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Elmira Savings Bank Reports Second Quarter Earnings

ELMIRA, NY -- (Marketwired) -- 07/16/14 -- Elmira Savings Bank (NASDAQ: ESBK)

Highlights

  • Net income was $1,099,000 and $2,159,000 for the three and six months ended June 30, 2014 compared to $1,374,000 and $2,566,000 for the same periods in 2013.

  • Diluted earnings per share were $.31 per share and $.61 per share for the three and six months ended June 30, 2014 compared to $.40 per share and $.69 per share for the same periods in 2013.

  • Return on average assets was .86% and .85% for the three and six months ended June 30, 2014 compared to 1.07% and .99% for the same periods in 2013.

  • Return on average equity was 7.95% and 7.89% for the three and six months ended June 30, 2014 compared to 9.67% and 8.38% for the same periods in 2013.

"During the first six months of 2014, the Bank experienced a decline in its mortgage originations, despite maintaining its market share, due to lower levels of refinancing, as well as purchasing activity across our market area. This decline in originations has unfavorably affected our level of noninterest income," said Thomas M. Carr, President and COO.

Mr. Carr continued, "We have maintained our net interest margin, limited our operating expenses, increased deposit fee income, and continue to have strong asset quality."

Net Income

Net income totaled $2,159,000 for the six months ended June 30, 2014, a decrease of $407,000 or 16% from the $2,566,000 of net income recorded for the same period in 2013. This decrease was the net result of a decrease in noninterest income of $341,000, an increase in tax expense of $237,000, and an increase in noninterest expense of $46,000, offset by an increase in net interest income of $81,000 and a decrease in the provision for loan losses of $136,000.

Net income totaled $1,099,000 for the three months ended June 30, 2014, a decrease of $275,000 or 20% from the $1,374,000 recorded for the same period in 2013. This decrease was the net result of a decrease in noninterest income of $145,000 and an increase in tax expense of $288,000, offset by a decrease in noninterest expense of $141,000, an increase in net interest income of $7,000 and a decrease in the provision for loan losses of $10,000.

Net income of $1.1 million for the current quarter ended June 30, 2014 represents an increase of $39,000, or 4%, from net income for the preceding quarter ended March 31, 2014.

Basic and diluted earnings per share for the six months ended June 30, 2014 were $.64 per share and $.61 per share compared to $.73 per share and $.69 per share for the same period in 2013. Basic and diluted earnings per share for the three months ended June 30, 2014 were $.33 per share and $.31 per share compared to $.42 per share and $.40 per share for the same period in 2013.

Net Interest Margin

The net interest margin for the six months ended June 30, 2014 was 3.25% compared to 3.28% for the same period in 2013. The yield on average earning assets was 4.28% for the six months ended June 30, 2014 compared to 4.41% for the same period in 2013. The average cost of interest-bearing liabilities was 1.22% for the six months ended June 30, 2014 compared to 1.32% for the same period in 2013.

The net interest margin for the three months ended June 30, 2014 was 3.19% compared to 3.24% for the same period in 2013. The average yield on earning assets was 4.22% for the three months ended June 30, 2014 compared to 4.36% for the same period in 2013. The average cost of interest-bearing liabilities was 1.22% for the three months ended June 30, 2014 compared to 1.32% for the same period in 2013.

Assets

Total assets increased $2.7 million or 0.5% to $517.1 million at June 30, 2014 compared to $514.3 million at December 31, 2013. Loans receivable increased 1.6% to $395.4 million at June 30, 2014 compared to December 31, 2013. The available-for-sale investment portfolio decreased $8.7 million from December 31, 2013 to June 30, 2014.

Nonperforming Loans

Our nonperforming loans to total loans ratio has increased to 1.06% at June 30, 2014 from .90% at December 31, 2013. Net loan charge-offs to average loans for the six months ended June 30, 2014 of 0.09% decreased from 0.10% for the six months ended June 30, 2013. The allowance for loan losses was 0.96% of total loans at June 30, 2014 and 0.99% of total loans at December 31, 2013.

Liabilities

Deposits total $399.2 million at June 30, 2014, an increase of $1.5 million or 0.4%. The $1.5 million increase consists of a $2.5 million increase in savings accounts, a $1.6 million increase in money market accounts, a $1.3 million increase in noninterest-bearing accounts, and a $0.7 million increase in time deposits, partially offset by a $4.6 million decrease in NOW accounts. Borrowed funds decreased by $1.5 million or 3%.

