Elmira Savings Bank (NASDAQ:ESBK)
Highlights
- Net income was $1,449,000 and
$4,851,000 for the three and twelve months ended December 31, 2017
compared to $1,042,000 and $4,337,000 for the same periods in
2016.
- Diluted earnings per share were
$.39 per share and $1.28 per share for the three and twelve months
ended December 31, 2017 compared to $.30 per share and $1.26 per
share for the same periods in 2016.
- Return on average assets was 1.03%
and .86% for the three and twelve months ended December 31, 2017
compared to .73% and .76% for the same periods in 2016.
- Return on average equity was 9.04%
and 7.78% for the three and twelve months ended December 31, 2017
compared to 7.38% and 7.77% for the same periods in 2016.
“We are pleased to report an increase in
earnings year-to-year. Our net interest margin increased by 11
basis points to 3.32% and we significantly improved our asset
quality. The recently signed tax bill has provided an immediate
benefit to the bank and will provide a benefit going forward,” said
Thomas M. Carr, President and CEO. He continued, “The repurchase in
December of all our preferred shares at $9.4 million will, in
future periods, reduce our preferred dividends and increase our
earnings to common shareholders.”
Net Income
Net income totaled $4,851,000 for the twelve
months ended December 31, 2017, an increase of $514,000 or 12% from
the $4,337,000 of net income recorded for the same period in 2016.
This increase was the net result of a decrease in income tax
expense of $1.6 million and an increase in net interest income of
$28,000, offset by decrease in noninterest income of $463,000, an
increase in the provision for loan losses of $408,000, and an
increase in noninterest expense of $282,000.
Net income totaled $1,449,000 for the three
months ended December 31, 2017, an increase of $407,000 or 39% from
the $1,042,000 recorded for the same period in 2016. This increase
was the net result of a decrease in income tax expense of $1.6
million, offset by a decrease in noninterest income of $197,000, an
increase in noninterest expense of $627,000, a decrease in net
interest income of $13,000, and an increase in the provision for
loan losses of $405,000.
The enactment of the Tax Cuts and Jobs Act (“the
Act”) on December 22, 2017 reduces the federal corporate tax rate
starting in 2018 from 34% to 21%. As a result of the enactment of
the Act, the Bank was required under Generally Accepted Accounting
Principles (“GAAP”) to adjust its net deferred tax liability in
2017 for the tax rate change. This adjustment resulted in a $1.2
million reduction in income tax expense for both the three and
twelve months ended December 31, 2017.
Basic and diluted earnings per share for the
twelve months ended December 31, 2017 were $1.28 per share for both
compared to $1.26 per share and $1.25 per share for the same period
in 2016. Basic and diluted earnings per share for the three months
ended December 31, 2017 were both $.39 per share compared to $.30
per share for both for the same period in 2016.
Net Interest Margin
The net interest margin for the twelve months
ended December 31, 2017 was 3.32% compared to 3.21% for the same
period in 2016. The yield on average earning assets was 4.12% for
the twelve months ended December 31, 2017 compared to 4.05% for the
same period in 2016. The average cost of interest-bearing
liabilities was .94% for the twelve months ended December 31, 2017
compared to 1.00% for the same period in 2016.
The net interest margin for the three months
ended December 31, 2017 was 3.31% compared to 3.23% for the same
period in 2016. The average yield on earning assets was 4.10% for
the three months ended December 31, 2017 compared to 4.04% for the
same period in 2016. The average cost of interest-bearing
liabilities was 0.95% for both the three months ended December 31,
2017 and 2016.
Assets
Total assets decreased $18.9 million or 3.3% to
$554.6 million at December 31, 2017 compared to $573.5 million at
December 31, 2016. Cash and cash equivalents decreased by $16.4
million or 67.5% to $7.9 million at December 31, 2017 compared to
$24.3 million at December 31, 2016. Loans, including loans held for
sale, increased 0.2% to $460.6 million at December 31, 2017
compared to December 31, 2016. The available-for-sale investment
portfolio decreased $8.5 million from December 31, 2016 to December
31, 2017.
