Welcome!

News Feed Item

Elmira Savings Bank Reports Third Quarter Earnings

ELMIRA, NY -- (Marketwired) -- 10/23/13 -- Elmira Savings Bank (NASDAQ: ESBK)

Highlights

  • Net income was $1,369,000 and $3,935,000 for the three and nine months ended September 30, 2013 compared to $1,398,000 and $3,914,000 for the same periods in 2012.

  • Diluted earnings per share were $.44 per share and $1.20 per share for the three and nine months ended September 30, 2013 compared to $.41 per share and $1.14 per share for the same periods in 2012. These represent increases of 7.3% and 5.3% for the three and nine months ended September 30, 2013 compared to the same periods in 2012.

  • Return on average assets was 1.05% and 1.01% for the three and nine months ended September 30, 2013 compared to 1.04% and .99% for the same periods in 2012.

  • Return on average equity was 9.55% and 8.75% for the three and nine months ended September 30, 2013 compared to 8.39% and 7.95% for the same periods in 2012.

"We are pleased to report strong operating results for the first nine months of 2013. Our redemption of $10.5 million of preferred stock at the end of first quarter of 2013, combined with increased earnings has resulted in an increase of earnings per share by 5% for the first nine months of 2013 compared to the same period in 2012," said Thomas M. Carr, President and COO.

Net Income

Net income totaled $3,935,000 for the nine months ended September 30, 2013, an increase of $21,000 or 1% from the $3,914,000 of net income recorded for the same period in 2012. This increase of $21,000 was the net result of a reduction in tax expense of $773,000 and a reduction in the provision for loan losses of $106,000, offset by a decline in net interest income of $69,000, a decrease in noninterest income of $143,000, and an increase in noninterest expense of $646,000.

Net income totaled $1,369,000 for the three months ended September 30, 2013, a decrease of $29,000 or 2% from the $1,398,000 recorded for the same period in 2012. This decrease was the net result of a reduction in tax expense of $313,000 and a reduction in the provision for loan losses of $104,000, offset by a decline in noninterest income and net interest income of $249,000 and $40,000, respectively, and an increase of $157,000 in noninterest expense.

Basic and diluted earnings per share for the nine months ended September 30, 2013 were $1.26 per share and $1.20 per share compared to $1.19 per share and $1.14 per share for the same period in 2012. Basic and diluted earnings per share for the three months ended September 30, 2013 were $.46 per share and $.44 per share compared to $.44 per share and $.41 per share for the same period in 2012.

Net Interest Margin

The net interest margin for the nine months ended September 30, 2013 was 3.26% compared to 3.37% for the same period in 2012. The yield on average earning assets was 4.39% for the nine months ended September 30, 2013 compared to 4.70% for the same period in 2012. The average cost of interest-bearing liabilities was 1.32% for the nine months ended September 30, 2013 compared to 1.50% for the same period in 2012.

The net interest margin for the three months ended September 30, 2013 was 3.23% compared to 3.32% for the same period in 2012. The average yield on earning assets was 4.34% for the three months ended September 30, 2013 compared to 4.56% for the same period in 2012. The average cost of interest-bearing liabilities was 1.31% for the three months ended September 30, 2013 compared to 1.41% for the same period in 2012.

Assets

Total assets decreased $17.2 million or 3% to $519.7 million at September 30, 2013 compared to $536.9 million at December 31, 2012. Loans receivable increased 2% to $385.1 million at September 30, 2013 compared to December 31, 2012. The available-for-sale investment portfolio decreased $7.6 million from December 31, 2012 to September 30, 2013.

"During the first nine months of 2013, our loan originations have remained strong. We are excited about expanding our mortgage origination operation into Broome County, New York, with the opening of our loan production office on the Vestal Parkway," said Thomas M. Carr, President and COO.

