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Elmira Savings Bank Reports First Quarter Earnings

Written by Customer Service on . Posted in Public Companies.

ELMIRA, N.Y., April 28, 2020 (GLOBE NEWSWIRE) — Elmira Savings Bank (NASDAQ:ESBK) –HighlightsNet income was $1,018,000 for the three months ended March 31, 2020 compared to $927,000 for the same period in 2019.Diluted earnings per share were $.29 per share for the three months ended March 31, 2020 compared to $.26 per share for the same period in 2019. Return on average assets was .68% for the three months ended March 31, 2020 and .64% for the same period in 2019.Return on average equity was 6.93% for the three months ended March 31, 2020 compared to 6.41% for the same period in 2019.“We are pleased with the improvement in net income during the first quarter.  We are concerned about the current COVID-19 pandemic and the impact it is having on our economy, but feel fortunate that our market areas have not yet experienced the widespread health crisis, like other areas of the state,” said Thomas M. Carr, President and CEO.  Carr continued, “As an express Small Business Administration lender, we have been able to secure Paycheck Protection Program loans for over 200 local small businesses, totaling $23 million of economic aid for our markets.”Net IncomeNet income totaled $1,018,000 for the three months ended March 31, 2020, an increase of $91,000 or 9.8% from the $927,000 recorded for the same period in 2019.  This increase was the net result of an increase in net interest income of $181,000, an increase in noninterest income of $156,000, and a decrease in the provision for loan losses of $82,000, offset by an increase in noninterest expense of $229,000 and an increase in tax expense of $99,000.Basic and diluted earnings per share for the three months ended March 31, 2020 were both $.29 per share compared to $.27 and $.26 per share for the same period in 2019. Net Interest MarginThe net interest margin for the three months ended March 31, 2020 was 3.16% compared to 3.13% for the first quarter of 2019.  The yield on average earning assets was 4.38% for the three months ended March 31, 2020 compared to 4.27% for the same period in 2019.  The average cost of interest-bearing liabilities was 1.45% for the three months ended March 31, 2020 compared to 1.34% for the three months ended March 31, 2019.AssetsTotal assets decreased $8.8 million or 1.5% to $598.0 million at March 31, 2020 compared to $606.8 million at December 31, 2019.  Loans receivable decreased 1.6% to $510.6 million at March 31, 2020 compared to December 31, 2019.  The available-for-sale investment portfolio decreased $3.0 million from December 31, 2019 to March 31, 2020, and cash and cash equivalents increased by $705,000 from December 31, 2019 to March 31, 2020.Nonperforming LoansOur nonperforming loans to total loans ratio was .86% at March 31, 2020 and .82% at December 31, 2019.  Net loan charge-offs to average loans for the three months ended March 31, 2020 was .05% and .10% for the three months ended March 31, 2019.  The allowance for loan losses was .89% of total loans at March 31, 2020 and .88% at December 31, 2019.LiabilitiesDeposits totaled $501.8 million at March 31, 2020, a decrease of $10.5 million or 2.0% from the December 31, 2019 total of $512.2 million.  Borrowed funds increased by $2.0 million from December 31, 2019 to $31.0 million at March 31, 2020.Shareholders’ EquityShareholders’ equity increased $433,000 to $59.0 million at March 31, 2020 compared to December 31, 2019. The current level of shareholders’ equity equates to a book value per share of $16.77 at March 31, 2020, compared to $16.67 at December 31, 2019.  Dividends paid to common shareholders were $0.23 for the three months ended both March 31, 2020 and March 31, 2019.    Elmira Savings Bank, with $598.0 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
tcarr@elmirasavingsbank.com

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