Nonperforming Loans
Our nonperforming loans to total loans ratio has
decreased to 0.64% at December 31, 2017 from 1.11% at December 31,
2016. Net loan charge-offs to average loans for the twelve months
ended December 31, 2017 of 0.16% increased from 0.08% for the
twelve months ended December 31, 2016. The allowance for loan
losses was 0.97% of total loans at December 31, 2017 and 0.94% of
total loans at December 31, 2016.
Liabilities
Deposits total $456.8 million at December 31,
2017, a decrease of $12.8 million or 2.7%. The $12.8 million
decrease consists of a $13.7 million decrease in time deposits, a
$3.5 million decrease in money market accounts, and a $282,000
decrease in savings accounts, partially offset by a $1.0 million
increase in interest bearing transaction accounts and a $3.7
million increase in noninterest bearing accounts. Borrowed funds
decreased by $7.0 million or 16.7%.
Shareholders’ Equity
Shareholders’ equity increased $1.0 million to
$56.7 million at December 31, 2017 compared to December 31, 2016.
The increase in shareholders’ equity includes the impact of the
gross $9.5 million received from the private placement of 548,430
common shares in April 2017, as well as the repurchase of all
10,000 outstanding preferred shares for $9.4 million in December
2017. The preferred shares had been paying a quarterly dividend at
an annual rate of 8.998%, which amounted to $900,000 in dividends
paid out annually on preferred shares. The current level of
shareholders’ equity equates to a book value per share of $17.07 at
December 31, 2017, compared to $16.74 at December 31, 2016.
Dividends paid to common shareholders were $0.23 and $0.93 for the
three and twelve months ended December 31, 2017 and were $0.23 and
$0.92 for the three and twelve months ended December 31, 2016.
Elmira Savings Bank, with $554.6 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.
|
|
|
|
|
|
|
|
ELMIRA SAVINGS BANK |
|
CONSOLIDATED BALANCE SHEET |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
(in
thousands, except for share and per share data) |
|
December 31, |
|
December 31, |
|
|
|
|
|
|
|
2017 |
|
2016 |
|
% Change |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
due from banks |
|
|
$ |
7,800 |
|
|
$ |
24,195 |
|
|
-67.8 |
% |
|
Federal
funds sold and other short-term investments |
|
97 |
|
|
|
99 |
|
|
-2.0 |
% |
|
Total cash and cash equivalents |
|
|
|
7,897 |
|
|
|
24,294 |
|
|
-67.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
Securities
available for sale, at fair value |
|
|
24,056 |
|
|
|
32,581 |
|
|
-26.2 |
% |
|
Securities
held to maturity - fair value $8,186 |
|
|
|
|
|
|
|
at December 31, 2017 and $8,679 at December 31, 2016 |
|
8,039 |
|
|
|
8,519 |
|
|
-5.6 |
% |
|
Federal
Reserve and Federal Home Loan Bank (FHLB) stock, at cost |
|
10,221 |
|
|
|
9,811 |
|
|
4.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
Loans held
for sale |
|
|
