Elmira Savings Bank Reports First Quarter Earnings

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News Desk 2018

Apr 28, 2015 at 1:00 PM

ELMIRA, NY--(Marketwired - Apr 28, 2015) - Elmira Savings Bank ( NASDAQ : ESBK )

Highlights

Net income was $1,010,000 for the three months ended March 31, 2015 compared to $1,060,000 for the same period in 2014.
Diluted earnings per share were $.28 per share for the three months ended March 31, 2015 compared to $.30 per share for the same period in 2014.
Return on average assets was .74% for the three months ended March 31, 2015 compared to .84% for the same period in 2014.
Return on average equity was 7.29% for the three months ended March 31, 2015 compared to 7.82% for the same period in 2014.

"During the first quarter of 2015, we opened our thirteenth full-service branch in Watkins Glen, NY, and added mobile check deposit services to our mobile and online banking functionality," said Thomas M. Carr, President and CEO. Carr continued, "Our earnings were modestly below the same period in 2014, totaling $1.0 million dollars for the period ended March 31, 2015, due to lower revenue year-to-year."

Net Income

Net income totaled $1,010,000 for the three months ended March 31, 2015, a decrease of $50,000 or 4.7% from the $1,060,000 recorded for the same period in 2014. This decrease was the net result of a decline in noninterest income of $54,000 and a decrease of $48,000 in net interest income, offset by a reduction in tax expense of $54,000.

Basic and diluted earnings per share for the three months ended March 31, 2015 were $.29 per share and $.28 per share compared to $.31 per share and $.30 per share for the same period in 2014.

Net Interest Margin

The net interest margin for the three months ended March 31, 2015 was 3.07% compared to 3.31% for the first quarter of 2014. The yield on average earning assets was 4.09% for the three months ended March 31, 2015 compared to 4.34% for the same period in 2014. The average cost of interest-bearing liabilities was 1.19% for the three months ended March 31, 2015 compared to 1.22% for the three months ended March 31, 2014.

Assets

Total assets increased $16.2 million or 3.0% to $562.2 million at March 31, 2015 compared to $546.0 million at December 31, 2014. Loans receivable increased 0.7% to $420.2 million at March 31, 2015 compared to December 31, 2014. The available-for-sale investment portfolio decreased $8.3 million from December 31, 2014 to March 31, 2015.

Nonperforming Loans

Our nonperforming loans to total loans ratio was 1.14% at March 31, 2015 and 1.13% at December 31, 2014. Net loan charge-offs to average loans for the three months ended March 31, 2015 of .02% decreased from .07% for the twelve months ended December 31, 2014. The allowance for loan losses was .95% of total loans at March 31, 2015 and .95% at December 31, 2014.

Liabilities

Deposits total $426.1 million at March 31, 2015, an increase of $3.5 million or .8%. Borrowed funds increased by $12.0 million or 19.4%.

Shareholders' Equity

Shareholders' equity increased $325,000 to $55.8 million at March 31, 2015 compared to December 31, 2014. The current level of shareholders' equity equates to a book value per share of $16.96 at March 31, 2015, compared to $16.91 at December 31, 2014. Dividends paid to common shareholders were $0.23 for the three months ended both March 31, 2015 and 2014.

Elmira Savings Bank, with $562.2 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)		March 31,			December 31,
		2015			2014			% Change
ASSETS

Cash and due from banks		$	26,948		$	7,959		238.6	%
Federal funds sold and other short-term investments			504			606		-16.8	%
	Total cash and cash equivalents		27,452			8,565		220.5	%

Securities available for sale, at fair value			57,374			65,624		-12.6	%
Securities held to maturity - fair value $7,503 at March 31, 2015 and $7,641 at December 31, 2014			7,276			7,389		-1.5	%
Federal Reserve and Federal Home Loan Bank (FHLB) stock, at cost			11,643			11,182		4.1	%

Loans held for sale			2,434			787		209.3	%

Loans receivable			420,237			417,359		0.7	%
Less: Allowance for loan losses			4,002			3,974		0.7	%
	Net loans		416,235			413,385		0.7	%

Premises and equipment, net			10,058			9,475		6.2	%
Bank-owned life insurance			12,884			12,790		0.7	%
Accrued interest receivable			1,641			1,566		4.8	%
Intangible assets, net			108			125		-13.6	%
Goodwill			12,320			12,320		0.0	%
Other assets			2,760			2,761		0.0	%
	Total assets	$	562,185		$	545,969		3.0	%