Shareholders' Equity

Shareholders' equity increased $1.2 million to $55.2 million at June 30, 2014 compared to December 31, 2013. The current level of shareholders' equity equates to a book value per share of $16.87 at June 30, 2014, compared to $16.64 at December 31, 2013. Dividends paid to common shareholders were $0.23 and $0.46 for the three and six months ended June 30, 2014 compared to $0.21 and $0.42 for the same periods in 2013, representing increases of 9.5% for both the three and six month periods.

Elmira Savings Bank, with $517.1 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)                             June 30,   December 31,
                                        -----------------------------------
                                           2014         2013       % Change
                                        ----------  ------------  ---------
ASSETS

Cash and due from banks                 $   12,048  $      7,077       70.2%
Federal funds sold and other short-term
 investments                                   477           564      -15.4%
                                        ----------  ------------  ---------
  Total cash and cash equivalents           12,525         7,641       63.9%

Securities available for sale, at fair
 value                                      54,813        63,464      -13.6%
Securities held to maturity - fair
 value $8,023 at June 30, 2014, and
 $8,302 at December 31, 2013                 7,588         7,805       -2.8%
Federal Reserve and Federal Home Loan
 Bank (FHLB) stock, at cost                 10,450        10,417        0.3%

Loans held for sale                          1,579         1,847      -14.5%

Loans receivable                           395,394       389,129        1.6%
Less: Allowance for loan losses              3,783         3,834       -1.3%
                                        ----------  ------------  ---------
  Net loans                                391,611       385,295        1.6%

Premises and equipment, net                  9,128         8,620        5.9%
Bank-owned life insurance                   12,609        12,387        1.8%
Accrued interest receivable                  1,454         1,454        0.0%
Intangible assets, net                         166           210      -21.0%
Goodwill                                    12,320        12,320        0.0%
Other assets                                 2,810         2,865       -1.9%
                                        ----------  ------------  ---------
  Total assets                          $  517,053  $    514,325        0.5%
                                        ==========  ============  =========

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits                                $  399,219  $    397,733        0.4%
Borrowings                                  55,000        56,500       -2.7%
Other liabilities                            7,632         6,067       25.8%
                                        ----------  ------------  ---------
  Total liabilities                        461,851       460,300        0.3%
                                        ----------  ------------  ---------

Shareholders' equity:
Preferred stock, $1,000 liquidation
 value per issued share; 5,000,000
 shares authorized; 10,000 shares
 issued at June 30, 2014 and at
 December 31, 2013                           9,700         9,700        0.0%
Common stock, $1 par value; authorized
 5,000,000 shares; 2,798,757 shares
 issued at June 30, 2014 and 2,776,240
 shares issued at December 31, 2013          2,799         2,776        0.8%
Additional paid-in capital                  41,999        41,693        0.7%
Retained earnings                            2,958         2,485       19.0%
Treasury stock, at cost - 104,418
 shares at June 30, 2014 and 116,268
 shares at December 31, 2013                (3,053)       (3,327)      -8.2%
Accumulated other comprehensive income         745           644       15.7%
                                        ----------  ------------  ---------
  Total Elmira Savings Bank
   shareholders' equity                     55,148        53,971        2.2%
Noncontrolling interest                         54            54        0.0%
                                        ----------  ------------  ---------
  Total shareholders' equity                55,202        54,025        2.2%
                                        ----------  ------------  ---------
  Total liabilities and shareholders'
   equity                               $  517,053  $    514,325        0.5%
                                        ==========  ============  =========



                            ELMIRA SAVINGS BANK
                      CONSOLIDATED STATEMENT OF INCOME
                                (unaudited)

                      Three Months Ended          Six Months Ended
                           June 30,                   June 30,
                 ----------------------------  --------------------- ------
(in thousands,
 except for per                           %                             %
 share data)        2014       2013    Change     2014       2013    Change
                 ---------- ---------- ------  ---------- ---------- ------

Interest and
 dividend income:
  Interest and
   fees on loans $    4,302 $    4,390   -2.0% $    8,699 $    8,863   -1.9%
  Interest and
   dividends on
   securities
    Taxable             412        424   -2.8%        876        871    0.6%
    Non-taxable         204        191    6.8%        408        376    8.5%
                 ---------- ---------- ------  ---------- ---------- ------
    Total
     interest and
     dividend
     income           4,918      5,005   -1.7%      9,983     10,110   -1.3%
                 ---------- ---------- ------  ---------- ---------- ------