|
1,999 |
|
|
|
3,597 |
|
|
-44.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable |
|
|
|
458,629 |
|
|
|
455,931 |
|
|
0.6 |
% |
|
Less:
Allowance for loan losses |
|
|
|
4,442 |
|
|
|
4,263 |
|
|
4.2 |
% |
|
Net
loans |
|
|
|
|
454,187 |
|
|
|
451,668 |
|
|
0.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
Premises
and equipment, net |
|
|
|
16,772 |
|
|
|
12,634 |
|
|
32.8 |
% |
|
Bank-owned
life insurance |
|
|
|
13,982 |
|
|
|
13,592 |
|
|
2.9 |
% |
|
Accrued
interest receivable |
|
|
|
1,497 |
|
|
|
1,552 |
|
|
-3.5 |
% |
|
Intangible
assets, net |
|
|
|
- |
|
|
|
20 |
|
|
-100.0 |
% |
|
Goodwill |
|
|
|
|
12,320 |
|
|
|
12,320 |
|
|
0.0 |
% |
|
Other assets |
|
|
|
|
3,590 |
|
|
|
2,862 |
|
|
25.4 |
% |
|
Total
assets |
|
|
|
$ |
554,560 |
|
|
$ |
573,450 |
|
|
-3.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
$ |
456,762 |
|
|
$ |
469,547 |
|
|
-2.7 |
% |
|
Borrowings |
|
|
|
|
35,000 |
|
|
|
42,000 |
|
|
-16.7 |
% |
|
Other liabilities |
|
|
|
|
6,117 |
|
|
|
6,180 |
|
|
-1.0 |
% |
|
Total
liabilities |
|
|
|
|
497,879 |
|
|
|
517,727 |
|
|
-3.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
|
|
|
Preferred
stock, $1 par value; $1,000 liquidation value per issued share;
5,000,000 shares |
|
|
|
|
|
authorized; 10,000 shares issued at December 31, 2017 and at
December 31, 2016 |
|
9,700 |
|
|
|
9,700 |
|
|
0.0 |
% |
|
Common
stock, $1 par value; authorized 5,000,000 shares; 3,410,622
shares |
|
|
|
|
|
|
issued at December 31, 2017 and 2,844,670 shares issued at
December 31, 2016 |
|
3,411 |
|
|
|
2,845 |
|
|
19.9 |
% |
|
Additional
paid-in capital |
|
|
|
50,258 |
|
|
|
41,644 |
|
|
20.7 |
% |
|
Retained earnings |
|
|
|
5,493 |
|
|
|
4,407 |
|
|
24.6 |
% |
|
Treasury stock, at cost - 93,883 common shares and 10,000
preferred shares |
|
|
|
|
|
|
at December 31, 2017 and 98,118 common shares at December 31,
2016 |
|
(12,202 |
) |
|
|
(2,907 |
) |
|
319.7 |
% |
|
Accumulated
other comprehensive loss |
|
|
(31 |
) |
|
|
(19 |
) |
|
63.2 |
% |
|
Total Elmira Savings Bank shareholders' equity |
|
|
56,629 |
|
|
|
55,670 |
|
|
1.7 |
% |
|
Noncontrolling interest |
|
|
|
52 |
|
|
|
53 |
|
|
-1.9 |
% |
|
Total shareholders' equity |
|
|
|
56,681 |
|
|
|
55,723 |
|
|
1.7 |
% |
|
Total liabilities and shareholders' equity |
|
$ |
554,560 |
|
|
$ |
573,450 |
|
|
-3.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
2017 |
|
2016 |
|
% Change |
|
2017 |
|
2016 |
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and dividend
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
and fees on loans |
|
$ |
4,752 |
|
|
$ |
4,751 |
|
|
0.0 |
% |
|
$ |
18,971 |
|
$ |
19,056 |
|
-0.4 |
% |
|
Interest
and dividends on securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
253 |
|
|
|
242 |
|
|
4.5 |
% |
|
|
965 |
|
|
1,000 |
|
-3.5 |
% |
|
Non-taxable |
|
|
129 |
|
|
|
205 |
|
|
-37.1 |
% |
|
|
610 |
|
|
832 |
|
-26.7 |
% |
|
Total
