NEW YORK, Jan. 27, 2021 (GLOBE NEWSWIRE) -- Elmira Savings Bank (NASDAQ:ESBK)
Highlights
- Net income was $1,284,000 and $4,159,000 for the three and twelve months ended December 31, 2020 compared to $940,000 and $3,486,000 for the same periods in 2019.
- Diluted earnings per share were $.37 per share and $1.19 per share for the three and twelve months ended December 31, 2020 compared to $.27 per share and $1.00 per share for the same periods in 2019.
- Return on average assets was .78% and .64% for the three and twelve months ended December 31, 2020 compared to .61% and .57% for the three and twelve months ended December 31, 2019.
- Return on average equity was 8.40% and 6.94% for the three and twelve months ended December 31, 2020 compared to 6.33% and 5.93% for the same periods in 2019.
"We are pleased to report an increase in earnings year-to-year, while at the same time having increased our loan loss reserves largely in response to the economic uncertainty resulting from the ongoing pandemic,” said Thomas M Carr, President and CEO. Carr continued, "We continue to be concerned about the economic impact in our region from the pandemic, but we are dedicated to continuing to provide the financial services needed in the communities we serve, balancing those efforts with prudent safety measures to minimize potential COVID health risks to our customers and staff.”
Net Income
Net income totaled $4,159,000 for the twelve months ended December 31, 2020, an increase of $673,000 or 19% from the $3,486,000 of net income recorded for the same period in 2019. This increase was the net result of an increase in noninterest income of $2,486,000 and an increase in net interest income of $152,000, offset by an increase in the provision for loan losses of $706,000, an increase in noninterest expense of $855,000, and an increase in tax expense of $404,000.
Net income totaled $1,284,000 for the three months ended December 31, 2020, an increase of $344,000 or 37% from the $940,000 recorded for the same period in 2019. This increase was the net result of an increase in noninterest income of $1,148,000 and an increase in net interest income of $151,000, offset by an increase in noninterest expense of $599,000, an increase in the provision for loan losses of $175,000, and an increase in tax expense of $181,000.
The increase in noninterest income for both the three and twelve months ended December 31, 2020 is primarily due to increases in the gain on sale of loans, reflecting higher levels of residential mortgages originated for sale to the secondary markets compared to the same periods in 2019. The increase in noninterest expense for both the three and twelve months ended December 31, 2020 reflects higher levels of salaries and benefits and other expense. The higher levels of salaries and benefits and other expense for both the three and twelve months ended December 31, 2020 are in part related to higher levels of residential mortgage originations in 2020. For the twelve months ended December 31, 2020 the increase in other expense also includes the impact of a one-time FDIC small bank assessment credit of $143,000 recognized in 2019.
For both the three and twelve months ended December 31, 2020, the increases in the provision for loan losses reflect management’s consideration of the uncertainty of ongoing economic conditions resulting from the COVID-19 pandemic and associated economic slowdown.
Basic and diluted earnings per share for the twelve months ended December 31, 2020 were both $1.19 per share compared to $1.00 per share for both for the same period in 2019. Basic and diluted earnings per share for the three months ended December 31, 2020 were both $.37 per share compared to $.27 per share for both for the same period in 2019.
Net Interest Margin
The net interest margin for the twelve months ended December 31, 2020 was 3.06% compared to 3.04% for the same period in 2019. The yield on average earning assets was 4.13% for the twelve months ended December 31, 2020 compared to 4.31% for the same period in 2019. The average cost of interest-bearing liabilities was 1.23% for the twelve months ended December 31, 2020 compared to 1.48% for the same period in 2019.
The net interest margin for the three months ended December 31, 2020 was 3.24% compared to 3.01% for the same period in 2019. The average yield on earning assets was 4.13% for the three months ended December 31, 2020 compared to 4.30% for the same period in 2019. The average cost of interest-bearing liabilities was 0.97% for the three months ended December 31, 2020 compared to 1.54% for the same period in 2019.
