Elmira Savings Bank (NASDAQ:ESBK)
Highlights
- Net income was $909,000 and
$1,927,000 for the three and six months ended June 30, 2020
compared to $718,000 and $1,645,000 for the same periods in
2019.
- Diluted earnings per share were
$.26 per share and $.55 per share for the three and six months
ended June 30, 2020 compared to $.21 per share and $.47 per share
for the same periods in 2019.
- Return on average assets was .57%
and .62% for the three and six months ended June 30, 2020 compared
to .47% and .56% for the three and six months ended June 30,
2019.
- Return on average equity was 6.12%
and 6.52% for the three and six months ended June 30, 2020 compared
to 4.92% and 5.66% for the same periods in 2019.
"We continue to be concerned about the impact
the economic shutdown and subsequent staged reopening due
to the COVID-19 pandemic is having on local
economies. Our region has been fortunate to have not
yet experienced the widespread health crisis like other areas of
the state and country," said Thomas M Carr, President and
CEO. Carr continued, "We are focused on continuing to provide
credit and financial services needed in the communities we serve,
balancing those efforts with prudent safety measures to minimize
potential COVID health risks to our customers and staff.”
Net Income
Net income totaled $1,927,000 for the six months
ended June 30, 2020, an increase of $282,000 or 17% from the
$1,645,000 of net income recorded for the same period in
2019. This increase was the net result of an increase in
noninterest income of $786,000 and an increase in net interest
income of $221,000, offset by an increase in the provision for loan
losses of $331,000, an increase in noninterest expense of $216,000,
and an increase in tax expense of $178,000.
Net income totaled $909,000 for the three months
ended June 30, 2020, an increase of $191,000 or 27% from the
$718,000 recorded for the same period in 2019. This increase
was the net result of an increase in noninterest income of
$630,000, an increase in net interest income of $40,000, and a
decrease in noninterest expense of $13,000, offset by an increase
in the provision for loan losses of $413,000 and an increase in tax
expense of $79,000.
The increase in noninterest income for both the
three and six months ended June 30, 2020 is primarily due to
increases in the gain on sale of loans, reflecting higher levels of
residential mortgages originated for sale to the secondary markets
compared to the same periods in 2019.
For both the three and six months ended June 30,
2020, the increases in the provision for loan losses reflect
management’s consideration of the uncertainty of ongoing economic
conditions resulting from the COVID-19 pandemic and associated
economic slowdown.
Basic and diluted earnings per share for the six
months ended June 30, 2020 were both $.55 per share compared to
$.47 per share for both for the same period in 2019. Basic
and diluted earnings per share for the three months ended June 30,
2020 were both $.26 per share compared to $.21 per share for both
for the same period in 2019.
Net Interest Margin
The net interest margin for the six months ended
June 30, 2020 was 3.07% compared to 3.10% for the same period in
2019. The yield on average earning assets was 4.24% for the
six months ended June 30, 2020 compared to 4.31% for the same
period in 2019. The average cost of interest-bearing
liabilities was 1.38% for the six months ended June 30, 2020
compared to 1.42% for the same period in 2019.
The net interest margin for the three months
ended June 30, 2020 was 2.98% compared to 3.06% for the same period
in 2019. The average yield on earning assets was 4.11% for
the three months ended June 30, 2020 compared to 4.36% for the same
period in 2019. The average cost of interest-bearing
liabilities was 1.32% for the three months ended June 30, 2020
compared to 1.50% for the same period in 2019.
Assets
Total assets increased $69.0 million or 11.4% to
$675.9 million at June 30, 2020 compared to $606.8 million at
December 31, 2019. Loans, including loans held for sale,
increased 1.4% to $527.6 million at June 30, 2020 compared to
December 31, 2019. The available-for-sale investment
portfolio decreased $4.8 million from December 31, 2019 to June 30,
2020. Total cash and cash equivalents were $79.6 million at June
30, 2020, an increase of $67.5 million from December 31, 2019 when
cash totaled $12.0 million.
