Elmira Savings Bank (NASDAQ:ESBK)
Highlights
- Net income was $901,000 and
$2,546,000 for the three and nine months ended September 30, 2019
compared to $1,010,000 and $3,304,000 for the same periods in
2018.
- Diluted earnings per share were
$.26 per share and $.73 per share for the three and nine months
ended September 30, 2019 compared to $.29 per share and $.95 per
share for the same periods in 2018.
- Return on average assets was .58%
and .56% for the three and nine months ended September 30, 2019
compared to .71% and .79% for the three and nine months ended
September 30, 2018.
- Return on average equity was 6.08%
and 5.80% for the three and nine months ended September 30, 2019
compared to 6.94% and 7.69% for the same periods in 2018.
“We are pleased with our loan and deposit growth
in 2019 and continue to focus on improving profitability,” said
Thomas M. Carr, President and CEO.
Net Income
Net income totaled $2,546,000 for the nine
months ended September 30, 2019, a decrease of $758,000 or 23% from
the $3,304,000 of net income recorded for the same period in
2018. This decrease was the net result of an increase in
noninterest expense of $652,000, an increase in the provision for
loan losses of $327,000, and a decrease in net interest income of
$76,000, offset by an increase in noninterest income of $21,000 and
a decrease in tax expense of $276,000.
Net income totaled $901,000 for the three months
ended September 30, 2019, a decrease of $109,000 or 11% from the
$1,010,000 recorded for the same period in 2018. This
decrease was the net result of an increase in noninterest expense
of $152,000, an increase in the provision for loan losses of
$100,000, and a decrease in net interest income of $18,000, offset
by an increase in noninterest income of $150,000 and a decrease in
tax expense of $11,000.
Basic and diluted earnings per share for the
nine months ended September 30, 2019 were both $.73 per share
compared to $.95 per share for both for the same period in
2018. Basic and diluted earnings per share for the three
months ended September 30, 2019 were both $.26 per share compared
to $.29 per share for both for the same period in 2018.
Net Interest Margin
The net interest margin for the nine months
ended September 30, 2019 was 3.05% compared to 3.32% for the same
period in 2018. The yield on average earning assets was 4.31%
for the nine months ended September 30, 2019 compared to 4.19% for
the same period in 2018. The average cost of interest-bearing
liabilities was 1.46% for the nine months ended September 30, 2019
compared to 1.02% for the same period in 2018.
The net interest margin for the three months
ended September 30, 2019 was 2.97% compared to 3.26% for the same
period in 2018. The average yield on earning assets was 4.31%
for the three months ended September 30, 2019 compared to 4.19% for
the same period in 2018. The average cost of interest-bearing
liabilities was 1.55% for the three months ended September 30, 2019
compared to 1.09% for the same period in 2018.
Assets
Total assets increased $25.6 million or 4.3% to
$615.6 million at September 30, 2019 compared to $590.0 million at
December 31, 2018. Loans, including loans held for sale,
increased 7.4% to $519.6 million at September 30, 2019 compared to
December 31, 2018. The available-for-sale investment
portfolio decreased $10.7 million from December 31, 2018 to
September 30, 2019.
Nonperforming Loans
Our nonperforming loans to total loans ratio was
0.92% at September 30, 2019 and 0.94% at December 31, 2018.
Net loan charge-offs to average loans for the nine months ended
September 30, 2019 was 0.10% and was 0.07% for the nine months
ended September 30, 2018. The allowance for loan losses was
0.88% of total loans at September 30, 2019 and 0.94% of total loans
at December 31, 2018.
Liabilities
Deposits total $520.0 million at September 30,
2019, an increase of $28.5 million or 5.8%. The $28.5 million
increase consists of a $37.9 million increase in time deposits, a
$923,000 increase in noninterest-bearing accounts, and a $1.5
million increase in money market accounts, offset by a $6.3 million
decrease in savings accounts and a $5.5 million decrease in
interest bearing transaction accounts. Borrowed funds totaled
$29.0 million as of September 30, 2019, a decrease of $2.0 million
from December 31, 2018.
