% |
|
|
1,581 |
|
|
1,414 |
|
11.8 |
% |
Total noninterest expense |
|
4,206 |
|
|
3,732 |
|
12.7 |
% |
|
|
8,060 |
|
|
7,560 |
|
6.6 |
% |
Income before income
taxes |
|
855 |
|
|
1,453 |
|
-41.2 |
% |
|
|
1,954 |
|
|
2,868 |
|
-31.9 |
% |
Income taxes |
|
137 |
|
|
290 |
|
-52.8 |
% |
|
|
309 |
|
|
574 |
|
-46.2 |
% |
Net income |
|
718 |
|
|
1,163 |
|
-38.3 |
% |
|
|
1,645 |
|
|
2,294 |
|
-28.3 |
% |
Less: Net income attributable
to noncontrolling interest |
|
- |
|
|
- |
|
- |
|
|
|
- |
|
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to
Elmira Savings Bank |
|
718 |
|
|
1,163 |
|
-38.3 |
% |
|
|
1,645 |
|
|
2,294 |
|
-28.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Dividend on preferred
stock |
|
- |
|
|
- |
|
- |
|
|
|
- |
|
|
- |
|
- |
|
Income available to common
shareholders |
$ |
718 |
|
$ |
1,163 |
|
-38.3 |
% |
|
$ |
1,645 |
|
$ |
2,294 |
|
-28.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
0.21 |
|
$ |
0.33 |
|
-36.4 |
% |
|
$ |
0.47 |
|
$ |
0.66 |
|
-28.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share |
$ |
0.21 |
|
$ |
0.33 |
|
-36.4 |
% |
|
$ |
0.47 |
|
$ |
0.66 |
|
-28.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding - basic |
|
3,493,298 |
|
|
3,477,210 |
|
0.5 |
% |
|
|
3,492,571 |
|
|
3,476,037 |
|
0.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding - diluted |
|
3,499,335 |
|
|
3,491,182 |
|
0.2 |
% |
|
|
3,500,198 |
|
|
3,490,227 |
|
0.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per share |
$ |
0.23 |
|
$ |
0.23 |
|
0.0 |
% |
|
$ |
0.46 |
|
$ |
0.45 |
|
2.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
June 30, 2019 |
|
|
June 30, 2018 |
|
ASSETS: |
Average Balance |
|
Interest |
|
Average Rate |
|
|
Average Balance |
|
Interest |
|
Average Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ |
492,985 |
|
$ |
5,464 |
|
4.42 |
% |
$ |
450,018 |
|
$ |
4,786 |
|
4.25 |
% |
Short-term investments |
|
513 |
|
|
3 |
|
2.11 |
|
|
|
479 |
|
|
2 |
|
1.39 |
|
Securities |
|
39,985 |
|
|
358 |
|
3.59 |
|
|
|
40,283 |
|
|
360 |
|
3.59 |
|
Total interest-earning
assets |
|
533,483 |
|
|
5,825 |
|
4.36 |
|
|
|
490,780 |
|
|
5,148 |
|
4.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning
assets |
|
72,842 |
|
|
|
|
|
|
|
68,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
$ |
606,325 |
|
|
|
|
|
|
$ |
559,165 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
$ |
431,816 |
|
$ |
1,519 |
|
1.41 |
|
|
$ |
386,677 |
|
$ |
827 |
|
0.86 |
|
Borrowings |
|
29,000 |
|
|
209 |
|
2.85 |
|
|
|
34,407 |
|
|
241 |
|
2.77 |
|
Total interest-bearing
liabilities |
|
460,816 |
|
|
1,728 |
|
1.50 |
|
|
|
421,084 |
|
|
1,068 |
|
1.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
liabilities |
|
86,960 |
|
|
|
|
|
|
|
80,595 |
|
|
|
|
|
Shareholders' equity |
|
58,549 |
|
|
|
|
|
|
|
57,486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
606,325 |
|
|
|
|
|
|
$ |
559,165 |
|
|
|
|
|
Interest rate spread |
|
|
|
|
2.86 |
% |
|
|
|
|
|
3.18 |
% |
Net interest
income/margin |