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits		$	426,075		$	422,561		0.8	%
Borrowings			74,000			62,000		19.4	%
Other liabilities			6,292			5,915		6.4	%
	Total liabilities		506,367			490,476		3.2	%

Shareholders' equity:
Preferred stock, $1,000 liquidation value per issued share; 5,000,000 shares authorized; 10,000 shares issued at March 31, 2015 and at December 31, 2014			9,700			9,700		0.0	%
Common stock, $1 par value; authorized 5,000,000 shares; 2,813,377 shares issued at March 31, 2015 and 2,809,364 shares issued at December 31, 2014			2,813			2,809		0.1	%
Additional paid-in capital			42,492			42,365		0.3	%
Retained earnings			2,930			2,769		5.8	%
Treasury stock, at cost - 98,118 shares at March 31, 2015 and 104,418 shares at December 31, 2014			(2,907	)		(3,053	)	-4.8	%
Accumulated other comprehensive income			736			849		-13.3	%
	Total Elmira Savings Bank shareholders' equity		55,764			55,439		0.6	%
Noncontrolling interest			54			54		0.0	%
	Total shareholders' equity		55,818			55,493		0.6	%
	Total liabilities and shareholders' equity	$	562,185		$	545,969		3.0	%


ELMIRA SAVINGS BANK
CONSOLIDATED STATEMENT OF INCOME
(unaudited)

			Three Months Ended
			March 31,
(in thousands, except for per share data)			2015		2014		% Change

Interest and dividend income:
	Interest and fees on loans		$	4,462	$	4,397	1.5	%
	Interest and dividends on securities
		Taxable		402		464	-13.4	%
		Non-taxable		231		204	13.2	%
		Total interest and dividend income		5,095		5,065	0.6	%

Interest expense:
	Interest on deposits			727		742	-2.0	%
	Interest on borrowings			543		450	20.7	%
		Total interest expense		1,270		1,192	6.5	%
Net interest income				3,825		3,873	-1.2	%
Provision for loan losses				50		54	-7.4	%
Net interest income after provision for loan losses				3,775		3,819	-1.2	%

Noninterest income:
	Service fees			355		329	7.9	%
	Gain on sale of loans held for sale			354		448	-21.0	%
	Gain on sale of securities			204		216	-5.6	%
	Other service fees			169		164	3.0	%
	Earnings on bank-owned life insurance			94		91	3.3	%
	Other			59		41	43.9	%
		Total noninterest income		1,235		1,289	-4.2	%

Noninterest expense:
	Salaries and benefits			1,794		1,839	-2.4	%
	Net occupancy			392		416	-5.8	%
	Equipment			254		250	1.6	%
	Marketing and public relations			211		200	5.5	%
	Professional fees			180		161	11.8	%
	Other			738		697	5.9	%
		Total noninterest expense		3,569		3,563	0.2	%
Income before income taxes				1,441		1,545	-6.7	%
Income taxes				431		485	-11.1	%
Net income				1,010		1,060	-4.7	%
Less: Net income attributable to noncontrolling interest				-		-	-

Net income attibutable to Elmira Savings Bank				1,010		1,060	-4.7	%

Dividend on preferred stock				225		225	0.0	%
Income available to common shareholders			$	785	$	835	-6.0	%


Basic earnings per share			$	0.29	$	0.31	-6.5	%

Diluted earnings per share			$	0.28	$	0.30	-6.7	%

Weighted average shares outstanding - basic				2,700,542		2,657,141	1.6	%

Weighted average shares outstanding - diluted				2,811,600		2,789,840	0.8	%

Dividends per share			$	0.23	$	0.23	0.0	%


ELMIRA SAVINGS BANK
AVERAGE BALANCES AND INTEREST RATES

(Dollars in Thousands)	For the Three Months Ended
	March 31, 2015						March 31, 2014
ASSETS:	Average Balance		Interest		Average Rate		Average Balance		Interest		Average Rate
Loans	$	417,480	$	4,462	4.29	%	$	388,765	$	4,397	4.54	%
Short-term investments		1,510		1	0.03			510		1	0.04
Securities		81,785		632	3.10			79,547		667	3.37
Total interest-earning assets		500,775		5,095	4.09			468,822		5,065	4.34

