Elmira Savings Bank Reports First Quarter Earnings
(firmenpresse) - ELMIRA, NY -- (Marketwired) -- 04/28/15 -- Elmira Savings Bank (NASDAQ: ESBK)
Net income was $1,010,000 for the three months ended March 31, 2015 compared to $1,060,000 for the same period in 2014.
Diluted earnings per share were $.28 per share for the three months ended March 31, 2015 compared to $.30 per share for the same period in 2014.
Return on average assets was .74% for the three months ended March 31, 2015 compared to .84% for the same period in 2014.
Return on average equity was 7.29% for the three months ended March 31, 2015 compared to 7.82% for the same period in 2014.
"During the first quarter of 2015, we opened our thirteenth full-service branch in Watkins Glen, NY, and added mobile check deposit services to our mobile and online banking functionality," said Thomas M. Carr, President and CEO. Carr continued, "Our earnings were modestly below the same period in 2014, totaling $1.0 million dollars for the period ended March 31, 2015, due to lower revenue year-to-year."
Net income totaled $1,010,000 for the three months ended March 31, 2015, a decrease of $50,000 or 4.7% from the $1,060,000 recorded for the same period in 2014. This decrease was the net result of a decline in noninterest income of $54,000 and a decrease of $48,000 in net interest income, offset by a reduction in tax expense of $54,000.
Basic and diluted earnings per share for the three months ended March 31, 2015 were $.29 per share and $.28 per share compared to $.31 per share and $.30 per share for the same period in 2014.
The net interest margin for the three months ended March 31, 2015 was 3.07% compared to 3.31% for the first quarter of 2014. The yield on average earning assets was 4.09% for the three months ended March 31, 2015 compared to 4.34% for the same period in 2014. The average cost of interest-bearing liabilities was 1.19% for the three months ended March 31, 2015 compared to 1.22% for the three months ended March 31, 2014.
Total assets increased $16.2 million or 3.0% to $562.2 million at March 31, 2015 compared to $546.0 million at December 31, 2014. Loans receivable increased 0.7% to $420.2 million at March 31, 2015 compared to December 31, 2014. The available-for-sale investment portfolio decreased $8.3 million from December 31, 2014 to March 31, 2015.
Our nonperforming loans to total loans ratio was 1.14% at March 31, 2015 and 1.13% at December 31, 2014. Net loan charge-offs to average loans for the three months ended March 31, 2015 of .02% decreased from .07% for the twelve months ended December 31, 2014. The allowance for loan losses was .95% of total loans at March 31, 2015 and .95% at December 31, 2014.
Deposits total $426.1 million at March 31, 2015, an increase of $3.5 million or .8%. Borrowed funds increased by $12.0 million or 19.4%.
Shareholders'' equity increased $325,000 to $55.8 million at March 31, 2015 compared to December 31, 2014. The current level of shareholders'' equity equates to a book value per share of $16.96 at March 31, 2015, compared to $16.91 at December 31, 2014. Dividends paid to common shareholders were $0.23 for the three months ended both March 31, 2015 and 2014.
Elmira Savings Bank, with $562.2 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: 28.04.2015 - 10:26 Uhr
Sprache: Deutsch
News-ID 1354721
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