Elmira Savings Bank (NASDAQ: ESBK)
Highlights
- Net income increased to $1,299,000 and $5,213,000 for the three
and twelve months ended December 31, 2012 compared to $1,291,000
and $5,029,000 for the same periods in 2011.
- Diluted earnings per share were $.37 per share and $1.51 per
share for the three and twelve months ended December 31, 2012
compared to $.38 per share and $1.41 per share for the same period
in 2011.
- Return on average assets was .97% and .99% for the three and
twelve months ended December 31, 2012 compared to .99% and 1.00%
for the same period in 2011.
- Return on average equity was 7.72% and 7.89% for the three and
twelve months ended December 31, 2012 compared to 7.94% and 8.40%
for the same periods in 2011.
- Noninterest income increased to $1,529,000 and $6,050,000 for
the three and twelve months ended December 31, 2012 compared to
$1,382,000 and $4,727,000 for the same periods in 2011. These
represent increases of 10.6% and 28.0% for the three and twelve
months ended December 31, 2012 compared to the same periods in
2011.
- Loans receivable were $378,108,000 at December 31, 2012, an
increase of $32,126,000 or 9.3% from December 31, 2011. Deposits
were $409,565,000 at December 31, 2012, an increase of $27,836,000
or 7.3% from December 31, 2011.
"We are pleased to be able to provide this report of strong 2012
operating results. We achieved record earnings, had solid loan
growth, and maintained our strong asset quality," said Michael P.
Hosey, President and Chief Executive Officer. Hosey continued, "In
addition, we increased our cash dividend, issued a stock dividend,
and witnessed our share price increase during the year. We
appreciate our loyal shareholders and are proud to provide them
with these results."
Net Income
Net income totaled $5,213,000 for the twelve months ended
December 31, 2012, an increase of $184,000 or 3.7% from the
$5,029,000 of net income recorded for the same period in 2011. This
increase of $184,000 was primarily the net result of an increase in
noninterest income of $1,323,000, offset by a decline in net
interest income of $461,000, and an increase in noninterest expense
of $742,000.
Net income totaled $1,299,000 for the three months ended
December 31, 2012, an increase of $8,000 or 0.6% from the
$1,291,000 recorded for the same period in 2011. This modest
increase was the result of an increase in noninterest income of
$147,000, a reduction in the provision for loan losses of $99,000,
partially offset by a decline in net interest income of $106,000,
and an increase of $135,000 in noninterest expense.
Basic and diluted earnings per share for the twelve months ended
December 31, 2012 were $1.58 per share and $1.51 per share compared
to $1.45 per share and $1.41 per share for the same period in 2011.
Basic and diluted earnings per share for the three months ended
December 31, 2012 were $.39 per share and $.37 per share compared
to $.39 per share and $.38 per share for the same period in
2011.
Net Interest Margin
The net interest margin for the twelve months ended December 31,
2012 was 3.34% compared to 3.51% for the same period in 2011. The
yield on average earning assets was 4.64% for the twelve months
ended December 31, 2012 compared to 4.98% for the same period in
2011. The average cost of interest-bearing liabilities was 1.47%
for the twelve months ended December 31, 2012 compared to 1.67% for
the same period in 2011.
The net interest margin for the three months ended December 31,
2012 was 3.25% compared to 3.45% for the same period in 2011. The
average yield on earning assets was 4.45% for the three months
ended December 31, 2012 compared to 4.87% for the same period in
2011. The average cost of interest-bearing liabilities was 1.37%
for the three months ended December 31, 2012 compared to 1.60% for
the same period in 2011.
"Our mortgage originations exceeded $160 million for the year.
This provided the Bank with historic levels of noninterest income
and loan growth that allowed us to avoid unattractive investment
alternatives. In addition, we replaced borrowed funds with deposit
growth in an attempt to protect our net interest margin," said
Michael P. Hosey, President and Chief Executive Officer.