Nonperforming Loans

Our nonperforming loans to total loans ratio has decreased to .86% at September 30, 2013 from 1.02% at December 31, 2012. Net loan charge-offs to average loans for the nine months ended September 30, 2013 remained low at 0.08%, consistent with the nine month period ended September 30, 2012 when net recoveries totaled $9,000. The allowance for loan losses was 0.99% of total loans at September 30, 2013 and December 31, 2012.

Liabilities

Deposits totaled $396.6 million at September 30, 2013, a decrease of $13.0 million or 3%. The $13.0 million decrease primarily consists of a $14.1 million decrease in time deposits and a $4.1 million decrease in NOW accounts, partially offset by a $2.3 million increase in money market accounts. Borrowed funds increased by $6.0 million or 11%.

Shareholders' Equity

Shareholders' equity decreased $9.6 million to $57.3 million at September 30, 2013 compared to December 31, 2012. The decrease in shareholders' equity is attributable to the Bank redeeming $10.5 million of preferred stock issued to the United States Treasury Department through the Small Business Lending Fund. The current level of shareholders' equity equates to a book value per share of $18.29 at September 30, 2013, compared to $18.50 at December 31, 2012. Dividends paid to common shareholders were $0.23 and $0.69 for the three and nine months ended September 30, 2013 compared to $0.22 and $0.64 for the same periods in 2012, representing increases of 4.5% for the three month period and 7.8% for the nine month period.

Elmira Savings Bank, with $519.7 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; a loan center in Cortland County, NY; 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)                      September 30,  December 31,
                                      -------------  ------------  --------
                                           2013          2012      % Change
                                      -------------  ------------  --------
ASSETS

Cash and due from banks               $      20,333  $     39,641     -48.7%
Federal funds sold and other short-
 term investments                               590           684     -13.7%
                                      -------------  ------------  --------
  Total cash and cash equivalents            20,923        40,325     -48.1%

Securities available for sale, at
 fair value                                  59,309        66,875     -11.3%
Securities held to maturity - fair
 value $7,775 at September 30, 2013,
 and $5,853 at December 31, 2012              7,601         5,521      37.7%
Federal Reserve and Federal Home Loan
 Bank (FHLB) stock, at cost                  10,280         9,178      12.0%

Loans held for sale                           2,682         3,167     -15.3%

Loans receivable                            385,117       378,108       1.9%
Less: Allowance for loan losses               3,819         3,740       2.1%
                                      -------------  ------------  --------
  Net loans                                 381,298       374,368       1.9%

Premises and equipment, net                   8,311         7,947       4.6%
Bank-owned life insurance                    12,295        11,988       2.6%
Accrued interest receivable                   1,552         1,529       1.5%
Intangible assets, net                          235           316     -25.6%
Goodwill                                     12,320        12,320       0.0%
Other assets                                  2,941         3,402     -13.6%
                                      -------------  ------------  --------
  Total assets                        $     519,747  $    536,936      -3.2%
                                      =============  ============  ========

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits                              $     396,600  $    409,565      -3.2%
Borrowings                                   60,000        54,000      11.1%
Other liabilities                             5,857         6,462      -9.4%
                                      -------------  ------------  --------
  Total liabilities                         462,457       470,027      -1.6%
                                      -------------  ------------  --------

Shareholders' equity:
Preferred stock, $1,000 liquidation
 value per issued share; 5,000,000
 shares authorized; 13,515 shares
 issued at September 30, 2013 and at
 24,063 shares issued at December 31,
 2012                                        13,215        23,763     -44.4%
Common stock, $1 par value;
 authorized 5,000,000 shares;
 2,522,872 shares issued at September
 30, 2013 and 2,454,840 shares issued
 at December 31, 2012                         2,523         2,455       2.8%
Additional paid-in capital                   41,709        41,448       0.6%
Retained earnings                             2,208           868     154.4%
Treasury stock, at cost - 116,268
 shares at September 30, 2013 and
 125,865 shares at December 31, 2012         (3,327)       (3,548)     -6.2%
Accumulated other comprehensive
 income                                         906         1,872     -51.6%
                                      -------------  ------------  --------
  Total Elmira Savings Bank
   shareholders' equity                      57,234        66,858     -14.4%
Noncontrolling interest                          56            51       9.8%
                                      -------------  ------------  --------
  Total shareholders' equity                 57,290        66,909     -14.4%
                                      -------------  ------------  --------
  Total liabilities and shareholders'
   equity                             $     519,747  $    536,936      -3.2%
                                      =============  ============  ========