Nonperforming Loans
Our nonperforming loans to total loans ratio was
1.02% at June 30, 2020 and 0.82% at December 31, 2019. Net
loan charge-offs to average loans for the six months ended June 30,
2020 was 0.09% for both the six months ended June 30, 2020 and June
30, 2019. The allowance for loan losses was 0.96% of total
loans at June 30, 2020 and 0.88% of total loans at December 31,
2019.
Liabilities
Deposits total $551.2 million at June 30, 2020,
an increase of $39.0 million or 7.6% from the December 31, 2019
total of $512.2 million. Borrowed funds totaled $56.9 million
as of June 30, 2020, an increase of $27.9 million from December 31,
2019 when borrowed funds totaled $29.0 million.
Shareholders’ Equity
Shareholders’ equity increased $885,000 to $59.5
million at June 30, 2020 compared to December 31, 2019. The
current level of shareholders’ equity equates to a book value per
share of $16.87 at June 30, 2020, compared to $16.67 at December
31, 2019. Dividends paid for common shareholders were $0.15
and $0.38 for the three and six months ended June 30, 2020 and
$0.23 and $0.46 for the three and six months ended June 30, 2019.
Elmira Savings Bank, with $675.9 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 & CEOElmira Savings Bank333 East Water StreetElmira,
New York 14901(607) 735-8660tcarr@elmirasavingsbank.com
ELMIRA SAVINGS BANK |
CONSOLIDATED BALANCE SHEET |
(unaudited) |
|
|
|
|
|
|
(in thousands, except for share and per share data) |
June 30, |
|
December 31, |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
% Change |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
79,470 |
|
|
$ |
11,954 |
|
|
564.8 |
% |
Federal funds sold and other short-term investments |
|
89 |
|
|
|
92 |
|
|
-3.3 |
% |
Total cash and cash equivalents |
|
79,559 |
|
|
|
12,046 |
|
|
560.5 |
% |
|
|
|
|
|
|
Securities available for sale, at fair value |
|
6,962 |
|
|
|
11,802 |
|
|
-41.0 |
% |
Securities held to maturity - fair value $7,428 at June 30, 2020,
and $7,233 at December 31, 2019 |
|
6,783 |
|
|
|
7,018 |
|
|
-3.3 |
% |
Federal Reserve and Federal Home Loan Bank (FHLB) stock, at
cost |
|
9,893 |
|
|
|
9,944 |
|
|
-0.5 |
% |
|
|
|
|
|
|
Loans held for sale |
|
3,919 |
|
|
|
1,354 |
|
|
189.4 |
% |
|
|
|
|
|
|
Loans receivable |
|
523,723 |
|
|
|
518,871 |
|
|
0.9 |
% |
Less: Allowance for loan losses |
|
5,025 |
|
|
|
4,576 |
|
|
9.8 |
% |
Net loans |
|
518,698 |
|
|
|
514,295 |
|
|
0.9 |
% |
|
|
|
|
|
|
Premises and equipment, net |
|
15,953 |
|
|
|
16,210 |
|
|
-1.6 |
% |
Bank-owned life insurance |
|
15,204 |
|
|
|
14,919 |
|
|
1.9 |
% |
Accrued interest receivable |
|
1,761 |
|
|
|
1,625 |
|
|
8.4 |
% |
Goodwill |
|