Shareholders’ Equity
Shareholders’ equity increased $473,000 to $58.4
million at September 30, 2019 compared to December 31, 2018.
The current level of shareholders’ equity equates to a book
value per share of $16.62 at September 30, 2019, compared to $16.52
at December 31, 2018. Dividends paid for common shareholders
were $0.23 and $0.69 for the three and nine months ended September
30, 2019 and were $0.23 and $0.68 for the three and nine months
ended September 30, 2018.
Elmira Savings Bank, with $615.6 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.
For further information contact:Thomas M. Carr,
President & CEOElmira Savings Bank333 East Water StreetElmira,
New York 14901(607) 735-8660tcarr@elmirasavingsbank.com
|
|
ELMIRA
SAVINGS BANK |
|
CONSOLIDATED
BALANCE SHEET |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except for share and per share data) |
|
September 30, |
|
December 31, |
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
|
% Change |
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
$
18,608 |
|
$
19,429 |
|
-4.2% |
|
|
|
Federal funds sold and other short-term investments |
92 |
|
94 |
|
-2.1% |
|
|
|
Total cash and cash equivalents |
|
|
18,700 |
|
19,523 |
|
-4.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities available for sale, at fair value |
|
14,302 |
|
25,051 |
|
-42.9% |
|
|
|
Securities held to maturity - fair value $7,375 |
|
|
|
|
|
|
|
|
|
at September 30, 2019, and $7,638 at December 31, 2018 |
7,160 |
|
7,518 |
|
-4.8% |
|
|
|
Federal Reserve and Federal Home Loan Bank (FHLB) stock, at
cost |
10,061 |
|
9,462 |
|
6.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for sale |
|
|
3,339 |
|
1,392 |
|
139.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable |
|
|
516,309 |
|
482,272 |
|
7.1% |
|
|
|
Less: Allowance for loan losses |
|
|
4,559 |
|
4,372 |
|
4.3% |
|
|
|
Net loans |
|
|
|
511,750 |
|
477,900 |
|
7.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premises and equipment, net |
|
|
18,517 |
|
16,846 |
|
9.9% |
|
|
|
Bank-owned life insurance |
|
|
14,819 |
|
14,444 |
|
2.6% |
|
|
|
Accrued interest receivable |
|
|
1,631 |
|
1,566 |
|
4.2% |
|
|
|
Goodwill |
|
|
|
12,320 |
|
12,320 |
|
0.0% |
|
|
|
Other
assets |
|
|
|
3,002 |
|
4,018 |
|
-25.3% |
|
|
|
Total assets |
|
|
|
$ 615,601 |
|
$ 590,040 |
|
4.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
$
520,030 |
|
$
491,517 |
|
5.8% |
|
|
|
Borrowings |
|
|
|
29,000 |
|
31,000 |
|
-6.5% |
|
|
|
Other
liabilities |
|
|
|
8,149 |
|
9,574 |
|
-14.9% |
|
|
|
Total liabilities |
|
|
557,179 |
|
532,091 |
|
4.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
|
|
|
|
|
Preferred stock, $1,000 liquidation value per issued share;