Assets
Total assets increased $13.5 million or 2.6% to $536.9 million
at December 31, 2012 compared to $523.4 million at December 31,
2011. Loans receivable increased 9.3% to $378.1 million at December
31, 2012 compared to December 31, 2011. The available-for-sale
investment portfolio decreased $19.7 million from December 31, 2011
to December 31, 2012.
Nonperforming Loans
Our nonperforming loans to total loans ratio has decreased to
1.02% at December 31, 2012 from 1.06% at December 31, 2011. Net
loan charge-offs to average loans for the twelve months ended
December 31, 2012 of 0.01% decreased from 0.09% for the twelve
months ended December 31, 2011. The allowance for loan losses
increased to 0.99% of total loans at December 31, 2012 from 0.95%
of total loans at December 31, 2011.
Liabilities
Deposits total $409.6 million at December 31, 2012, an increase
of $27.8 million or 7.3%. The $27.8 million increases primarily
consists of an $8.8 million increase in noninterest-bearing
deposits, a $7.8 million increase in NOW accounts, and a $7.4
million increase in time deposits. Borrowed funds declined by $16.0
million or 22.9%.
Shareholders' Equity
Shareholders' equity increased $2.0 million to $66.6 million at
December 31, 2012 compared to December 31, 2011. The current level
of shareholders' equity equates to a book value per share of $18.50
at December 31, 2012, compared to $17.92 at December 31, 2011.
Dividends paid to common shareholders were $0.22 and $0.84 for the
three and twelve months ended December 31, 2012 compared to $0.19
and $0.71 for the same periods in 2011, representing increases of
15.8% and 18.3%, respectively. Additionally, a 5% stock dividend
was paid to common shareholders on December 28, 2012.
Elmira Savings Bank, with $536.9 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; and a loan center in Cortland 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,
------------------------------
2012 2011 % Change
--------- --------- --------
ASSETS
Cash and due from banks $ 39,641 $ 47,456 -16.5%
Federal funds sold and other short-term
investments 684 740 -7.6%
--------- --------- --------
Total cash and cash equivalents 40,325 48,196 -16.3%
Securities available for sale, at fair value 66,875 86,536 -22.7%
Securities held to maturity - fair value
$5,853 at December 31, 2012, and $4,923 at
December 31, 2011 5,521 4,621 19.5%
Federal Reserve and Federal Home Loan Bank
(FHLB) stock, at cost 9,178 5,295 73.3%
Loans held for sale 3,167 2,842 11.4%
Loans receivable 378,108 345,982 9.3%
Less: Allowance for loan losses 3,740 3,299 13.4%
--------- --------- --------
Net loans 374,368 342,683 9.2%
Premises and equipment, net 7,947 5,392 47.4%
Bank-owned life insurance 11,988 10,100 18.7%
Accrued interest receivable 1,529 1,615 -5.3%
Intangible assets, net 316 444 -28.8%
Goodwill 12,320 12,320 0.0%
Other real estate owned 125 202 -38.1%
Other assets 3,277 3,112 5.3%
--------- --------- --------
Total assets $ 536,936 $ 523,358 2.6%
========= ========= ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $ 409,565 $ 381,729 7.3%
Borrowings 54,000 70,019 -22.9%
Other liabilities 6,462 6,995 -7.6%
--------- --------- --------
Total liabilities 470,027 458,743 2.5%
--------- --------- --------
Shareholders' equity:
Preferred stock, $1,000 liquidation value
per issued share; 5,000,000 shares
authorized; 24,063 shares issued at
December 31, 2012 and at December 31, 2011 23,763 23,763 0.0%
Common stock, $1 par value; authorized
5,000,000 shares; 2,454,840 shares issued
at December 31, 2012 and 2,292,656 shares
issued at December 31, 2011 2,455 2,293 7.1%
Additional paid-in capital 41,448 38,402 7.9%
Retained earnings 868 1,735 -50.0%
Treasury stock, at cost - 125,865 shares at
December 31, 2012 and December 31, 2011 (3,548) (3,548) 0.0%
Accumulated other comprehensive income 1,872 1,918 -2.4%
--------- --------- --------
Total Elmira Savings Bank shareholders'
equity 66,858 64,563 3.6%