12,320 |
|
|
|
12,320 |
|
|
0.0 |
% |
Other assets |
|
4,810 |
|
|
|
5,296 |
|
|
-9.2 |
% |
Total assets |
$ |
675,862 |
|
|
$ |
606,829 |
|
|
11.4 |
% |
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Deposits |
$ |
551,225 |
|
|
$ |
512,215 |
|
|
7.6 |
% |
Borrowings |
|
56,896 |
|
|
|
29,000 |
|
|
96.2 |
% |
Other liabilities |
|
8,245 |
|
|
|
7,003 |
|
|
17.7 |
% |
Total liabilities |
|
616,366 |
|
|
|
548,218 |
|
|
12.4 |
% |
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
Preferred stock, $1 par value; $1,000 liquidation value per issued
share; 5,000,000 shares authorized; 10,000 shares issued and none
outstanding at June 30, 2020 and at December 31, 2019 |
|
9,700 |
|
|
|
9,700 |
|
|
0.0 |
% |
Common stock, $1 par value; authorized 5,000,000 shares; 3,616,770
shares issued and 3,522,887 outstanding at June 30, 2020 and
3,606,089 shares issued and 3,512,206 outstanding at December 31,
2019 |
|
3,617 |
|
|
|
3,606 |
|
|
0.3 |
% |
Additional paid-in capital |
|
54,140 |
|
|
|
53,993 |
|
|
0.3 |
% |
Retained earnings |
|
4,022 |
|
|
|
3,432 |
|
|
17.2 |
% |
Treasury stock, at cost - 93,883 common shares and 10,000 preferred
shares at June 30, 2020 and December 31, 2019 |
|
(12,202 |
) |
|
|
(12,202 |
) |
|
0.0 |
% |
Accumulated other comprehensive income |
|
169 |
|
|
|
32 |
|
|
428.1 |
% |
Total Elmira Savings Bank shareholders' equity |
|
59,446 |
|
|
|
58,561 |
|
|
1.5 |
% |
Noncontrolling interest |
|
50 |
|
|
|
50 |
|
|
0.0 |
% |
Total shareholders' equity |
|
59,496 |
|
|
|
58,611 |
|
|
1.5 |
% |
Total liabilities and shareholders' equity |
$ |
675,862 |
|
|
$ |
606,829 |
|
|
11.4 |
% |
|
|
|
|
|
|
ELMIRA
SAVINGS BANK |
CONSOLIDATED
STATEMENT OF INCOME |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
|
June 30, |
|
June 30, |
(in
thousands, except for per share data) |
|
2020 |
|
2019 |
|
% Change |
|
2020 |
|
2019 |
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and
dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
5,451 |
|
$ |
5,464 |
|
-0.2 |
% |
|
$ |
11,073 |
|
$ |
10,647 |
|
4.0 |
% |
Interest and dividends on securities |
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
177 |
|
|
252 |
|
-29.8 |
% |
|
|
390 |
|
|
525 |
|
-25.7 |
% |
Non-taxable |
|
|
72 |
|
|
109 |
|
-33.9 |
% |
|
|
154 |
|
|
224 |
|
-31.3 |
% |
Total interest and dividend income |
|
|
5,700 |
|
|
5,825 |
|
-2.1 |
% |
|
|
11,617 |
|
|
11,396 |
|
1.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
1,342 |
|
|
1,519 |
|
-11.7 |
% |
|
|
2,759 |
|
|
2,780 |
|
-0.8 |
% |
Interest on borrowings |
|
|
221 |
|
|
209 |
|
5.7 |
% |
|
|
440 |
|
|
419 |
|
5.0 |
% |
Total interest expense |
|
|
1,563 |
|
|
1,728 |
|