5,000,000 shares |
|
|
|
|
|
|
|
|
authorized; 10,000 shares issued at September 30, 2019 and at
December 31, 2018 |
|
|
|
9,700 |
|
9,700 |
|
0.0% |
|
|
|
Common stock, $1 par value; 5,000,000 shares authorized; 3,606,089
shares |
|
|
|
|
|
|
|
|
issued at September 30, 2019 and 3,597,605 shares issued at
December 31, 2018 |
|
|
|
3,606 |
|
3,598 |
|
0.2% |
|
|
|
Additional paid-in capital |
|
|
53,944 |
|
53,784 |
|
0.3% |
|
|
|
Retained earnings |
|
|
3,299 |
|
3,176 |
|
3.9% |
|
|
|
Treasury stock, at cost - 93,883 common shares and 10,000 preferred
shares |
|
|
|
|
|
|
|
|
at September 30, 2019 and December 31, 2018 |
|
(12,202) |
|
(12,202) |
|
0.0% |
|
|
|
Accumulated other comprehensive income (loss) |
|
25 |
|
(158) |
|
-115.8% |
|
|
|
Total Elmira Savings Bank shareholders' equity |
|
58,372 |
|
57,898 |
|
0.8% |
|
|
|
Noncontrolling interest |
|
|
50 |
|
51 |
|
-2.0% |
|
|
|
Total shareholders' equity |
|
|
58,422 |
|
57,949 |
|
0.8% |
|
|
|
Total liabilities and shareholders' equity |
|
$ 615,601 |
|
$ 590,040 |
|
4.3% |
|
|
|
|
|
ELMIRA
SAVINGS BANK |
|
|
|
CONSOLIDATED
STATEMENT OF INCOME |
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
|
|
|
September 30, |
|
September 30, |
|
|
|
(in
thousands, except for per share data) |
|
2019 |
|
2018 |
|
% Change |
|
2019 |
|
2018 |
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and
dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
5,568 |
|
$ |
4,896 |
|
13.7 |
% |
|
$ |
16,215 |
|
$ |
14,478 |
|
12.0 |
% |
|
|
|
Interest and dividends on securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
234 |
|
|
246 |
|
-4.9 |
% |
|
|
759 |
|
|
742 |
|
2.3 |
% |
|
|
|
Non-taxable |
|
|
107 |
|
|
118 |
|
-9.3 |
% |
|
|
331 |
|
|
356 |
|
-7.0 |
% |
|
|
|
Total interest and dividend income |
|
|
5,909 |
|
|
5,260 |
|
12.3 |
% |
|
|
17,305 |
|
|
15,576 |
|
11.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
1,627 |
|
|
932 |
|
74.6 |
% |
|
|
4,407 |
|
|
2,509 |
|
75.6 |
% |
|
|
|
Interest on borrowings |
|
|
210 |
|
|
238 |
|
-11.8 |
% |
|
|
629 |
|
|
722 |
|
-12.9 |
% |
|
|
|
Total interest expense |
|
|
1,837 |
|
|
1,170 |
|
57.0 |
% |
|
|
5,036 |
|
|
3,231 |
|
55.9 |
% |
|
|
|
Net interest
income |
|
|
4,072 |
|
|
4,090 |
|
-0.4 |
% |
|
|
12,269 |
|
|
12,345 |
|
-0.6 |
% |
|
|
|
Provision
for loan losses |
|
|
250 |
|
|
150 |
|
66.7 |
% |
|
|
544 |
|
|
217 |
|
150.7 |
% |
|
|
|
Net interest
income after provision for loan losses |
|
|
3,822 |
|
|
3,940 |
|
-3.0 |
% |
|
|
11,725 |
|
|
12,128 |
|
-3.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service fees |
|
|
353 |
|
|
344 |
|
2.6 |
% |
|
|
1,054 |
|
|
1,085 |
|
-2.9 |
% |
|
|
|