Assets
Total assets increased $37.8 million or 6.2% to $644.6 million at December 31, 2020 compared to $606.8 million at December 31, 2019. Loans, including loans held for sale, decreased 6% to $489.2 million at December 31, 2020 compared to December 31, 2019. The available-for-sale investment portfolio decreased $5.7 million from December 31, 2019 to December 31, 2020. Total cash and cash equivalents were $89.2 million at December 31, 2020, an increase of $77.2 million from December 31, 2019 when cash totaled $12.0 million. The $77.2 million increase in cash resulted primarily from a $31.0 million decrease in loans, including loans held for sale, and an increase of $34.8 million in deposits.
Nonperforming Loans
The nonperforming loans to total loans ratio was 1.07% at December 31, 2020 and 0.82% at December 31, 2019. Net loan charge-offs to average loans for the twelve months ended December 31, 2020 was 0.05% and was 0.11% for the twelve months ended December 31, 2019. The allowance for loan losses was 1.19% of total loans at December 31, 2020 and 0.88% of total loans at December 31, 2019.
Liabilities
Deposits totaled $547.0 million at December 31, 2020, an increase of $34.8 million or 6.8% from the December 31, 2019 total of $512.2 million. The $34.8 million increase in deposits consists of a $27.4 million increase in noninterest bearing accounts, a $12.2 million increase in savings accounts, a $12.2 million increase in interest bearing transaction accounts, and an $11.2 million increase in money market accounts, partially offset by a $28.2 million decrease in time deposits. Borrowed funds totaled $29.0 million as of December 31, 2020 and December 31, 2019.
Shareholders’ Equity
Shareholders’ equity increased $2,150,000 to $60.8 million at December 31, 2020 compared to December 31, 2019. The current level of shareholders’ equity equates to a book value per share of $17.23 at December 31, 2020, compared to $16.67 at December 31, 2019. Dividends paid for common shareholders were $0.15 and $0.68 for the three and twelve months ended December 31, 2020 and $0.23 and $0.92 for the three and twelve months ended December 31, 2019.
Elmira Savings Bank, with $644.6 million in total assets, is insured by the Federal Deposit Insurance Corporation (FDIC) and is a state-chartered bank with five offices in Chemung County, NY; three offices 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 Broome 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, | December 31, | ||||||||
| 2020 | 2019 | % Change | ||||||||
| ASSETS | ||||||||||
| Cash and due from banks | $ | 89,099 | $ | 11,954 | 645.3 | % | ||||
| Federal funds sold and other short-term investments | 88 | 92 | -4.3 | % | ||||||
| Total cash and cash equivalents | 89,187 | 12,046 | 640.4 | % | ||||||
| Securities available for sale, at fair value | 6,125 | 11,802 | -48.1 | % | ||||||
| Securities held to maturity - fair value $7,211 | ||||||||||
| at December 31, 2020 and $7,209 at December 31, 2019 | 6,597 | 6,994 | -5.7 | % | ||||||
| Federal Reserve and Federal Home Loan Bank (FHLB) stock, at cost | 9,054 | 9,944 | -9.0 | % | ||||||
| Loans held for sale | 5,408 | 1,354 | 299.4 | % | ||||||