|
|
$ |
4,097 |
|
3.06 |
% |
|
|
|
$ |
4,080 |
|
3.32 |
% |
ELMIRA SAVINGS BANK |
|
AVERAGE BALANCES AND INTEREST RATES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in Thousands) |
For the Six Months Ended |
|
|
June 30, 2019 |
|
|
June 30, 2018 |
|
ASSETS: |
Average Balance |
|
Interest |
|
Average Rate |
|
|
Average Balance |
|
Interest |
|
Average Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ |
487,500 |
|
$ |
10,647 |
|
4.37 |
% |
$ |
451,681 |
|
$ |
9,582 |
|
4.25 |
% |
Short-term investments |
|
496 |
|
|
5 |
|
2.00 |
|
|
|
456 |
|
|
3 |
|
1.36 |
|
Securities |
|
40,851 |
|
|
744 |
|
3.66 |
|
|
|
40,898 |
|
|
731 |
|
3.59 |
|
Total interest-earning
assets |
|
528,847 |
|
|
11,396 |
|
4.31 |
|
|
|
493,035 |
|
|
10,316 |
|
4.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning
assets |
|
67,108 |
|
|
|
|
|
|
|
63,164 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
$ |
595,955 |
|
|
|
|
|
|
$ |
556,199 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
$ |
423,792 |
|
$ |
2,780 |
|
1.32 |
|
|
$ |
384,263 |
|
$ |
1,577 |
|
0.83 |
|
Borrowings |
|
29,376 |
|
|
419 |
|
2.83 |
|
|
|
34,958 |
|
|
484 |
|
2.75 |
|
Total interest-bearing
liabilities |
|
453,168 |
|
|
3,199 |
|
1.42 |
|
|
|
419,221 |
|
|
2,061 |
|
0.99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
liabilities |
|
84,198 |
|
|
|
|
|
|
|
79,675 |
|
|
|
|
|
Shareholders' equity |
|
58,589 |
|
|
|
|
|
|
|
57,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
595,955 |
|
|
|
|
|
|
$ |
556,199 |
|
|
|
|
|
Interest rate spread |
|
|
|
|
2.89 |
% |
|
|
|
|
|
3.20 |
% |
Net interest
income/margin |
|
|
$ |
8,197 |
|
3.10 |
% |
|
|
|
$ |
8,255 |
|
3.35 |
% |
|
|
|
Quarter Ended |
(Dollars in
Thousands, Except Per Share Data) |
6/30/2019 |
|
3/31/2019 |
|
12/31/2018 |
|
9/30/2018 |
|
6/30/2018 |
Operating
Data |
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
718 |
|
$ |
927 |
|
$ |
935 |
|
$ |
1,010 |
|
$ |
1,163 |
|
Net interest income |
|
4,097 |
|
|
4,100 |
|
|
4,225 |
|
|
4,090 |
|
|
4,080 |
|
Provision for loan losses |
|
162 |
|
|
132 |
|
|
150 |
|
|
150 |
|
|
25 |
|
Net security gains |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Non-interest income, ex. Net security gains |
|
1,126 |
|
|
985 |
|
|
1,124 |
|
|
1,154 |
|
|
1,130 |
|
Non-interest expense |
|
4,206 |
|
|
3,854 |
|
|
4,038 |
|
|
3,891 |
|
|
3,732 |
|
Performance
Statistics |
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
3.06 |
% |
|
3.13 |
% |
|
3.26 |
% |
|
3.26 |
% |
|
3.32 |
% |
Annualized return on average assets |
|
0.47 |
% |
|
0.64 |
% |
|
0.65 |
% |
|
0.71 |
% |
|
0.83 |
% |
Annualized return on average equity |
|
4.92 |
% |
|
6.41 |
% |
|
6.39 |
% |
|
6.94 |
% |
|
8.11 |
% |
Annualized net loan charge-offs to avg loans |
0.09 |
% |
|
0.10 |
% |
|
0.17 |
% |
|
0.08 |
% |
|
0.09 |
% |
Net charge-offs |
|
105 |
|
|
117 |
|
|
199 |
|
|
91 |
|
|
96 |
|
Efficiency ratio |
|
80.5 |
% |
|
75.8 |
% |
|
75.5 |
% |
|
74.2 |
% |
|
71.6 |
% |
Per Share