Interest expense:
  Interest on
   deposits             745        809   -7.9%      1,487      1,638   -9.2%
  Interest on
   borrowings           454        484   -6.2%        904        961   -5.9%
                 ---------- ---------- ------  ---------- ---------- ------
    Total
     interest
     expense          1,199      1,293   -7.3%      2,391      2,599   -8.0%
                 ---------- ---------- ------  ---------- ---------- ------
Net interest
 income               3,719      3,712    0.2%      7,592      7,511    1.1%
Provision for
 loan losses             75         85  -11.8%        129        265  -51.3%
                 ---------- ---------- ------  ---------- ---------- ------
Net interest
 income after
 provision for
 loan losses          3,644      3,627    0.5%      7,463      7,246    3.0%
                 ---------- ---------- ------  ---------- ---------- ------

Noninterest
 income:
  Service fees          365        329   10.9%        694        645    7.6%
  Gain on sale of
   loans held for
   sale                 345        806  -57.2%        793      1,654  -52.1%
  Gain on sale of
   securities           205          -      -         421         61  590.2%
  Other service
   fees                 176        172    2.3%        340        326    4.3%
  Earnings on
   bank-owned
   life insurance       131         91   44.0%        222        181   22.7%
  Other                  52         21  147.6%         93         37  151.4%
                 ---------- ---------- ------  ---------- ---------- ------
    Total
     noninterest
     income           1,274      1,419  -10.2%      2,563      2,904  -11.7%
                 ---------- ---------- ------  ---------- ---------- ------

Noninterest
 expense:
  Salaries and
   benefits           1,732      1,786   -3.0%      3,571      3,607   -1.0%
  Net occupancy         331        318    4.1%        747        643   16.2%
  Equipment             250        253   -1.2%        500        512   -2.3%
  Marketing and
   public
   relations            204        204    0.0%        404        351   15.1%
  Professional
   fees                 195        207   -5.8%        356        376   -5.3%
  Other                 632        717  -11.9%      1,329      1,372   -3.1%
                 ---------- ---------- ------  ---------- ---------- ------
    Total
     noninterest
     expense          3,344      3,485   -4.0%      6,907      6,861    0.7%
                 ---------- ---------- ------  ---------- ---------- ------
Income before
 income taxes         1,574      1,561    0.8%      3,119      3,289   -5.2%
Income taxes            475        187  154.0%        960        723   32.8%
                 ---------- ---------- ------  ---------- ---------- ------
Net income            1,099      1,374  -20.0%      2,159      2,566  -15.9%
Less: Net income
 attributable to
 noncontrolling
 interest                 -          -      -           -          -      -
                 ---------- ---------- ------  ---------- ---------- ------

Net income
 attibutable to
 Elmira Savings
 Bank                 1,099      1,374  -20.0%      2,159      2,566  -15.9%

Dividend on
 preferred stock        225        269  -16.4%        450        670  -32.8%
                 ---------- ---------- ------  ---------- ---------- ------
Income available
 to common
 shareholders    $      874 $    1,105  -20.9% $    1,709 $    1,896   -9.9%
                 ========== ========== ======  ========== ========== ======


Basic earnings
 per share       $     0.33 $     0.42  -21.4% $     0.64 $     0.73  -12.3%
                 ========== ========== ======  ========== ========== ======

Diluted earnings
 per share       $     0.31 $     0.40  -22.5% $     0.61 $     0.69  -11.6%
                 ========== ========== ======  ========== ========== ======

Weighted average
 shares
 outstanding -
 basic            2,674,032  2,619,970    2.1%  2,665,640  2,597,348    2.6%
                 ========== ========== ======  ========== ========== ======

Weighted average
 shares
 outstanding -
 diluted          2,798,114  2,741,351    2.1%  2,794,030  2,733,275    2.2%
                 ========== ========== ======  ========== ========== ======

Dividends per
 share           $     0.23 $     0.21    9.5% $     0.46 $     0.42    9.5%
                 ========== ========== ======  ========== ========== ======


Per share data has been restated to reflect the 10% stock dividend paid on
 December 27, 2013.