Noncontrolling interest 51 52 -1.9%
--------- --------- --------
Total shareholders' equity 66,909 64,615 3.6%
--------- --------- --------
Total liabilities and shareholders' equity $ 536,936 $ 523,358 2.6%
========= ========= ========
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) 2012 2011 Change 2012 2011 Change
---------- ---------- ------ ---------- ---------- ------
Interest and
Dividend
Income:
Interest and
fees on loans $ 4,469 $ 4,670 -4.3% $ 18,114 $ 18,140 -0.1%
Interest and
dividends on
securities
Taxable 476 578 -17.6% 2,111 3,140 -32.8%
Non-taxable 184 202 -8.9% 760 820 -7.3%
---------- ---------- ------ ---------- ---------- ------
Total interest
and dividend
income 5,129 5,450 -5.9% 20,985 22,100 -5.0%
---------- ---------- ------ ---------- ---------- ------
Interest
Expense:
Interest on
deposits 903 952 -5.1% 3,712 3,850 -3.6%
Interest
expense on
borrowings 487 653 -25.4% 2,184 2,700 -19.1%
---------- ---------- ------ ---------- ---------- ------
Total interest
expense 1,390 1,605 -13.4% 5,896 6,550 -10.0%
---------- ---------- ------ ---------- ---------- ------
Net interest
income 3,739 3,845 -2.8% 15,089 15,550 -3.0%
Provision for
loan losses 42 141 -70.2% 463 668 -30.7%
---------- ---------- ------ ---------- ---------- ------
Net interest
income after
provision for
loan losses 3,697 3,704 -0.2% 14,626 14,882 -1.7%
---------- ---------- ------ ---------- ---------- ------
Noninterest
Income:
Service fees 297 231 28.6% 1,242 1,236 0.5%
Net gain on
sale of loans 953 733 30.0% 3,561 1,836 94.0%
Net gain on
sale of
securities - 152 -100.0% 75 448 -83.3%
Other service
fees 165 159 3.8% 677 634 6.8%
Earnings on
bank-owned
life insurance 95 84 13.1% 388 369 5.1%
Other 19 23 -17.4% 107 204 -47.5%
---------- ---------- ------ ---------- ---------- ------
Total
noninterest
income 1,529 1,382 10.6% 6,050 4,727 28.0%
---------- ---------- ------ ---------- ---------- ------
Noninterest
Expense:
Salaries and
benefits 1,803 1,698 6.2% 6,770 6,491 4.3%
Net occupancy 274 269 1.9% 1,130 1,154 -2.1%
Equipment 257 215 19.5% 946 854 10.8%
Regulatory
assessments 61 106 -42.5% 360 462 -22.1%
Marketing and
public
relations 177 236 -25.0% 722 636 13.5%
Professional
fees 147 114 28.9% 643 513 25.3%
Other 582 528 10.2% 2,373 2,092 13.4%
---------- ---------- ------ ---------- ---------- ------
Total
noninterest
expense 3,301 3,166 4.3% 12,944 12,202 6.1%
---------- ---------- ------ ---------- ---------- ------
Income before
income taxes 1,925 1,920 0.3% 7,732 7,407 4.4%
Income taxes 621 624 -0.5% 2,514 2,373 5.9%
---------- ---------- ------ ---------- ---------- ------
Net income 1,304 1,296 0.6% 5,218 5,034 3.7%
Less: Net income
attributable to
noncontrolling
interest 5 5 0.0% 5 5 0.0%
---------- ---------- ------ ---------- ---------- ------
Net income
attibutable to
Elmira Savings
Bank 1,299 1,291 0.6% 5,213 5,029 3.7%
Dividend on
preferred stock 406 406 0.0% 1,609 1,512 6.4%
Accretion of
preferred stock
discount - - - - 252 -100.0%
---------- ---------- ------ ---------- ---------- ------
Income available
to common
shareholders $ 893 $ 885 0.9% $ 3,604 $ 3,265 10.4%
========== ========== ====== ========== ========== ======
Basic earnings
per share $ 0.39 $ 0.39 0.0% $ 1.58 $ 1.45 9.0%
========== ========== ====== ========== ========== ======
Diluted earnings
per share $ 0.37 $ 0.38 -2.6% $ 1.51 $ 1.41 7.1%
========== ========== ====== ========== ========== ======
Weighted average
shares
outstanding -
basic 2,297,324 2,260,193 1.6% 2,277,545 2,253,452 1.1%
========== ========== ====== ========== ========== ======
Weighted average
shares
outstanding -
diluted 2,423,915 2,331,189 4.0% 2,389,217 2,315,109 3.2%
========== ========== ====== ========== ========== ======
Dividends per
share $ 0.22 $ 0.19 15.8% $ 0.84 $ 0.71 18.3%
========== ========== ====== ========== ========== ======
Per share data has been restated to reflect the 5% stock dividend paid on
December 28, 2012.
