ELMIRA, N.Y., Jan. 23, 2019 (GLOBE NEWSWIRE) — Elmira Savings Bank (NASDAQ:ESBK)
Highlights
- Net income was $935,000 and $4,239,000 for the three and twelve months ended December 31, 2018 compared to $1,449,000 and $4,851,000 for the same periods in 2017.
- Diluted earnings per share were $.27 per share and $1.22 per share for the three and twelve months ended December 31, 2018 compared to $.37 per share and $1.22 per share for the same periods in 2017.
- Return on average assets was .65% and .75% for the three and twelve months ended December 31, 2018 compared to 1.03% and .86% for the same periods in 2017.
- Return on average equity was 6.39% and 7.36% for the three and twelve months ended December 31, 2018 compared to 9.04% and 7.78% for the same periods in 2017.
“We are pleased with the solid growth in loans and deposits in 2018,” said Thomas M. Carr, President and CEO. He continued, “Growing the balance sheet while maintaining our net interest margin has been a key focus of the bank in 2018. Our earnings per share has remained at $1.22 per share in 2018 despite lower earnings due to our capital restructuring in 2017.”
Net Income
Net income totaled $4,239,000 for the twelve months ended December 31, 2018, a decrease of $612,000 or 13% from the $4,851,000 of net income recorded for the same period in 2017. This decrease was the net result of an increase in income tax expense of $638,000 and a decrease in noninterest income of $919,000, offset by an increase in net interest income of $22,000, a decrease in the provision for loan losses of $528,000, and a decrease in noninterest expense of $395,000.
Net income totaled $935,000 for the three months ended December 31, 2018, a decrease of $514,000 or 36% from the $1,449,000 recorded for the same period in 2017. This decrease was the net result of an increase in income tax expense of $1.4 million and a decrease in noninterest income of $74,000, offset by a decrease in noninterest expense of $477,000, an increase in net interest income of $83,000, and a decrease in the provision for loan losses of $430,000.
The enactment of the Tax Cuts and Jobs Act (“the Act”) on December 22, 2017 reduced the federal corporate tax rate starting in 2018 from 34% to 21%. As a result of the enactment of the Act, the Bank was required under Generally Accepted Accounting Principles (“GAAP”) to adjust its net deferred tax liability in 2017 for the tax rate change. This adjustment resulted in a $1.2 million reduction in income tax expense for both the three and twelve months ended December 31, 2017.
Basic and diluted earnings per share for the twelve months ended both December 31, 2018 and December 31, 2017 were $1.22 and $1.21 per share. Basic and diluted earnings per share for the three months ended December 31, 2018 were both $.27 per share compared to $.37 per share for both for the same period in 2017.
Net Interest Margin
The net interest margin for the twelve months ended December 31, 2018 was 3.31% compared to 3.32% for the same period in 2017. The yield on average earning assets was 4.20% for the twelve months ended December 31, 2018 compared to 4.12% for the same period in 2017. The average cost of interest-bearing liabilities was 1.06% for the twelve months ended December 31, 2018 compared to .94% for the same period in 2017.
The net interest margin for the three months ended December 31, 2018 was 3.26% compared to 3.31% for the same period in 2017. The average yield on earning assets was 4.25% for the three months ended December 31, 2018 compared to 4.10% for the same period in 2017. The average cost of interest-bearing liabilities was 1.17% for the three months ended December 31, 2018 and 0.95% for the same period in 2017.
Assets
Total assets increased $35.5 million or 6.4% to $590.0 million at December 31, 2018 compared to $554.6 million at December 31, 2017. Cash and cash equivalents increased by $11.6 million or 147% to $19.5 million at December 31, 2018 compared to $7.9 million at December 31, 2017. Loans, including loans held for sale, increased 5.0% to $483.7 million at December 31, 2018 compared to December 31, 2017. The available-for-sale investment portfolio increased $995,000 from December 31, 2017 to December 31, 2018.