                            ELMIRA SAVINGS BANK
                    AVERAGE BALANCES AND INTEREST RATES

(Dollars in Thousands)               For the Six Months Ended
                       ----------------------------------------------------
                             June 30, 2014              June 30, 2013
                       -------------------------  -------------------------
                        Average          Average   Average          Average
ASSETS:                 Balance Interest   Rate    Balance Interest   Rate
                       -------- -------- -------  -------- -------- -------
Loans                  $389,447 $  8,699    4.48% $377,787 $  8,863    4.70%
Short-term investments    1,028        -    0.02     2,235        -    0.03
Securities               76,875    1,284    3.34    79,534    1,247    3.14
                       -------- -------- -------  -------- -------- -------
Total interest-earning
 assets                 467,350    9,983    4.28   459,556   10,110    4.41
                       -------- -------- -------  -------- -------- -------

Noninterest-earning
 assets                  43,688                     61,847
                       --------                   --------

TOTAL ASSETS           $511,038                   $521,403
                       ========                   ========

LIABILITIES AND
 SHAREHOLDERS' EQUITY
Interest-bearing
 deposits              $335,755 $  1,487    0.89  $339,943 $  1,638    0.98
Borrowings               57,141      904    3.14    54,299      961    3.52
                       -------- -------- -------  -------- -------- -------
Total interest-bearing
 liabilities            392,896    2,391    1.22   394,242    2,599    1.32
                       -------- -------- -------  -------- -------- -------

Noninterest-bearing
 liabilities             62,957                     65,378
Shareholders' equity     55,185                     61,783
                       --------                   --------

TOTAL LIABILITIES AND
 SHAREHOLDERS' EQUITY  $511,038                   $521,403
                       ========                   ========
Interest rate spread                        3.06%                      3.09%
                                         =======                    =======
Net interest
 income/margin                  $  7,592    3.25%          $  7,511    3.28%
                                ======== =======           ======== =======



                            ELMIRA SAVINGS BANK
                    AVERAGE BALANCES AND INTEREST RATES

(Dollars in Thousands)              For the Three Months Ended
                       ----------------------------------------------------
                             June 30, 2014              June 30, 2013
                       -------------------------  -------------------------
                        Average          Average   Average          Average
ASSETS:                 Balance Interest   Rate    Balance Interest   Rate
                       -------- -------- -------  -------- -------- -------
Loans                  $390,122 $  4,302    4.41% $378,654 $  4,390    4.64%
Short-term investments    1,000        -    0.02     1,879        -    0.03
Securities               74,772      616    3.30    78,488      615    3.13
                       -------- -------- -------  -------- -------- -------
Total interest-earning
 assets                 465,894    4,918    4.22   459,021    5,005    4.36
                       -------- -------- -------  -------- -------- -------

Noninterest-earning
 assets                  44,874                     53,762
                       --------                   --------

TOTAL ASSETS           $510,768                   $512,783
                       ========                   ========

LIABILITIES AND
 SHAREHOLDERS' EQUITY
Interest-bearing
 deposits              $336,018 $    745    0.89  $336,175 $    809    0.97
Borrowings               55,882      454    3.22    54,595      484    3.51
                       -------- -------- -------  -------- -------- -------
Total interest-bearing
 liabilities            391,900    1,199    1.22   390,770    1,293    1.32
                       -------- -------- -------  -------- -------- -------

Noninterest-bearing
 liabilities             63,452                     65,013
Shareholders' equity     55,416                     57,000
                       --------                   --------

TOTAL LIABILITIES AND
 SHAREHOLDERS' EQUITY  $510,768                   $512,783
                       ========                   ========
Interest rate spread                        3.00%                      3.04%
                                         =======                    =======
Net interest
 income/margin                  $  3,719    3.19%          $  3,712    3.24%
                                ======== =======           ======== =======



                                          Quarter Ended

(Dollars in
 Thousands, Except
 Per Share Data)     6/30/2014  3/31/2014  12/31/2013  9/30/2013  6/30/2013
                     ---------  ---------  ----------  ---------  ---------

Operating Data

  Net income         $   1,099  $   1,060  $    1,119  $   1,369  $   1,374
  Net interest income    3,719      3,873       3,772      3,770      3,712
  Provision for loan
   losses                   75         54           -         50         85
  Net security gains       205        216           -          -          -
  Non-interest
   income, ex. Net
   security gains        1,069      1,073       1,179      1,474      1,419
  Non-interest
   expense               3,344      3,563       3,573      3,428      3,485