                            ELMIRA SAVINGS BANK
                      CONSOLIDATED STATEMENT OF INCOME
                                (unaudited)

                      Three Months Ended             Nine Months Ended
                         September 30,                 September 30,
(in thousands,   ----------------------------  ----------------------------
 except for per                           %                             %
 share data)        2013       2012    Change     2013       2012    Change
                 ---------- ---------- ------  ---------- ---------- ------

Interest and
 Dividend
 Income:
  Interest and
   fees on loans $    4,461 $    4,551   -2.0% $   13,324 $   13,645   -2.4%
  Interest and
   dividends on
   securities
    Taxable             419        507  -17.4%      1,290      1,635  -21.1%
    Non-taxable         196        179    9.5%        572        576   -0.7%
                 ---------- ---------- ------  ---------- ---------- ------
    Total
     interest
     and
     dividend
     income           5,076      5,237   -3.1%     15,186     15,856   -4.2%
                 ---------- ---------- ------  ---------- ---------- ------

Interest
 Expense:
  Interest on
   deposits             805        938  -14.2%      2,443      2,809  -13.0%
  Interest
   expense on
   borrowings           501        489    2.5%      1,462      1,697  -13.8%
                 ---------- ---------- ------  ---------- ---------- ------
    Total
     interest
     expense          1,306      1,427   -8.5%      3,905      4,506  -13.3%
                 ---------- ---------- ------  ---------- ---------- ------
Net interest
 income               3,770      3,810   -1.0%     11,281     11,350   -0.6%
Provision for
 loan losses             50        154  -67.5%        315        421  -25.2%
                 ---------- ---------- ------  ---------- ---------- ------
Net interest
 income after
 provision for
 loan losses          3,720      3,656    1.8%     10,966     10,929    0.3%
                 ---------- ---------- ------  ---------- ---------- ------

Noninterest
 Income:
  Service fees          353        307   15.0%        998        945    5.6%
  Net gain on
   sale of loans        817      1,072  -23.8%      2,471      2,608   -5.3%
  Gain on sale
   of securities          -          -      -          61         75  -18.7%
  Other service
   fees                 160        195  -17.9%        486        512   -5.1%
  Earnings on
   bank-owned
   life
   insurance            126        125    0.8%        307        293    4.8%
  Other                  18         24  -25.0%         55         88  -37.5%
                 ---------- ---------- ------  ---------- ---------- ------
    Total
     noninterest
     income           1,474      1,723  -14.5%      4,378      4,521   -3.2%
                 ---------- ---------- ------  ---------- ---------- ------

Noninterest
 Expense:
  Salaries and
   benefits           1,837      1,643   11.8%      5,444      4,967    9.6%
  Net occupancy         296        270    9.6%        939        856    9.7%
  Equipment             255        243    4.9%        767        689   11.3%
  Marketing and
   public
   relations            182        249  -26.9%        533        545   -2.2%
  Professional
   fees                 168        144   16.7%        544        496    9.7%
  Other                 690        722   -4.4%      2,062      2,090   -1.3%
                 ---------- ---------- ------  ---------- ---------- ------
    Total
     noninterest
     expense          3,428      3,271    4.8%     10,289      9,643    6.7%
                 ---------- ---------- ------  ---------- ---------- ------
Income before
 income taxes         1,766      2,108  -16.2%      5,055      5,807  -12.9%
Income taxes            397        710  -44.1%      1,120      1,893  -40.8%
                 ---------- ---------- ------  ---------- ---------- ------
Net income            1,369      1,398   -2.1%      3,935      3,914    0.5%
Less: Net income
 attributable to
 noncontrolling
 interest                 -          -      -           -          -      -
                 ---------- ---------- ------  ---------- ---------- ------

