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Elmira Savings Bank Reports Third Quarter Earnings

ELMIRA, NY -- (Marketwired) -- 10/19/16 -- Elmira Savings Bank (NASDAQ: ESBK)

Highlights

  • Net income was $1,202,000 and $3,295,000 for the three and nine months ended September 30, 2016 compared to $1,057,000 and $3,086,000 for the same periods in 2015.

  • Diluted earnings per share were $.36 per share and $.96 per share for the three and nine months ended September 30, 2016 compared to $.30 per share and $.87 per share for the same periods in 2015.

  • Return on average assets was .84% and .78% for the three and nine months ended September 30, 2016 compared to .73% for both the same periods in 2015.

  • Return on average equity was 8.54% and 7.89% for the three and nine months ended September 30, 2016 compared to 7.60% and 7.43% for the same periods in 2015.

"We are pleased with the increase in core earnings, supported by strong loan origination volume and deposit growth," said Thomas M. Carr, President and CEO. Carr continued, "Year over year through nine months, we have increased our noninterest income by 12%, our net interest income by 8%, and have expanded our net interest margin by 6%."

Net Income

Net income totaled $3,295,000 for the nine months ended September 30, 2016, an increase of $209,000 or 7% from the $3,086,000 of net income recorded for the same period in 2015. This increase was the net result of an increase in noninterest income of $496,000, an increase in net interest income of $859,000, and a decrease in the provision for loan losses of $48,000, offset by an increase in noninterest expense of $898,000 and an increase in tax expense of $296,000.

Net income totaled $1,202,000 for the three months ended September 30, 2016, an increase of $145,000 or 14% from the $1,057,000 recorded for the same period in 2015. This increase was the net result of an increase in noninterest income of $177,000, a decrease in the provision for loan losses of $83,000, and an increase in net interest income of $359,000, offset by an increase in noninterest expense of $251,000 and an increase in tax expense of $223,000.

Basic and diluted earnings per share for the nine months ended September 30, 2016 were both $.96 per share compared to $.89 per share and $.87 per share for the same period in 2015. Basic and diluted earnings per share for the three months ended September 30, 2016 were both $.36 per share compared to $.31 per share and $.30 per share for the same period in 2015.

Net Interest Margin

The net interest margin for the nine months ended September 30, 2016 was 3.20% compared to 3.03% for the same period in 2015. The yield on average earning assets was 4.06% for the nine months ended September 30, 2016 compared to 4.05% for the same period in 2015. The average cost of interest-bearing liabilities was 1.01% for the nine months ended September 30, 2016 compared to 1.19% for the same period in 2015.

The net interest margin for the three months ended September 30, 2016 was 3.24% compared to 2.97% for the same period in 2015. The average yield on earning assets was 4.04% for the three months ended September 30, 2016 compared to 4.00% for the same period in 2015. The average cost of interest-bearing liabilities was 0.96% for the three months ended September 30, 2016 compared to 1.20% for the same period in 2015.

Assets

Total assets increased $6.1 million or 1.1% to $567.5 million at September 30, 2016 compared to $561.3 million at December 31, 2015. Loans, including loans held for sale, increased 1.9% to $464.1 million at September 30, 2016 compared to December 31, 2015. The available-for-sale investment portfolio decreased $7.5 million from December 31, 2015 to September 30, 2016.

Nonperforming Loans

Our nonperforming loans to total loans ratio has increased to 1.12% at September 30, 2016 from 1.05% at December 31, 2015. Net loan charge-offs to average loans for the nine months ended September 30, 2016 of 0.04% decreased from 0.08% for the nine months ended September 30, 2015. The allowance for loan losses was 0.94% of total loans at September 30, 2016 and 0.92% of total loans at December 31, 2015.

Liabilities

Deposits total $463.4 million at September 30, 2016, an increase of $22.9 million or 5.2%. The $22.9 million increase consists of a $13.7 million increase in time deposits, a $5.1 million increase in noninterest-bearing accounts, a $2.1 million increase in savings accounts, and a $2.3 million increase in money market accounts, partially offset by a $296,000 decrease in interest bearing transaction accounts. Borrowed funds decreased by $17.5 million or 29.4%.