Nonperforming Loans
Our nonperforming loans to total loans ratio was 0.94% at December 31, 2018 from 0.64% at December 31, 2017. Net loan charge-offs to average loans for the twelve months ended December 31, 2018 of 0.10% decreased from 0.16% for the twelve months ended December 31, 2017. The allowance for loan losses was 0.91% of total loans at December 31, 2018 and 0.97% of total loans at December 31, 2017.
Liabilities
Deposits total $491.5 million at December 31, 2018, an increase of $34.8 million or 7.6%. The $34.8 million increase consists of a $24.4 million increase in time deposits, a $7.6 million increase in noninterest bearing accounts, a $5.1 million increase in savings accounts, and a $2.9 million increase in interest bearing transaction accounts, partially offset by a $5.3 million decrease in money market accounts. Borrowed funds decreased by $4.0 million or 11.4%.
Shareholders’ Equity
Shareholders’ equity increased $1.3 million to $57.9 million at December 31, 2018 compared to December 31, 2017. The current level of shareholders’ equity equates to a book value per share of $16.52 at December 31, 2018, compared to $16.26 at December 31, 2017. Dividends paid for common shareholders were $0.23 and $0.91 for the three and twelve months ended December 31, 2018 and $0.22 and $0.88 for the same periods 2017, after adjusting for the 5% stock dividend paid on June 15, 2018. As a result of the repurchase of all outstanding preferred shares in December 2017, there were no dividends paid for preferred shares for the three or twelve months ended December 31, 2018 versus $170,000 and $845,000 paid in preferred dividends for the same periods in 2018.
Elmira Savings Bank, with $590.0 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 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) | December 31, | December 31, | |||||||||||
| 2018 | 2017 | % Change | |||||||||||
| ASSETS | |||||||||||||
| Cash and due from banks | $ | 19,429 | $ | 7,800 | 149.1 | % | |||||||
| Federal funds sold and other short-term investments | 94 | 97 | -3.1 | % | |||||||||
| Total cash and cash equivalents | 19,523 | 7,897 | 147.2 | % | |||||||||
| Securities available for sale, at fair value | 25,051 | 24,056 | 4.1 | % | |||||||||
| Securities held to maturity – fair value $7,638 | |||||||||||||
| at December 31, 2018 and $8,186 at December 31, 2017 | 7,518 | 8,039 | -6.5 | % | |||||||||
| Federal Reserve and Federal Home Loan Bank (FHLB) stock, at cost | 9,462 | 10,221 | -7.4 | % | |||||||||
| Loans held for sale | 1,392 | 1,999 | -30.4 | % | |||||||||
| Loans receivable | 482,272 | 458,629 | 5.2 | % | |||||||||
| Less: Allowance for loan losses | 4,372 | 4,442 | -1.6 | % | |||||||||
| Net loans | 477,900 | 454,187 | 5.2 | % | |||||||||
| Premises and equipment, net | 16,846 | 16,772 | 0.4 | % | |||||||||
| Bank-owned life insurance | 14,444 | 13,982 | 3.3 | % | |||||||||
| Accrued interest receivable | 1,566 | 1,497 | 4.6 | % | |||||||||
| Goodwill | 12,320 | 12,320 | 0.0 | % | |||||||||
| Other assets | 4,018 | 3,590 | 11.9 | % | |||||||||
