Elmira Savings Bank (NASDAQ:ESBK)
Highlights
- Net income was $935,000 and
$4,239,000 for the three and twelve months ended December 31, 2018
compared to $1,449,000 and $4,851,000 for the same periods in
2017.
- Diluted earnings per share were
$.27 per share and $1.22 per share for the three and twelve months
ended December 31, 2018 compared to $.37 per share and $1.22 per
share for the same periods in 2017.
- Return on average assets was .65%
and .75% for the three and twelve months ended December 31, 2018
compared to 1.03% and .86% for the same periods in 2017.
- Return on average equity was 6.39%
and 7.36% for the three and twelve months ended December 31, 2018
compared to 9.04% and 7.78% for the same periods in 2017.
“We are pleased with the solid growth in loans
and deposits in 2018,” said Thomas M. Carr, President and CEO. He
continued, “Growing the balance sheet while maintaining our net
interest margin has been a key focus of the bank in 2018. Our
earnings per share has remained at $1.22 per share in 2018 despite
lower earnings due to our capital restructuring in 2017.”
Net Income
Net income totaled $4,239,000 for the twelve
months ended December 31, 2018, a decrease of $612,000 or 13% from
the $4,851,000 of net income recorded for the same period in
2017. This decrease was the net result of an increase in
income tax expense of $638,000 and a decrease in noninterest income
of $919,000, offset by an increase in net interest income of
$22,000, a decrease in the provision for loan losses of $528,000,
and a decrease in noninterest expense of $395,000.
Net income totaled $935,000 for the three months
ended December 31, 2018, a decrease of $514,000 or 36% from the
$1,449,000 recorded for the same period in 2017. This
decrease was the net result of an increase in income tax expense of
$1.4 million and a decrease in noninterest income of $74,000,
offset by a decrease in noninterest expense of $477,000, an
increase in net interest income of $83,000, and a decrease in the
provision for loan losses of $430,000.
The enactment of the Tax Cuts and Jobs Act (“the
Act”) on December 22, 2017 reduced 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 both December 31, 2018 and December 31, 2017
were $1.22 and $1.21 per share. Basic and diluted earnings
per share for the three months ended December 31, 2018 were both
$.27 per share compared to $.37 per share for both for the same
period in 2017.
Net Interest Margin
The net interest margin for the twelve months
ended December 31, 2018 was 3.31% compared to 3.32% for the same
period in 2017. The yield on average earning assets was 4.20%
for the twelve months ended December 31, 2018 compared to 4.12% for
the same period in 2017. The average cost of interest-bearing
liabilities was 1.06% for the twelve months ended December 31, 2018
compared to .94% for the same period in 2017.
The net interest margin for the three months
ended December 31, 2018 was 3.26% compared to 3.31% for the same
period in 2017. The average yield on earning assets was 4.25%
for the three months ended December 31, 2018 compared to 4.10% for
the same period in 2017. The average cost of interest-bearing
liabilities was 1.17% for the three months ended December 31, 2018
and 0.95% for the same period in 2017.
Assets
Total assets increased $35.5 million or 6.4% to
$590.0 million at December 31, 2018 compared to $554.6 million at
December 31, 2017. Cash and cash equivalents increased by
$11.6 million or 147% to $19.5 million at December 31, 2018
compared to $7.9 million at December 31, 2017. Loans,
including loans held for sale, increased 5.0% to $483.7 million at
December 31, 2018 compared to December 31, 2017. The
available-for-sale investment portfolio increased $995,000 from
December 31, 2017 to December 31, 2018.
Nonperforming Loans
Our nonperforming loans to total loans ratio was
0.94% at December 31, 2018 from 0.64% at December 31, 2017.
Net loan charge-offs to average loans for the twelve months ended
December 31, 2018 of 0.10% decreased from 0.16% for the twelve
months ended December 31, 2017. The allowance for loan losses
was 0.91% of total loans at December 31, 2018 and 0.97% of total
loans at December 31, 2017.
