ELMIRA, NY--(Marketwire - Jan 23, 2013) - Elmira Savings Bank (
Highlights
- Net income increased to $1,299,000 and $5,213,000 for the three and twelve months ended December 31, 2012 compared to $1,291,000 and $5,029,000 for the same periods in 2011.
- Diluted earnings per share were $.37 per share and $1.51 per share for the three and twelve months ended December 31, 2012 compared to $.38 per share and $1.41 per share for the same period in 2011.
- Return on average assets was .97% and .99% for the three and twelve months ended December 31, 2012 compared to .99% and 1.00% for the same period in 2011.
- Return on average equity was 7.72% and 7.89% for the three and twelve months ended December 31, 2012 compared to 7.94% and 8.40% for the same periods in 2011.
- Noninterest income increased to $1,529,000 and $6,050,000 for the three and twelve months ended December 31, 2012 compared to $1,382,000 and $4,727,000 for the same periods in 2011. These represent increases of 10.6% and 28.0% for the three and twelve months ended December 31, 2012 compared to the same periods in 2011.
- Loans receivable were $378,108,000 at December 31, 2012, an increase of $32,126,000 or 9.3% from December 31, 2011. Deposits were $409,565,000 at December 31, 2012, an increase of $27,836,000 or 7.3% from December 31, 2011.
"We are pleased to be able to provide this report of strong 2012 operating results. We achieved record earnings, had solid loan growth, and maintained our strong asset quality," said Michael P. Hosey, President and Chief Executive Officer. Hosey continued, "In addition, we increased our cash dividend, issued a stock dividend, and witnessed our share price increase during the year. We appreciate our loyal shareholders and are proud to provide them with these results."
Net Income
Net income totaled $5,213,000 for the twelve months ended December 31, 2012, an increase of $184,000 or 3.7% from the $5,029,000 of net income recorded for the same period in 2011. This increase of $184,000 was primarily the net result of an increase in noninterest income of $1,323,000, offset by a decline in net interest income of $461,000, and an increase in noninterest expense of $742,000.
Net income totaled $1,299,000 for the three months ended December 31, 2012, an increase of $8,000 or 0.6% from the $1,291,000 recorded for the same period in 2011. This modest increase was the result of an increase in noninterest income of $147,000, a reduction in the provision for loan losses of $99,000, partially offset by a decline in net interest income of $106,000, and an increase of $135,000 in noninterest expense.
Basic and diluted earnings per share for the twelve months ended December 31, 2012 were $1.58 per share and $1.51 per share compared to $1.45 per share and $1.41 per share for the same period in 2011. Basic and diluted earnings per share for the three months ended December 31, 2012 were $.39 per share and $.37 per share compared to $.39 per share and $.38 per share for the same period in 2011.
Net Interest Margin
The net interest margin for the twelve months ended December 31, 2012 was 3.34% compared to 3.51% for the same period in 2011. The yield on average earning assets was 4.64% for the twelve months ended December 31, 2012 compared to 4.98% for the same period in 2011. The average cost of interest-bearing liabilities was 1.47% for the twelve months ended December 31, 2012 compared to 1.67% for the same period in 2011.
The net interest margin for the three months ended December 31, 2012 was 3.25% compared to 3.45% for the same period in 2011. The average yield on earning assets was 4.45% for the three months ended December 31, 2012 compared to 4.87% for the same period in 2011. The average cost of interest-bearing liabilities was 1.37% for the three months ended December 31, 2012 compared to 1.60% for the same period in 2011.
"Our mortgage originations exceeded $160 million for the year. This provided the Bank with historic levels of noninterest income and loan growth that allowed us to avoid unattractive investment alternatives. In addition, we replaced borrowed funds with deposit growth in an attempt to protect our net interest margin," said Michael P. Hosey, President and Chief Executive Officer.
Assets
Total assets increased $13.5 million or 2.6% to $536.9 million at December 31, 2012 compared to $523.4 million at December 31, 2011. Loans receivable increased 9.3% to $378.1 million at December 31, 2012 compared to December 31, 2011. The available-for-sale investment portfolio decreased $19.7 million from December 31, 2011 to December 31, 2012.
