Elmira Savings Bank Reports Third Quarter Earnings
(firmenpresse) - ELMIRA, NY -- (Marketwired) -- 10/19/16 -- Elmira Savings Bank (NASDAQ: ESBK)
Net income was $1,202,000 and $3,295,000 for the three and nine months ended September 30, 2016 compared to $1,057,000 and $3,086,000 for the same periods in 2015.
Diluted earnings per share were $.36 per share and $.96 per share for the three and nine months ended September 30, 2016 compared to $.30 per share and $.87 per share for the same periods in 2015.
Return on average assets was .84% and .78% for the three and nine months ended September 30, 2016 compared to .73% for both the same periods in 2015.
Return on average equity was 8.54% and 7.89% for the three and nine months ended September 30, 2016 compared to 7.60% and 7.43% for the same periods in 2015.
"We are pleased with the increase in core earnings, supported by strong loan origination volume and deposit growth," said Thomas M. Carr, President and CEO. Carr continued, "Year over year through nine months, we have increased our noninterest income by 12%, our net interest income by 8%, and have expanded our net interest margin by 6%."
Net income totaled $3,295,000 for the nine months ended September 30, 2016, an increase of $209,000 or 7% from the $3,086,000 of net income recorded for the same period in 2015. This increase was the net result of an increase in noninterest income of $496,000, an increase in net interest income of $859,000, and a decrease in the provision for loan losses of $48,000, offset by an increase in noninterest expense of $898,000 and an increase in tax expense of $296,000.
Net income totaled $1,202,000 for the three months ended September 30, 2016, an increase of $145,000 or 14% from the $1,057,000 recorded for the same period in 2015. This increase was the net result of an increase in noninterest income of $177,000, a decrease in the provision for loan losses of $83,000, and an increase in net interest income of $359,000, offset by an increase in noninterest expense of $251,000 and an increase in tax expense of $223,000.
Basic and diluted earnings per share for the nine months ended September 30, 2016 were both $.96 per share compared to $.89 per share and $.87 per share for the same period in 2015. Basic and diluted earnings per share for the three months ended September 30, 2016 were both $.36 per share compared to $.31 per share and $.30 per share for the same period in 2015.
The net interest margin for the nine months ended September 30, 2016 was 3.20% compared to 3.03% for the same period in 2015. The yield on average earning assets was 4.06% for the nine months ended September 30, 2016 compared to 4.05% for the same period in 2015. The average cost of interest-bearing liabilities was 1.01% for the nine months ended September 30, 2016 compared to 1.19% for the same period in 2015.
The net interest margin for the three months ended September 30, 2016 was 3.24% compared to 2.97% for the same period in 2015. The average yield on earning assets was 4.04% for the three months ended September 30, 2016 compared to 4.00% for the same period in 2015. The average cost of interest-bearing liabilities was 0.96% for the three months ended September 30, 2016 compared to 1.20% for the same period in 2015.
Total assets increased $6.1 million or 1.1% to $567.5 million at September 30, 2016 compared to $561.3 million at December 31, 2015. Loans, including loans held for sale, increased 1.9% to $464.1 million at September 30, 2016 compared to December 31, 2015. The available-for-sale investment portfolio decreased $7.5 million from December 31, 2015 to September 30, 2016.
Our nonperforming loans to total loans ratio has increased to 1.12% at September 30, 2016 from 1.05% at December 31, 2015. Net loan charge-offs to average loans for the nine months ended September 30, 2016 of 0.04% decreased from 0.08% for the nine months ended September 30, 2015. The allowance for loan losses was 0.94% of total loans at September 30, 2016 and 0.92% of total loans at December 31, 2015.
Deposits total $463.4 million at September 30, 2016, an increase of $22.9 million or 5.2%. The $22.9 million increase consists of a $13.7 million increase in time deposits, a $5.1 million increase in noninterest-bearing accounts, a $2.1 million increase in savings accounts, and a $2.3 million increase in money market accounts, partially offset by a $296,000 decrease in interest bearing transaction accounts. Borrowed funds decreased by $17.5 million or 29.4%.
Shareholders'' equity increased $1.0 million to $55.8 million at September 30, 2016 compared to December 31, 2015. The current level of shareholders'' equity equates to a book value per share of $16.80 at September 30, 2016, compared to $16.53 at December 31, 2015. Dividends paid to common shareholders were $0.23 and $0.69 for the three and nine months ended for both September 30, 2016 and 2015.
Elmira Savings Bank, with $567.5 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: 19.10.2016 - 10:04 Uhr
Sprache: Deutsch
News-ID 1464756
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