Net income
 attibutable to
 Elmira Savings
 Bank                 1,369      1,398   -2.1%      3,935      3,914    0.5%

Dividend on
 preferred stock        268        405  -33.8%        938      1,203  -22.0%
                 ---------- ---------- ------  ---------- ---------- ------
Income available
 to common
 shareholders    $    1,101 $      993   10.9% $    2,997 $    2,711   10.5%
                 ========== ========== ======  ========== ========== ======


Basic earnings
 per share       $     0.46 $     0.44    4.5% $     1.26 $     1.19    5.9%
                 ========== ========== ======  ========== ========== ======

Diluted earnings
 per share       $     0.44 $     0.41    7.3% $     1.20 $     1.14    5.3%
                 ========== ========== ======  ========== ========== ======

Weighted average
 shares
 outstanding -
 basic            2,387,156  2,279,794    4.7%  2,369,962  2,269,547    4.4%
                 ========== ========== ======  ========== ========== ======

Weighted average
 shares
 outstanding -
 diluted          2,494,943  2,395,579    4.1%  2,488,271  2,371,702    4.9%
                 ========== ========== ======  ========== ========== ======

Dividends per
 share           $     0.23 $     0.22    4.5% $     0.69 $     0.64    7.8%
                 ========== ========== ======  ========== ========== ======

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
                       ----------------------------------------------------
                           September 30, 2013         September 30, 2012
                       -------------------------  -------------------------
                        Average          Average   Average          Average
ASSETS:                 Balance Interest   Rate    Balance Interest   Rate
                       -------- -------- -------  -------- -------- -------
Loans                  $386,316 $  4,461    4.59% $371,475 $  4,551    4.88%
Short-term investments    2,179        -    0.04     1,610        -    0.07
Securities               76,809      615    3.20    84,322      686    3.25
                       -------- -------- -------  -------- -------- -------
Total interest-earning
 assets                 465,304    5,076    4.34   457,407    5,237    4.56
                       -------- -------- -------  -------- -------- -------

Noninterest-earning
 assets                  53,038                     73,740
                       --------                   --------

TOTAL ASSETS           $518,342                   $531,147
                       ========                   ========

LIABILITIES AND
 SHAREHOLDERS' EQUITY
Interest-bearing
 deposits              $336,967 $    805    0.95  $347,397 $    938    1.07
Borrowings               56,565      501    3.47    54,217      489    3.53
                       -------- -------- -------  -------- -------- -------
Total interest-bearing
 liabilities            393,532    1,306    1.31   401,614    1,427    1.41
                       -------- -------- -------  -------- -------- -------

Noninterest-bearing
 liabilities             67,929                     63,444
Shareholders' equity     56,881                     66,089
                       --------                   --------

TOTAL LIABILITIES AND
 SHAREHOLDERS' EQUITY  $518,342                   $531,147
                       ========                   ========
Interest rate spread                        3.03%                      3.15%
                                         =======                    =======
Net interest
 income/margin                  $  3,770    3.23%          $  3,810    3.32%
                                ======== =======           ======== =======



                            ELMIRA SAVINGS BANK
                    AVERAGE BALANCES AND INTEREST RATES

(Dollars in Thousands)               For the Nine Months Ended
                       ----------------------------------------------------
                           September 30, 2013         September 30, 2012
                       -------------------------  -------------------------
                        Average          Average   Average          Average
ASSETS:                 Balance Interest   Rate    Balance Interest   Rate
                       -------- -------- -------  -------- -------- -------
Loans                  $380,661 $ 13,324    4.67% $358,605 $ 13,645    5.07%
Short-term investments    2,216        1    0.04     1,270        -    0.08
Securities               78,616    1,861    3.16    89,748    2,211    3.29
                       -------- -------- -------  -------- -------- -------
Total interest-earning
 assets                 461,493   15,186    4.39   449,623   15,856    4.70
                       -------- -------- -------  -------- -------- -------