Nonperforming Loans
Our nonperforming loans to total loans ratio has decreased to 1.02% at December 31, 2012 from 1.06% at December 31, 2011. Net loan charge-offs to average loans for the twelve months ended December 31, 2012 of 0.01% decreased from 0.09% for the twelve months ended December 31, 2011. The allowance for loan losses increased to 0.99% of total loans at December 31, 2012 from 0.95% of total loans at December 31, 2011.
Liabilities
Deposits total $409.6 million at December 31, 2012, an increase of $27.8 million or 7.3%. The $27.8 million increases primarily consists of an $8.8 million increase in noninterest-bearing deposits, a $7.8 million increase in NOW accounts, and a $7.4 million increase in time deposits. Borrowed funds declined by $16.0 million or 22.9%.
Shareholders' Equity
Shareholders' equity increased $2.0 million to $66.6 million at December 31, 2012 compared to December 31, 2011. The current level of shareholders' equity equates to a book value per share of $18.50 at December 31, 2012, compared to $17.92 at December 31, 2011. Dividends paid to common shareholders were $0.22 and $0.84 for the three and twelve months ended December 31, 2012 compared to $0.19 and $0.71 for the same periods in 2011, representing increases of 15.8% and 18.3%, respectively. Additionally, a 5% stock dividend was paid to common shareholders on December 28, 2012.
Elmira Savings Bank, with $536.9 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 and a loan center 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 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 | ||||||||||||
CONSOLIDATED BALANCE SHEET | ||||||||||||
(unaudited) | ||||||||||||
(in thousands, except for share and per share data) | December 31, | |||||||||||
2012 | 2011 | % Change | ||||||||||
ASSETS | ||||||||||||
Cash and due from banks | $ | 39,641 | $ | 47,456 | -16.5 | % | ||||||
Federal funds sold and other short-term investments | 684 | 740 | -7.6 | % | ||||||||
Total cash and cash equivalents | 40,325 | 48,196 | -16.3 | % | ||||||||
Securities available for sale, at fair value | 66,875 | 86,536 | -22.7 | % | ||||||||
Securities held to maturity - fair value $5,853 at December 31, 2012, and $4,923 at December 31, 2011 | 5,521 | 4,621 | 19.5 | % | ||||||||
Federal Reserve and Federal Home Loan Bank (FHLB) stock, at cost | 9,178 | 5,295 | 73.3 | % | ||||||||
Loans held for sale | 3,167 | 2,842 | 11.4 | % | ||||||||
Loans receivable | 378,108 | 345,982 | 9.3 | % | ||||||||
Less: Allowance for loan losses | 3,740 | 3,299 | 13.4 | % | ||||||||
Net loans | 374,368 | 342,683 | 9.2 | % | ||||||||
Premises and equipment, net | 7,947 | 5,392 | 47.4 | % | ||||||||
Bank-owned life insurance | 11,988 | 10,100 | 18.7 | % | ||||||||
Accrued interest receivable | 1,529 | 1,615 | -5.3 | % | ||||||||
Intangible assets, net | 316 | 444 | -28.8 | % | ||||||||
Goodwill | 12,320 | 12,320 | 0.0 | % | ||||||||
Other real estate owned | 125 | 202 | -38.1 | % | ||||||||
Other assets | 3,277 | 3,112 | 5.3 | % | ||||||||
Total assets | $ | 536,936 | $ | 523,358 | 2.6 | % | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||