| Loans receivable | 483,768 | 518,871 | -6.8 | % | ||||||
| Less: Allowance for loan losses | 5,755 | 4,576 | 25.8 | % | ||||||
| Net loans | 478,013 | 514,295 | -7.1 | % | ||||||
| Premises and equipment, net | 15,876 | 16,210 | -2.1 | % | ||||||
| Bank-owned life insurance | 15,410 | 14,919 | 3.3 | % | ||||||
| Accrued interest receivable | 1,564 | 1,625 | -3.8 | % | ||||||
| Goodwill | 12,320 | 12,320 | 0.0 | % | ||||||
| Other assets | 5,033 | 5,320 | -5.4 | % | ||||||
| Total assets | $ | 644,587 | $ | 606,829 | 6.2 | % | ||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||
| Deposits | $ | 547,021 | $ | 512,215 | 6.8 | % | ||||
| Borrowings | 29,000 | 29,000 | 0.0 | % | ||||||
| Other liabilities | 7,805 | 7,003 | 11.5 | % | ||||||
| Total liabilities | 583,826 | 548,218 | 6.5 | % | ||||||
| Shareholders' equity: | ||||||||||
| Preferred stock, $1 par value; $1,000 liquidation value per issued share; 5,000,000 shares authorized; | ||||||||||
| 10,000 shares issued and none outstanding at December 31, 2020 and at December 31, 2019 | 9,700 | 9,700 | 0.0 | % | ||||||
| Common stock, $1 par value; authorized 5,000,000 shares; 3,616,770 shares issued and 3,522,887 oustanding | ||||||||||
| at December 31, 2020 and 3,606,089 shares issued and 3,512,206 outstanding at December 31, 2019 | 3,617 | 3,606 | 0.3 | % | ||||||
| Additional paid-in capital | 54,255 | 53,993 | 0.5 | % | ||||||
| Retained earnings | 5,197 | 3,432 | 51.4 | % | ||||||
| Treasury stock, at cost - 93,883 common shares and 10,000 preferred shares | ||||||||||
| at December 31, 2020 and December 31, 2019 | (12,202 | ) | (12,202 | ) | 0.0 | % | ||||
| Accumulated other comprehensive income | 144 | 32 | 350.0 | % | ||||||
| Total Elmira Savings Bank shareholders' equity | 60,711 | 58,561 | 3.7 | % | ||||||
| Noncontrolling interest | 50 | 50 | 0.0 | % | ||||||
| Total shareholders' equity | 60,761 | 58,611 | 3.7 | % | ||||||
| Total liabilities and shareholders' equity | $ | 644,587 | $ | 606,829 | 6.2 | % | ||||
| 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) | 2020 | 2019 | % Change | 2020 | 2019 | % Change | ||||||||||||
| Interest and dividend income: | ||||||||||||||||||
| Interest and fees on loans | $ | 5,262 | $ | 5,642 | -6.7 | % | $ | 21,475 | $ | 21,857 | -1.7 | % | ||||||
| Interest and dividends on securities | ||||||||||||||||||
| Taxable | 155 | 218 | -28.9 | % | 708 | 977 | -27.5 | % | ||||||||||
| Non-taxable | 71 | 96 | -26.0 | % | 297 | 427 | -30.4 | % | ||||||||||
| Total interest and dividend income | 5,488 | 5,956 | -7.9 | % | 22,480 | 23,261 | -3.4 | % | ||||||||||
| Interest expense: | ||||||||||||||||||
| Interest on deposits | 968 | 1,585 | -38.9 | % | 5,018 | 5,992 | -16.3 | % | ||||||||||
| Interest on borrowings | 210 | 212 | -0.9 | % | 882 | 841 | 4.9 | % | ||||||||||
| Total interest expense | 1,178 | 1,797 | -34.4 | % | 5,900 | 6,833 | -13.7 | % | ||||||||||
| Net interest income | 4,310 | 4,159 | 3.6 | % | 16,580 | 16,428 | 0.9 | % | ||||||||||
| Provision for loan losses | 375 | 200 | 87.5 | % | 1,450 | 744 | 94.9 | % | ||||||||||