Shareholders' Equity

Shareholders' equity increased $1.0 million to $55.8 million at September 30, 2016 compared to December 31, 2015. The current level of shareholders' equity equates to a book value per share of $16.80 at September 30, 2016, compared to $16.53 at December 31, 2015. Dividends paid to common shareholders were $0.23 and $0.69 for the three and nine months ended for both September 30, 2016 and 2015.

Elmira Savings Bank, with $567.5 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; 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,
                                   ----------------------------------------
                                        2016            2015       % Change
                                   --------------  --------------  --------
ASSETS

Cash and due from banks            $       11,494  $        5,352     114.8%
Federal funds sold and other
 short-term investments                       100             102      -2.0%
                                   --------------  --------------  --------
  Total cash and cash equivalents          11,594           5,454     112.6%

Securities available for sale, at
 fair value                                35,250          42,709     -17.5%
Securities held to maturity - fair
 value $9,062 at September 30,
 2016 and $9,010 at December 31,
 2015                                       8,645           9,003      -4.0%
Federal Reserve and Federal Home
 Loan Bank (FHLB) stock, at cost            9,916          11,108     -10.7%

Loans held for sale                         4,485           3,630      23.6%

Loans receivable                          459,570         451,368       1.8%
Less: Allowance for loan losses             4,319           4,148       4.1%
                                   --------------  --------------  --------
  Net loans                               455,251         447,220       1.8%

Premises and equipment, net                12,166          12,130       0.3%
Bank-owned life insurance                  13,492          13,188       2.3%
Accrued interest receivable                 1,179           1,541     -23.5%
Intangible assets, net                         29              61     -52.5%
Goodwill                                   12,320          12,320       0.0%
Other assets                                3,123           2,980       4.8%
                                   --------------  --------------  --------
  Total assets                     $      567,450  $      561,344       1.1%
                                   ==============  ==============  ========

LIABILITIES AND SHAREHOLDERS'
 EQUITY

Deposits                           $      463,414  $      440,472       5.2%
Borrowings                                 42,000          59,525     -29.4%
Other liabilities                           6,244           6,576      -5.0%
                                   --------------  --------------  --------
  Total liabilities                       511,658         506,573       1.0%
                                   --------------  --------------  --------

Shareholders' equity:
Preferred stock, $1,000
 liquidation value per issued
 share; 5,000,000 shares
 authorized; 10,000 shares issued
 at September 30, 2016 and at
 December 31, 2015                          9,700           9,700       0.0%
Common stock, $1 par value;
 authorized 5,000,000 shares;
 2,838,991 shares issued at
 September 30, 2016 and 2,820,745
 shares issued at December 31,
 2015                                       2,839           2,821       0.6%
Additional paid-in capital                 41,517          41,243       0.7%
Retained earnings                           4,222           3,488      21.0%
Treasury stock, at cost - 98,118
 shares at September 30, 2016 and
 December 31, 2015                         (2,907)         (2,907)      0.0%
Accumulated other comprehensive
 income                                       368             373      -1.3%
                                   --------------  --------------  --------
  Total Elmira Savings Bank
   shareholders' equity                    55,739          54,718       1.9%
Noncontrolling interest                        53              53       0.0%
                                   --------------  --------------  --------
  Total shareholders' equity               55,792          54,771       1.9%
                                   --------------  --------------  --------
  Total liabilities and
   shareholders' equity            $      567,450  $      561,344       1.1%
                                   ==============  ==============  ========


                            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)        2016       2015    Change     2016       2015    Change
                 ---------- ---------- ------  ---------- ---------- ------

Interest and
 dividend
 income:
  Interest and
   fees on loans $    4,832 $    4,624    4.5% $   14,305 $   13,656    4.8%
  Interest and
   dividends on
   securities
    Taxable             231        331  -30.2%        758      1,063  -28.7%
    Non-taxable         203        245  -17.1%        627        709  -11.6%
                 ---------- ---------- ------  ---------- ---------- ------
    Total
     interest
     and
     dividend
     income           5,266      5,200    1.3%     15,690     15,428    1.7%
                 ---------- ---------- ------  ---------- ---------- ------