| Total assets | $ | 590,040 | $ | 554,560 | 6.4 | % | |||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||
| Deposits | $ | 491,517 | $ | 456,762 | 7.6 | % | |||||||
| Borrowings | 31,000 | 35,000 | -11.4 | % | |||||||||
| Other liabilities | 9,574 | 6,117 | 56.5 | % | |||||||||
| Total liabilities | 532,091 | 497,879 | 6.9 | % | |||||||||
| Shareholders’ equity: | |||||||||||||
| Preferred stock, $1 par value; $1,000 liquidation value per issued share; 5,000,000 shares | |||||||||||||
| authorized; 10,000 shares issued at December 31, 2018 and at December 31, 2017 | 9,700 | 9,700 | 0.0 | % | |||||||||
| Common stock, $1 par value; authorized 5,000,000 shares; 3,597,605 shares | |||||||||||||
| issued at December 31, 2018 and 3,410,622 shares issued at December 31, 2017 | 3,598 | 3,411 | 5.5 | % | |||||||||
| Additional paid-in capital | 53,784 | 50,258 | 7.0 | % | |||||||||
| Retained earnings | 3,176 | 5,493 | -42.2 | % | |||||||||
| Treasury stock, at cost – 93,883 common shares and 10,000 preferred shares | |||||||||||||
| at December 31, 2018 and December 31, 2017 | (12,202 | ) | (12,202 | ) | 0.0 | % | |||||||
| Accumulated other comprehensive loss | (158 | ) | (31 | ) | 409.7 | % | |||||||
| Total Elmira Savings Bank shareholders’ equity | 57,898 | 56,629 | 2.2 | % | |||||||||
| Noncontrolling interest | 51 | 52 | -1.9 | % | |||||||||
| Total shareholders’ equity | 57,949 | 56,681 | 2.2 | % | |||||||||
| Total liabilities and shareholders’ equity | $ | 590,040 | $ | 554,560 | 6.4 | % | |||||||
| ELMIRA SAVINGS BANK | |||||||||||||||||||
| CONSOLIDATED STATEMENT OF INCOME | |||||||||||||||||||
| (unaudited) | |||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||
| (in thousands, except for per share data) | 2018 | 2017 | % Change | 2018 | 2017 | % Change | |||||||||||||
| Interest and dividend income: | |||||||||||||||||||
| Interest and fees on loans | $ | 5,091 | $ | 4,752 | 7.1 | % | $ | 19,569 | $ | 18,971 | 3.2 | % | |||||||
| Interest and dividends on securities | |||||||||||||||||||
| Taxable | 295 | 253 | 16.6 | % | 1,037 | 965 | 7.5 | % | |||||||||||
| Non-taxable | 116 | 129 | -10.1 | % | 472 | 610 | -22.6 | % | |||||||||||
| Total interest and dividend income | 5,502 | 5,134 | 7.2 | % | 21,078 | 20,546 | 2.6 | % | |||||||||||
| Interest expense: | |||||||||||||||||||
| Interest on deposits | 1,056 | 744 | 41.9 | % | 3,565 | 2,951 | 20.8 | % | |||||||||||
| Interest on borrowings | 221 | 248 | -10.9 | % | 943 | 1,047 | -9.9 | % | |||||||||||
| Total interest expense | 1,277 | 992 | 28.7 | % | 4,508 | 3,998 | 12.8 | % | |||||||||||
| Net interest income | 4,225 | 4,142 | 2.0 | % | 16,570 | 16,548 | 0.1 | % | |||||||||||
| Provision for loan losses | 150 | 580 | -74.1 | % | 367 | 895 | -59.0 | % | |||||||||||
| Net interest income after provision for loan losses | 4,075 | 3,562 | 14.4 | % | 16,203 | 15,653 | 3.5 | % | |||||||||||
| Noninterest income: | |||||||||||||||||||
| Service fees | 371 | 352 | 5.4 | % | 1,456 | 1,485 | -2.0 | % | |||||||||||
| Gain on sale of loans held for sale | 410 | 526 | -22.1 | % | 1,588 | 2,701 | -41.2 | % | |||||||||||
| Other service fees | 198 | 184 | 7.6 | % | 813 | 739 | 10.0 | % | |||||||||||
