Elmira Savings Bank Reports Increase in Quarterly Earnings
(firmenpresse) - ELMIRA, NY -- (Marketwired) -- 10/21/15 -- Elmira Savings Bank (NASDAQ: ESBK)
Net income was $1,057,000 and $3,086,000 for the three and nine months ended September 30, 2015 compared to $475,000 and $2,634,000 for the same periods in 2014.
Diluted earnings per share were $.30 per share and $.87 per share for the three and nine months ended September 30, 2015 compared to $.09 per share and $.70 per share for the same periods in 2014.
Return on average assets was .73% for both the three and nine months ended September 30, 2015 compared to .36% and .68% for the same periods in 2014.
Return on average equity was 7.60% and 7.43% for the three and nine months ended September 30, 2015 compared to 3.36% and 6.35% for the same periods in 2014.
"We are pleased with the increase in core earnings supported by loan and deposit growth," said Thomas M. Carr, President and CEO. "During the quarter we experienced strong mortgage originations and are pleased with our reception in the Watkins Glen market," continued Mr. Carr.
Net income totaled $3,086,000 for the nine months ended September 30, 2015, an increase of $452,000 or 17% from the $2,634,000 of net income recorded for the same period in 2014. This increase was the net result of an increase in noninterest income of $291,000, an increase in net interest income of $112,000, and a decrease in noninterest expense of $281,000, offset by an increase in the provision for loan losses of $93,000 and an increase in tax expense of $139,000.
Net income totaled $1,057,000 for the three months ended September 30, 2015, an increase of $582,000 or 123% from the $475,000 recorded for the same period in 2014. This increase was the net result of a decrease in noninterest expense of $465,000, an increase in noninterest income of $384,000, and an increase in net interest income of $50,000, offset by an increase in tax expense of $285,000 and an increase in the provision for loan losses of $32,000.
The decrease in noninterest expense for both the three and nine months ended September 30, 2015 versus the same periods in 2014 includes the impact of $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.
Net income of $1,057,000 for the current quarter ended September 30, 2015 increased $38,000 or 4% from net income for the preceding quarter ended June 30, 2015.
Basic and diluted earnings per share for the nine months ended September 30, 2015 were $.89 per share and $.87 per share compared to $.73 per share and $.70 per share for the same period in 2014. Basic and diluted earnings per share for the three months ended September 30, 2015 were $.31 per share and $.30 per share compared to $.09 per share for both basic and diluted earnings per share for the same period in 2014.
The net interest margin for the nine months ended September 30, 2015 was 3.03% compared to 3.23% for the same period in 2014. The yield on average earning assets was 4.05% for the nine months ended September 30, 2015 compared to 4.25% for the same period in 2014. The average cost of interest-bearing liabilities was 1.19% for the nine months ended September 30, 2015 compared to 1.22% for the same period in 2014.
The net interest margin for the three months ended September 30, 2015 was 2.97% compared to 3.18% for the same period in 2014. The average yield on earning assets was 4.00% for the three months ended September 30, 2015 compared to 4.19% for the same period in 2014. The average cost of interest-bearing liabilities was 1.20% for the three months ended September 30, 2015 compared to 1.21% for the same period in 2014.
Total assets increased $20.3 million or 3.7% to $566.2 million at September 30, 2015 compared to $546.0 million at December 31, 2014. Loans, including loans held for sale, increased 6.7% to $446.2 million at September 30, 2015 compared to December 31, 2014. The available-for-sale investment portfolio decreased $15.1 million from December 31, 2014 to September 30, 2015.
Our nonperforming loans to total loans ratio has decreased to 1.01% at September 30, 2015 from 1.13% at December 31, 2014. Net loan charge-offs to average loans for the nine months ended September 30, 2015 of 0.08% increased from 0.06% for the nine months ended September 30, 2014. The allowance for loan losses was 0.92% of total loans at September 30, 2015 and 0.95% of total loans at December 31, 2014.
Deposits total $442.0 million at September 30, 2015, an increase of $19.5 million or 4.6%. The $19.5 million increase consists of a $6.2 million increase in interest-bearing transaction accounts, a $10.3 million increase in noninterest-bearing accounts, and a $4.5 million increase in time deposits, partially offset by a $0.9 million decrease in savings accounts and a $0.6 million decrease in money market accounts. Borrowed funds increased by $1.0 million or 1.6%.
Shareholders'' equity decreased $0.8 million to $54.7 million at September 30, 2015 compared to December 31, 2014. The decrease is primarily the result of the repurchase of a warrant in May 2015 that had been issued to the United States Treasury Department at a purchase price of $1.5 million. The current level of shareholders'' equity equates to a book value per share of $16.49 at September 30, 2015, compared to $16.91 at December 31, 2014. Dividends paid to common shareholders were $0.23 and $0.69 for the three and nine months ended for both September 30, 2015 and 2014.
Elmira Savings Bank, with $566.2 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: 21.10.2015 - 11:31 Uhr
Sprache: Deutsch
News-ID 1393847
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