ELMIRA, N.Y., Jan. 29, 2020 (GLOBE NEWSWIRE) — Elmira Savings Bank (NASDAQ:ESBK)
HighlightsNet income was $940,000 and $3,486,000 for the three and twelve months ended December 31, 2019 compared to $935,000 and $4,239,000 for the same periods in 2018.Diluted earnings per share were $.27 per share and $1.00 per share for the three and twelve months ended December 31, 2019 compared to $.27 per share and $1.21 per share for the same periods in 2018. Return on average assets was .61% and .57% for the three and twelve months ended December 31, 2019 compared to .65% and .75% for the same periods in 2018.Return on average equity was 6.33% and 5.93% for the three and twelve months ended December 31, 2019 compared to 6.39% and 7.36% for the same periods in 2018.“We are pleased with our loan and deposit growth in 2019 and continue to focus on improving profitability,” said Thomas M. Carr, President and CEO.
Net IncomeNet income totaled $3,486,000 for the twelve months ended December 31, 2019, a decrease of $753,000 or 17.8% from the $4,239,000 of net income recorded for the same period in 2018. This decrease was the net result of an increase in noninterest expense of $788,000, an increase in the provision for loan losses of $377,000, and a decrease in net interest income of $142,000, offset by an increase in noninterest income of $255,000 and a decrease in income tax expense of $299,000.Net income totaled $940,000 for the three months ended December 31, 2019, an increase of $5,000 or .5% from the $935,000 recorded for the same period in 2018. This increase was the net result of an increase in noninterest income of $234,000 and a decrease in income tax expense of $23,000, offset by an increase in noninterest expense of $136,000, a decrease in net interest income of $66,000, and an increase in the provision for loan losses of $50,000.Basic and diluted earnings per share for the twelve months ended December 31, 2019 were both $1.00 per share. Basic and diluted earnings per share for the twelve months ended December 31, 2018 were $1.22 and $1.21 per share. Basic and diluted earnings per share for the three months ended December 31, 2019 and 2018 were both $.27 per share.Net Interest MarginThe net interest margin for the twelve months ended December 31, 2019 was 3.04% compared to 3.31% for the same period in 2018. The yield on average earning assets was 4.31% for the twelve months ended December 31, 2019 compared to 4.20% for the same period in 2018. The average cost of interest-bearing liabilities was 1.48% for the twelve months ended December 31, 2019 compared to 1.06% for the same period in 2018.The net interest margin for the three months ended December 31, 2019 was 3.01% compared to 3.26% for the same period in 2018. The average yield on earning assets was 4.30% for the three months ended December 31, 2019 compared to 4.25% for the same period in 2018. The average cost of interest-bearing liabilities was 1.54% for the three months ended December 31, 2019 and 1.17% for the same period in 2018.AssetsTotal assets increased $16.8 million or 2.8% to $606.8 million at December 31, 2019 compared to $590.0 million at December 31, 2018. Cash and cash equivalents decreased by $7.5 million or 38.3% to $12.0 million at December 31, 2019 compared to $19.5 million at December 31, 2018. Loans, including loans held for sale, increased 7.6% to $520.2 million at December 31, 2019 compared to December 31, 2018. The available-for-sale investment portfolio decreased $13.2 million from December 31, 2018 to December 31, 2019.Nonperforming LoansOur nonperforming loans to total loans ratio was 0.82% at December 31, 2019 from 0.94% at December 31, 2018. Net loan charge-offs to average loans for the twelve months ended December 31, 2019 of 0.11% increased from 0.10% for the twelve months ended December 31, 2018. The allowance for loan losses was 0.88% of total loans at December 31, 2019 and 0.91% of total loans at December 31, 2018.LiabilitiesDeposits total $512.2 million at December 31, 2019, an increase of $20.7 million or 4.2%. The $20.7 million increase consists of a $22.5 million increase in time deposits, a $4.6 million increase in money market accounts, and a $244,000 increase in noninterest bearing accounts, partially offset by a $5.1 million decrease in savings accounts and a $1.5 million decrease in interest bearing transaction accounts. Borrowed funds decreased by $2.0 million or 6.5%.Shareholders’ EquityShareholders’ equity increased $662,000 to $58.6 million at December 31, 2019 compared to December 31, 2018. The current level of shareholders’ equity equates to a book value per share of $16.67 at December 31, 2019, compared to $16.52 at December 31, 2018. Dividends paid for common shareholders were $0.23 and $0.92 for the three and twelve months ended December 31, 2019 and $0.23 and $0.91 for the same periods 2018, after adjusting for the 5% stock dividend paid on June 15, 2018. Elmira Savings Bank, with $606.8 million in total assets, is insured by the Federal Deposit Insurance Corporation (FDIC) and is a state-chartered bank with five offices in Chemung County, NY; three offices 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.For further information contact:
Thomas M. Carr, President & CEO
Elmira Savings Bank
333 East Water Street
Elmira, New York 14901
(607) 735-8660
[email protected]
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