| Earnings on bank-owned life insurance | 95 | 94 | 1.1 | % | 384 | 390 | -1.5 | % | |||||||||||
| Other | 50 | 42 | 19.0 | % | 277 | 122 | 127.0 | % | |||||||||||
| Total noninterest income | 1,124 | 1,198 | -6.2 | % | 4,518 | 5,437 | -16.9 | % | |||||||||||
| Noninterest expense: | |||||||||||||||||||
| Salaries and benefits | 2,168 | 2,242 | -3.3 | % | 8,088 | 8,183 | -1.2 | % | |||||||||||
| Net occupancy | 400 | 376 | 6.4 | % | 1,596 | 1,499 | 6.5 | % | |||||||||||
| Equipment | 360 | 343 | 5.0 | % | 1,392 | 1,278 | 8.9 | % | |||||||||||
| Marketing and public relations | 90 | 291 | -69.1 | % | 736 | 884 | -16.7 | % | |||||||||||
| Professional fees | 141 | 212 | -33.5 | % | 541 | 720 | -24.9 | % | |||||||||||
| Other | 879 | 1,051 | -16.4 | % | 3,136 | 3,320 | -5.5 | % | |||||||||||
| Total noninterest expense | 4,038 | 4,515 | -10.6 | % | 15,489 | 15,884 | -2.5 | % | |||||||||||
| Income before income taxes | 1,161 | 245 | 373.9 | % | 5,232 | 5,206 | 0.5 | % | |||||||||||
| Income taxes | 221 | (1,209 | ) | -118.3 | % | 988 | 350 | 182.3 | % | ||||||||||
| Net income | 940 | 1,454 | -35.4 | % | 4,244 | 4,856 | -12.6 | % | |||||||||||
| Less: Net income attributable to noncontrolling interest | 5 | 5 | – | 5 | 5 | – | |||||||||||||
| Net income attibutable to Elmira Savings Bank | 935 | 1,449 | -35.5 | % | 4,239 | 4,851 | -12.6 | % | |||||||||||
| Dividend on preferred stock | – | 170 | -100.0 | % | – | 845 | -100.0 | % | |||||||||||
| Income available to common shareholders | $ | 935 | $ | 1,279 | -26.9 | % | $ | 4,239 | $ | 4,006 | 5.8 | % | |||||||
| Basic earnings per share | $ | 0.27 | $ | 0.37 | -27.0 | % | $ | 1.22 | $ | 1.22 | 0.0 | % | |||||||
| Diluted earnings per share | $ | 0.27 | $ | 0.37 | -27.0 | % | $ | 1.21 | $ | 1.21 | 0.0 | % | |||||||
| Weighted average shares outstanding – basic | 3,486,535 | 3,467,468 | 0.5 | % | 3,479,916 | 3,281,706 | 6.0 | % | |||||||||||
| Weighted average shares outstanding – diluted | 3,499,475 | 3,481,925 | 0.5 | % | 3,494,218 | 3,297,938 | 6.0 | % | |||||||||||
| Dividends per share | $ | 0.23 | $ | 0.22 | 4.5 | % | $ | 0.91 | $ | 0.88 | 3.4 | % | |||||||
| Share and per share data has been restated to reflect the 5% stock dividend paid on June 15, 2018. |
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| ELMIRA SAVINGS BANK | |||||||||||||||||
| AVERAGE BALANCES AND INTEREST RATES | |||||||||||||||||
| (Dollars in Thousands) | For the Three Months Ended | ||||||||||||||||
| December 31, 2018 | December 31, 2017 | ||||||||||||||||
| ASSETS: | Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | |||||||||||
| Loans | $ | 472,389 | $ | 5,091 | 4.28 | % | $ | 452,863 | $ | 4,752 | 4.17 | % | |||||
| Short-term investments | 520 | 3 | 2.20 | 1,248 | 4 | 1.10 | |||||||||||
| Securities | 41,536 | 408 | 3.91 | 43,565 | 378 | 3.46 | |||||||||||
| Total interest-earning assets | 514,445 | 5,502 | 4.25 | 497,676 | 5,134 | 4.10 | |||||||||||
| Noninterest-earning assets | 57,902 | 60,203 | |||||||||||||||
| TOTAL ASSETS | $ | 572,347 | $ | 557,879 | |||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
