Elmira Savings Bank Posts Earnings
Thursday, January 19, 2012
Elmira, New York, January 19, 2012 --- Elmira Savings Bank (NASDAQ:ESBK) today announced net income for the twelve months ended December 31, 2011 totaling $5,029,000 or $1.48 per diluted share, compared to the $4,833,000 or $1.56 per diluted share reported for the same period in 2010. This was an increase in net income of 4.1% or $196,000.
Net income for the three months ended December 31, 2011 totaled $1,291,000 or $.40 per diluted share, compared to a net income of $1,226,000 or $.39 per diluted share in the fourth quarter of 2010.
Net interest income was $15.6 million for 2011 compared to $14.9 million in 2010. The increase in net interest income was partially offset by an increase in noninterest expense of $343,000 or 2.9%.
Total assets increased by $23.5 million or 4.7% from $499.8 million on December 31, 2010 to $523.4 million at December 31, 2011. Total outstanding loans increased by $36.0 million or 11.6% from $309.9 million as of December 31, 2010 to $345.9 million as of December 31, 2011. Total deposits increased by $25.1 million or 7.0% from $356.6 million as of December 31, 2010 to $381.7 million as of December 31, 2011.
“We are pleased with our results from 2011, achieving net income of over $5 million for the first time in our institution’s history. During 2011, we experienced strong loan growth in all our portfolios. We increased our residential loan portfolio by $26 million or 15%, with over $110 million of originations. Additionally, we increased our commercial loan portfolio by $14 million or 14%, with over $41 million of origination,” said Michael P. Hosey, President and Chief Executive Officer.
Hosey continued, “Our net interest margin, asset quality, and efficiency all continue to be strong. The dividend yield on our common stock is in excess of 5%. We continue to focus our commercial lending efforts on lending to small businesses.”
Elmira Savings Bank, with $523.4 million in total assets, is insured by the Federal Deposit Insurance Corporation (FDIC) and is a New York State chartered Bank with six offices in Chemung County, NY; three offices and a loan center in Tompkins County, NY; one office in Steuben County, NY; one office in Cayuga County, NY; one office in Schuyler County, NY; and a loan center in Cortland 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, EVP & COO
Elmira Savings Bank
333 East Water Street
Elmira, New York 14901