Interest
 expense:
  Interest on
   deposits             785        786   -0.1%      2,282      2,254    1.2%
  Interest on
   borrowings           270        562  -52.0%      1,043      1,668  -37.5%
                 ---------- ---------- ------  ---------- ---------- ------
    Total
     interest
     expense          1,055      1,348  -21.7%      3,325      3,922  -15.2%
                 ---------- ---------- ------  ---------- ---------- ------
Net interest
 income               4,211      3,852    9.3%     12,365     11,506    7.5%
Provision for
 loan losses             87        170  -48.8%        312        360  -13.3%
                 ---------- ---------- ------  ---------- ---------- ------
Net interest
 income after
 provision for
 loan losses          4,124      3,682   12.0%     12,053     11,146    8.1%
                 ---------- ---------- ------  ---------- ---------- ------

Noninterest
 income:
  Service fees          387        376    2.9%      1,089      1,099   -0.9%
  Gain on sale
   of loans held
   for sale           1,019        870   17.1%      2,290      1,681   36.2%
  Gain on sale
   of securities          -          -    0.0%        180        284  -36.6%
  Other service
   fees                 190        174    9.2%        556        532    4.5%
  Earnings on
   bank-owned
   life
   insurance             99         98    1.0%        304        298    2.0%
  Other                  21         21    0.0%         86        115  -25.2%
                 ---------- ---------- ------  ---------- ---------- ------
    Total
     noninterest
     income           1,716      1,539   11.5%      4,505      4,009   12.4%
                 ---------- ---------- ------  ---------- ---------- ------

Noninterest
 expense:
  Salaries and
   benefits           2,087      1,862   12.1%      5,983      5,407   10.7%
  Net occupancy         353        319   10.7%      1,075      1,046    2.8%
  Equipment             310        272   14.0%        886        780   13.6%
  Marketing and
   public
   relations            186        209  -11.0%        579        635   -8.8%
  Professional
   fees                 148        225  -34.2%        522        628  -16.9%
  Other                 892        838    6.4%      2,669      2,320   15.0%
                 ---------- ---------- ------  ---------- ---------- ------
    Total
     noninterest
     expense          3,976      3,725    6.7%     11,714     10,816    8.3%
                 ---------- ---------- ------  ---------- ---------- ------
Income before
 income taxes         1,864      1,496   24.6%      4,844      4,339   11.6%
Income taxes            662        439   50.8%      1,549      1,253   23.6%
                 ---------- ---------- ------  ---------- ---------- ------
Net income            1,202      1,057   13.7%      3,295      3,086    6.8%
Less: Net income
 attributable to
 noncontrolling
 interest                 -          -      -           -          -      -
                 ---------- ---------- ------  ---------- ---------- ------

Net income
 attibutable to
 Elmira Savings
 Bank                 1,202      1,057   13.7%      3,295      3,086    6.8%

Dividend on
 preferred stock        225        225    0.0%        675        675    0.0%
                 ---------- ---------- ------  ---------- ---------- ------
Income available
 to common
 shareholders    $      977 $      832   17.4% $    2,620 $    2,411    8.7%
                 ========== ========== ======  ========== ========== ======


Basic earnings
 per share       $     0.36 $     0.31   16.1% $     0.96 $     0.89    7.9%
                 ========== ========== ======  ========== ========== ======

Diluted earnings
 per share       $     0.36 $     0.30   20.0% $     0.96 $     0.87   10.3%
                 ========== ========== ======  ========== ========== ======

Weighted average
 shares
 outstanding -
 basic            2,724,160  2,710,219    0.5%  2,719,216  2,705,958    0.5%
                 ========== ========== ======  ========== ========== ======

Weighted average
 shares
 outstanding -
 diluted          2,740,734  2,730,365    0.4%  2,736,262  2,772,737   -1.3%
                 ========== ========== ======  ========== ========== ======

Dividends per
 share           $     0.23 $     0.23    0.0% $     0.69 $     0.69    0.0%
                 ========== ========== ======  ========== ========== ======


