Elmira Savings Bank Reports Second Quarter Earnings
(firmenpresse) - ELMIRA, NY -- (Marketwired) -- 07/20/16 -- Elmira Savings Bank (NASDAQ: ESBK)
Net income was $1,057,000 and $2,093,000 for the three and six months ended June 30, 2016 compared to $1,019,000 and $2,029,000 for the same periods in 2015.
Diluted earnings per share were $.30 per share and $.60 per share for the three and six months ended June 30, 2016 compared to $.29 per share and $.57 per share for the same periods in 2015.
Return on average assets was .75% for both the three and six months ended June 30, 2016 compared to .72% and .73% for the same periods in 2015.
Return on average equity was 7.65% and 7.58% for the three and six months ended June 30, 2016 compared to 7.39% and 7.34% for the same periods in 2015.
"During the first six months of 2016, the Bank experienced 4% growth in the loan portfolio and deposit growth of 7%," said Thomas M. Carr, President and CEO. Carr continued, "In addition, we have increased our noninterest income by 13% and expanded our net interest income by 6%."
Net income totaled $2,093,000 for the six months ended June 30, 2016, an increase of $64,000 or 3% from the $2,029,000 of net income recorded for the same period in 2015. This increase was the net result of an increase in noninterest income of $319,000 and an increase in net interest income of $500,000, offset by an increase in noninterest expense of $647,000, an increase in the provision for loan losses of $35,000, and an increase in tax expense of $73,000.
Net income totaled $1,057,000 for the three months ended June 30, 2016, an increase of $38,000 or 4% from the $1,019,000 recorded for the same period in 2015. This increase was the net result of an increase in noninterest income of $203,000, a decrease in the provision for loan losses of $55,000, and an increase in net interest income of $225,000, offset by an increase in noninterest expense of $369,000 and an increase in tax expense of $76,000.
Basic and diluted earnings per share for the six months ended June 30, 2016 were both $.60 per share compared to $.58 per share and $.57 per share for the same period in 2015. Basic and diluted earnings per share for the three months ended June 30, 2016 were $.31 per share and $.30 per share compared to $.29 per share for both for the same period in 2015.
The net interest margin for the six months ended June 30, 2016 was 3.18% compared to 3.05% for the same period in 2015. The yield on average earning assets was 4.07% for the six months ended June 30, 2016 compared to 4.08% for the same period in 2015. The average cost of interest-bearing liabilities was 1.04% for the six months ended June 30, 2016 compared to 1.19% for the same period in 2015.
The net interest margin for the three months ended June 30, 2016 was 3.17% compared to 3.04% for the same period in 2015. The average yield on earning assets was 4.06% for the three months ended June 30, 2016 compared to 4.07% for the same period in 2015. The average cost of interest-bearing liabilities was 1.04% for the three months ended June 30, 2016 compared to 1.19% for the same period in 2015.
Total assets increased $13.4 million or 2.4% to $574.7 million at June 30, 2016 compared to $561.3 million at December 31, 2015. Loans, including loans held for sale, increased 3.8% to $472.3 million at June 30, 2016 compared to December 31, 2015. The available-for-sale investment portfolio decreased $8.4 million from December 31, 2015 to June 30, 2016.
Our nonperforming loans to total loans ratio has increased to 1.15% at June 30, 2016 from 1.05% at December 31, 2015. Net loan charge-offs to average loans for the six months ended June 30, 2016 of 0.04% decreased from 0.06% for the six months ended June 30, 2015. The allowance for loan losses was 0.92% of total loans at both June 30, 2016 and December 31, 2015.
Deposits total $470.5 million at June 30, 2016, an increase of $30.0 million or 6.8%. The $30.0 million increase consists of a $34.8 million increase in interest bearing transaction accounts, a $3.8 million increase in noninterest-bearing accounts, a $2.2 million increase in savings accounts, and a $1.8 million increase in money market accounts, partially offset by a $12.7 million decrease in time deposits. Borrowed funds decreased by $17.5 million or 29.4%.
Shareholders'' equity increased $0.6 million to $55.4 million at June 30, 2016 compared to December 31, 2015. The current level of shareholders'' equity equates to a book value per share of $16.69 at June 30, 2016, compared to $16.53 at December 31, 2015. Dividends paid to common shareholders were $0.23 and $0.46 for the three and six months ended for both June 30, 2016 and 2015.
Elmira Savings Bank, with $574.7 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; 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: 20.07.2016 - 09:53 Uhr
Sprache: Deutsch
News-ID 1448008
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