Deposits | $ | 409,565 | $ | 381,729 | 7.3 | % | ||||||
Borrowings | 54,000 | 70,019 | -22.9 | % | ||||||||
Other liabilities | 6,462 | 6,995 | -7.6 | % | ||||||||
Total liabilities | 470,027 | 458,743 | 2.5 | % | ||||||||
Shareholders' equity: | ||||||||||||
Preferred stock, $1,000 liquidation value per issued share; 5,000,000 shares authorized; 24,063 shares issued at December 31, 2012 and at December 31, 2011 | 23,763 | 23,763 | 0.0 | % | ||||||||
Common stock, $1 par value; authorized 5,000,000 shares; 2,454,840 shares issued at December 31, 2012 and 2,292,656 shares issued at December 31, 2011 | 2,455 | 2,293 | 7.1 | % | ||||||||
Additional paid-in capital | 41,448 | 38,402 | 7.9 | % | ||||||||
Retained earnings | 868 | 1,735 | -50.0 | % | ||||||||
Treasury stock, at cost - 125,865 shares at December 31, 2012 and December 31, 2011 | (3,548 | ) | (3,548 | ) | 0.0 | % | ||||||
Accumulated other comprehensive income | 1,872 | 1,918 | -2.4 | % | ||||||||
Total Elmira Savings Bank shareholders' equity | 66,858 | 64,563 | 3.6 | % | ||||||||
Noncontrolling interest | 51 | 52 | -1.9 | % | ||||||||
Total shareholders' equity | 66,909 | 64,615 | 3.6 | % | ||||||||
Total liabilities and shareholders' equity | $ | 536,936 | $ | 523,358 | 2.6 | % | ||||||
ELMIRA SAVINGS BANK | ||||||||||||||||||||
CONSOLIDATED STATEMENT OF INCOME | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||
(in thousands, except for per share data) | 2012 | 2011 | % Change | 2012 | 2011 | % Change | ||||||||||||||
Interest and Dividend Income: | ||||||||||||||||||||
Interest and fees on loans | $ | 4,469 | $ | 4,670 | -4.3 | % | $ | 18,114 | $ | 18,140 | -0.1 | % | ||||||||
Interest and dividends on securities | ||||||||||||||||||||
Taxable | 476 | 578 | -17.6 | % | 2,111 | 3,140 | -32.8 | % | ||||||||||||
Non-taxable | 184 | 202 | -8.9 | % | 760 | 820 | -7.3 | % | ||||||||||||
Total interest and dividend income | 5,129 | 5,450 | -5.9 | % | 20,985 | 22,100 | -5.0 | % | ||||||||||||
Interest Expense: | ||||||||||||||||||||
Interest on deposits | 903 | 952 | -5.1 | % | 3,712 | 3,850 | -3.6 | % | ||||||||||||
Interest expense on borrowings | 487 | 653 | -25.4 | % | 2,184 | 2,700 | -19.1 | % | ||||||||||||
Total interest expense | 1,390 | 1,605 | -13.4 | % | 5,896 | 6,550 | -10.0 | % | ||||||||||||
Net interest income | 3,739 | 3,845 | -2.8 | % | 15,089 | 15,550 | -3.0 | % | ||||||||||||
Provision for loan losses | 42 | 141 | -70.2 | % | 463 | 668 | -30.7 | % | ||||||||||||
Net interest income after provision for loan losses | 3,697 | 3,704 | -0.2 | % | 14,626 | 14,882 | -1.7 | % | ||||||||||||
Noninterest Income: | ||||||||||||||||||||
Service fees | 297 | 231 | 28.6 | % | 1,242 | 1,236 | 0.5 | % | ||||||||||||
Net gain on sale of loans | 953 | 733 | 30.0 | % | 3,561 | 1,836 | 94.0 | % | ||||||||||||
Net gain on sale of securities | - | 152 | -100.0 | % | 75 | 448 | -83.3 | % | ||||||||||||
Other service fees | 165 | 159 | 3.8 | % | 677 | 634 | 6.8 | % | ||||||||||||
Earnings on bank-owned life insurance | 95 | 84 | 13.1 | % | 388 | 369 | 5.1 | % | ||||||||||||
