Elmira Savings Bank Reports 2016 Earnings
(firmenpresse) - NEW YORK, NY -- (Marketwired) -- 01/25/17 -- Elmira Savings Bank (NASDAQ: ESBK)
Net income was $1,042,000 and $4,337,000 for the three and twelve months ended December 31, 2016 compared to $1,036,000 and $4,122,000 for the same periods in 2015.
Diluted earnings per share were $.30 per share and $1.25 per share for the three and twelve months ended December 31, 2016 compared to $.30 per share and $1.17 per share for the same periods in 2015.
Return on average assets (annualized) was .73% and .76% for the three and twelve months ended December 31, 2016 compared to .73% for both of the same periods in 2015.
Return on average equity (annualized) was 7.38% and 7.77% for the three and twelve months ended December 31, 2016 compared to 7.46% and 7.43% for the same periods in 2015.
Net income totaled $1,042,000 for the three months ended December 31, 2016, an increase of $6,000 or 0.6% from the $1,036,000 recorded for the same period in 2015. This increase was the net result of a decrease in the provision for loan losses of $95,000, an increase in net interest income of $27,000, and an increase in noninterest income of $13,000, offset by an increase in noninterest expense of $111,000 and an increase in income tax expense of $18,000.
Net income totaled $4,337,000 for the twelve months ended December 31, 2016, an increase of $215,000 or 5.2% from the $4,122,000 of net income recorded for the same period in 2015. This increase was the net result of an increase in net interest income of $886,000, an increase in noninterest income of $509,000, and a decrease in the provision for loan losses of $143,000, offset by an increase in noninterest expense of $1.0 million and an increase in income tax expense of $314,000.
"The company has continued to make progress in 2016. Year over year, we have increased our noninterest income by 9%, our net interest income by 6%, and have expanded our net interest margin by 5%" said Thomas M. Carr, President and CEO. Carr continued, "We are pleased with the increase in core earnings supported by strong mortgage loan origination volume and a 7% growth in deposits."
Basic and diluted earnings per share for the twelve months ended December 31, 2016 were $1.26 per share and $1.25 per share compared to $1.19 per share and $1.17 per share for the same period in 2015. Both basic and diluted earnings per share for the three months ended December 31, 2016 were $.30 per share and $.30 per share for both basic and diluted earnings per share for the same period in 2015.
The net interest margin for the twelve months ended December 31, 2016 was 3.21% compared to 3.07% for the same period in 2015. The yield on average earning assets was 4.05% for the twelve months ended December 31, 2016 compared to 4.06% for the same period in 2015. The average cost of interest-bearing liabilities was 1.00% for the twelve months ended December 31, 2016 compared to 1.16% for the same period in 2015.
The net interest margin for the three months ended December 31, 2016 was 3.23% compared to 3.19% for the same period in 2015. The average yield on earning assets was 4.04% for the three months ended December 31, 2016 compared to 4.09% for the same period in 2015. The average cost of interest-bearing liabilities was 0.95% for the three months ended December 31, 2016 compared to 1.07% for the same period in 2015.
Total assets increased $12.1 million or 2.2% to $573.5 million at December 31, 2016 compared to $561.3 million at December 31, 2015. Loans receivable increased 1.0% to $455.9 million at December 31, 2016 compared to December 31, 2015. The available-for-sale investment portfolio decreased $10.1 million from December 31, 2015 to December 31, 2016.
Our nonperforming loans to total loans ratio was 1.11% at December 31, 2016 compared to 1.05% at December 31, 2015. Net loan charge-offs to average loans for the twelve months ended December 31, 2016 of 0.08% decreased from 0.11% for the twelve months ended December 31, 2015. The allowance for loan losses was 0.94% of total loans at December 31, 2016 and 0.92% of total loans at December 31, 2015.
Deposits total $469.5 million at December 31, 2016, an increase of $29.1 million or 6.6%. The $29.1 million increase consists of a $17.8 million increase in time deposits, a $5.5 million increase in money market accounts, a $3.7 million increase in savings accounts, and a $3.4 million increase in noninterest-bearing accounts, offset by a $1.3 million decrease in interest-bearing transaction accounts. Borrowed funds decreased by $17.5 million or 29.4%.
Shareholders'' equity increased $1.0 million to $55.7 million at December 31, 2016 compared to December 31, 2015. The current level of shareholders'' equity equates to a book value per share of $16.74 at December 31, 2016, compared to $16.53 at December 31, 2015. Dividends paid to common shareholders were $0.23 and $0.92 for the three and twelve months ended both December 31, 2016 and 2015.
Elmira Savings Bank, with $573.5 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: 25.01.2017 - 13:27 Uhr
Sprache: Deutsch
News-ID 1482642
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