Liabilities
Deposits total $491.5 million at December 31,
2018, an increase of $34.8 million or 7.6%. The $34.8 million
increase consists of a $24.4 million increase in time deposits, a
$7.6 million increase in noninterest bearing accounts, a $5.1
million increase in savings accounts, and a $2.9 million increase
in interest bearing transaction accounts, partially offset by a
$5.3 million decrease in money market accounts. Borrowed
funds decreased by $4.0 million or 11.4%.
Shareholders’ Equity
Shareholders’ equity increased $1.3 million to
$57.9 million at December 31, 2018 compared to December 31, 2017.
The current level of shareholders’ equity equates to a book
value per share of $16.52 at December 31, 2018, compared to $16.26
at December 31, 2017. Dividends paid for common shareholders
were $0.23 and $0.91 for the three and twelve months ended December
31, 2018 and $0.22 and $0.88 for the same periods 2017, after
adjusting for the 5% stock dividend paid on June 15, 2018. As
a result of the repurchase of all outstanding preferred shares in
December 2017, there were no dividends paid for preferred shares
for the three or twelve months ended December 31, 2018 versus
$170,000 and $845,000 paid in preferred dividends for the same
periods in 2018.
Elmira Savings Bank, with $590.0 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, |
|
|
|
|
|
|
|
2018 |
|
|
|
2017 |
|
|
% Change |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
due from banks |
|
|
$ |
19,429 |
|
|
$ |
7,800 |
|
|
149.1 |
% |
Federal
funds sold and other short-term investments |
|
|
94 |
|
|
|
97 |
|
|
-3.1 |
% |
Total cash and cash equivalents |
|
|
|
19,523 |
|
|
|
7,897 |
|
|
147.2 |
% |
|
|
|
|
|
|
|
|
|
Securities
available for sale, at fair value |
|
|
25,051 |
|
|
|
24,056 |
|
|
4.1 |
% |
Securities
held to maturity - fair value $7,638 |
|
|
|
|
|
|
at December
31, 2018 and $8,186 at December 31, 2017 |
|
7,518 |
|
|
|
8,039 |
|
|
-6.5 |
% |
Federal
Reserve and Federal Home Loan Bank (FHLB) stock, at cost |
|
9,462 |
|
|
|
10,221 |
|
|
-7.4 |
% |
|
|
|
|
|
|
|
|
|
Loans held
for sale |
|
|
|
1,392 |
|
|
|
1,999 |
|
|
-30.4 |
% |
|
|
|
|
|
|
|
|
|
Loans receivable |
|
|
|
|
482,272 |
|
|
|
458,629 |
|
|
5.2 |
% |
Less:
Allowance for loan losses |
|
|
|
4,372 |
|
|
|
4,442 |
|
|
-1.6 |
% |
Net
loans |
|
|
|
|
477,900 |
|
|
|
454,187 |
|
|
5.2 |
% |
|
|
|
|
|
|
|
|
|
Premises
and equipment, net |
|
|
|
16,846 |
|
|
|
16,772 |
|
|
0.4 |
% |
Bank-owned
life insurance |
|
|
|
14,444 |
|
|
|
13,982 |
|
|
3.3 |
% |
Accrued
interest receivable |
|
|
|
1,566 |
|
|
|
1,497 |
|
|
4.6 |
% |
Goodwill |
|
|
|
|
12,320 |
|
|
|
12,320 |
|
|
0.0 |
% |
Other assets |
|
|
|
|
4,018 |
|
|
|
3,590 |
|
|
11.9 |