| Net interest income after provision for loan losses | 3,935 | 3,959 | -0.6 | % | 15,130 | 15,684 | -3.5 | % | ||||||||||
| Noninterest income: | ||||||||||||||||||
| Service fees | 292 | 345 | -15.4 | % | 1,163 | 1,399 | -16.9 | % | ||||||||||
| Gain on sale of loans held for sale | 1,820 | 662 | 174.9 | % | 4,577 | 1,790 | 155.7 | % | ||||||||||
| Gain on sale of securities | - | - | - | - | 90 | - | ||||||||||||
| Other service fees | 203 | 201 | 1.0 | % | 793 | 822 | -3.5 | % | ||||||||||
| Earnings on bank-owned life insurance | 104 | 101 | 3.0 | % | 402 | 385 | 4.4 | % | ||||||||||
| Other | 85 | 47 | 80.9 | % | 284 | 247 | 15.0 | % | ||||||||||
| Total noninterest income | 2,504 | 1,356 | 84.7 | % | 7,219 | 4,733 | 52.5 | % | ||||||||||
| Noninterest expense: | ||||||||||||||||||
| Salaries and benefits | 2,515 | 2,154 | 16.8 | % | 8,965 | 8,537 | 5.0 | % | ||||||||||
| Net occupancy | 396 | 363 | 9.1 | % | 1,613 | 1,562 | 3.3 | % | ||||||||||
| Equipment | 476 | 372 | 28.0 | % | 1,669 | 1,517 | 10.0 | % | ||||||||||
| Marketing and public relations | 168 | 272 | -38.2 | % | 693 | 1,060 | -34.6 | % | ||||||||||
| Professional fees | 195 | 213 | -8.5 | % | 653 | 574 | 13.8 | % | ||||||||||
| Other | 1,021 | 798 | 27.9 | % | 3,499 | 2,987 | 17.1 | % | ||||||||||
| Total noninterest expense | 4,771 | 4,172 | 14.4 | % | 17,092 | 16,237 | 5.3 | % | ||||||||||
| Income before income taxes | 1,668 | 1,143 | 45.9 | % | 5,257 | 4,180 | 25.8 | % | ||||||||||
| Income taxes | 379 | 198 | 91.4 | % | 1,093 | 689 | 58.6 | % | ||||||||||
| Net income | 1,289 | 945 | 36.4 | % | 4,164 | 3,491 | 19.3 | % | ||||||||||
| Less: Net income attributable to noncontrolling interest | 5 | 5 | - | 5 | 5 | - | ||||||||||||
| Net income attibutable to Elmira Savings Bank | 1,284 | 940 | 36.6 | % | 4,159 | 3,486 | 19.3 | % | ||||||||||
| Dividend on preferred stock | - | - | - | - | - | - | ||||||||||||
| Income available to common shareholders | $ | 1,284 | $ | 940 | 36.6 | % | $ | 4,159 | $ | 3,486 | 19.3 | % | ||||||
| Basic earnings per share | $ | 0.37 | $ | 0.27 | 37.0 | % | $ | 1.19 | $ | 1.00 | 19.0 | % | ||||||
| Diluted earnings per share | $ | 0.37 | $ | 0.27 | 37.0 | % | $ | 1.19 | $ | 1.00 | 19.0 | % | ||||||
| Weighted average shares outstanding - basic | 3,511,688 | 3,498,955 | 0.4 | % | 3,507,910 | 3,495,089 | 0.4 | % | ||||||||||
| Weighted average shares outstanding - diluted | 3,511,688 | 3,501,487 | 0.3 | % | 3,508,722 | 3,500,123 | 0.2 | % | ||||||||||
| Dividends per share | $ | 0.15 | $ | 0.23 | -34.8 | % | $ | 0.68 | $ | 0.92 | -26.1 | % | ||||||
| ELMIRA SAVINGS BANK | |||||||||||||||||
| AVERAGE BALANCES AND INTEREST RATES | |||||||||||||||||
| (Dollars in Thousands) | For the Three Months Ended | ||||||||||||||||
| December 31, 2020 | December 31, 2019 | ||||||||||||||||
| ASSETS: | Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | |||||||||||
| Loans | $ | 503,332 | $ | 5,262 | 4.15 | % | $ | 518,297 | $ | 5,642 | 4.32 | % | |||||
| Short-term investments | 2,348 | - | 0.04 | 730 | 3 | 1.64 | |||||||||||
| Securities | 22,177 | 226 | 4.04 | 30,290 | 311 | 4.09 | |||||||||||
| Total interest-earning assets | 527,857 | 5,488 | 4.13 | 549,317 | 5,956 | 4.30 | |||||||||||
