Elmira Savings Bank Reports First Quarter Earnings
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E-mailELMIRA, NY -- (Marketwired) -- 04/28/15 -- Elmira Savings Bank (NASDAQ: ESBK)
Highlights
- 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
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.
Net Interest Margin
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.
Assets
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.
Nonperforming Loans
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.
Liabilities
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
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.
ELMIRA SAVINGS BANK
CONSOLIDATED BALANCE SHEET
(unaudited)
(in thousands, except for share and
per share data) March 31, December 31,
------------ ------------ --------
2015 2014 % Change
------------ ------------ --------
ASSETS
Cash and due from banks $ 26,948 $ 7,959 238.6%
Federal funds sold and other short-
term investments 504 606 -16.8%
------------ ------------ --------
Total cash and cash equivalents 27,452 8,565 220.5%
Securities available for sale, at fair
value 57,374 65,624 -12.6%
Securities held to maturity - fair
value $7,503 at March 31, 2015 and
$7,641 at December 31, 2014 7,276 7,389 -1.5%
Federal Reserve and Federal Home Loan
Bank (FHLB) stock, at cost 11,643 11,182 4.1%
Loans held for sale 2,434 787 209.3%
Loans receivable 420,237 417,359 0.7%
Less: Allowance for loan losses 4,002 3,974 0.7%
------------ ------------ --------
Net loans 416,235 413,385 0.7%
Premises and equipment, net 10,058 9,475 6.2%
Bank-owned life insurance 12,884 12,790 0.7%
Accrued interest receivable 1,641 1,566 4.8%
Intangible assets, net 108 125 -13.6%
Goodwill 12,320 12,320 0.0%
Other assets 2,760 2,761 0.0%
------------ ------------ --------
Total assets $ 562,185 $ 545,969 3.0%
============ ============ ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $ 426,075 $ 422,561 0.8%
Borrowings 74,000 62,000 19.4%
Other liabilities 6,292 5,915 6.4%
------------ ------------ --------
Total liabilities 506,367 490,476 3.2%
------------ ------------ --------
Shareholders' equity:
Preferred stock, $1,000 liquidation
value per issued share; 5,000,000
shares authorized; 10,000 shares
issued at March 31, 2015 and at
December 31, 2014 9,700 9,700 0.0%
Common stock, $1 par value; authorized
5,000,000 shares; 2,813,377 shares
issued at March 31, 2015 and
2,809,364 shares issued at December
31, 2014 2,813 2,809 0.1%
Additional paid-in capital 42,492 42,365 0.3%
Retained earnings 2,930 2,769 5.8%
Treasury stock, at cost - 98,118
shares at March 31, 2015 and 104,418
shares at December 31, 2014 (2,907) (3,053) -4.8%
Accumulated other comprehensive income 736 849 -13.3%
------------ ------------ --------
Total Elmira Savings Bank
shareholders' equity 55,764 55,439 0.6%
Noncontrolling interest 54 54 0.0%
------------ ------------ --------
Total shareholders' equity 55,818 55,493 0.6%
------------ ------------ --------
Total liabilities and shareholders'
equity $ 562,185 $ 545,969 3.0%
============ ============ ========
ELMIRA SAVINGS BANK
CONSOLIDATED STATEMENT OF INCOME
(unaudited)
Three Months Ended
March 31,
------------------------- --------
(in thousands, except for per share
data) 2015 2014 % Change
------------ ------------ --------
Interest and dividend income:
Interest and fees on loans $ 4,462 $ 4,397 1.5%
Interest and dividends on securities
Taxable 402 464 -13.4%
Non-taxable 231 204 13.2%
------------ ------------ --------
Total interest and dividend income 5,095 5,065 0.6%
------------ ------------ --------
Interest expense:
Interest on deposits 727 742 -2.0%
Interest on borrowings 543 450 20.7%
------------ ------------ --------
Total interest expense 1,270 1,192 6.5%
------------ ------------ --------
Net interest income 3,825 3,873 -1.2%
Provision for loan losses 50 54 -7.4%
------------ ------------ --------
Net interest income after provision for
loan losses 3,775 3,819 -1.2%
------------ ------------ --------
Noninterest income:
Service fees 355 329 7.9%
Gain on sale of loans held for sale 354 448 -21.0%
Gain on sale of securities 204 216 -5.6%
Other service fees 169 164 3.0%
Earnings on bank-owned life insurance 94 91 3.3%
Other 59 41 43.9%
------------ ------------ --------
Total noninterest income 1,235 1,289 -4.2%
------------ ------------ --------
Noninterest expense:
Salaries and benefits 1,794 1,839 -2.4%
Net occupancy 392 416 -5.8%
Equipment 254 250 1.6%
Marketing and public relations 211 200 5.5%
Professional fees 180 161 11.8%
Other 738 697 5.9%
------------ ------------ --------
Total noninterest expense 3,569 3,563 0.2%
------------ ------------ --------
Income before income taxes 1,441 1,545 -6.7%
Income taxes 431 485 -11.1%
------------ ------------ --------
Net income 1,010 1,060 -4.7%