% |
Total
assets |
|
|
|
$ |
590,040 |
|
|
$ |
554,560 |
|
|
6.4 |
% |
|
|
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
$ |
491,517 |
|
|
$ |
456,762 |
|
|
7.6 |
% |
Borrowings |
|
|
|
|
31,000 |
|
|
|
35,000 |
|
|
-11.4 |
% |
Other liabilities |
|
|
|
|
9,574 |
|
|
|
6,117 |
|
|
56.5 |
% |
Total
liabilities |
|
|
|
|
532,091 |
|
|
|
497,879 |
|
|
6.9 |
% |
|
|
|
|
|
|
|
|
|
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, 2018 and at December 31,
2017 |
|
9,700 |
|
|
|
9,700 |
|
|
0.0 |
% |
Common
stock, $1 par value; authorized 5,000,000 shares; 3,597,605
shares |
|
|
|
|
|
issued at
December 31, 2018 and 3,410,622 shares issued at December 31,
2017 |
|
3,598 |
|
|
|
3,411 |
|
|
5.5 |
% |
Additional
paid-in capital |
|
|
|
53,784 |
|
|
|
50,258 |
|
|
7.0 |
% |
Retained
earnings |
|
|
|
3,176 |
|
|
|
5,493 |
|
|
-42.2 |
% |
Treasury
stock, at cost - 93,883 common shares and 10,000 preferred
shares |
|
|
|
|
|
at December
31, 2018 and December 31, 2017 |
|
|
(12,202 |
) |
|
|
(12,202 |
) |
|
0.0 |
% |
Accumulated
other comprehensive loss |
|
|
(158 |
) |
|
|
(31 |
) |
|
409.7 |
% |
Total Elmira Savings Bank shareholders' equity |
|
|
57,898 |
|
|
|
56,629 |
|
|
2.2 |
% |
Noncontrolling interest |
|
|
|
51 |
|
|
|
52 |
|
|
-1.9 |
% |
Total shareholders' equity |
|
|
|
57,949 |
|
|
|
56,681 |
|
|
2.2 |
% |
Total liabilities and shareholders' equity |
|
$ |
590,040 |
|
|
$ |
554,560 |
|
|
6.4 |
% |
|
|
|
|
|
|
|
|
|
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) |
|
|
2018 |
|
|
2017 |
|
|
% Change |
|
|
2018 |
|
|
2017 |
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and dividend
income: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
and fees on loans |
|
$ |
5,091 |
|
$ |
4,752 |
|
|
7.1 |
% |
|
$ |
19,569 |
|
$ |
18,971 |
|
3.2 |
% |
Interest
and dividends on securities |
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
295 |
|
|
253 |
|
|
16.6 |
% |
|
|
1,037 |
|
|
965 |
|
7.5 |
% |
Non-taxable |
|
|
116 |
|
|
129 |
|
|
-10.1 |
% |
|
|
472 |
|
|
610 |
|
-22.6 |
% |
Total
interest and dividend income |
|
|
5,502 |
|
|
5,134 |
|
|
7.2 |
% |
|
|
21,078 |
|
|
20,546 |
|
2.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
on deposits |
|
|
1,056 |
|
|
744 |
|
|
41.9 |
% |
|
|
3,565 |
|
|
2,951 |
|
20.8 |
% |
Interest
on borrowings |
|
|
221 |
|
|
248 |
|
|
-10.9 |
% |
|
|
943 |
|
|
1,047 |
|
-9.9 |
% |
Total
interest expense |
|
|
1,277 |
|
|
992 |
|
|
28.7 |
% |
|
|
4,508 |
|
|
3,998 |
|
12.8 |
% |
Net interest
income |
|
|
4,225 |
|
|
4,142 |
|
|
2.0 |
% |
|
|
16,570 |
|
|
16,548 |
|
0.1 |
% |
Provision for loan
losses |
|
|
150 |
|
|
580 |
|
|
-74.1 |
% |
|
|
367 |
|
|
895 |
|
-59.0 |
% |
Net interest income