| Interest-bearing deposits | $ | 400,138 | $ | 1,056 | 1.05 | $ | 377,628 | $ | 744 | 0.78 | |||||||
| Borrowings | 31,095 | 221 | 2.79 | 35,615 | 248 | 2.72 | |||||||||||
| Total interest-bearing liabilities | 431,233 | 1,277 | 1.17 | 413,243 | 992 | 0.95 | |||||||||||
| Noninterest-bearing liabilities | 83,083 | 81,024 | |||||||||||||||
| Shareholders’ equity | 58,031 | 63,612 | |||||||||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 572,347 | $ | 557,879 | |||||||||||||
| Interest rate spread | 3.08 | % | 3.15 | % | |||||||||||||
| Net interest income/margin | $ | 4,225 | 3.26 | % | $ | 4,142 | 3.31 | % | |||||||||
| ELMIRA SAVINGS BANK | |||||||||||||||||
| AVERAGE BALANCES AND INTEREST RATES | |||||||||||||||||
| (Dollars in Thousands) | For the Twelve Months Ended | ||||||||||||||||
| December 31, 2018 | December 31, 2017 | ||||||||||||||||
| ASSETS: | Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | |||||||||||
| Loans | $ | 458,691 | $ | 19,569 | 4.25 | % | $ | 450,896 | $ | 18,971 | 4.20 | % | |||||
| Short-term investments | 478 | 8 | 1.65 | 496 | 8 | 1.63 | |||||||||||
| Securities | 40,693 | 1,501 | 3.68 | 46,347 | 1,567 | 3.38 | |||||||||||
| Total interest-earning assets | 499,862 | 21,078 | 4.20 | 497,739 | 20,546 | 4.12 | |||||||||||
| Noninterest-earning assets | 62,926 | 66,709 | |||||||||||||||
| TOTAL ASSETS | $ | 562,788 | $ | 564,448 | |||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
| Interest-bearing deposits | $ | 390,407 | $ | 3,565 | 0.91 | $ | 381,353 | $ | 2,951 | 0.77 | |||||||
| Borrowings | 33,491 | 943 | 2.78 | 40,222 | 1,047 | 2.57 | |||||||||||
| Total interest-bearing liabilities | 423,898 | 4,508 | 1.06 | 421,575 | 3,998 | 0.94 | |||||||||||
| Noninterest-bearing liabilities | 81,287 | 80,494 | |||||||||||||||
| Shareholders’ equity | 57,603 | 62,379 | |||||||||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 562,788 | $ | 564,448 | |||||||||||||
| Interest rate spread | 3.14 | % | 3.18 | % | |||||||||||||
| Net interest income/margin | $ | 16,570 | 3.31 | % | $ | 16,548 | 3.32 | % | |||||||||
| Quarter Ended | ||||||||||||||||||
| (Dollars in Thousands, Except Per Share Data) | 12/31/2018 | 9/30/2018 | 6/30/2018 | 3/31/2018 | 12/31/2017 | |||||||||||||
| Operating Data | ||||||||||||||||||
| Net income | $ | 935 | $ | 1,010 | $ | 1,163 | $ | 1,131 | $ | 1,449 | ||||||||
| Net interest income | 4,225 | 4,090 | 4,080 | 4,175 | 4,142 | |||||||||||||
| Provision for loan losses | 150 | 150 | 25 | 42 | 580 | |||||||||||||
| Non-interest income, ex. Net security gains | 1,124 | 1,154 | 1,130 | 1,110 | 1,198 | |||||||||||||
| Non-interest expense | 4,038 | 3,891 | 3,732 | 3,828 | 4,515 | |||||||||||||
| Performance Statistics | ||||||||||||||||||
| Net interest margin | 3.26% | 3.26% | 3.32% | 3.38% | 3.31% | |||||||||||||
| Annualized return on average assets | 0.65% | 0.71% | 0.83% | 0.83% | 1.03% | |||||||||||||
| Annualized return on average equity | 6.39% | 6.94% | 8.11% | 8.03% | 9.04% | |||||||||||||
| Annualized net loan charge-offs to avg loans | 0.17% | 0.08% | 0.09% | 0.05% | 0.46% | |||||||||||||