-9.5 |
% |
|
|
3,199 |
|
|
3,199 |
|
0.0 |
% |
Net interest
income |
|
|
4,137 |
|
|
4,097 |
|
1.0 |
% |
|
|
8,418 |
|
|
8,197 |
|
2.7 |
% |
Provision
for loan losses |
|
|
575 |
|
|
162 |
|
254.9 |
% |
|
|
625 |
|
|
294 |
|
112.6 |
% |
Net interest
income after provision for loan losses |
|
|
3,562 |
|
|
3,935 |
|
-9.5 |
% |
|
|
7,793 |
|
|
7,903 |
|
-1.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
Service fees |
|
|
255 |
|
|
345 |
|
-26.1 |
% |
|
|
586 |
|
|
701 |
|
-16.4 |
% |
Gain on sale of loans held for sale |
|
|
1,192 |
|
|
425 |
|
180.5 |
% |
|
|
1,629 |
|
|
714 |
|
128.2 |
% |
Other service fees |
|
|
181 |
|
|
212 |
|
-14.6 |
% |
|
|
394 |
|
|
414 |
|
-4.8 |
% |
Earnings on bank-owned life insurance |
|
|
97 |
|
|
94 |
|
3.2 |
% |
|
|
195 |
|
|
186 |
|
4.8 |
% |
Other |
|
|
31 |
|
|
50 |
|
-38.0 |
% |
|
|
93 |
|
|
96 |
|
-3.1 |
% |
Total noninterest income |
|
|
1,756 |
|
|
1,126 |
|
56.0 |
% |
|
|
2,897 |
|
|
2,111 |
|
37.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and benefits |
|
|
2,070 |
|
|
2,105 |
|
-1.7 |
% |
|
|
4,214 |
|
|
4,125 |
|
2.2 |
% |
Net occupancy |
|
|
435 |
|
|
375 |
|
16.0 |
% |
|
|
829 |
|
|
820 |
|
1.1 |
% |
Equipment |
|
|
385 |
|
|
401 |
|
-4.0 |
% |
|
|
785 |
|
|
764 |
|
2.7 |
% |
Marketing and public relations |
|
|
146 |
|
|
253 |
|
-42.3 |
% |
|
|
323 |
|
|
499 |
|
-35.3 |
% |
Professional fees |
|
|
149 |
|
|
133 |
|
12.0 |
% |
|
|
315 |
|
|
271 |
|
16.2 |
% |
Other |
|
|
1,008 |
|
|
939 |
|
7.3 |
% |
|
|
1,810 |
|
|
1,581 |
|
14.5 |
% |
Total noninterest expense |
|
|
4,193 |
|
|
4,206 |
|
-0.3 |
% |
|
|
8,276 |
|
|
8,060 |
|
2.7 |
% |
Income
before income taxes |
|
|
1,125 |
|
|
855 |
|
31.6 |
% |
|
|
2,414 |
|
|
1,954 |
|
23.5 |
% |
Income
taxes |
|
|
216 |
|
|
137 |
|
57.7 |
% |
|
|
487 |
|
|
309 |
|
57.6 |
% |
Net
income |
|
|
909 |
|
|
718 |
|
26.6 |
% |
|
|
1,927 |
|
|
1,645 |
|
17.1 |
% |
Less: Net
income attributable to noncontrolling interest |
|
|
- |
|
|
- |
|
- |
|
|
|
- |
|
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Elmira Savings Bank |
|
|
909 |
|
|
718 |
|
26.6 |
% |
|
|
1,927 |
|
|
1,645 |
|
17.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend on
preferred stock |
|
|
- |
|
|
- |
|
- |
|
|
|
- |
|
|
- |
|
- |
|
Income
available to common shareholders |
|
$ |
909 |
|
$ |
718 |
|
26.6 |
% |
|
$ |
1,927 |
|
$ |
1,645 |
|
17.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share |
|
$ |
0.26 |
|
$ |
0.21 |
|
23.8 |
% |
|
$ |
0.55 |
|
$ |
0.47 |
|
17.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share |
|
$ |
0.26 |
|
$ |
0.21 |
|
23.8 |
% |
|
$ |
0.55 |
|
$ |
0.47 |
|
17.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding - basic |