after provision for loan losses |
|
|
4,075 |
|
|
3,562 |
|
|
14.4 |
% |
|
|
16,203 |
|
|
15,653 |
|
3.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
Service
fees |
|
|
371 |
|
|
352 |
|
|
5.4 |
% |
|
|
1,456 |
|
|
1,485 |
|
-2.0 |
% |
Gain on
sale of loans held for sale |
|
|
410 |
|
|
526 |
|
|
-22.1 |
% |
|
|
1,588 |
|
|
2,701 |
|
-41.2 |
% |
Other
service fees |
|
|
198 |
|
|
184 |
|
|
7.6 |
% |
|
|
813 |
|
|
739 |
|
10.0 |
% |
Earnings
on bank-owned life insurance |
|
|
95 |
|
|
94 |
|
|
1.1 |
% |
|
|
384 |
|
|
390 |
|
-1.5 |
% |
Other |
|
|
50 |
|
|
42 |
|
|
19.0 |
% |
|
|
277 |
|
|
122 |
|
127.0 |
% |
Total
noninterest income |
|
|
1,124 |
|
|
1,198 |
|
|
-6.2 |
% |
|
|
4,518 |
|
|
5,437 |
|
-16.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and benefits |
|
|
2,168 |
|
|
2,242 |
|
|
-3.3 |
% |
|
|
8,088 |
|
|
8,183 |
|
-1.2 |
% |
Net
occupancy |
|
|
400 |
|
|
376 |
|
|
6.4 |
% |
|
|
1,596 |
|
|
1,499 |
|
6.5 |
% |
Equipment |
|
|
360 |
|
|
343 |
|
|
5.0 |
% |
|
|
1,392 |
|
|
1,278 |
|
8.9 |
% |
Marketing
and public relations |
|
|
90 |
|
|
291 |
|
|
-69.1 |
% |
|
|
736 |
|
|
884 |
|
-16.7 |
% |
Professional fees |
|
|
141 |
|
|
212 |
|
|
-33.5 |
% |
|
|
541 |
|
|
720 |
|
-24.9 |
% |
Other |
|
|
879 |
|
|
1,051 |
|
|
-16.4 |
% |
|
|
3,136 |
|
|
3,320 |
|
-5.5 |
% |
Total
noninterest expense |
|
|
4,038 |
|
|
4,515 |
|
|
-10.6 |
% |
|
|
15,489 |
|
|
15,884 |
|
-2.5 |
% |
Income before income
taxes |
|
|
1,161 |
|
|
245 |
|
|
373.9 |
% |
|
|
5,232 |
|
|
5,206 |
|
0.5 |
% |
Income taxes |
|
|
221 |
|
|
(1,209 |
) |
|
-118.3 |
% |
|
|
988 |
|
|
350 |
|
182.3 |
% |
Net income |
|
|
940 |
|
|
1,454 |
|
|
-35.4 |
% |
|
|
4,244 |
|
|
4,856 |
|
-12.6 |
% |
Less: Net income
attributable to noncontrolling interest |
|
|
5 |
|
|
5 |
|
|
- |
|
|
|
5 |
|
|
5 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attibutable
to Elmira Savings Bank |
|
|
935 |
|
|
1,449 |
|
|
-35.5 |
% |
|
|
4,239 |
|
|
4,851 |
|
-12.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend on preferred
stock |
|
|
- |
|
|
170 |
|
|
-100.0 |
% |
|
|
- |
|
|
845 |
|
-100.0 |
% |
Income available to
common shareholders |
|
$ |
935 |
|
$ |
1,279 |
|
|
-26.9 |
% |
|
$ |
4,239 |
|
$ |
4,006 |
|
5.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share |
|
$ |
0.27 |
|
$ |
0.37 |
|
|
-27.0 |
% |
|
$ |
1.22 |
|
$ |
1.22 |
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share |
|
$ |
0.27 |
|
$ |
0.37 |
|
|
-27.0 |
% |
|
$ |
1.21 |
|
$ |
1.21 |
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding - basic |
|
|
3,486,535 |
|
|
3,467,468 |
|
|
0.5 |
% |
|
|
3,479,916 |
|
|
3,281,706 |
|
6.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding - diluted |
|
|
3,499,475 |
|
|
3,481,925 |
