Elmira Savings Bank Reports 2014 Earnings
(firmenpresse) - ELMIRA, NY -- (Marketwired) -- 01/21/15 -- Elmira Savings Bank (NASDAQ: ESBK)
Net income was $1,031,000 and $3,665,000 for the three and twelve months ended December 31, 2014 compared to $1,119,000 and $5,054,000 for the same periods in 2013. Net income for the twelve months ended December 31, 2014 includes the effects of a one-time expense of $820,000 related to retirement benefits.
Diluted earnings per share were $.29 per share and $.99 per share for the three and twelve months ended December 31, 2014 compared to $.30 per share and $1.40 per share for the same periods in 2013.
Return on average assets (annualized) was .76% and .70% for the three and twelve months ended December 31, 2014 compared to .85% and .97% for the same periods in 2013.
Return on average equity (annualized) was 7.34% and 6.60% for the three and twelve months ended December 31, 2014 compared to 7.75% and 8.51% for the same periods in 2013.
Net income totaled $1,031,000 for the three months ended December 31, 2014, a decrease of $88,000 or 8% from the $1,119,000 recorded for the same period in 2013. This decrease was the net result of a decrease in noninterest income of $140,000 and an increase in the provision for loan losses of $140,000, offset by an increase in net interest income of $246,000 and a decrease in noninterest expense of $167,000.
Net income totaled $3,665,000 for the twelve months ended December 31, 2014, a decrease of $1,389,000 or 28% from the $5,054,000 of net income recorded for the same period in 2013. This decrease was the net result of a decrease in noninterest income of $799,000, an increase in noninterest expense of $641,000, and an increase in income tax expense of $216,000, offset by an increase in net interest income of $359,000.
The increase in noninterest expense for the twelve months ended December 31, 2014 includes $820,000 of one-time expense recognized in the third quarter of 2014. This one-time expense was for the estimated value of an executive retirement compensation agreement.
"The year 2014 was a transitional period for the leadership of the company," said Thomas M. Carr, President and CEO. Mr. Carr continued, "As we look forward into 2015, we are focused on growing our company and to our expansion into Watkins Glen, NY, with a full-service branch."
Basic and diluted earnings per share for the twelve months ended December 31, 2014 were $1.03 per share and $.99 per share compared to $1.47 per share and $1.40 per share for the same periods in 2013. Basic and diluted earnings per share for the three months ended December 31, 2014 were $.30 per share and $.29 per share compared to $.32 per share and $.30 per share for the same periods in 2013.
The net interest margin for the twelve months ended December 31, 2014 was 3.23% compared to 3.25% for the same period in 2013. The yield on average earning assets was 4.24% for the twelve months ended December 31, 2014 compared to 4.37% for the same period in 2013. The average cost of interest-bearing liabilities was 1.22% for the twelve months ended December 31, 2014 compared to 1.31% for the same period in 2013.
The net interest margin for the three months ended December 31, 2014 was 3.24% compared to 3.22% for the same period in 2013. The average yield on earning assets was 4.23% for the three months ended December 31, 2014 compared to 4.31% for the same period in 2013. The average cost of interest-bearing liabilities was 1.18% for the three months ended December 31, 2014 compared to 1.28% for the same period in 2013.
Total assets increased $31.6 million or 6.2% to $546.0 million at December 31, 2014 compared to $514.3 million at December 31, 2013. Loans receivable increased 7.3% to $417.4 million at December 31, 2014 compared to December 31, 2013. The available-for-sale investment portfolio increased $2.2 million from December 31, 2013 to December 31, 2014.
Our nonperforming loans to total loans ratio has increased to 1.13% at December 31, 2014 from .90% at December 31, 2013. Net loan charge-offs to average loans for the twelve months ended December 31, 2014 of 0.07% increased from 0.06% for the twelve months ended December 31, 2013. The allowance for loan losses was 0.95% of total loans at December 31, 2014 and 0.99% of total loans at December 31, 2013.
Deposits total $422.6 million at December 31, 2014, an increase of $24.8 million or 6.2%. The $24.8 million increase consists of a $17.8 million increase in time deposits, a $4.4 million increase in savings accounts, a $2.1 million increase in noninterest-bearing accounts, and a $1.2 million increase in NOW accounts, partially offset by a $.6 million decrease in money market accounts. Borrowed funds increased by $5.5 million or 6.2%.
Shareholders'' equity increased $1.5 million to $55.5 million at December 31, 2014 compared to December 31, 2013. The current level of shareholders'' equity equates to a book value per share of $16.91 at December 31, 2014, compared to $16.64 at December 31, 2013. Dividends paid to common shareholders were $0.23 and $0.92 for the three and twelve months ended December 31, 2014 compared to $0.21 and $0.84 for the same periods in 2013, representing increases of 9.5% for both the three and twelve month periods.
Elmira Savings Bank, with $546.0 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 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; a loan center in Cortland County, NY; 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
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Datum: 21.01.2015 - 10:49 Uhr
Sprache: Deutsch
News-ID 1331721
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