| Net charge-offs | 199 | 91 | 96 | 51 | 528 | |||||||||||||
| Efficiency ratio | 75.5% | 74.2% | 71.6% | 72.4% | 84.6% | |||||||||||||
| Per Share Data | ||||||||||||||||||
| Basic earnings per share | $ | 0.27 | $ | 0.29 | $ | 0.33 | $ | 0.32 | $ | 0.37 | ||||||||
| Diluted earnings per share | 0.27 | 0.29 | 0.33 | 0.32 | 0.37 | |||||||||||||
| Dividend declared per share | 0.23 | 0.23 | 0.23 | 0.22 | 0.22 | |||||||||||||
| Book value | 16.52 | 16.42 | 16.36 | 16.27 | 16.26 | |||||||||||||
| Common stock price: | ||||||||||||||||||
| High | 20.47 | 21.00 | 20.60 | 19.95 | 19.90 | |||||||||||||
| Low | 15.77 | 20.10 | 19.29 | 19.19 | 18.00 | |||||||||||||
| Close | 17.45 | 20.40 | 20.43 | 19.52 | 19.48 | |||||||||||||
| Weighted average common shares: | ||||||||||||||||||
| Basic | 3,487 | 3,481 | 3,477 | 3,474 | 3,467 | |||||||||||||
| Fully diluted | 3,499 | 3,497 | 3,491 | 3,489 | 3,482 | |||||||||||||
| End-of-period common shares: | ||||||||||||||||||
| Issued | 3,598 | 3,593 | 3,593 | 3,591 | 3,582 | |||||||||||||
| Treasury | 94 | 94 | 94 | 94 | 94 | |||||||||||||
| Share and per share data has been restated to reflect the 5% stock dividend paid on June 15, 2018. | ||||||||||||||||||
| Financial Condition Data: | ||||||||||||||||||
| General | ||||||||||||||||||
| Total assets | $ | 590,040 | $ | 570,785 | $ | 562,924 | $ | 553,259 | $ | 554,560 | ||||||||
| Loans, net | 477,900 | 462,713 | 448,690 | 447,131 | 454,187 | |||||||||||||
| Intangibles | 12,320 | 12,320 | 12,320 | 12,320 | 12,320 | |||||||||||||
| Total deposits | 491,517 | 474,449 | 468,293 | 456,322 | 456,762 | |||||||||||||
| Noninterest-bearing | 81,690 | 78,324 | 76,880 | 73,540 | 74,072 | |||||||||||||
| Savings | 75,483 | 71,748 | 73,200 | 70,574 | 70,339 | |||||||||||||
| NOW | 89,666 | 89,835 | 87,402 | 86,205 | 86,799 | |||||||||||||
| Money Market | 20,087 | 18,910 | 21,934 | 22,928 | 25,363 | |||||||||||||
| Time deposits | 224,591 | 215,632 | 208,877 | 203,075 | 200,189 | |||||||||||||
| Total interest-bearing deposits | 409,827 | 396,125 | 391,413 | 382,782 | 382,690 | |||||||||||||
| Shareholders’ equity | 57,949 | 57,512 | 57,299 | 56,887 | 56,681 | |||||||||||||
| Asset Quality | ||||||||||||||||||
| Non-performing assets | $ | 4,649 | $ | 4,520 | $ | 4,560 | $ | 3,181 | $ | 2,933 | ||||||||
| Non-performing assets to total assets | 0.79% | 0.79% | 0.81% | 0.57% | 0.53% | |||||||||||||
| Allowance for loan losses | 4,372 | 4,421 | 4,362 | 4,433 | 4,442 | |||||||||||||
| Allowance for loan losses to total loans | 0.91% | 0.95% | 0.96% | 0.98% | 0.97% | |||||||||||||
| Allowance for loan losses to | ||||||||||||||||||
| non-performing loans | 97.16% | 100.00% | 99.18% | 142.59% | 153.97% | |||||||||||||
| Non-performing loans to total loans | 0.94% | 0.96% | 0.98% | 0.70% | 0.64% | |||||||||||||
| Capitalization | ||||||||||||||||||
| Shareholders’ equity to total assets | 9.82% | 10.08% | 10.18% | 10.28% | 10.22% | |||||||||||||
For further information contact:
Thomas M. Carr, President & CEO
Elmira Savings Bank
333 East Water Street
Elmira, New York 14901
(607) 735-8660
tcarr@elmirasavingsbank.com