Gain on sale of loans held for sale |
|
|
452 |
|
|
392 |
|
15.3 |
% |
|
|
1,166 |
|
|
1,178 |
|
-1.0 |
% |
|
|
|
Gain on sale of securities |
|
|
90 |
|
|
- |
|
- |
|
|
|
90 |
|
|
- |
|
- |
|
|
|
|
Other service fees |
|
|
250 |
|
|
214 |
|
16.8 |
% |
|
|
664 |
|
|
615 |
|
8.0 |
% |
|
|
|
Earnings on bank-owned life insurance |
|
|
98 |
|
|
96 |
|
2.1 |
% |
|
|
284 |
|
|
289 |
|
-1.7 |
% |
|
|
|
Other |
|
|
61 |
|
|
108 |
|
-43.5 |
% |
|
|
157 |
|
|
227 |
|
-30.8 |
% |
|
|
|
Total noninterest income |
|
|
1,304 |
|
|
1,154 |
|
13.0 |
% |
|
|
3,415 |
|
|
3,394 |
|
0.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and benefits |
|
|
2,258 |
|
|
1,975 |
|
14.3 |
% |
|
|
6,383 |
|
|
5,920 |
|
7.8 |
% |
|
|
|
Net occupancy |
|
|
379 |
|
|
398 |
|
-4.8 |
% |
|
|
1,199 |
|
|
1,196 |
|
0.3 |
% |
|
|
|
Equipment |
|
|
381 |
|
|
350 |
|
8.9 |
% |
|
|
1,145 |
|
|
1,032 |
|
10.9 |
% |
|
|
|
Marketing and public relations |
|
|
289 |
|
|
195 |
|
48.2 |
% |
|
|
788 |
|
|
646 |
|
22.0 |
% |
|
|
|
Professional fees |
|
|
90 |
|
|
130 |
|
-30.8 |
% |
|
|
361 |
|
|
400 |
|
-9.8 |
% |
|
|
|
Other |
|
|
646 |
|
|
843 |
|
-23.4 |
% |
|
|
2,227 |
|
|
2,257 |
|
-1.3 |
% |
|
|
|
Total noninterest expense |
|
|
4,043 |
|
|
3,891 |
|
3.9 |
% |
|
|
12,103 |
|
|
11,451 |
|
5.7 |
% |
|
|
|
Income
before income taxes |
|
|
1,083 |
|
|
1,203 |
|
-10.0 |
% |
|
|
3,037 |
|
|
4,071 |
|
-25.4 |
% |
|
|
|
Income
taxes |
|
|
182 |
|
|
193 |
|
-5.7 |
% |
|
|
491 |
|
|
767 |
|
-36.0 |
% |
|
|
|
Net
income |
|
|
901 |
|
|
1,010 |
|
-10.8 |
% |
|
|
2,546 |
|
|
3,304 |
|
-22.9 |
% |
|
|
|
Less: Net
income attributable to noncontrolling interest |
|
|
- |
|
|
- |
|
- |
|
|
|
- |
|
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attibutable to Elmira Savings Bank |
|
|
901 |
|
|
1,010 |
|
-10.8 |
% |
|
|
2,546 |
|
|
3,304 |
|
-22.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend on
preferred stock |
|
|
- |
|
|
- |
|
- |
|
|
|
- |
|
|
- |
|
- |
|
|
|
|
Income
available to common shareholders |
|
$ |
901 |
|
$ |
1,010 |
|
-10.8 |
% |
|
$ |
2,546 |
|
$ |
3,304 |
|
-22.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share |
|
$ |
0.26 |
|
$ |
0.29 |
|
-10.3 |
% |
|
$ |
0.73 |
|
$ |
0.95 |
|
-23.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share |
|
$ |
0.26 |
|
$ |
0.29 |
|
-10.3 |
% |
|
$ |
0.73 |
|
$ |
0.95 |
|
-23.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding - basic |
|
|
3,496,195 |
|
|
3,480,924 |
|
0.4 |
% |
|
|
3,493,945 |
|
|
3,477,690 |
|
0.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding - diluted |
|
|
3,498,545 |
|
|
3,496,810 |
|
0.0 |
% |
|
|
3,499,813 |
|
|
3,492,445 |
|
0.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
