Elmira Savings Bank Posts 5% Earnings Increase
Wednesday, July 20, 2011
Elmira, New York, July 20, 2011 --- Elmira Savings Bank, FSB (NASDAQ:ESBK) today announced net income for the six months ended June 30, 2011 totaling $2,422,000 or $.85 per diluted share, compared to the $2,312,000 of net income or $.80 per diluted share reported for the same period in 2010. This represents a 5% or $110,000 increase in net income and a 6% increase in diluted earnings per share.
Net income for the three months ended June 30, 2011 totaled $1,308,000 or $.47 per diluted share compared to $1,233,000 or $.44 per diluted share for the same period in 2010. This represents a 6% or $75,000 increase in net income and a 7% increase in diluted earnings per share.
Net interest income was $7.9 million for the first six months of 2011 compared to $7.4 million for the same period last year. Noninterest income was $2.1 million compared to $2.3 million for the same period in 2010. Operating expenses were $6.1 million for the first six months of 2011 compared to $5.9 million for the same period in 2010.
Total assets increased by $.5 million from $499.2 million at June 30, 2010 to $499.7 million as of June 30, 2011. Total deposits were $349.4 million as of June 30, 2010 compared to $365.6 million as of June 30, 2011. This represents a $16.2 million or 5% increase. Total loans increased by $18.6 million or 6% from $301.5 million as of June 30, 2010 to $320.1 million as of June 30, 2011.
“During the first half of 2011, our mortgage and consumer loan production remained strong and above our expectations. We have continued to see commercial loan activity increase in our market area and are dedicated to growing this portfolio in the coming periods,” said Michael P. Hosey, President and CEO. Hosey continued, “We continue to protect our net interest margin, focus on operating efficiency, monitor asset quality, and evaluate our capital needs and alternatives.”
Elmira Savings Bank, FSB with $499.7 million in total assets, is insured by the Federal Deposit Insurance Corporation (FDIC) and is a federally chartered Bank with five 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, FSB
333 East Water Street
Elmira, New York 14901