ELMIRA, NY--(Marketwire - January 20, 2011) - Elmira Savings Bank, FSB (
NASDAQ:
ESBK) today
announced net income for the twelve months ended December 31, 2010 totaling
$4,833,000 or $1.72 per diluted share, compared to the $4,526,000 or $1.60
per diluted share reported for the same period in 2009. This was an
increase in net income of 6.8% or $307,000.
Net income for the three months ended December 31, 2010 totaled $1,226,000
or $.43 per diluted share, compared to a net income of $1,253,000 or $.45
per diluted share in the fourth quarter of 2009.
Net interest income was $14.9 million for 2010 compared to $15.7 million in
2009. This decline was offset by a decrease of $1.2 million in operating
expenses to $11.9 million for 2010 from $13.1 million in 2009.
Total assets increased by $.8 million or .2% from $499.0 million on
December 31, 2009 to $499.8 million at December 31, 2010. Total
outstanding loans increased by $2.9 million or .9% from $307.6 million as
of December 31, 2009 to $310.5 million as of December 31, 2010. Total
deposits increased by $4.0 million or 1.1% from $352.6 million as of
December 31, 2009 to $356.6 million as of December 31, 2010.
"In 2010 we continued to focus on improving profitability and are pleased
to be able to report record earnings of $4.8 million. This level of
earnings was accomplished, in part, through fee income earned on the
origination of over $100 million of residential mortgages, improvement in
our asset quality, and enhancement of our operating efficiency. Although
our asset quality has always remained strong, during 2010 we continued to
focus on improvement and are proud to have reduced our nonperforming loans
by 56% and our loan delinquencies by 50% from December 2009," said Michael
P. Hosey, President and Chief Executive Officer.
Hosey continued, "As we move forward into 2011, we believe we are well
positioned to continue to improve earnings through loan growth, net
interest margin maintenance, and diligent focus on operating efficiency.
During the fourth quarter of 2010, we expanded into Cortland County by
opening a loan center. We also expanded our delivery channels during the
fourth quarter by introducing our mobile banking product, which provides
ultimate convenience by facilitating banking through personal devices such
as BlackBerrys and cell phones."
Elmira Savings Bank, FSB with $499.8 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 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 Twelve Months Ended
December 31, December 31,
---------------------------------------
2010 2009 2010 2009
--------- --------- --------- ---------
Net interest income $ 3,868 $ 3,894 $ 14,919 $ 15,703
Provision for loan losses 80 - 515 592
Gain on sale of securities 5 - 474 63
Other noninterest income 1,070 983 4,119 4,575
Total noninterest expense 3,045 2,956 11,859 13,070
Income before taxes 1,818 1,921 7,138 6,679
Net income 1,226 1,253 4,833 4,526
Dividends on preferred stock 365 366 1,451 1,410
Income available to common
shareholders 861 887 3,382 3,116
Basic earnings per common share $ 0.44 $ 0.46 $ 1.75 $ 1.62
Diluted earnings per common share $ 0.43 $ 0.45 $ 1.72 $ 1.60
Dividends per common share $ 0.20 $ 0.20 $ 0.80 $ 0.80
Elmira Savings Bank, FSB
SELECTED CONSOLIDATED BALANCE SHEET ITEMS
(Unaudited)
(In thousands except per share amounts)
December 31, December 31,
2010 2009
------------ ------------
Total assets $ 499,839 $ 498,983
Loans receivable 310,477 307,616
Allowance for loan losses 2,909 3,139
Deposits 356,621 352,591
Borrowings 81,093 87,162
Shareholders' equity 56,451 54,546
Book value per common share $ 19.30 $ 18.82
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
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