Noninterest-earning
 assets                  58,878                     74,606
                       --------                   --------

TOTAL ASSETS           $520,371                   $524,229
                       ========                   ========

LIABILITIES AND
 SHAREHOLDERS' EQUITY
Interest-bearing
 deposits              $338,940 $  2,443    0.96  $338,096 $  2,809    1.11
Borrowings               55,063    1,462    3.50    61,511    1,697    3.62
                       -------- -------- -------  -------- -------- -------
Total interest-bearing
 liabilities            394,003    3,905    1.32   399,607    4,506    1.50
                       -------- -------- -------  -------- -------- -------

Noninterest-bearing
 liabilities             66,238                     59,066
Shareholders' equity     60,130                     65,556
                       --------                   --------

TOTAL LIABILITIES AND
 SHAREHOLDERS' EQUITY  $520,371                   $524,229
                       ========                   ========
Interest rate spread                        3.07%                      3.20%
                                         =======                    =======
Net interest
 income/margin                  $ 11,281    3.26%          $ 11,350    3.37%
                                ======== =======           ======== =======



(Dollars in                               Quarter Ended
 Thousands, Except
 Per Share Data)     9/30/2013  6/30/2013  3/31/2013  12/31/2012  9/30/2012
                     ---------  ---------  ---------  ----------  ---------
Operating Data
  Net income         $   1,369      1,374  $   1,192  $    1,299  $   1,398
  Net interest
   income                3,770      3,712      3,799       3,739      3,810
  Provision for loan
   losses                   50         85        180          42        154
  Net security gains         -          -         61           -          -
  Non-interest
   income, ex. Net
   security gains        1,474      1,419      1,424       1,529      1,723
  Non-interest
   expense               3,428      3,485      3,376       3,301      3,271
Performance
 Statistics
  Net interest
   margin                 3.23%      3.24%      3.32%       3.25%      3.32%
  Annualized return
   on average assets      1.05%      1.07%      0.91%       0.97%      1.04%
  Annualized return
   on average equity      9.55%      9.67%      7.26%       7.72%      8.39%
  Annualized net
   loan charge-offs
   to avg loans           0.04%      0.00%      0.21%       0.03%     -0.02%
  Net charge-offs
   (recoveries)             40          -        196          31        (19)
  Efficiency ratio        65.4%      67.9%      63.9%       62.7%      59.1%
Per Share Data
  Basic earnings per
   share             $    0.46       0.46  $    0.34  $     0.39  $    0.44
  Diluted earnings
   per share              0.44       0.44       0.32        0.37       0.42
  Dividend declared
   per share              0.23       0.23       0.23        0.22       0.22
  Book value             18.29      18.10      18.13       18.50      18.52
  Common stock
   price:
    High                 25.00      26.32      25.35       23.65      19.04
    Low                  21.23      20.00      22.74       18.48      17.50
    Close                24.28      21.55      25.35       22.74      18.86
  Weighted average
   common shares:
    Basic                2,387      2,382      2,335       2,297      2,280
    Fully diluted        2,495      2,492      2,471       2,424      2,396
  End-of-period
   common shares:
    Issued               2,523      2,519      2,510       2,455      2,438
    Treasury               116        116        116         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       $ 519,747    516,137  $ 510,915  $  536,936  $ 534,159
  Loans, net           381,298    380,252    370,753     374,368    369,851
  Intangibles           12,555     12,582     12,609      12,636     12,667
  Total deposits       396,600    396,993    395,091     409,565    406,216
    Noninterest-
     bearing            62,616     61,018     58,118      61,444     58,760
    Savings             60,710     61,918     60,177      59,034     56,115
    NOW                 72,076     71,894     71,472      76,133     73,079
    Money Market        22,465     20,826     19,222      20,131     23,082
    Time deposits      178,733    181,337    186,102     192,823    195,180
    Total interest-
     bearing
     deposits          333,984    335,975    336,973     348,121    347,456
  Shareholders'
   equity               57,290     56,745     56,677      66,609     66,543
Asset Quality
  Non-performing
   assets            $   3,302      3,575  $   3,826  $    3,986  $   3,980
  Non-performing
   assets to total
   assets                 0.64%      0.69%      0.75%       0.74%      0.75%
  Allowance for loan
   losses                3,819      3,809      3,724       3,740      3,729
  Allowance for loan
   losses to total
   loans                  0.99%      0.99%      0.99%       0.99%      1.00%
  Allowance for loan
   losses to non-
   performing loans     115.66%    106.55%    100.95%      96.87%     97.29%
  Non-performing
   loans to total
   loans                  0.86%      0.93%      0.99%       1.02%      1.03%
Capitalization
  Shareholders'
   equity to total
   assets                11.02%     10.99%     11.09%      12.41%     12.46%