| Noninterest-earning assets | 130,513 | 65,253 | |||||||||||||||
| TOTAL ASSETS | $ | 658,370 | $ | 614,570 | |||||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||
| Interest-bearing deposits | $ | 437,689 | $ | 968 | 0.88 | $ | 434,491 | $ | 1,585 | 1.45 | |||||||
| Borrowings | 43,831 | 210 | 1.87 | 29,000 | 212 | 2.85 | |||||||||||
| Total interest-bearing liabilities | 481,520 | 1,178 | 0.97 | 463,491 | 1,797 | 1.54 | |||||||||||
| Noninterest-bearing liabilities | 116,069 | 92,138 | |||||||||||||||
| Shareholders' equity | 60,781 | 58,941 | |||||||||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 658,370 | $ | 614,570 | |||||||||||||
| Interest rate spread | 3.16 | % | 2.76 | % | |||||||||||||
| Net interest income/margin | $ | 4,310 | 3.24 | % | $ | 4,159 | 3.01 | % | |||||||||
| ELMIRA SAVINGS BANK | |||||||||||||||||
| AVERAGE BALANCES AND INTEREST RATES | |||||||||||||||||
| (Dollars in Thousands) | For the Twelve Months Ended | ||||||||||||||||
| December 31, 2020 | December 31, 2019 | ||||||||||||||||
| ASSETS: | Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | |||||||||||
| Loans | $ | 516,170 | $ | 21,475 | 4.14 | % | $ | 500,066 | $ | 21,857 | 4.36 | % | |||||
| Short-term investments | 1,422 | 2 | 0.12 | 604 | 12 | 1.93 | |||||||||||
| Securities | 24,490 | 1,003 | 4.09 | 37,183 | 1,392 | 3.74 | |||||||||||
| Total interest-earning assets | 542,082 | 22,480 | 4.13 | 537,853 | 23,261 | 4.31 | |||||||||||
| Noninterest-earning assets | 104,926 | 68,787 | |||||||||||||||
| TOTAL ASSETS | $ | 647,008 | $ | 606,640 | |||||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||
| Interest-bearing deposits | $ | 434,495 | $ | 5,018 | 1.15 | $ | 430,831 | $ | 5,992 | 1.39 | |||||||
| Borrowings | 43,964 | 882 | 1.97 | 29,186 | 841 | 2.84 | |||||||||||
| Total interest-bearing liabilities | 478,459 | 5,900 | 1.23 | 460,017 | 6,833 | 1.48 | |||||||||||
| Noninterest-bearing liabilities | 108,595 | 87,883 | |||||||||||||||
| Shareholders' equity | 59,954 | 58,740 | |||||||||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 647,008 | $ | 606,640 | |||||||||||||
| Interest rate spread | 2.90 | % | 2.83 | % | |||||||||||||
| Net interest income/margin | $ | 16,580 | 3.06 | % | $ | 16,428 | 3.04 | % | |||||||||
| Quarter Ended | |||||||||||||||||
| (Dollars in Thousands, Except Per Share Data) | 12/31/2020 | 9/30/2020 | 6/30/2020 | 3/31/2020 | 12/31/2019 | ||||||||||||
| Operating Data | |||||||||||||||||
| Net income | $ | 1,284 | $ | 948 | $ | 909 | $ | 1,018 | $ | 940 | |||||||
| Net interest income | 4,310 | 3,852 | 4,137 | 4,281 | 4,159 | ||||||||||||
| Provision for loan losses | 375 | 450 | 575 | 50 | 200 | ||||||||||||
| Non-interest income | 2,504 | 1,928 | 1,648 | 1,139 | 1,356 | ||||||||||||
| Non-interest expense | 4,771 | 4,155 | 4,085 | 4,081 | 4,172 | ||||||||||||
| Performance Statistics | |||||||||||||||||
| Net interest margin | 3.24 | % | 2.81 | % | 2.98 | % | 3.16 | % | 3.01 | % | |||||||
| Annualized return on average assets | 0.78 | % | 0.55 | % | 0.57 | % | 0.68 | % | 0.61 | % | |||||||
| Annualized return on average equity | 8.40 | % | 6.27 | % | 6.12 | % | 6.93 | % | 6.33 | % | |||||||