per share |
|
$ |
0.23 |
|
$ |
0.23 |
|
0.0 |
% |
|
$ |
0.69 |
|
$ |
0.68 |
|
1.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ELMIRA
SAVINGS BANK |
|
|
AVERAGE
BALANCES AND INTEREST RATES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
Thousands) |
For the Three Months Ended |
|
|
|
September 30, 2019 |
|
|
September 30, 2018 |
|
|
ASSETS: |
Average Balance |
|
Interest |
|
Average Rate |
|
|
Average Balance |
|
Interest |
|
Average Rate |
|
|
Loans |
$ |
506,556 |
|
$ |
5,568 |
|
4.36 |
% |
|
$ |
458,787 |
|
$ |
4,896 |
|
4.24 |
% |
|
Short-term
investments |
|
689 |
|
|
4 |
|
2.15 |
|
|
|
479 |
|
|
2 |
|
1.61 |
|
|
Securities |
|
36,861 |
|
|
337 |
|
3.63 |
|
|
|
39,448 |
|
|
362 |
|
3.65 |
|
|
Total
interest-earning assets |
|
544,106 |
|
|
5,909 |
|
4.31 |
|
|
|
498,714 |
|
|
5,260 |
|
4.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets |
|
75,625 |
|
|
|
|
|
|
|
67,479 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS |
$ |
619,731 |
|
|
|
|
|
|
$ |
566,193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
$ |
441,020 |
|
$ |
1,627 |
|
1.46 |
|
|
$ |
392,762 |
|
$ |
932 |
|
0.94 |
|
|
Borrowings |
|
29,000 |
|
|
210 |
|
2.85 |
|
|
|
33,000 |
|
|
238 |
|
2.82 |
|
|
Total
interest-bearing liabilities |
|
470,020 |
|
|
1,837 |
|
1.55 |
|
|
|
425,762 |
|
|
1,170 |
|
1.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities |
|
90,876 |
|
|
|
|
|
|
|
82,665 |
|
|
|
|
|
|
Shareholders' equity |
|
58,835 |
|
|
|
|
|
|
|
57,766 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
619,731 |
|
|
|
|
|
|
$ |
566,193 |
|
|
|
|
|
|
Interest
rate spread |
|
|
|
|
2.76 |
% |
|
|
|
|
|
3.10 |
% |
|
Net interest
income/margin |
|
|
$ |
4,072 |
|
2.97 |
% |
|
|
|
$ |
4,090 |
|
3.26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ELMIRA
SAVINGS BANK |
|
|
AVERAGE
BALANCES AND INTEREST RATES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
Thousands) |
For the Nine Months Ended |
|
|
|
September 30, 2019 |
|
|
September 30, 2018 |
|
|
ASSETS: |
Average Balance |
|
Interest |
|
Average Rate |
|
|
Average Balance |
|
Interest |
|
Average Rate |
|
|
Loans |
$ |
493,922 |
|
$ |
16,215 |
|
4.37 |
% |
|
$ |
454,076 |
|
$ |
14,478 |
|
4.24 |
% |
|
Short-term
investments |
|
562 |
|
|
9 |
|
2.06 |
|
|
|
464 |
|
|
5 |
|
1.45 |
|
|
Securities |
|
39,506 |
|
|
1,081 |
|
3.65 |
|
|
|
40,409 |
|
|
1,093 |
|
3.61 |
|
|
Total
interest-earning assets |
|
533,990 |
|
|
17,305 |
|
4.31 |
|
|
|
494,949 |
|
|
15,576 |
|
4.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets |
|
69,978 |
|
|
|
|
|
|
|
64,618 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS |
$ |
603,968 |
|
|
|
|
|
|
$ |