Add to Digg Bookmark with del.icio.us Add to Newsvine

For further information contact:
Thomas M. Carr
President & COO
Elmira Savings Bank
333 East Water Street
Elmira, New York 14901
(607) 735-8660
Email Contact

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Dave McCarthy, Director of Products at Bsquare Corporation; Alan Williamson, Principal...
Infrastructure is widely available, but who’s managing inbound/outbound traffic? Data is created, stored, and managed online – who is protecting it and how? In his session at 19th Cloud Expo, Jaeson Yoo, SVP of Business Development at Penta Security Systems Inc., discussed how to keep any and all infrastructure clean, safe, and efficient by monitoring and filtering all malicious HTTP/HTTPS traffic at the OSI Layer 7. Stop attacks and web intruders before they can enter your network.
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
In his session at Cloud Expo, Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, provideed economic scenarios that describe how the rapid adoption of software-defined everything including cloud services, SDDC and open networking will change GDP, industry growth, productivity and jobs. This session also included a drill down for several industries such as finance, social media, cloud service providers and pharmaceuticals.
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2017 New York The 7th Internet of @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, New York. Chris Matthieu is the co-founder and CTO of Octoblu, a revolutionary real-time IoT platform recently acquired by Citrix. Octoblu connects things, systems, people and clouds to a global mesh network allowing users to automate and control design flo...
Unsecured IoT devices were used to launch crippling DDOS attacks in October 2016, targeting services such as Twitter, Spotify, and GitHub. Subsequent testimony to Congress about potential attacks on office buildings, schools, and hospitals raised the possibility for the IoT to harm and even kill people. What should be done? Does the government need to intervene? This panel at @ThingExpo New York brings together leading IoT and security experts to discuss this very serious topic.
Businesses and business units of all sizes can benefit from cloud computing, but many don't want the cost, performance and security concerns of public cloud nor the complexity of building their own private clouds. Today, some cloud vendors are using artificial intelligence (AI) to simplify cloud deployment and management. In his session at 20th Cloud Expo, Ajay Gulati, Co-founder and CEO of ZeroStack, will discuss how AI can simplify cloud operations. He will cover the following topics: why clou...
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lead...
"Qosmos has launched L7Viewer, a network traffic analysis tool, so it analyzes all the traffic between the virtual machine and the data center and the virtual machine and the external world," stated Sebastien Synold, Product Line Manager at Qosmos, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, will share examples from a wide range of industries – includin...
Kubernetes is a new and revolutionary open-sourced system for managing containers across multiple hosts in a cluster. Ansible is a simple IT automation tool for just about any requirement for reproducible environments. In his session at @DevOpsSummit at 18th Cloud Expo, Patrick Galbraith, a principal engineer at HPE, discussed how to build a fully functional Kubernetes cluster on a number of virtual machines or bare-metal hosts. Also included will be a brief demonstration of running a Galera MyS...
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
"We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.