| Annualized net loan charge-offs to avg loans | 0.03 | % | 0.04 | % | 0.09 | % | 0.05 | % | 0.14 | % | |||||||
| Net charge-offs | 38 | 57 | 116 | 60 | 183 | ||||||||||||
| Efficiency ratio | 70.0 | % | 71.9 | % | 70.6 | % | 75.3 | % | 75.6 | % | |||||||
| Per Share Data | |||||||||||||||||
| Basic earnings per share | $ | 0.37 | $ | 0.27 | $ | 0.26 | $ | 0.29 | $ | 0.27 | |||||||
| Diluted earnings per share | 0.37 | 0.27 | 0.26 | 0.29 | 0.27 | ||||||||||||
| Dividend declared per share | 0.15 | 0.15 | 0.15 | 0.23 | 0.23 | ||||||||||||
| Book value | 17.23 | 17.01 | 16.87 | 16.77 | 16.67 | ||||||||||||
| Common stock price: | |||||||||||||||||
| High | 13.25 | 11.18 | 13.39 | 17.40 | 15.99 | ||||||||||||
| Low | 10.44 | 10.30 | 10.49 | 11.50 | 13.97 | ||||||||||||
| Close | 11.50 | 11.02 | 11.00 | 11.50 | 15.10 | ||||||||||||
| Weighted average common shares: | |||||||||||||||||
| Basic | 3,512 | 3,509 | 3,507 | 3,503 | 3,499 | ||||||||||||
| Fully diluted | 3,512 | 3,509 | 3,507 | 3,507 | 3,501 | ||||||||||||
| End-of-period common shares: | |||||||||||||||||
| Issued | 3,617 | 3,617 | 3,617 | 3,611 | 3,606 | ||||||||||||
| Treasury | 94 | 94 | 94 | 94 | 94 | ||||||||||||
| Financial Condition Data: | |||||||||||||||||
| General | |||||||||||||||||
| Total assets | $ | 644,587 | $ | 674,032 | $ | 675,862 | $ | 598,017 | $ | 606,829 | |||||||
| Loans, net | 478,013 | 504,946 | 518,698 | 506,076 | 514,295 | ||||||||||||
| Intangibles | 12,320 | 12,320 | 12,320 | 12,320 | 12,320 | ||||||||||||
| Total deposits | 547,021 | 551,350 | 551,225 | 501,760 | 512,215 | ||||||||||||
| Noninterest-bearing | 109,346 | 107,423 | 109,985 | 83,431 | 81,934 | ||||||||||||
| Savings | 82,573 | 79,492 | 79,150 | 72,174 | 70,358 | ||||||||||||
| NOW | 100,293 | 98,464 | 91,166 | 83,323 | 88,126 | ||||||||||||
| Money Market | 35,920 | 34,375 | 28,467 | 20,306 | 24,724 | ||||||||||||
| Time deposits | 218,889 | 231,596 | 242,457 | 242,526 | 247,073 | ||||||||||||
| Total interest-bearing deposits | 437,675 | 443,927 | 441,240 | 418,329 | 430,281 | ||||||||||||
| Shareholders' equity | 60,761 | 59,960 | 59,496 | 59,044 | 58,611 | ||||||||||||
| Asset Quality | |||||||||||||||||
| Non-performing assets | $ | 5,304 | $ | 5,507 | $ | 5,578 | $ | 4,686 | $ | 4,723 | |||||||
| Non-performing assets to total assets | 0.82 | % | 0.82 | % | 0.83 | % | 0.78 | % | 0.78 | % | |||||||
| Allowance for loan losses | 5,755 | 5,418 | 5,025 | 4,566 | 4,576 | ||||||||||||
| Allowance for loan losses to total loans | 1.19 | % | 1.06 | % | 0.96 | % | 0.89 | % | 0.88 | % | |||||||
| Allowance for loan losses to | |||||||||||||||||
| non-performing loans | 112.67 | % | 104.11 | % | 95.28 | % | 105.43 | % | 108.51 | % | |||||||
| Non-performing loans to total loans | 1.07 | % | 1.03 | % | 1.02 | % | 0.86 | % | 0.82 | % | |||||||
| Capitalization | |||||||||||||||||
| Shareholders' equity to total assets | 9.43 | % | 8.90 | % | 8.80 | % | 9.87 | % | 9.66 | % | |||||||
For further information contact:
Thomas M. Carr, President & CEO
Elmira Savings Bank
333 East Water Street
Elmira, New York 14901
(607) 735-8660
tcarr@elmirasavingsbank.com