ELMIRA, NY--(Marketwire - Jan 19, 2012) - Elmira Savings Bank (
Net income for the three months ended December 31, 2011 totaled $1,291,000 or $.40 per diluted share, compared to a net income of $1,226,000 or $.39 per diluted share in the fourth quarter of 2010.
Net interest income was $15.6 million for 2011 compared to $14.9 million in 2010. The increase in net interest income was partially offset by an increase in noninterest expense of $343,000 or 2.9%.
Total assets increased by $23.5 million or 4.7% from $499.8 million on December 31, 2010 to $523.4 million at December 31, 2011. Total outstanding loans increased by $36.0 million or 11.6% from $309.9 million as of December 31, 2010 to $345.9 million as of December 31, 2011. Total deposits increased by $25.1 million or 7.0% from $356.6 million as of December 31, 2010 to $381.7 million as of December 31, 2011.
"We are pleased with our results from 2011, achieving net income of over $5 million for the first time in our institution's history. During 2011, we experienced strong loan growth in all our portfolios. We increased our residential loan portfolio by $26 million or 15%, with over $110 million of originations. Additionally, we increased our commercial loan portfolio by $14 million or 14%, with over $41 million of originations," said Michael P. Hosey, President and Chief Executive Officer.
Hosey continued, "Our net interest margin, asset quality, and efficiency all continue to be strong. The dividend yield on our common stock is in excess of 5%. We continue to focus our commercial lending efforts on lending to small businesses."
Elmira Savings Bank, with $523.4 million in total assets, is insured by the Federal Deposit Insurance Corporation (FDIC) and is a New York State chartered Bank with six 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, | |||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||
| Net interest income | $ | 3,845 | $ | 3,868 | $ | 15,550 | $ | 14,919 | ||||
| Provision for loan losses | 141 | 80 | 668 | 515 | ||||||||
| Gain on sale of securities | 152 | 5 | 448 | 474 | ||||||||
| Other noninterest income | 1,230 | 1,070 | 4,279 | 4,119 | ||||||||
| Total noninterest expense | 3,166 | 3,045 | 12,202 | 11,859 | ||||||||
| Income before taxes | 1,920 | 1,818 | 7,407 | 7,138 | ||||||||
| Net income | 1,291 | 1,226 | 5,029 | 4,833 | ||||||||
| Dividends on preferred stock | 406 | 344 | 1,512 | 1,367 | ||||||||
| Accretion of preferred stock discount | 0 | 21 | 252 | 84 | ||||||||
| Income available to common shareholders | 885 | 861 | 3,265 | 3,382 | ||||||||
| Basic earnings per common share | $ | 0.41 | $ | 0.40 | $ | 1.52 | $ | 1.59 | ||||
| Diluted earnings per common share | $ | 0.40 | $ | 0.39 | $ | 1.48 | $ | 1.56 | ||||
| Dividends per common share | $ | 0.20 | $ | 0.18 | $ | 0.75 | $ | 0.73 | ||||
| Elmira Savings Bank, FSB | |||||
| SELECTED CONSOLIDATED BALANCE SHEET ITEMS | |||||
| (Unaudited) | |||||
| (In thousands except per share amounts) | |||||
| December 31 | December 31 | ||||
| 2011 | 2010 | ||||
| Total assets | $ | 523,358 | $ | 499,839 | |
| Loans receivable | 345,982 | 309,945 | |||
| Allowance for loan losses | 3,299 | 2,909 | |||
| Deposits | 381,729 | 356,621 | |||
| Borrowings | 70,019 | 81,093 | |||
| Shareholders' equity | 64,615 | 56,451 | |||
| Book value per common share | $ | 18.83 | $ | 17.45 | |
| (1) Per share data have been adjusted to reflect the 10% stock dividend, or 196,819 shares, distributed on December 28, 2011. | |||||
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
E-Mail