ELMIRA, New York, Oct. 16, 2019 (GLOBE NEWSWIRE) — Elmira Savings Bank (NASDAQ:ESBK)
HighlightsNet income was $901,000 and $2,546,000 for the three and nine months ended September 30, 2019 compared to $1,010,000 and $3,304,000 for the same periods in 2018.Diluted earnings per share were $.26 per share and $.73 per share for the three and nine months ended September 30, 2019 compared to $.29 per share and $.95 per share for the same periods in 2018. Return on average assets was .58% and .56% for the three and nine months ended September 30, 2019 compared to .71% and .79% for the three and nine months ended September 30, 2018.Return on average equity was 6.08% and 5.80% for the three and nine months ended September 30, 2019 compared to 6.94% and 7.69% 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 $2,546,000 for the nine months ended September 30, 2019, a decrease of $758,000 or 23% from the $3,304,000 of net income recorded for the same period in 2018. This decrease was the net result of an increase in noninterest expense of $652,000, an increase in the provision for loan losses of $327,000, and a decrease in net interest income of $76,000, offset by an increase in noninterest income of $21,000 and a decrease in tax expense of $276,000.Net income totaled $901,000 for the three months ended September 30, 2019, a decrease of $109,000 or 11% from the $1,010,000 recorded for the same period in 2018. This decrease was the net result of an increase in noninterest expense of $152,000, an increase in the provision for loan losses of $100,000, and a decrease in net interest income of $18,000, offset by an increase in noninterest income of $150,000 and a decrease in tax expense of $11,000.Basic and diluted earnings per share for the nine months ended September 30, 2019 were both $.73 per share compared to $.95 per share for both for the same period in 2018. Basic and diluted earnings per share for the three months ended September 30, 2019 were both $.26 per share compared to $.29 per share for both for the same period in 2018. Net Interest MarginThe net interest margin for the nine months ended September 30, 2019 was 3.05% compared to 3.32% for the same period in 2018. The yield on average earning assets was 4.31% for the nine months ended September 30, 2019 compared to 4.19% for the same period in 2018. The average cost of interest-bearing liabilities was 1.46% for the nine months ended September 30, 2019 compared to 1.02% for the same period in 2018.The net interest margin for the three months ended September 30, 2019 was 2.97% compared to 3.26% for the same period in 2018. The average yield on earning assets was 4.31% for the three months ended September 30, 2019 compared to 4.19% for the same period in 2018. The average cost of interest-bearing liabilities was 1.55% for the three months ended September 30, 2019 compared to 1.09% for the same period in 2018.AssetsTotal assets increased $25.6 million or 4.3% to $615.6 million at September 30, 2019 compared to $590.0 million at December 31, 2018. Loans, including loans held for sale, increased 7.4% to $519.6 million at September 30, 2019 compared to December 31, 2018. The available-for-sale investment portfolio decreased $10.7 million from December 31, 2018 to September 30, 2019.Nonperforming LoansOur nonperforming loans to total loans ratio was 0.92% at September 30, 2019 and 0.94% at December 31, 2018. Net loan charge-offs to average loans for the nine months ended September 30, 2019 was 0.10% and was 0.07% for the nine months ended September 30, 2018. The allowance for loan losses was 0.88% of total loans at September 30, 2019 and 0.94% of total loans at December 31, 2018.LiabilitiesDeposits total $520.0 million at September 30, 2019, an increase of $28.5 million or 5.8%. The $28.5 million increase consists of a $37.9 million increase in time deposits, a $923,000 increase in noninterest-bearing accounts, and a $1.5 million increase in money market accounts, offset by a $6.3 million decrease in savings accounts and a $5.5 million decrease in interest bearing transaction accounts. Borrowed funds totaled $29.0 million as of September 30, 2019, a decrease of $2.0 million from December 31, 2018.Shareholders’ EquityShareholders’ equity increased $473,000 to $58.4 million at September 30, 2019 compared to December 31, 2018. The current level of shareholders’ equity equates to a book value per share of $16.62 at September 30, 2019, compared to $16.52 at December 31, 2018. Dividends paid for common shareholders were $0.23 and $0.69 for the three and nine months ended September 30, 2019 and were $0.23 and $0.68 for the three and nine months ended September 30, 2018. Elmira Savings Bank, with $615.6 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.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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