                            ELMIRA SAVINGS BANK
                    AVERAGE BALANCES AND INTEREST RATES

(Dollars in Thousands)              For the Three Months Ended
                       ----------------------------------------------------
                           September 30, 2016         September 30, 2015
                       -------------------------  -------------------------
                        Average          Average   Average          Average
ASSETS:                 Balance Interest   Rate    Balance Interest   Rate
                       -------- -------- -------  -------- -------- -------
Loans                  $464,996 $  4,832    4.13% $440,467 $  4,624    4.17%
Short-term investments      483        -    0.20       675        -    0.03
Securities               52,542      434    3.30    76,319      576    3.01
                       -------- -------- -------  -------- -------- -------
Total interest-earning
 assets                 518,021    5,266    4.04   517,461    5,200    4.00
                       -------- -------- -------  -------- -------- -------

Noninterest-earning
 assets                  53,323                     57,683
                       --------                   --------

TOTAL ASSETS           $571,344                   $575,144
                       ========                   ========

LIABILITIES AND
 SHAREHOLDERS' EQUITY
Interest-bearing
 deposits              $394,097 $    785    0.79  $371,492 $    786    0.84
Borrowings               42,249      270    2.50    73,196      562    3.00
                       -------- -------- -------  -------- -------- -------
Total interest-bearing
 liabilities            436,346    1,055    0.96   444,688    1,348    1.20
                       -------- -------- -------  -------- -------- -------

Noninterest-bearing
 liabilities             79,033                     75,287
Shareholders' equity     55,965                     55,169
                       --------                   --------

TOTAL LIABILITIES AND
 SHAREHOLDERS' EQUITY  $571,344                   $575,144
                       ========                   ========
Interest rate spread                        3.08%                      2.80%
                                         =======                    =======
Net interest
 income/margin                  $  4,211    3.24%          $  3,852    2.97%
                                ======== =======           ======== =======


                            ELMIRA SAVINGS BANK
                    AVERAGE BALANCES AND INTEREST RATES

(Dollars in Thousands)               For the Nine Months Ended
                       ----------------------------------------------------
                           September 30, 2016         September 30, 2015
                       -------------------------  -------------------------
                        Average          Average   Average          Average
ASSETS:                 Balance Interest   Rate    Balance Interest   Rate
                       -------- -------- -------  -------- -------- -------
Loans                  $458,862 $ 14,305    4.15% $428,567 $ 13,656    4.25%
Short-term investments      518        1    0.19     1,072        -    0.03
Securities               55,116    1,384    3.35    77,665    1,772    3.04
                       -------- -------- -------  -------- -------- -------
Total interest-earning
 assets                 514,496   15,690    4.06   507,304   15,428    4.05
                       -------- -------- -------  -------- -------- -------

Noninterest-earning
 assets                  51,701                     57,643
                       --------                   --------

TOTAL ASSETS           $566,197                   $564,947
                       ========                   ========

LIABILITIES AND
 SHAREHOLDERS' EQUITY
Interest-bearing
 deposits              $384,271 $  2,282    0.79  $363,781 $  2,254    0.83
Borrowings               51,068    1,043    2.68    73,011    1,668    3.01
                       -------- -------- -------  -------- -------- -------
Total interest-bearing
 liabilities            435,339    3,325    1.01   436,792    3,922    1.19
                       -------- -------- -------  -------- -------- -------

Noninterest-bearing
 liabilities             75,195                     72,604
Shareholders' equity     55,663                     55,551
                       --------                   --------

TOTAL LIABILITIES AND
 SHAREHOLDERS' EQUITY  $566,197                   $564,947
                       ========                   ========
Interest rate spread                        3.05%                      2.86%
                                         =======                    =======
Net interest
 income/margin                  $ 12,365    3.20%          $ 11,506    3.03%
                                ======== =======           ======== =======


                                              Quarter Ended
(Dollars in
 Thousands,
 Except Per
 Share Data)      9/30/2016   6/30/2016   3/31/2016  12/31/2015   9/30/2015
                 ----------  ----------  ----------  ----------  ----------

Operating Data

  Net income     $    1,202  $    1,057  $    1,036  $    1,036  $    1,057
  Net interest
   income             4,211       4,054       4,100       4,128       3,852
  Provision for
   loan losses           87          85         140         270         170
  Net security
   gains                  -           -         180           -           -
  Non-interest
   income, ex.
   Net security
   gains              1,716       1,438       1,171       1,382       1,539
  Non-interest
   expense            3,976       3,891       3,847       3,777       3,725