|
|
0.5 |
% |
|
|
3,494,218 |
|
|
3,297,938 |
|
6.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per
share |
|
$ |
0.23 |
|
$ |
0.22 |
|
|
4.5 |
% |
|
$ |
0.91 |
|
$ |
0.88 |
|
3.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share and per share data has been restated to reflect
the 5% stock dividend paid on June 15, 2018. |
ELMIRA SAVINGS BANK |
|
AVERAGE BALANCES AND INTEREST
RATES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
Thousands) |
For the Three Months Ended |
|
|
December 31, 2018 |
|
|
December 31, 2017 |
|
ASSETS: |
Average Balance |
|
Interest |
|
Average Rate |
|
|
Average Balance |
|
Interest |
|
Average Rate |
|
Loans |
$ |
472,389 |
|
$ |
5,091 |
|
4.28 |
% |
|
$ |
452,863 |
|
$ |
4,752 |
|
4.17 |
% |
Short-term
investments |
|
520 |
|
|
3 |
|
2.20 |
|
|
|
1,248 |
|
|
4 |
|
1.10 |
|
Securities |
|
41,536 |
|
|
408 |
|
3.91 |
|
|
|
43,565 |
|
|
378 |
|
3.46 |
|
Total interest-earning
assets |
|
514,445 |
|
|
5,502 |
|
4.25 |
|
|
|
497,676 |
|
|
5,134 |
|
4.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning
assets |
|
57,902 |
|
|
|
|
|
|
|
60,203 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
$ |
572,347 |
|
|
|
|
|
|
$ |
557,879 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits |
$ |
400,138 |
|
$ |
1,056 |
|
1.05 |
|
|
$ |
377,628 |
|
$ |
744 |
|
0.78 |
|
Borrowings |
|
31,095 |
|
|
221 |
|
2.79 |
|
|
|
35,615 |
|
|
248 |
|
2.72 |
|
Total interest-bearing
liabilities |
|
431,233 |
|
|
1,277 |
|
1.17 |
|
|
|
413,243 |
|
|
992 |
|
0.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
liabilities |
|
83,083 |
|
|
|
|
|
|
|
81,024 |
|
|
|
|
|
Shareholders'
equity |
|
58,031 |
|
|
|
|
|
|
|
63,612 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
572,347 |
|
|
|
|
|
|
$ |
557,879 |
|
|
|
|
|
Interest rate
spread |
|
|
|
|
3.08 |
% |
|
|
|
|
|
3.15 |
% |
Net interest
income/margin |
|
|
$ |
4,225 |
|
3.26 |
% |
|
|
|
$ |
4,142 |
|
3.31 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ELMIRA SAVINGS BANK |
|
AVERAGE BALANCES AND INTEREST
RATES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
Thousands) |
For the Twelve Months Ended |
|
|
December 31, 2018 |
|
|
December 31, 2017 |
|
ASSETS: |
Average Balance |
|
Interest |
|
Average Rate |
|
|
Average Balance |
|
Interest |
|
Average Rate |
|
Loans |
$ |
458,691 |
|
$ |
19,569 |
|
4.25 |
% |
|
$ |
450,896 |
|
$ |
18,971 |
|
4.20 |
% |
Short-term
investments |
|
478 |
|
|
8 |
|
1.65 |
|
|
|
496 |
|
|
8 |
|
1.63 |
|
Securities |
|
40,693 |
|
|
1,501 |
|
3.68 |
|
|
|
46,347 |
|
|
1,567 |
|
3.38 |
|
Total interest-earning
assets |
|
499,862 |
|
|
21,078 |
|
4.20 |
|
|
|
497,739 |
|
|
20,546 |
|
4.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning
assets |
|
62,926 |
|
|
|
|
|
|
|
66,709 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
$ |
562,788 |
|
|
|
|
|
|
$ |
564,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits |
$ |
390,407 |
|
$ |
3,565 |
|
0.91 |
|
|
$ |
381,353 |
|
$ |
2,951 |
|
0.77 |
|
Borrowings |
|
33,491 |
|
|
943 |
|
2.78 |
|
|
|
40,222 |
|
|
1,047 |
|
2.57 |
|
Total interest-bearing
liabilities |
|
423,898 |
|
|
4,508 |
|
1.06 |
|
|
|
421,575 |
|
|
3,998 |
|
0.94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
liabilities |
|
81,287 |
|
|
|
|
|
|
|
80,494 |
|
|
|
|
|
Shareholders'
equity |
|
57,603 |
|
|
|
|
|
|
|
62,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
562,788 |
|
|
|
|
|
|
$ |
564,448 |
|
|
|
|
|
Interest rate
spread |
|
|
|
|
3.14 |
% |
|
|
|
|
|
3.18 |
% |
Net interest
income/margin |
|
|
$ |
16,570 |
|
3.31 |
% |
|
|
|
$ |
16,548 |
|
3.32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
(Dollars in
Thousands, Except Per Share Data) |
|
12/31/2018 |
|
|
9/30/2018 |
|
|
6/30/2018 |
|
|
3/31/2018 |
|
|
12/31/2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
$ |
935 |
|
$ |
1,010 |
|
$ |
1,163 |
|
$ |
1,131 |
|
$ |
1,449 |
|
|
|
Net
interest income |
|
4,225 |
|
|
4,090 |
|
|
4,080 |
|
|
4,175 |
|
|
4,142 |
|
|
|
Provision
for loan losses |
|
150 |
|
|
150 |
|
|
25 |
|
|
42 |
|
|
580 |
|
|
|
Non-interest income, ex. Net security gains |
|
1,124 |
|
|
1,154 |
|
|
1,130 |
|
|
1,110 |
|
|
1,198 |
|
|
|
Non-interest expense |
|
4,038 |
|
|
3,891 |
|
|
3,732 |
|
|
3,828 |
|
|
4,515 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin |
|
3.26% |
|
|
3.26% |
|
|
3.32% |
|
|
3.38% |
|
|
3.31% |
|
|
|
Annualized
return on average assets |
|
0.65% |
|
|
0.71% |
|
|
0.83% |
|
|
0.83% |
|
|
1.03% |
|
|
|
Annualized
return on average equity |
|
6.39% |
|
|
6.94% |
|
|
8.11% |
|
|
8.03% |
|
|
9.04% |
|
|
|
Annualized
net loan charge-offs to avg loans |
|
0.17% |
|
|
0.08% |
|
|
0.09% |
|
|
0.05% |
|
|
0.46% |
|
|
|
Net
charge-offs |
|
199 |
|
|
91 |
|
|
96 |
|
|
51 |
|
|
528 |
|
|
|
Efficiency
ratio |
|
75.5% |
|
|
74.2% |
|
|
71.6% |
|
|
72.4% |
|
|
84.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per
Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share |
$ |
0.27 |
|
$ |
0.29 |
|
$ |
0.33 |
|
$ |
0.32 |
|
$ |
0.37 |
|
|
|
Diluted
earnings per share |
|
0.27 |
|
|
0.29 |
|
|
0.33 |
|
|
0.32 |
|
|
0.37 |
|
|
|
Dividend
declared per share |
|
0.23 |
|
|
0.23 |
|
|
0.23 |
|
|
0.22 |
|
|
0.22 |
|
|
|
Book
value |
|
16.52 |
|
|
16.42 |
|
|
16.36 |
|
|
16.27 |
|
|
16.26 |
|
|
|
Common
stock price: |
|
|
|
|
|
|
|
|
|
|
|
|
|
High |
|
20.47 |
|
|
21.00 |
|
|
20.60 |
|
|
19.95 |
|
|
19.90 |
|
|
|
|
Low |
|
15.77 |
|
|
20.10 |
|
|
19.29 |
|
|
19.19 |