Other | 19 | 23 | -17.4 | % | 107 | 204 | -47.5 | % | ||||||||||||
Total noninterest income | 1,529 | 1,382 | 10.6 | % | 6,050 | 4,727 | 28.0 | % | ||||||||||||
Noninterest Expense: | ||||||||||||||||||||
Salaries and benefits | 1,803 | 1,698 | 6.2 | % | 6,770 | 6,491 | 4.3 | % | ||||||||||||
Net occupancy | 274 | 269 | 1.9 | % | 1,130 | 1,154 | -2.1 | % | ||||||||||||
Equipment | 257 | 215 | 19.5 | % | 946 | 854 | 10.8 | % | ||||||||||||
Regulatory assessments | 61 | 106 | -42.5 | % | 360 | 462 | -22.1 | % | ||||||||||||
Marketing and public relations | 177 | 236 | -25.0 | % | 722 | 636 | 13.5 | % | ||||||||||||
Professional fees | 147 | 114 | 28.9 | % | 643 | 513 | 25.3 | % | ||||||||||||
Other | 582 | 528 | 10.2 | % | 2,373 | 2,092 | 13.4 | % | ||||||||||||
Total noninterest expense | 3,301 | 3,166 | 4.3 | % | 12,944 | 12,202 | 6.1 | % | ||||||||||||
Income before income taxes | 1,925 | 1,920 | 0.3 | % | 7,732 | 7,407 | 4.4 | % | ||||||||||||
Income taxes | 621 | 624 | -0.5 | % | 2,514 | 2,373 | 5.9 | % | ||||||||||||
Net income | 1,304 | 1,296 | 0.6 | % | 5,218 | 5,034 | 3.7 | % | ||||||||||||
Less: Net income attributable to noncontrolling interest | 5 | 5 | 0.0 | % | 5 | 5 | 0.0 | % | ||||||||||||
Net income attibutable to Elmira Savings Bank | 1,299 | 1,291 | 0.6 | % | 5,213 | 5,029 | 3.7 | % | ||||||||||||
Dividend on preferred stock | 406 | 406 | 0.0 | % | 1,609 | 1,512 | 6.4 | % | ||||||||||||
Accretion of preferred stock discount | - | - | - | - | 252 | -100.0 | % | |||||||||||||
Income available to common shareholders | $ | 893 | $ | 885 | 0.9 | % | $ | 3,604 | $ | 3,265 | 10.4 | % | ||||||||
Basic earnings per share | $ | 0.39 | $ | 0.39 | 0.0 | % | $ | 1.58 | $ | 1.45 | 9.0 | % | ||||||||
Diluted earnings per share | $ | 0.37 | $ | 0.38 | -2.6 | % | $ | 1.51 | $ | 1.41 | 7.1 | % | ||||||||
Weighted average shares outstanding - basic | 2,297,324 | 2,260,193 | 1.6 | % | 2,277,545 | 2,253,452 | 1.1 | % | ||||||||||||
Weighted average shares outstanding - diluted | 2,423,915 | 2,331,189 | 4.0 | % | 2,389,217 | 2,315,109 | 3.2 | % | ||||||||||||
Dividends per share | $ | 0.22 | $ | 0.19 | 15.8 | % | $ | 0.84 | $ | 0.71 | 18.3 | % | ||||||||
Per share data has been restated to reflect the 5% stock dividend paid on December 28, 2012. | ||||||||||||||||||||
ELMIRA SAVINGS BANK | ||||||||||||||||||
AVERAGE BALANCES AND INTEREST RATES | ||||||||||||||||||
(Dollars in Thousands) | For the Three Months Ended | |||||||||||||||||
December 31, 2012 | December 31, 2011 | |||||||||||||||||
ASSETS: | Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | ||||||||||||
Loans | $ | 376,032 | $ | 4,469 | 4.73 | % | $ | 343,570 | $ | 4,670 | 5.41 | % | ||||||
Short-term investments | 1,669 | - | - | 1,035 | - | - | ||||||||||||
Securities | 80,965 | 660 | 3.26 | 100,922 | 780 | 3.09 | ||||||||||||
Total interest-earning assets | 458,666 | 5,129 | 4.45 | 445,527 | 5,450 | 4.87 | ||||||||||||
Noninterest-earning assets | 73,992 | 71,353 | ||||||||||||||||
TOTAL ASSETS | $ | 532,658 | $ | 516,880 | ||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||