interest and dividend income |
|
|
5,134 |
|
|
|
5,198 |
|
|
-1.2 |
% |
|
|
20,546 |
|
|
20,888 |
|
-1.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
on deposits |
|
|
744 |
|
|
|
773 |
|
|
-3.8 |
% |
|
|
2,951 |
|
|
3,055 |
|
-3.4 |
% |
|
Interest
on borrowings |
|
|
248 |
|
|
|
270 |
|
|
-8.1 |
% |
|
|
1,047 |
|
|
1,313 |
|
-20.3 |
% |
|
Total
interest expense |
|
|
992 |
|
|
|
1,043 |
|
|
-4.9 |
% |
|
|
3,998 |
|
|
4,368 |
|
-8.5 |
% |
|
Net interest
income |
|
|
4,142 |
|
|
|
4,155 |
|
|
-0.3 |
% |
|
|
16,548 |
|
|
16,520 |
|
0.2 |
% |
|
Provision for loan
losses |
|
|
580 |
|
|
|
175 |
|
|
231.4 |
% |
|
|
895 |
|
|
487 |
|
83.8 |
% |
|
Net interest income
after provision for loan losses |
|
|
3,562 |
|
|
|
3,980 |
|
|
-10.5 |
% |
|
|
15,653 |
|
|
16,033 |
|
-2.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
fees |
|
|
352 |
|
|
|
331 |
|
|
6.3 |
% |
|
|
1,485 |
|
|
1,420 |
|
4.6 |
% |
|
Gain on
sale of loans held for sale |
|
|
526 |
|
|
|
771 |
|
|
-31.8 |
% |
|
|
2,701 |
|
|
3,061 |
|
-11.8 |
% |
|
Gain on
sale of securities |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
180 |
|
-100.0 |
% |
|
Other
service fees |
|
|
184 |
|
|
|
172 |
|
|
7.0 |
% |
|
|
739 |
|
|
728 |
|
1.5 |
% |
|
Earnings
on bank-owned life insurance |
|
|
94 |
|
|
|
99 |
|
|
-5.1 |
% |
|
|
390 |
|
|
403 |
|
-3.2 |
% |
|
Other |
|
|
42 |
|
|
|
22 |
|
|
90.9 |
% |
|
|
122 |
|
|
108 |
|
13.0 |
% |
|
Total
noninterest income |
|
|
1,198 |
|
|
|
1,395 |
|
|
-14.1 |
% |
|
|
5,437 |
|
|
5,900 |
|
-7.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and benefits |
|
|
2,242 |
|
|
|
1,944 |
|
|
15.3 |
% |
|
|
8,183 |
|
|
7,927 |
|
3.2 |
% |
|
Net
occupancy |
|
|
376 |
|
|
|
341 |
|
|
10.3 |
% |
|
|
1,499 |
|
|
1,416 |
|
5.9 |
% |
|
Equipment |
|
|
343 |
|
|
|
314 |
|
|
9.2 |
% |
|
|
1,278 |
|
|
1,200 |
|
6.5 |
% |
|
Marketing
and public relations |
|
|
291 |
|
|
|
215 |
|
|
35.3 |
% |
|
|
884 |
|
|
794 |
|
11.3 |
% |
|
Professional fees |
|
|
212 |
|
|
|
(5 |
) |
|
-4340.0 |
% |
|
|
720 |
|
|
517 |
|
39.3 |
% |
|
Other |
|
|
1,051 |
|
|
|
1,079 |
|
|
-2.6 |
% |
|
|
3,320 |
|
|
3,748 |
|
-11.4 |
% |
|
Total
noninterest expense |
|
|
4,515 |
|
|
|
3,888 |
|
|
16.1 |
% |
|
|
15,884 |
|
|
15,602 |
|
1.8 |
% |
|
Income before income
taxes |
|
|
245 |
|
|
|
1,487 |
|
|
-83.5 |
% |
|
|
5,206 |
|
|
6,331 |
|
-17.8 |
% |
|
Income taxes |
|
|
(1,209 |
) |
|
|
440 |
|
|
-374.8 |
% |
|
|
350 |
|
|
1,989 |
|
-82.4 |
% |
|
Net income |
|
|
1,454 |
|
|
|
1,047 |
|
|
38.9 |
% |
|
|
4,856 |
|
|
4,342 |
|
11.8 |
% |
|
Less: Net income
attributable to noncontrolling interest |
|
|
5 |
|
|
|
5 |
|
|
- |
|
|
|
5 |
|
|
5 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to Elmira Savings Bank |
|
|
1,449 |
|
|
|
1,042 |
|
|
39.1 |
% |
|
|
4,851 |
|
|
4,337 |
|
11.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend on preferred
stock |
|
|
170 |
|
|
|
225 |
|
|
-24.4 |
% |
|
|
845 |
|
|
900 |
|