ELMIRA SAVINGS BANK
AVERAGE BALANCES AND INTEREST RATES
(Dollars in Thousands) For the Three Months Ended
----------------------------------------------------
December 31, 2012 December 31, 2011
------------------------- -------------------------
Average Average Average Average
ASSETS: Balance Interest Rate Balance Interest Rate
-------- -------- ------- -------- -------- -------
Loans $376,032 $ 4,469 4.73% $343,570 $ 4,670 5.41%
Short-term investments 1,669 - - 1,035 - -
Securities 80,965 660 3.26 100,922 780 3.09
-------- -------- ------- -------- -------- -------
Total interest-earning
assets 458,666 5,129 4.45 445,527 5,450 4.87
-------- -------- ------- -------- -------- -------
Noninterest-earning
assets 73,992 71,353
-------- --------
TOTAL ASSETS $532,658 $516,880
======== ========
LIABILITIES AND
SHAREHOLDERS' EQUITY
Interest-bearing
deposits $346,611 $ 903 1.04 $325,389 $ 952 1.16
Borrowings 54,000 487 3.53 70,031 653 3.64
-------- -------- ------- -------- -------- -------
Total interest-bearing
liabilities 400,611 1,390 1.37 395,420 1,605 1.60
-------- -------- ------- -------- -------- -------
Noninterest-bearing
liabilities 65,302 56,966
Shareholders' equity 66,745 64,494
-------- --------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $532,658 $516,880
======== ========
Interest rate spread 3.08% 3.27%
======= =======
Net interest
income/margin $ 3,739 3.25% $ 3,845 3.45%
======== ======= ======== =======
ELMIRA SAVINGS BANK
AVERAGE BALANCES AND INTEREST RATES
(Dollars in Thousands) For the Twelve Months Ended
----------------------------------------------------
December 31, 2012 December 31, 2011
------------------------- -------------------------
Average Average Average Average
ASSETS: Balance Interest Rate Balance Interest Rate
-------- -------- ------- -------- -------- -------
Loans $362,986 $ 18,114 4.99% $325,172 $ 18,140 5.58%
Short-term investments 1,371 - - 1,084 - -
Securities 87,539 2,871 3.28 117,305 3,960 3.38
-------- -------- ------- -------- -------- -------
Total interest-earning
assets 451,896 20,985 4.64 443,561 22,100 4.98
-------- -------- ------- -------- -------- -------
Noninterest-earning
assets 74,451 59,638
-------- --------
TOTAL ASSETS $526,347 $503,199
======== ========
LIABILITIES AND
SHAREHOLDERS' EQUITY
Interest-bearing
deposits $340,236 $ 3,712 1.09 $320,227 $ 3,850 1.20
Borrowings 59,623 2,184 3.66 72,563 2,700 3.72
-------- -------- ------- -------- -------- -------
Total interest-bearing
liabilities 399,859 5,896 1.47 392,790 6,550 1.67
-------- -------- ------- -------- -------- -------
Noninterest-bearing
liabilities 60,633 50,535
Shareholders' equity 65,855 59,874
-------- --------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $526,347 $503,199
======== ========
Interest rate spread 3.17% 3.31%
======= =======
Net interest
income/margin $ 15,089 3.34% $ 15,550 3.51%
======== ======= ======== =======