Interest-bearing deposits | $ | 346,611 | $ | 903 | 1.04 | $ | 325,389 | $ | 952 | 1.16 | ||||||||
Borrowings | 54,000 | 487 | 3.53 | 70,031 | 653 | 3.64 | ||||||||||||
Total interest-bearing liabilities | 400,611 | 1,390 | 1.37 | 395,420 | 1,605 | 1.60 | ||||||||||||
Noninterest-bearing liabilities | 65,302 | 56,966 | ||||||||||||||||
Shareholders' equity | 66,745 | 64,494 | ||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 532,658 | $ | 516,880 | ||||||||||||||
Interest rate spread | 3.08 | % | 3.27 | % | ||||||||||||||
Net interest income/margin | $ | 3,739 | 3.25 | % | $ | 3,845 | 3.45 | % | ||||||||||
ELMIRA SAVINGS BANK | ||||||||||||||||||
AVERAGE BALANCES AND INTEREST RATES | ||||||||||||||||||
(Dollars in Thousands) | For the Twelve Months Ended | |||||||||||||||||
December 31, 2012 | December 31, 2011 | |||||||||||||||||
ASSETS: | Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | ||||||||||||
Loans | $ | 362,986 | $ | 18,114 | 4.99 | % | $ | 325,172 | $ | 18,140 | 5.58 | % | ||||||
Short-term investments | 1,371 | - | - | 1,084 | - | - | ||||||||||||
Securities | 87,539 | 2,871 | 3.28 | 117,305 | 3,960 | 3.38 | ||||||||||||
Total interest-earning assets | 451,896 | 20,985 | 4.64 | 443,561 | 22,100 | 4.98 | ||||||||||||
Noninterest-earning assets | 74,451 | 59,638 | ||||||||||||||||
TOTAL ASSETS | $ | 526,347 | $ | 503,199 | ||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||
Interest-bearing deposits | $ | 340,236 | $ | 3,712 | 1.09 | $ | 320,227 | $ | 3,850 | 1.20 | ||||||||
Borrowings | 59,623 | 2,184 | 3.66 | 72,563 | 2,700 | 3.72 | ||||||||||||
Total interest-bearing liabilities | 399,859 | 5,896 | 1.47 | 392,790 | 6,550 | 1.67 | ||||||||||||
Noninterest-bearing liabilities | 60,633 | 50,535 | ||||||||||||||||
Shareholders' equity | 65,855 | 59,874 | ||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 526,347 | $ | 503,199 | ||||||||||||||
Interest rate spread | 3.17 | % | 3.31 | % | ||||||||||||||
Net interest income/margin | $ | 15,089 | 3.34 | % | $ | 15,550 | 3.51 | % | ||||||||||
Quarter Ended | |||||||||||||||||
(Dollars in Thousands, Except Per Share Data) | 12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2011 | ||||||||||||
Operating Data | |||||||||||||||||
Net income | $ | 1,299 | $ | 1,398 | $ | 1,358 | $ | 1,158 | $ | 1,291 | |||||||
Net interest income | 3,739 | 3,810 | 3,772 | 3,768 | 3,835 | ||||||||||||
Provision for loan losses | 42 | 154 | 142 | 125 | 141 | ||||||||||||
Net security gains | - | - | 75 | - | 152 | ||||||||||||
Non-interest income, ex. Net security gains | 1,529 | 1,723 | 1,473 | 1,250 | 1,230 | ||||||||||||
Non-interest expense | 3,301 | 3,271 | 3,157 | 3,215 | 3,166 | ||||||||||||
Performance Statistics | |||||||||||||||||
Net interest margin | 3.25 | % | 3.32 | % | 3.37 | % | 3.40 | % | 3.45 | % | |||||||
Annualized return on average assets | 0.97 | % | 1.04 | % | 1.04 | % | 0.90 | % | 0.99 | % | |||||||
Annualized return on average equity | 7.72 | % | 8.39 | % | 8.33 | % | 7.12 | % | 7.94 | % | |||||||
Annualized net loan charge-offs to avg loans | 0.03 | % | -0.02 | % | 0.02 | % | -0.01 | % | 0.07 | % | |||||||