Noninterest-earning assets		54,161						42,488

TOTAL ASSETS	$	554,936					$	511,310

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits	$	358,257	$	727	0.82		$	335,489	$	742	0.90
Borrowings		71,822		543	3.02			58,413		450	3.08
Total interest-bearing liabilities		430,079		1,270	1.19			393,902		1,192	1.22

Noninterest-bearing liabilities		68,726						62,456
Shareholders' equity		56,131						54,952

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	554,936					$	511,310
Interest rate spread					2.90	%					3.12	%
Net interest income/margin			$	3,825	3.07	%			$	3,873	3.31	%


			Quarter Ended
(Dollars in Thousands, Except Per Share Data)			3/31/2015			12/31/2014		9/30/2014			6/30/2014			3/31/2014
Operating Data

	Net income		$	1,010		1,031		$	475		$	1,099		$	1,060
	Net interest income			3,825		4,018			3,802			3,719			3,873
	Provision for loan losses			50		140			138			75			54
	Net security gains			204		-			-			205			216
	Non-interest income, ex. Net security gains			1,031		1,039			1,155			1,069			1,073
	Non-interest expense			3,569		3,406			4,190			3,344			3,563

Performance Statistics

	Net interest margin			3.07	%	3.23	%		3.18	%		3.19	%		3.31	%
	Annualized return on average assets			0.74	%	0.76	%		0.36	%		0.86	%		0.84	%
	Annualized return on average equity			7.29	%	7.37	%		3.36	%		7.95	%		7.82	%
	Annualized net loan charge-offs to avg loans			0.02	%	0.09	%		-0.01	%		0.15	%		0.04	%
	Net charge-offs (recoveries)			21		94			(7	)		143			38
	Efficiency ratio			70.5	%	67.4	%		84.5	%		67.0	%		69.0	%

Per Share Data

	Basic earnings per share		$	0.29		0.30		$	0.09		$	0.33		$	0.31
	Diluted earnings per share			0.28		0.29			0.09			0.31			0.30
	Dividend declared per share			0.23		0.23			0.23			0.23			0.23
	Book value			16.96		16.91			16.76			16.87			16.78
	Common stock price:
		High		23.00		23.00			24.54			24.78			26.97
		Low		19.99		20.50			20.16			21.92			22.25
		Close		20.40		23.00			22.25			24.50			24.49
	Weighted average common shares:
		Basic		2,701		2,693			2,684			2,674			2,657
		Fully diluted		2,812		2,808			2,803			2,798			2,790
	End-of-period common shares:
		Issued		2,813		2,809			2,809			2,799			2,787
		Treasury		98		104			104			104			104


Financial Condition Data:
General
	Total assets		$	562,185		545,969		$	533,726		$	515,053		$	513,938
	Loans, net			416,235		413,385			406,168			391,611			388,295
	Intangibles			12,428		12,445			12,464			12,486			12,508
	Total deposits			426,075		422,561			405,681			399,219			394,951
		Noninterest-bearing		64,442		62,019			68,871			61,221			57,059
		Savings		63,776		65,286			62,898			63,433			61,655
		NOW		78,169		78,920			75,246			73,116			75,789
		Money Market		22,112		20,512			21,498			22,702			21,540
		Time deposits		197,576		195,824			177,168			178,747			178,908
		Total interest-bearing deposits		361,633		360,542			336,810			337,998			337,892
	Shareholders' equity			55,818		55,493			55,088			55,202			54,763

Asset Quality

	Non-performing assets		$	4,790		4,699		$	4,575		$	4,281		$	3,368
	Non-performing assets to total assets			0.85	%	0.86	%		0.86	%		0.83	%		0.66	%
	Allowance for loan losses			4,002		3,974			3,928			3,783			3,851
	Allowance for loan losses to total loans			0.95	%	0.95	%		0.96	%		0.96	%		0.98	%
	Allowance for loan losses to non-performing loans			83.55	%	84.57	%		88.61	%		89.90	%		119.23	%
	Non-performing loans to total loans			1.14	%	1.13	%		1.08	%		1.06	%		0.82	%

Capitalization

	Shareholders' equity to total assets			9.93	%	10.16	%		10.32	%		10.72	%		10.66	%

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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