Performance
 Statistics

  Net interest margin     3.19%      3.31%       3.22%      3.23%      3.24%
  Annualized return
   on average assets      0.86%      0.84%       0.85%      1.05%      1.07%
  Annualized return
   on average equity      7.95%      7.82%       7.75%      9.55%      9.67%
  Annualized net loan
   charge-offs to avg
   loans                  0.15%      0.04%      -0.02%      0.04%      0.00%
  Net charge-offs
   (recoveries)            143         38         (15)        40          -
  Efficiency ratio        67.0%      69.0%       72.2%      65.4%      67.9%

Per Share Data

  Basic earnings per
   share             $    0.33  $    0.31  $     0.32  $    0.42  $    0.42
  Diluted earnings
   per share              0.31       0.30        0.30       0.40       0.40
  Dividend declared
   per share              0.23       0.23        0.21       0.21       0.21
  Book value             16.87      16.78       16.64      16.62      16.44
  Common stock price:
    High                 24.78      26.97       28.45      22.73      23.93
    Low                  21.92      22.25       20.15      19.30      18.18
    Close                24.50      24.49       25.20      22.07      19.59
  Weighted average
   common shares:
    Basic                2,674      2,657       2,639      2,626      2,620
    Fully diluted        2,798      2,790       2,764      2,745      2,741
  End-of-period
   common shares:
    Issued               2,799      2,787       2,776      2,775      2,771
    Treasury               104        104         116        116        116

Share and per share data has been restated to reflect the 10% stock
dividend paid on December 27, 2013.

Financial Condition
 Data:
General
  Total assets       $ 515,053  $ 513,938  $  514,325  $ 519,747  $ 516,137
  Loans, net           391,611    388,295     385,295    381,298    380,252
  Intangibles           12,486     12,508      12,530     12,555     12,582
  Total deposits       399,219    394,951     397,733    396,600    396,993

    Noninterest-
     bearing            61,221     57,059      59,886     62,616     61,018

    Savings             63,433     61,655      60,924     60,710     61,918
    NOW                 73,116     75,789      77,736     72,076     71,894
    Money Market        22,702     21,540      21,130     22,465     20,826
    Time deposits      178,747    178,908     178,057    178,733    181,337
    Total interest-
     bearing deposits  337,998    337,892     337,847    333,984    335,975

  Shareholders'
   equity               55,202     54,763      54,025     57,290     56,745

Asset Quality

  Non-performing
   assets            $   4,281  $   3,368  $    3,592  $   3,302  $   3,575
  Non-performing
   assets to total
   assets                 0.83%      0.66%       0.70%      0.64%      0.69%
  Allowance for loan
   losses                3,783      3,851       3,834      3,819      3,809
  Allowance for loan
   losses to total
   loans                  0.96%      0.98%       0.99%      0.99%      0.99%
  Allowance for loan
   losses to non-
   performing loans      89.90%    119.23%     109.73%    115.66%    106.55%
  Non-performing
   loans to total
   loans                  1.06%      0.82%       0.90%      0.86%      0.93%

Capitalization

  Shareholders'
   equity to total
   assets                10.72%     10.66%      10.50%     11.02%     10.99%

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

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CI/CD is conceptually straightforward, yet often technically intricate to implement since it requires time and opportunities to develop intimate understanding on not only DevOps processes and operations, but likely product integrations with multiple platforms. This session intends to bridge the gap by offering an intense learning experience while witnessing the processes and operations to build from zero to a simple, yet functional CI/CD pipeline integrated with Jenkins, Github, Docker and Azure...
Digital Transformation is much more than a buzzword. The radical shift to digital mechanisms for almost every process is evident across all industries and verticals. This is often especially true in financial services, where the legacy environment is many times unable to keep up with the rapidly shifting demands of the consumer. The constant pressure to provide complete, omnichannel delivery of customer-facing solutions to meet both regulatory and customer demands is putting enormous pressure on...
Sanjeev Sharma Joins November 11-13, 2018 @DevOpsSummit at @CloudEXPO New York Faculty. Sanjeev Sharma is an internationally known DevOps and Cloud Transformation thought leader, technology executive, and author. Sanjeev's industry experience includes tenures as CTO, Technical Sales leader, and Cloud Architect leader. As an IBM Distinguished Engineer, Sanjeev is recognized at the highest levels of IBM's core of technical leaders.