Net charge-offs (recoveries) | 31 | (19 | ) | 20 | (10 | ) | 59 | ||||||||||
Efficiency ratio | 62.7 | % | 59.1 | % | 59.3 | % | 64.1 | % | 60.7 | % | |||||||
Per Share Data | |||||||||||||||||
Basic earnings per share | $ | 0.39 | $ | 0.44 | $ | 0.42 | $ | 0.33 | $ | 0.39 | |||||||
Diluted earnings per share | 0.37 | 0.42 | 0.40 | 0.32 | 0.38 | ||||||||||||
Dividend declared per share | 0.22 | 0.22 | 0.21 | 0.21 | 0.19 | ||||||||||||
Book value | 18.50 | 18.52 | 18.22 | 18.06 | 17.92 | ||||||||||||
Common stock price: | |||||||||||||||||
High | 23.65 | 19.04 | 20.46 | 20.82 | 16.19 | ||||||||||||
Low | 18.48 | 17.50 | 16.83 | 15.45 | 13.05 | ||||||||||||
Close | 22.74 | 18.86 | 18.36 | 18.81 | 15.60 | ||||||||||||
Weighted average common shares: | |||||||||||||||||
Basic | 2,297 | 2,280 | 2,269 | 2,263 | 2,260 | ||||||||||||
Fully diluted | 2,424 | 2,396 | 2,383 | 2,353 | 2,331 | ||||||||||||
End-of-period common shares: | |||||||||||||||||
Issued | 2,455 | 2,438 | 2,425 | 2,407 | 2,407 | ||||||||||||
Treasury | 126 | 126 | 126 | 126 | 126 | ||||||||||||
Share and per share data has been restated to reflect the 5% stock dividend paid on December 28, 2012. | |||||||||||||||||
Financial Condition Data: | |||||||||||||||||
General | |||||||||||||||||
Total assets | $ | 536,936 | $ | 534,159 | $ | 530,646 | $ | 519,618 | $ | 523,358 | |||||||
Loans, net | 374,368 | 369,851 | 358,756 | 346,144 | 342,683 | ||||||||||||
Intangibles | 12,636 | 12,667 | 12,699 | 12,732 | 12,764 | ||||||||||||
Total deposits | 409,565 | 406,216 | 397,972 | 383,314 | 381,729 | ||||||||||||
Noninterest-bearing | 61,444 | 58,760 | 55,269 | 50,113 | 52,641 | ||||||||||||
Savings | 59,034 | 56,115 | 56,332 | 54,936 | 54,558 | ||||||||||||
NOW | 76,133 | 73,079 | 73,431 | 70,068 | 68,307 | ||||||||||||
Money Market | 20,131 | 23,082 | 19,272 | 18,890 | 20,766 | ||||||||||||
Time deposits | 192,823 | 195,180 | 193,668 | 189,307 | 185,457 | ||||||||||||
Total interest-bearing deposits | 348,121 | 347,456 | 342,703 | 333,201 | 329,088 | ||||||||||||
Shareholders' equity | 66,609 | 66,543 | 65,621 | 64,944 | 64,615 | ||||||||||||
Asset Quality | |||||||||||||||||
Non-performing assets | $ | 3,986 | $ | 3,980 | $ | 3,829 | $ | 3,764 | $ | 3,896 | |||||||
Non-performing assets to total assets | 0.74 | % | 0.75 | % | 0.72 | % | 0.72 | % | 0.74 | % | |||||||
Allowance for loan losses | 3,740 | 3,729 | 3,556 | 3,434 | 3,299 | ||||||||||||
Allowance for loan losses to total loans | 0.99 | % | 1.00 | % | 0.98 | % | 0.98 | % | 0.95 | % | |||||||
Allowance for loan losses to total loans non-performing loans | 96.87 | % | 97.29 | % | 96.57 | % | 94.26 | % | 89.83 | % | |||||||
Non-performing loans to total loans | 1.02 | % | 1.03 | % | 1.02 | % | 1.05 | % | 1.06 | % | |||||||
Capitalization | |||||||||||||||||
Shareholders' equity to total assets | 12.41 | % | 12.46 | % | 12.37 | % | 12.50 | % | 12.35 | % |
Contact Information:
For further information contact:
Thomas M. Carr
EVP & COO
Elmira Savings Bank
333 East Water Street
Elmira, New York 14901
(607) 735-8660