ELMIRA, NY--(Marketwire - Apr 26, 2011) - Elmira Savings Bank, FSB (NASDAQ: ESBK) today announced net income for the three months ended March 31, 2011 totaling $1,114,000 or $.38 per diluted share, compared to the $1,079,000 of net income or $.36 per diluted share reported for the same period in 2010. This represents a $35,000 or 3% increase in net income from the corresponding period in 2010.
Net interest income was $3.9 million for the first quarter of 2011 compared to $3.8 million for the same period last year. Noninterest expense was $3.1 million for the first quarter of 2011, slightly increased from the $3.0 million for the same period last year. Noninterest income was $836,000 for the first quarter of 2011, slightly below the $869,000 for the first quarter of 2010. The provision for loan losses and gain on sale of securities were lower by $150,000 and $140,000, respectively, for the first quarter of 2011 when compared to the same quarter a year ago.
Total assets declined by $5.5 million or 1% from $499.8 million at December 31, 2010 to $494.3 million as of March 31, 2011. Total loans increased by $4.4 million or 1% from $310.5 million as of December 31, 2010 to $314.9 million as of March 31, 2011. Total deposits were $356.7 million as of March 31, 2011 compared to $356.6 million as of December 31, 2010. Borrowed funds declined during the quarter by $5.0 million due to maturities.
"During the first quarter of 2011, our mortgage and consumer loan production remained strong and our commercial loan production increased by 10% over the same period in 2010," said Michael P. Hosey, President and CEO. Hosey continued, "We continue to aggressively monitor delinquencies, focus on maintaining efficiency, and continue to evaluate our capital levels so that we may maximize shareholder return."
Elmira Savings Bank, FSB with $494.3 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.
Elmira Savings Bank, FSB
SELECTED CONSOLIDATED INCOME STATEMENT ITEMS
(Unaudited)
(In thousands except per share amounts)
Three Months Ended
March 31,
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2011 2010
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Net interest income $ 3,924 $ 3,812
Provision for loan losses 150 300
Net gain on sale of securities 66 206
Other noninterest income 836 869
Total noninterest expense 3,058 2,982
Income before taxes 1,618 1,605
Net income 1,114 1,079
Dividends on preferred stock 359 359
Income available to common shareholders 755 720
Basic earnings per common share $ 0.39 $ 0.37
Diluted earnings per common share $ 0.38 $ 0.36
Dividends per common share $ 0.20 $ 0.20
Elmira Savings Bank, FSB
SELECTED CONSOLIDATED BALANCE SHEET ITEMS
(Unaudited)
(In thousands except per share amounts)
March 31, December 31,
2011 2010
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Total assets $ 494,277 $ 499,839
Loans receivable (including loans held for sale) 314,923 310,477
Allowance for loan losses 2,827 2,909
Deposits 356,709 356,621
Borrowings 76,075 81,093
Shareholders' equity 56,828 56,451
Book value per common share $ 19.49 $ 19.30
Contact Information: For further information contact: Thomas M. Carr EVP & COO Elmira Savings Bank, FSB 333 East Water Street Elmira, New York 14901 (607) 735-8660 E-Mail