559,567 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
$ |
429,598 |
|
$ |
4,407 |
|
1.37 |
|
|
$ |
387,127 |
|
$ |
2,509 |
|
0.87 |
|
|
Borrowings |
|
29,249 |
|
|
629 |
|
2.84 |
|
|
|
34,298 |
|
|
722 |
|
2.77 |
|
|
Total
interest-bearing liabilities |
|
458,847 |
|
|
5,036 |
|
1.46 |
|
|
|
421,425 |
|
|
3,231 |
|
1.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities |
|
86,449 |
|
|
|
|
|
|
|
80,683 |
|
|
|
|
|
|
Shareholders' equity |
|
58,672 |
|
|
|
|
|
|
|
57,459 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
603,968 |
|
|
|
|
|
|
$ |
559,567 |
|
|
|
|
|
|
Interest
rate spread |
|
|
|
|
2.85 |
% |
|
|
|
|
|
3.17 |
% |
|
Net interest
income/margin |
|
|
$ |
12,269 |
|
3.05 |
% |
|
|
|
$ |
12,345 |
|
3.32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended |
(Dollars in Thousands, Except Per Share Data) |
|
9/30/19 |
|
|
6/30/19 |
|
|
3/31/19 |
|
|
12/31/18 |
|
|
9/30/18 |
|
|
Operating Data |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
901 |
|
$ |
718 |
|
$ |
927 |
|
$ |
935 |
|
$ |
1,010 |
|
|
|
Net interest income |
|
4,072 |
|
|
4,097 |
|
|
4,100 |
|
|
4,225 |
|
|
4,090 |
|
|
|
Provision for loan losses |
|
250 |
|
|
162 |
|
|
132 |
|
|
150 |
|
|
150 |
|
|
|
Net security gains |
|
90 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
Non-interest income, ex. Net security gains |
|
1,214 |
|
|
1,126 |
|
|
985 |
|
|
1,124 |
|
|
1,154 |
|
|
|
Non-interest expense |
|
4,043 |
|
|
4,206 |
|
|
3,854 |
|
|
4,038 |
|
|
3,891 |
|
|
Performance Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
2.97 |
% |
|
3.06 |
% |
|
3.13 |
% |
|
3.26 |
% |
|
3.26 |
% |
|
|
Annualized return on average assets |
|
0.58 |
% |
|
0.47 |
% |
|
0.64 |
% |
|
0.65 |
% |
|
0.71 |
% |
|
|
Annualized return on average equity |
|
6.07 |
% |
|
4.92 |
% |
|
6.41 |
% |
|
6.39 |
% |
|
6.94 |
% |
|
|
Annualized net loan charge-offs to avg loans |
|
0.11 |
% |
|
0.09 |
% |
|
0.10 |
% |
|
0.17 |
% |
|
0.08 |
% |
|
|
Net charge-offs |
|
135 |
|
|
105 |
|
|
117 |
|
|
199 |
|
|
91 |
|
|
|
Efficiency ratio |
|
75.2 |
% |
|
80.5 |
% |
|
75.8 |
% |
|
75.5 |
% |
|
74.2 |
% |
|
Per Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
0.26 |
|
$ |
0.21 |
|
$ |
0.27 |
|
$ |
0.27 |
|
$ |
0.29 |
|
|
|
Diluted earnings per share |
|
0.26 |
|
|
0.21 |
|
|
0.26 |
|
|
0.27 |
|
|
0.29 |
|
|
|
Dividend declared per share |
|
0.23 |
|
|
0.23 |
|
|
0.23 |
|
|
0.23 |
|
|
0.23 |
|
|
|
Book value |
|
16.62 |
|
|
16.60 |
|
|
16.59 |
|
|
16.52 |
|
|
16.42 |
|
|
|
Common stock price: |
|
|
|
|
|
|
|
|
|
|
|
|
|
High |
|
16.40 |
|
|
17.40 |
|
|
19.09 |
|
|
20.47 |
|
|
21.00 |
|
|
|
|
Low |
|
13.97 |
|
|
15.69 |
|
|
16.32 |
|
|
15.77 |
|
|
20.10 |
|
|
|
|
Close |
|
14.07 |
|
|
16.05 |