-6.1 |
% |
|
Income available to
common shareholders |
|
$ |
1,279 |
|
|
$ |
817 |
|
|
56.5 |
% |
|
$ |
4,006 |
|
$ |
3,437 |
|
16.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share |
|
$ |
0.39 |
|
|
$ |
0.30 |
|
|
30.0 |
% |
|
$ |
1.28 |
|
$ |
1.26 |
|
1.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share |
|
$ |
0.39 |
|
|
$ |
0.30 |
|
|
30.0 |
% |
|
$ |
1.28 |
|
$ |
1.25 |
|
2.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding - basic |
|
|
3,302,350 |
|
|
|
2,731,266 |
|
|
20.9 |
% |
|
|
3,125,434 |
|
|
2,722,243 |
|
14.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding - diluted |
|
|
3,316,119 |
|
|
|
2,749,828 |
|
|
20.6 |
% |
|
|
3,140,893 |
|
|
2,739,668 |
|
14.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per
share |
|
$ |
0.23 |
|
|
$ |
0.23 |
|
|
0.0 |
% |
|
$ |
0.93 |
|
$ |
0.92 |
|
1.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ELMIRA SAVINGS BANK |
|
AVERAGE BALANCES AND INTEREST
RATES |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
Thousands) |
For the Three Months Ended |
|
|
December 31, 2017 |
|
|
December 31, 2016 |
|
ASSETS: |
Average Balance |
|
Interest |
|
Average Rate |
|
|
Average Balance |
|
Interest |
|
Average Rate |
|
Loans |
$ |
452,863 |
|
$ |
4,752 |
|
4.17 |
% |
|
$ |
458,772 |
|
$ |
4,751 |
|
4.12 |
% |
Short-term
investments |
|
1,248 |
|
|
4 |
|
1.10 |
|
|
|
789 |
|
|
- |
|
0.17 |
|
Securities |
|
43,565 |
|
|
378 |
|
3.46 |
|
|
|
52,464 |
|
|
447 |
|
3.39 |
|
Total interest-earning
assets |
|
497,676 |
|
|
5,134 |
|
4.10 |
|
|
|
512,025 |
|
|
5,198 |
|
4.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning
assets |
|
60,203 |
|
|
|
|
|
|
|
58,067 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
$ |
557,879 |
|
|
|
|
|
|
$ |
570,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits |
$ |
377,628 |
|
$ |
744 |
|
0.78 |
|
|
$ |
394,401 |
|
$ |
773 |
|
0.78 |
|
Borrowings |
|
35,615 |
|
|
248 |
|
2.72 |
|
|
|
42,000 |
|
|
270 |
|
2.51 |
|
Total interest-bearing
liabilities |
|
413,243 |
|
|
992 |
|
0.95 |
|
|
|
436,401 |
|
|
1,043 |
|
0.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
liabilities |
|
81,024 |
|
|
|
|
|
|
|
77,531 |
|
|
|
|
|
Shareholders'
equity |
|
63,612 |
|
|
|
|
|
|
|
56,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
557,879 |
|
|
|
|
|
|
$ |
570,092 |
|
|
|
|
|
Interest rate
spread |
|
|
|
|
3.15 |
% |
|
|
|
|
|
3.09 |
% |
Net interest
income/margin |
|
|
$ |
4,142 |
|
3.31 |
% |
|
|
|
$ |
4,155 |
|
3.23 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ELMIRA SAVINGS BANK |
|
AVERAGE BALANCES AND INTEREST
RATES |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
Thousands) |
For the Twelve Months Ended |
|
|
December 31, 2017 |
|
|
December 31, 2016 |
|
ASSETS: |
Average Balance |
|
Interest |
|
Average Rate |
|
|
Average Balance |
|
Interest |
|
Average Rate |
|
Loans |
$ |
450,896 |
|
$ |
18,971 |
|
4.20 |
% |
|
$ |
458,840 |
|