Performance
 Statistics

  Net interest
   margin              3.24%       3.17%       3.19%       3.19%       2.97%
  Annualized
   return on
   average
   assets              0.84%       0.75%       0.74%       0.73%       0.73%
  Annualized
   return on
   average
   equity              8.54%       7.65%       7.52%       7.46%       7.60%
  Annualized net
   loan charge-
   offs to avg
   loans               0.05%       0.01%       0.07%       0.18%       0.10%
  Net charge-
   offs
   (recoveries)          53          14          74         204         117
  Efficiency
   ratio               67.1%       70.8%       70.6%       68.5%       69.1%

Per Share Data

  Basic earnings
   per share     $     0.36  $     0.31  $     0.30  $     0.30  $     0.31
  Diluted
   earnings per
   share               0.36        0.30        0.30        0.30        0.30
  Dividend
   declared per
   share               0.23        0.23        0.23        0.23        0.23
  Book value          16.80       16.69       16.59       16.53       16.49
  Common stock
   price:
    High              21.50       20.10       20.55       21.13       20.81
    Low               18.85       18.06       16.83       18.41       19.05
    Close             19.91       19.66       18.01       19.88       19.20
  Weighted
   average
   common
   shares:
    Basic             2,724       2,718       2,716       2,712       2,710
    Fully
     diluted          2,741       2,735       2,733       2,731       2,730
  End-of-period
   common
   shares:
    Issued            2,839       2,832       2,828       2,821       2,821
    Treasury             98          98          98          98          98


Financial
 Condition Data:
General
  Total assets   $  567,450  $  574,721  $  560,020  $  561,344  $  566,228
  Loans, net        455,251     463,104     452,718     447,220     438,777
  Intangibles        12,349      12,360      12,371      12,381      12,396
  Total deposits    463,414     470,462     443,552     440,472     442,046

    Noninterest-
     bearing         72,102      70,803      65,165      66,964      72,293

    Savings          69,019      69,159      67,295      66,914      64,421
    NOW              86,787     121,875     105,094      87,083      85,136
    Money Market     25,715      25,172      25,281      23,382      19,912
    Time
     deposits       209,791     183,453     180,717     196,129     200,284
    Total
     interest-
     bearing
     deposits       391,312     399,659     378,387     373,508     369,753

  Shareholders'
   equity            55,792      55,382      55,039      54,771      54,657

Asset Quality

  Non-performing
   assets        $    5,345  $    5,622  $    5,328  $    4,943  $    4,545
  Non-performing
   assets to
   total assets        0.94%       0.98%       0.95%       0.88%       0.80%
  Allowance for
   loan losses        4,319       4,285       4,214       4,148       4,082
  Allowance for
   loan losses
   to total
   loans               0.94%       0.92%       0.92%       0.92%       0.92%
  Allowance for
   loan losses
   to non-
   performing
   loans              85.00%      80.41%      83.69%      87.66%      91.20%
  Non-performing
   loans to
   total loans         1.12%       1.15%       1.10%       1.05%       1.01%

Capitalization
  Shareholders'
   equity to
   total assets        9.83%       9.64%       9.83%       9.76%       9.65%


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

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SYS-CON Events announced today that TidalScale will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TidalScale is the leading provider of Software-Defined Servers that bring flexibility to modern data centers by right-sizing servers on the fly to fit any data set or workload. TidalScale’s award-winning inverse hypervisor technology combines multiple commodity servers (including their ass...
As popularity of the smart home is growing and continues to go mainstream, technological factors play a greater role. The IoT protocol houses the interoperability battery consumption, security, and configuration of a smart home device, and it can be difficult for companies to choose the right kind for their product. For both DIY and professionally installed smart homes, developers need to consider each of these elements for their product to be successful in the market and current smart homes.
In his general session at 21st Cloud Expo, Greg Dumas, Calligo’s Vice President and G.M. of US operations, will go over the new Global Data Protection Regulation and how Calligo can help business stay compliant in digitally globalized world. Greg Dumas is Calligo's Vice President and G.M. of US operations. Calligo is an established service provider that provides an innovative platform for trusted cloud solutions. Calligo’s customers are typically most concerned about GDPR compliance, applicatio...