|
|
3,507,136 |
|
|
3,493,298 |
|
0.4 |
% |
|
|
3,505,240 |
|
|
3,492,571 |
|
0.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding - diluted |
|
|
3,507,136 |
|
|
3,499,335 |
|
0.2 |
% |
|
|
3,506,864 |
|
|
3,500,198 |
|
0.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
per share |
|
$ |
0.15 |
|
$ |
0.23 |
|
-34.8 |
% |
|
$ |
0.38 |
|
$ |
0.46 |
|
-17.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
ELMIRA
SAVINGS BANK |
|
AVERAGE
BALANCES AND INTEREST RATES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
Thousands) |
For the Three Months Ended |
|
|
June 30, 2020 |
|
|
June 30, 2019 |
|
ASSETS: |
Average Balance |
Interest |
|
Average Rate |
|
Average Balance |
Interest |
|
Average Rate |
|
Loans |
$ |
528,659 |
|
$ |
5,451 |
|
4.12 |
% |
|
$ |
492,985 |
|
$ |
5,464 |
|
4.42 |
% |
Short-term
investments |
|
1,328 |
|
|
- |
|
0.02 |
|
|
|
513 |
|
|
3 |
|
2.11 |
|
Securities |
|
24,909 |
|
|
249 |
|
4.01 |
|
|
|
39,985 |
|
|
358 |
|
3.59 |
|
Total
interest-earning assets |
|
554,896 |
|
|
5,700 |
|
4.11 |
|
|
|
533,483 |
|
|
5,825 |
|
4.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets |
|
92,109 |
|
|
|
|
|
|
|
72,842 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS |
$ |
647,005 |
|
|
|
|
|
|
$ |
606,325 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
$ |
431,681 |
|
$ |
1,342 |
|
1.25 |
|
|
$ |
431,816 |
|
$ |
1,519 |
|
1.41 |
|
Borrowings |
|
43,583 |
|
|
221 |
|
2.01 |
|
|
|
29,000 |
|
|
209 |
|
2.85 |
|
Total
interest-bearing liabilities |
|
475,264 |
|
|
1,563 |
|
1.32 |
|
|
|
460,816 |
|
|
1,728 |
|
1.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities |
|
111,950 |
|
|
|
|
|
|
|
86,960 |
|
|
|
|
|
Shareholders' equity |
|
59,790 |
|
|
|
|
|
|
|
58,549 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
647,004 |
|
|
|
|
|
|
$ |
606,325 |
|
|
|
|
|
Interest
rate spread |
|
|
|
|
2.79 |
% |
|
|
|
|
|
2.86 |
% |
Net interest
income/margin |
|
|
$ |
4,137 |
|
2.98 |
% |
|
|
|
$ |
4,097 |
|
3.06 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ELMIRA
SAVINGS BANK |
|
AVERAGE
BALANCES AND INTEREST RATES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
Thousands) |
For the Six Months Ended |
|
|
June 30, 2020 |
|
|
June 30, 2019 |
|
ASSETS: |
Average Balance |
Interest |
|
Average Rate |
|
Average Balance |
Interest |
|
Average Rate |
|
Loans |
$ |
520,069 |
|
$ |
11,073 |
|
4.25 |
% |
|
$ |
487,500 |
|
$ |
10,647 |
|
4.37 |
% |
Short-term
investments |
|
1,037 |
|
|
1 |
|
0.27 |
|
|
|
496 |
|
|
5 |
|
2.00 |
|
Securities |
|
26,364 |
|
|
543 |
|
4.12 |
|
|
|
40,851 |
|
|
744 |
|
3.66 |
|
Total
interest-earning assets |
|
547,470 |
|
|
11,617 |
|