$ |
19,056 |
|
4.14 |
% |
Short-term
investments |
|
496 |
|
|
8 |
|
1.63 |
|
|
|
586 |
|
|
1 |
|
0.18 |
|
Securities |
|
46,347 |
|
|
1,567 |
|
3.38 |
|
|
|
54,449 |
|
|
1,831 |
|
3.36 |
|
Total interest-earning
assets |
|
497,739 |
|
|
20,546 |
|
4.12 |
|
|
|
513,875 |
|
|
20,888 |
|
4.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning
assets |
|
66,709 |
|
|
|
|
|
|
|
53,301 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
$ |
564,448 |
|
|
|
|
|
|
$ |
567,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits |
$ |
381,353 |
|
$ |
2,951 |
|
0.77 |
|
|
$ |
386,818 |
|
$ |
3,055 |
|
0.79 |
|
Borrowings |
|
40,222 |
|
|
1,047 |
|
2.57 |
|
|
|
48,788 |
|
|
1,313 |
|
2.65 |
|
Total interest-bearing
liabilities |
|
421,575 |
|
|
3,998 |
|
0.94 |
|
|
|
435,606 |
|
|
4,368 |
|
1.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
liabilities |
|
80,494 |
|
|
|
|
|
|
|
75,782 |
|
|
|
|
|
Shareholders'
equity |
|
62,379 |
|
|
|
|
|
|
|
55,788 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
564,448 |
|
|
|
|
|
|
$ |
567,176 |
|
|
|
|
|
Interest rate
spread |
|
|
|
|
3.18 |
% |
|
|
|
|
|
3.05 |
% |
Net interest
income/margin |
|
|
$ |
16,548 |
|
3.32 |
% |
|
|
|
$ |
16,520 |
|
3.21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended (unaudited) |
|
|
|
|
(Dollars in Thousands,
Except Per Share Data) |
|
12/31/2017 |
|
9/30/2017 |
|
6/30/2017 |
|
3/31/2017 |
|
12/31/2016 |
Operating
Data |
|
|
|
|
|
|
|
|
|
|
Net
income |
$ |
1,449 |
|
$ |
1,215 |
|
$ |
1,108 |
|
$ |
1,079 |
|
$ |
1,042 |
|
Net
interest income |
|
4,142 |
|
|
4,047 |
|
|
4,186 |
|
|
4,173 |
|
|
4,155 |
|
Provision
for loan losses |
|
580 |
|
|
120 |
|
|
155 |
|
|
40 |
|
|
175 |
|
Net
security gains |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Non-interest income, ex. Net security gains |
|
1,198 |
|
|
1,626 |
|
|
1,352 |
|
|
1,261 |
|
|
1,395 |
|
Non-interest expense |
|
4,515 |
|
|
3,760 |
|
|
3,781 |
|
|
3,828 |
|
|
3,888 |
|
Performance
Statistics |
|
|
|
|
|
|
|
|
|
|
Net
interest margin |
|
3.31 |
% |
|
3.27 |
% |
|
3.36 |
% |
|
3.32 |
% |
|
3.23 |
% |
Annualized return on average assets |
|
1.03 |
% |
|
0.84 |
% |
|
0.79 |
% |
|
0.78 |
% |
|
0.73 |
% |
Annualized return on average equity |
|
9.04 |
% |
|
7.32 |
% |
|
7.01 |
% |
|
7.74 |
% |
|
7.38 |
% |
Annualized net loan charge-offs to avg loans |
|
0.46 |
% |
|
0.03 |
% |
|
0.13 |
% |
|
0.01 |
% |
|
0.20 |
% |
Net
charge-offs |
|
528 |
|
|
28 |
|
|
144 |
|
|
16 |
|
|
231 |
|
Efficiency ratio |
|
84.6 |
% |
|
66.3 |
% |
|
68.3 |
% |
|
70.4 |
% |
|
70.1 |
% |
Per Share
Data |
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share |
$ |
0.39 |
|
$ |
0.30 |
|
$ |
0.28 |
|
$ |
0.31 |
|
$ |
0.30 |
|
Diluted
earnings per share |
|
0.39 |
|
|
0.30 |
|
|
0.28 |
|
|
0.31 |
|
|
0.30 |
|
Dividend
declared per share |
|
0.23 |
|
|
0.23 |
|
|
0.23 |
|
|
0.23 |
|
|
0.23 |
|
Book
value |
|
17.07 |
|
|
16.84 |
|
|
16.77 |
|
|