Quarter Ended
(Dollars in Thousands,
Except Per Share Data) 12/31/2012 9/30/2012 6/30/2012 3/31/2012 12/31/2011
---------- --------- --------- --------- ----------
Operating Data
Net income $ 1,299 $ 1,398 $ 1,358 $ 1,158 $ 1,291
Net interest income 3,739 3,810 3,772 3,768 3,835
Provision for loan
losses 42 154 142 125 141
Net security gains - - 75 - 152
Non-interest income,
ex. Net security gains 1,529 1,723 1,473 1,250 1,230
Non-interest expense 3,301 3,271 3,157 3,215 3,166
Performance Statistics
Net interest margin 3.25% 3.32% 3.37% 3.40% 3.45%
Annualized return on
average assets 0.97% 1.04% 1.04% 0.90% 0.99%
Annualized return on
average equity 7.72% 8.39% 8.33% 7.12% 7.94%
Annualized net loan
charge-offs to avg
loans 0.03% -0.02% 0.02% -0.01% 0.07%
Net charge-offs
(recoveries) 31 (19) 20 (10) 59
Efficiency ratio 62.7% 59.1% 59.3% 64.1% 60.7%
Per Share Data
Basic earnings per
share $ 0.39 $ 0.44 $ 0.42 $ 0.33 $ 0.39
Diluted earnings per
share 0.37 0.42 0.40 0.32 0.38
Dividend declared per
share 0.22 0.22 0.21 0.21 0.19
Book value 18.50 18.52 18.22 18.06 17.92
Common stock price:
High 23.65 19.04 20.46 20.82 16.19
Low 18.48 17.50 16.83 15.45 13.05
Close 22.74 18.86 18.36 18.81 15.60
Weighted average common
shares:
Basic 2,297 2,280 2,269 2,263 2,260
Fully diluted 2,424 2,396 2,383 2,353 2,331
End-of-period common
shares:
Issued 2,455 2,438 2,425 2,407 2,407
Treasury 126 126 126 126 126
Share and per share data has been restated to reflect the 5%
stock dividend paid on December 28, 2012.
Financial Condition
Data:
General
Total assets $ 536,936 $ 534,159 $ 530,646 $ 519,618 $ 523,358
Loans, net 374,368 369,851 358,756 346,144 342,683
Intangibles 12,636 12,667 12,699 12,732 12,764
Total deposits 409,565 406,216 397,972 383,314 381,729
Noninterest-bearing 61,444 58,760 55,269 50,113 52,641
Savings 59,034 56,115 56,332 54,936 54,558
NOW 76,133 73,079 73,431 70,068 68,307
Money Market 20,131 23,082 19,272 18,890 20,766
Time deposits 192,823 195,180 193,668 189,307 185,457
Total interest-bearing
deposits 348,121 347,456 342,703 333,201 329,088
Shareholders' equity 66,609 66,543 65,621 64,944 64,615
Asset Quality
Non-performing assets $ 3,986 $ 3,980 $ 3,829 $ 3,764 $ 3,896
Non-performing assets
to total assets 0.74% 0.75% 0.72% 0.72% 0.74%
Allowance for loan
losses 3,740 3,729 3,556 3,434 3,299
Allowance for loan
losses to total loans 0.99% 1.00% 0.98% 0.98% 0.95%
Allowance for loan
losses to total loans
non-performing loans 96.87% 97.29% 96.57% 94.26% 89.83%
Non-performing loans to
total loans 1.02% 1.03% 1.02% 1.05% 1.06%
Capitalization
Shareholders' equity to
total assets 12.41% 12.46% 12.37% 12.50% 12.35%
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For further information contact: Thomas M. Carr EVP & COO
Elmira Savings Bank 333 East Water Street Elmira, New York 14901
(607) 735-8660 Email Contact
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