|
|
18.00 |
|
|
|
|
Close |
|
17.45 |
|
|
20.40 |
|
|
20.43 |
|
|
19.52 |
|
|
19.48 |
|
|
|
Weighted
average common shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
3,487 |
|
|
3,481 |
|
|
3,477 |
|
|
3,474 |
|
|
3,467 |
|
|
|
|
Fully
diluted |
|
3,499 |
|
|
3,497 |
|
|
3,491 |
|
|
3,489 |
|
|
3,482 |
|
|
|
End-of-period common shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued |
|
3,598 |
|
|
3,593 |
|
|
3,593 |
|
|
3,591 |
|
|
3,582 |
|
|
|
|
Treasury |
|
94 |
|
|
94 |
|
|
94 |
|
|
94 |
|
|
94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share and
per share data has been restated to reflect the 5% stock dividend
paid on June 15, 2018. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Condition Data: |
|
|
|
|
|
|
|
|
|
|
|
General |
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
$ |
590,040 |
|
$ |
570,785 |
|
$ |
562,924 |
|
$ |
553,259 |
|
$ |
554,560 |
|
|
|
Loans,
net |
|
477,900 |
|
|
462,713 |
|
|
448,690 |
|
|
447,131 |
|
|
454,187 |
|
|
|
Intangibles |
|
12,320 |
|
|
12,320 |
|
|
12,320 |
|
|
12,320 |
|
|
12,320 |
|
|
|
Total
deposits |
|
491,517 |
|
|
474,449 |
|
|
468,293 |
|
|
456,322 |
|
|
456,762 |
|
|
|
|
Noninterest-bearing |
|
81,690 |
|
|
78,324 |
|
|
76,880 |
|
|
73,540 |
|
|
74,072 |
|
|
|
|
Savings |
|
75,483 |
|
|
71,748 |
|
|
73,200 |
|
|
70,574 |
|
|
70,339 |
|
|
|
|
NOW |
|
89,666 |
|
|
89,835 |
|
|
87,402 |
|
|
86,205 |
|
|
86,799 |
|
|
|
|
Money
Market |
|
20,087 |
|
|
18,910 |
|
|
21,934 |
|
|
22,928 |
|
|
25,363 |
|
|
|
|
Time
deposits |
|
224,591 |
|
|
215,632 |
|
|
208,877 |
|
|
203,075 |
|
|
200,189 |
|
|
|
|
Total
interest-bearing deposits |
|
409,827 |
|
|
396,125 |
|
|
391,413 |
|
|
382,782 |
|
|
382,690 |
|
|
|
Shareholders' equity |
|
57,949 |
|
|
57,512 |
|
|
57,299 |
|
|
56,887 |
|
|
56,681 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets |
$ |
4,649 |
|
$ |
4,520 |
|
$ |
4,560 |
|
$ |
3,181 |
|
$ |
2,933 |
|
|
|
Non-performing assets to total assets |
|
0.79% |
|
|
0.79% |
|
|
0.81% |
|
|
0.57% |
|
|
0.53% |
|
|
|
Allowance
for loan losses |
|
4,372 |
|
|
4,421 |
|
|
4,362 |
|
|
4,433 |
|
|
4,442 |
|
|
|
Allowance
for loan losses to total loans |
|
0.91% |
|
|
0.95% |
|
|
0.96% |
|
|
0.98% |
|
|
0.97% |
|
|
|
Allowance
for loan losses to |
|
|
|
|
|
|
|
|
|
|
|
|
|
non-performing
loans |
|
97.16% |
|
|
100.00% |
|
|
99.18% |
|
|
142.59% |
|
|
153.97% |
|
|
|
Non-performing loans to total loans |
|
0.94% |
|
|
0.96% |
|
|
0.98% |
|
|
0.70% |
|
|
0.64% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity to total assets |
|
9.82% |
|
|
10.08% |
|
|
10.18% |
|
|
10.28% |
|
|
10.22% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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