16.82 |
|
|
16.74 |
|
Common
stock price: |
|
|
|
|
|
|
|
|
|
|
High |
|
20.90 |
|
|
21.10 |
|
|
21.75 |
|
|
21.75 |
|
|
22.25 |
|
Low |
|
18.90 |
|
|
19.80 |
|
|
19.65 |
|
|
20.28 |
|
|
18.50 |
|
Close |
|
20.45 |
|
|
20.10 |
|
|
20.30 |
|
|
21.60 |
|
|
20.45 |
|
Weighted
average common shares: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
3,302 |
|
|
3,298 |
|
|
3,154 |
|
|
2,739 |
|
|
2,731 |
|
Fully
diluted |
|
3,316 |
|
|
3,312 |
|
|
3,170 |
|
|
2,757 |
|
|
2,750 |
|
End-of-period common shares: |
|
|
|
|
|
|
|
|
|
|
Issued |
|
3,411 |
|
|
3,409 |
|
|
3,405 |
|
|
2,850 |
|
|
2,845 |
|
Treasury |
|
94 |
|
|
94 |
|
|
94 |
|
|
94 |
|
|
98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
Condition Data: |
|
|
|
|
|
|
|
|
|
|
General |
|
|
|
|
|
|
|
|
|
|
Total
assets |
$ |
554,560 |
|
$ |
565,042 |
|
$ |
574,332 |
|
$ |
556,644 |
|
$ |
573,450 |
|
Loans,
net |
|
454,187 |
|
|
443,543 |
|
|
448,024 |
|
|
446,223 |
|
|
451,668 |
|
Intangibles |
|
12,320 |
|
|
12,324 |
|
|
12,329 |
|
|
12,334 |
|
|
12,340 |
|
Total
deposits |
|
456,762 |
|
|
454,826 |
|
|
460,140 |
|
|
450,376 |
|
|
469,547 |
|
Noninterest-bearing |
|
74,072 |
|
|
75,625 |
|
|
77,027 |
|
|
71,870 |
|
|
70,330 |
|
Savings |
|
70,339 |
|
|
68,253 |
|
|
70,668 |
|
|
70,300 |
|
|
70,621 |
|
NOW |
|
86,799 |
|
|
87,612 |
|
|
86,896 |
|
|
86,633 |
|
|
85,822 |
|
Money
Market |
|
25,363 |
|
|
25,184 |
|
|
24,859 |
|
|
27,697 |
|
|
28,889 |
|
Time
deposits |
|
200,189 |
|
|
198,152 |
|
|
200,690 |
|
|
193,876 |
|
|
213,885 |
|
Total
interest-bearing deposits |
|
382,690 |
|
|
379,201 |
|
|
383,113 |
|
|
378,506 |
|
|
399,217 |
|
Shareholders' equity |
|
56,681 |
|
|
65,590 |
|
|
65,280 |
|
|
56,103 |
|
|
55,723 |
|
Asset
Quality |
|
|
|
|
|
|
|
|
|
|
Non-performing assets |
$ |
2,933 |
|
$ |
3,793 |
|
$ |
3,494 |
|
$ |
4,234 |
|
$ |
5,289 |
|
Non-performing assets to total assets |
|
0.53 |
% |
|
0.67 |
% |
|
0.61 |
% |
|
0.76 |
% |
|
0.92 |
% |
Allowance
for loan losses |
|
4,442 |
|
|
4,390 |
|
|
4,298 |
|
|
4,287 |
|
|
4,263 |
|
Allowance
for loan losses to total loans |
|
0.97 |
% |
|
0.98 |
% |
|
0.95 |
% |
|
0.95 |
% |
|
0.94 |
% |
Allowance
for loan losses to |
|
|
|
|
|
|
|
|
|
|
non-performing loans |
|
153.97 |
% |
|
118.46 |
% |
|
129.15 |
% |
|
105.93 |
% |
|
84.80 |
% |
Non-performing loans to total loans |
|
0.64 |
% |
|
0.84 |
% |
|
0.74 |
% |
|
0.91 |
% |
|
1.11 |
% |
Capitalization |
|
|
|
|
|
|
|
|
|
|
Shareholders' equity to total assets |
|
10.22 |
% |
|
11.61 |
% |
|
11.37 |
% |
|
10.08 |
% |
|
9.72 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For further information contact:Thomas M. Carr, President &
CEOElmira Savings Bank333 East Water StreetElmira, New York
14901(607) 735-8660tcarr@elmirasavingsbank.com
Grafico Azioni Elmira Savings Bank (NASDAQ:ESBK)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Elmira Savings Bank (NASDAQ:ESBK)
Storico
Da Giu 2023 a Giu 2024