Elmira Savings Bank Reports Earnings Increase
Tuesday, April 24, 2012
Elmira, New York, April 24, 2012 --- Elmira Savings Bank (NASDAQ:ESBK) today announced net income for the three months ended March 31, 2012 totaling $1,158,000 or $.34 per diluted share, compared to the $1,114,000 of net income or $.34 per diluted share reported for the same period in 2011. This represents a $44,000 or 4% increase in net income from the corresponding period in 2011.
Net interest income was $3.8 million for the first quarter of 2012 compared to $3.9 million for the same period last year. Noninterest expense was $3.2 million for the first quarter of 2012, slightly increased from the $3.1 million for the same period last year. Noninterest income was $1.25 Million for the first quarter of 2012, well above the $904,000 for the first quarter of 2011. The provision for loan losses and gain on sale of securities were lower by $25,000 and $66,000, respectively, for the first quarter of 2012 when compared to the same quarter a year ago.
Total assets declined by $3.8 million or 1% from $523.4 million at December 31, 2011 to $519.6 million as of March 31, 2012. Total loans increased by $3.6 million or 1% from $346.0 million as of December 31, 2011 to $349.6 million as of March 31, 2012. Total deposits were $383.3 million as of March 31, 2012 compared to $381.7 million as of December 31, 2011. Borrowed funds declined during the quarter by $5.0 million due to maturities.
“During the first quarter of 2012, our loan production in all portfolios remained strong and our commercial loan production increased by 10% over the same period in 2011,” said Michael P. Hosey, President and CEO. Hosey continued, “We continue to aggressively monitor asset quality, and focus on maintaining efficiency and net interest margin.”
Elmira Savings Bank, with $519.6 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 cashless 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