4.24 |
|
|
|
528,847 |
|
|
11,396 |
|
4.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets |
|
75,922 |
|
|
|
|
|
|
|
67,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS |
$ |
623,392 |
|
|
|
|
|
|
$ |
595,955 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
$ |
426,337 |
|
$ |
2,759 |
|
1.30 |
|
|
$ |
423,792 |
|
$ |
2,780 |
|
1.32 |
|
Borrowings |
|
37,669 |
|
|
440 |
|
2.31 |
|
|
|
29,376 |
|
|
419 |
|
2.83 |
|
Total
interest-bearing liabilities |
|
464,006 |
|
|
3,199 |
|
1.38 |
|
|
|
453,168 |
|
|
3,199 |
|
1.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities |
|
99,925 |
|
|
|
|
|
|
|
84,198 |
|
|
|
|
|
Shareholders' equity |
|
59,461 |
|
|
|
|
|
|
|
58,589 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
623,392 |
|
|
|
|
|
|
$ |
595,955 |
|
|
|
|
|
Interest
rate spread |
|
|
|
|
2.86 |
% |
|
|
|
|
|
2.89 |
% |
Net interest
income/margin |
|
|
$ |
8,418 |
|
3.07 |
% |
|
|
|
$ |
8,197 |
|
3.10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended |
(Dollars in Thousands, Except Per Share Data) |
|
6/30/2020 |
|
|
3/31/2020 |
|
|
12/31/2019 |
|
|
9/30/2019 |
|
|
6/30/2019 |
|
Operating Data |
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
909 |
|
$ |
1,018 |
|
$ |
940 |
|
$ |
901 |
|
$ |
718 |
|
Net interest income |
|
4,137 |
|
|
4,281 |
|
|
4,159 |
|
|
4,072 |
|
|
4,097 |
|
Provision for loan losses |
|
575 |
|
|
50 |
|
|
200 |
|
|
250 |
|
|
162 |
|
Net security gains |
|
- |
|
|
- |
|
|
- |
|
|
90 |
|
|
- |
|
Non-interest income, ex. Net security gains |
|
1,756 |
|
|
1,141 |
|
|
1,358 |
|
|
1,214 |
|
|
1,126 |
|
Non-interest expense |
|
4,193 |
|
|
4,083 |
|
|
4,174 |
|
|
4,043 |
|
|
4,206 |
|
Performance Statistics |
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
2.98 |
% |
|
3.16 |
% |
|
3.01 |
% |
|
2.97 |
% |
|
3.06 |
% |
Annualized return on average assets |
|
0.57 |
% |
|
0.68 |
% |
|
0.61 |
% |
|
0.58 |
% |
|
0.47 |
% |
Annualized return on average equity |
|
6.12 |
% |
|
6.93 |
% |
|
6.33 |
% |
|
6.07 |
% |
|
4.92 |
% |
Annualized net loan charge-offs to avg loans |
|
0.09 |
% |
|
0.05 |
% |
|
0.14 |
% |
|
0.11 |
% |
|
0.09 |
% |
Net charge-offs |
|
116 |
|
|
60 |
|
|
183 |
|
|
135 |
|
|
105 |
|
Efficiency ratio |
|
71.1 |
% |
|
75.3 |
% |
|
75.7 |
% |
|
75.2 |
% |
|
80.5 |
% |
Per
Share Data |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
0.26 |
|
$ |
0.29 |
|
$ |
0.27 |
|
$ |
0.26 |
|
$ |
0.21 |
|
Diluted earnings per share |
|
0.26 |
|
|
0.29 |
|
|
0.27 |
|
|
0.26 |
|
|
0.21 |
|
Dividend declared per share |
|
0.15 |
|
|
0.23 |
|
|
0.23 |
|
|
0.23 |
|
|
0.23 |
|
Book value |
|
16.87 |
|
|
16.77 |
|
|
16.67 |
|
|
16.62 |
|
|
16.60 |
|
Common stock price: |