|
|
16.75 |
|
|
17.45 |
|
|
20.40 |
|
|
|
Weighted average common shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
3,496 |
|
|
3,493 |
|
|
3,492 |
|
|
3,487 |
|
|
3,481 |
|
|
|
|
Fully
diluted |
|
3,499 |
|
|
3,499 |
|
|
3,501 |
|
|
3,499 |
|
|
3,497 |
|
|
|
End-of-period common shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued |
|
3,606 |
|
|
3,605 |
|
|
3,601 |
|
|
3,598 |
|
|
3,593 |
|
|
|
|
Treasury |
|
94 |
|
|
94 |
|
|
94 |
|
|
94 |
|
|
94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Condition Data: |
|
|
|
|
|
|
|
|
|
|
|
General |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
615,601 |
|
$ |
610,398 |
|
$ |
596,613 |
|
$ |
590,040 |
|
$ |
570,785 |
|
|
|
Loans, net |
|
511,750 |
|
|
496,149 |
|
|
484,780 |
|
|
477,900 |
|
|
462,713 |
|
|
|
Intangibles |
|
12,320 |
|
|
12,320 |
|
|
12,320 |
|
|
12,320 |
|
|
12,320 |
|
|
|
Total deposits |
|
520,030 |
|
|
516,327 |
|
|
503,089 |
|
|
491,517 |
|
|
474,449 |
|
|
|
|
Noninterest-bearing |
|
82,613 |
|
|
81,249 |
|
|
76,414 |
|
|
81,690 |
|
|
78,324 |
|
|
|
|
Savings |
|
69,186 |
|
|
71,100 |
|
|
71,642 |
|
|
75,483 |
|
|
71,748 |
|
|
|
|
NOW |
|
84,207 |
|
|
85,130 |
|
|
85,808 |
|
|
89,666 |
|
|
89,835 |
|
|
|
|
Money
Market |
|
21,555 |
|
|
19,925 |
|
|
19,405 |
|
|
20,087 |
|
|
18,910 |
|
|
|
|
Time
deposits |
|
262,469 |
|
|
258,923 |
|
|
249,820 |
|
|
224,591 |
|
|
215,632 |
|
|
|
|
Total
interest-bearing deposits |
|
437,417 |
|
|
435,078 |
|
|
426,675 |
|
|
409,827 |
|
|
396,125 |
|
|
|
Shareholders' equity |
|
58,422 |
|
|
58,357 |
|
|
58,231 |
|
|
57,949 |
|
|
57,512 |
|
|
Asset Quality |
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets |
$ |
4,923 |
|
$ |
4,996 |
|
$ |
5,081 |
|
$ |
4,649 |
|
$ |
4,520 |
|
|
|
Non-performing assets to total assets |
|
0.80 |
% |
|
0.82 |
% |
|
0.85 |
% |
|
0.79 |
% |
|
0.79 |
% |
|
|
Allowance for loan losses |
|
4,559 |
|
|
4,444 |
|
|
4,387 |
|
|
4,372 |
|
|
4,421 |
|
|
|
Allowance for loan losses to total loans |
|
0.88 |
% |
|
0.89 |
% |
|
0.90 |
% |
|
0.91 |
% |
|
0.95 |
% |
|
|
Allowance for loan losses to |
|
|
|
|
|
|
|
|
|
|
|
|
|
non-performing loans |
|
96.43 |
% |
|
93.55 |
% |
|
89.71 |
% |
|
97.16 |
% |
|
100.00 |
% |
|
|
Non-performing loans to total loans |
|
0.92 |
% |
|
0.96 |
% |
|
1.01 |
% |
|
0.94 |
% |
|
0.96 |
% |
|
Capitalization |
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity to total assets |
|
9.49 |
% |
|
9.56 |
% |
|
9.76 |
% |
|
9.82 |
% |
|
10.08 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elmira Savings Bank (NASDAQ:ESBK)
Historical Stock Chart
From May 2024 to Jun 2024
Elmira Savings Bank (NASDAQ:ESBK)
Historical Stock Chart
From Jun 2023 to Jun 2024