Data |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
0.21 |
|
$ |
0.27 |
|
$ |
0.27 |
|
$ |
0.29 |
|
$ |
0.33 |
|
Diluted earnings per share |
|
0.21 |
|
|
0.26 |
|
|
0.27 |
|
|
0.29 |
|
|
0.33 |
|
Dividend declared per share |
|
0.23 |
|
|
0.23 |
|
|
0.23 |
|
|
0.23 |
|
|
0.23 |
|
Book value |
|
16.60 |
|
|
16.59 |
|
|
16.52 |
|
|
16.42 |
|
|
16.36 |
|
Common stock price: |
|
|
|
|
|
|
|
|
|
|
High |
|
17.40 |
|
|
19.09 |
|
|
20.47 |
|
|
21.00 |
|
|
20.60 |
|
Low |
|
15.69 |
|
|
16.32 |
|
|
15.77 |
|
|
20.10 |
|
|
19.29 |
|
Close |
|
16.05 |
|
|
16.75 |
|
|
17.45 |
|
|
20.40 |
|
|
20.43 |
|
Weighted average common shares: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
3,493 |
|
|
3,492 |
|
|
3,487 |
|
|
3,481 |
|
|
3,477 |
|
Fully diluted |
|
3,499 |
|
|
3,501 |
|
|
3,499 |
|
|
3,497 |
|
|
3,491 |
|
End-of-period common shares: |
|
|
|
|
|
|
|
|
|
|
Issued |
|
3,605 |
|
|
3,601 |
|
|
3,598 |
|
|
3,593 |
|
|
3,593 |
|
Treasury |
|
94 |
|
|
94 |
|
|
94 |
|
|
94 |
|
|
94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Condition
Data: |
|
|
|
|
|
|
|
|
|
|
General |
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
610,398 |
|
$ |
596,613 |
|
$ |
590,040 |
|
$ |
570,785 |
|
$ |
562,924 |
|
Loans, net |
|
496,149 |
|
|
484,780 |
|
|
477,900 |
|
|
462,713 |
|
|
448,690 |
|
Intangibles |
|
12,320 |
|
|
12,320 |
|
|
12,320 |
|
|
12,320 |
|
|
12,320 |
|
Total deposits |
|
516,327 |
|
|
503,089 |
|
|
491,517 |
|
|
474,449 |
|
|
468,293 |
|
Noninterest-bearing |
|
81,249 |
|
|
76,414 |
|
|
81,690 |
|
|
78,324 |
|
|
76,880 |
|
Savings |
|
71,100 |
|
|
71,642 |
|
|
75,483 |
|
|
71,748 |
|
|
73,200 |
|
NOW |
|
85,130 |
|
|
85,808 |
|
|
89,666 |
|
|
89,835 |
|
|
87,402 |
|
Money Market |
|
19,925 |
|
|
19,405 |
|
|
20,087 |
|
|
18,910 |
|
|
21,934 |
|
Time deposits |
|
258,923 |
|
|
249,820 |
|
|
224,591 |
|
|
215,632 |
|
|
208,877 |
|
Total interest-bearing deposits |
|
435,078 |
|
|
426,675 |
|
|
409,827 |
|
|
396,125 |
|
|
391,413 |
|
Shareholders' equity |
|
58,357 |
|
|
58,231 |
|
|
57,949 |
|
|
57,512 |
|
|
57,299 |
|
Asset
Quality |
|
|
|
|
|
|
|
|
|
|
Non-performing assets |
$ |
4,996 |
|
$ |
5,081 |
|
$ |
4,649 |
|
$ |
4,520 |
|
$ |
4,560 |
|
Non-performing assets to total assets |
|
0.82 |
% |
|
0.85 |
% |
|
0.79 |
% |
|
0.79 |
% |
|
0.81 |
% |
Allowance for loan losses |
|
4,444 |
|
|
4,387 |
|
|
4,372 |
|
|
4,421 |
|
|
4,362 |
|
Allowance for loan losses to total loans |
|
0.89 |
% |
|
0.90 |
% |
|
0.91 |
% |
|
0.95 |
% |
|
0.96 |
% |
Allowance for loan losses to |
|
|
|
|
|
|
|
|
|
|
non-performing loans |
|
93.55 |
% |
|
89.71 |
% |
|
97.16 |
% |
|
100.00 |
% |
|
99.18 |
% |
Non-performing loans to total loans |
|
0.96 |
% |
|
1.01 |
% |
|
0.94 |
% |
|
0.96 |
% |
|
0.98 |
% |
Capitalization |
|
|
|
|
|
|
|
|
|
|
Shareholders' equity to total assets |
|
9.56 |
% |
|
9.76 |
% |
|
9.82 |
% |
|
10.08 |
% |
|
10.18 |
% |
|
|
|
|
|
|
|
|
|
|
|
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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