|
|
|
|
|
|
|
|
|
|
High |
|
13.39 |
|
|
17.40 |
|
|
15.99 |
|
|
16.40 |
|
|
17.40 |
|
Low |
|
10.49 |
|
|
11.50 |
|
|
13.97 |
|
|
13.97 |
|
|
15.69 |
|
Close |
|
11.00 |
|
|
11.50 |
|
|
15.10 |
|
|
14.07 |
|
|
16.05 |
|
Weighted
average common shares: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
3,507 |
|
|
3,503 |
|
|
3,499 |
|
|
3,496 |
|
|
3,493 |
|
Fully diluted |
|
3,507 |
|
|
3,507 |
|
|
3,501 |
|
|
3,499 |
|
|
3,499 |
|
End-of-period common shares: |
|
|
|
|
|
|
|
|
|
|
Issued |
|
3,617 |
|
|
3,611 |
|
|
3,606 |
|
|
3,606 |
|
|
3,605 |
|
Treasury |
|
94 |
|
|
94 |
|
|
94 |
|
|
94 |
|
|
94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Condition Data: |
|
|
|
|
|
|
|
|
|
|
General |
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
675,862 |
|
$ |
598,017 |
|
$ |
606,829 |
|
$ |
615,601 |
|
$ |
610,398 |
|
Loans, net |
|
518,698 |
|
|
506,076 |
|
|
514,295 |
|
|
511,750 |
|
|
496,149 |
|
Intangibles |
|
12,320 |
|
|
12,320 |
|
|
12,320 |
|
|
12,320 |
|
|
12,320 |
|
Total deposits |
|
551,225 |
|
|
501,760 |
|
|
512,215 |
|
|
520,030 |
|
|
516,327 |
|
Noninterest-bearing |
|
109,985 |
|
|
83,431 |
|
|
81,934 |
|
|
82,613 |
|
|
81,249 |
|
Savings |
|
79,150 |
|
|
72,174 |
|
|
70,358 |
|
|
69,186 |
|
|
71,100 |
|
NOW |
|
91,166 |
|
|
83,323 |
|
|
88,126 |
|
|
84,207 |
|
|
85,130 |
|
Money Market |
|
28,467 |
|
|
20,306 |
|
|
24,724 |
|
|
21,555 |
|
|
19,925 |
|
Time deposits |
|
242,457 |
|
|
242,526 |
|
|
247,073 |
|
|
262,469 |
|
|
258,923 |
|
Total interest-bearing deposits |
|
441,240 |
|
|
418,329 |
|
|
430,281 |
|
|
437,417 |
|
|
435,078 |
|
Shareholders' equity |
|
59,496 |
|
|
59,044 |
|
|
58,611 |
|
|
58,422 |
|
|
58,357 |
|
Asset Quality |
|
|
|
|
|
|
|
|
|
|
Non-performing assets |
$ |
5,578 |
|
$ |
4,686 |
|
$ |
4,723 |
|
$ |
4,923 |
|
$ |
4,996 |
|
Non-performing assets to total assets |
|
0.83 |
% |
|
0.78 |
% |
|
0.78 |
% |
|
0.80 |
% |
|
0.82 |
% |
Allowance for loan losses |
|
5,025 |
|
|
4,566 |
|
|
4,576 |
|
|
4,559 |
|
|
4,444 |
|
Allowance for loan losses to total loans |
|
0.96 |
% |
|
0.89 |
% |
|
0.88 |
% |
|
0.88 |
% |
|
0.89 |
% |
Allowance for loan losses to non-performing loans |
|
95.28 |
% |
|
105.43 |
% |
|
108.51 |
% |
|
96.43 |
% |
|
93.55 |
% |
Non-performing loans to total loans |
|
1.02 |
% |
|
0.86 |
% |
|
0.82 |
% |
|
0.92 |
% |
|
0.96 |
% |
Capitalization |
|
|
|
|
|
|
|
|
|
|
Shareholders' equity to total assets |
|
8.80 |
% |
|
9.87 |
% |
|
9.66 |
% |
|
9.49 |
% |
|
9.56 |
% |
|
|
|
|
|
|
|
|
|
|
|
Elmira Savings Bank (NASDAQ:ESBK)
Historical Stock Chart
From May 2024 to Jun 2024
Elmira Savings Bank (NASDAQ:ESBK)
Historical Stock Chart
From Jun 2023 to Jun 2024