Less: Net income attributable to
noncontrolling interest - - -
------------ ------------ --------
Net income attibutable to Elmira Savings
Bank 1,010 1,060 -4.7%
Dividend on preferred stock 225 225 0.0%
------------ ------------ --------
Income available to common shareholders $ 785 $ 835 -6.0%
============ ============ ========
Basic earnings per share $ 0.29 $ 0.31 -6.5%
============ ============ ========
Diluted earnings per share $ 0.28 $ 0.30 -6.7%
============ ============ ========
Weighted average shares outstanding -
basic 2,700,542 2,657,141 1.6%
============ ============ ========
Weighted average shares outstanding -
diluted 2,811,600 2,789,840 0.8%
============ ============ ========
Dividends per share $ 0.23 $ 0.23 0.0%
============ ============ ========
ELMIRA SAVINGS BANK
AVERAGE BALANCES AND INTEREST RATES
(Dollars in
Thousands) For the Three Months Ended
--------------------------------------------------------
March 31, 2015 March 31, 2014
--------------------------- ---------------------------
Average Average Average Average
ASSETS: Balance Interest Rate Balance Interest Rate
--------- -------- -------- --------- -------- --------
Loans $ 417,480 $ 4,462 4.29% $ 388,765 $ 4,397 4.54%
Short-term
investments 1,510 1 0.03 510 1 0.04
Securities 81,785 632 3.10 79,547 667 3.37
--------- -------- -------- --------- -------- --------
Total interest-
earning assets 500,775 5,095 4.09 468,822 5,065 4.34
--------- -------- -------- --------- -------- --------
Noninterest-
earning assets 54,161 42,488
--------- ---------
TOTAL ASSETS $ 554,936 $ 511,310
========= =========
LIABILITIES AND
SHAREHOLDERS'
EQUITY
Interest-bearing
deposits $ 358,257 $ 727 0.82 $ 335,489 $ 742 0.90
Borrowings 71,822 543 3.02 58,413 450 3.08
--------- -------- -------- --------- -------- --------
Total interest-
bearing
liabilities 430,079 1,270 1.19 393,902 1,192 1.22
--------- -------- -------- --------- -------- --------
Noninterest-
bearing
liabilities 68,726 62,456
Shareholders'
equity 56,131 54,952
--------- ---------
TOTAL LIABILITIES
AND SHAREHOLDERS'
EQUITY $ 554,936 $ 511,310
========= =========
Interest rate
spread 2.90% 3.12%
======== ========
Net interest
income/margin $ 3,825 3.07% $ 3,873 3.31%
======== ======== ======== ========
Quarter Ended
(Dollars in
Thousands, Except
Per Share Data) 3/31/2015 12/31/2014 9/30/2014 6/30/2014 3/31/2014
--------- ---------- --------- --------- ---------
Operating Data
Net income $ 1,010 1,031 $ 475 $ 1,099 $ 1,060
Net interest
income 3,825 4,018 3,802 3,719 3,873
Provision for loan
losses 50 140 138 75 54
Net security gains 204 - - 205 216
Non-interest
income, ex. Net
security gains 1,031 1,039 1,155 1,069 1,073
Non-interest
expense 3,569 3,406 4,190 3,344 3,563
Performance
Statistics
Net interest
margin 3.07% 3.23% 3.18% 3.19% 3.31%
Annualized return
on average assets 0.74% 0.76% 0.36% 0.86% 0.84%
Annualized return
on average equity 7.29% 7.37% 3.36% 7.95% 7.82%
Annualized net
loan charge-offs
to avg loans 0.02% 0.09% -0.01% 0.15% 0.04%
Net charge-offs
(recoveries) 21 94 (7) 143 38
Efficiency ratio 70.5% 67.4% 84.5% 67.0% 69.0%
Per Share Data
Basic earnings per
share $ 0.29 0.30 $ 0.09 $ 0.33 $ 0.31
Diluted earnings
per share 0.28 0.29 0.09 0.31 0.30
Dividend declared
per share 0.23 0.23 0.23 0.23 0.23
Book value 16.96 16.91 16.76 16.87 16.78
Common stock
price:
High 23.00 23.00 24.54 24.78 26.97
Low 19.99 20.50 20.16 21.92 22.25
Close 20.40 23.00 22.25 24.50 24.49
Weighted average
common shares:
Basic 2,701 2,693 2,684 2,674 2,657
Fully diluted 2,812 2,808 2,803 2,798 2,790
End-of-period
common shares:
Issued 2,813 2,809 2,809 2,799 2,787
Treasury 98 104 104 104 104
Financial Condition
Data:
General
Total assets $ 562,185 545,969 $ 533,726 $ 515,053 $ 513,938
Loans, net 416,235 413,385 406,168 391,611 388,295
Intangibles 12,428 12,445 12,464 12,486 12,508
Total deposits 426,075 422,561 405,681 399,219 394,951
Noninterest-
bearing 64,442 62,019 68,871 61,221 57,059
Savings 63,776 65,286 62,898 63,433 61,655
NOW 78,169 78,920 75,246 73,116 75,789
Money Market 22,112 20,512 21,498 22,702 21,540
Time deposits 197,576 195,824 177,168 178,747 178,908
Total interest-
bearing
deposits 361,633 360,542 336,810 337,998 337,892
Shareholders'
equity 55,818 55,493 55,088 55,202 54,763
Asset Quality
Non-performing
assets $ 4,790 4,699 $ 4,575 $ 4,281 $ 3,368
Non-performing
assets to total
assets 0.85% 0.86% 0.86% 0.83% 0.66%
Allowance for loan
losses 4,002 3,974 3,928 3,783 3,851
Allowance for loan
losses to total
loans 0.95% 0.95% 0.96% 0.96% 0.98%
Allowance for loan
losses to non-
performing loans 83.55% 84.57% 88.61% 89.90% 119.23%
Non-performing
loans to total
loans 1.14% 1.13% 1.08% 1.06% 0.82%
Capitalization
Shareholders'
equity to total
assets 9.93% 10.16% 10.32% 10.72% 10.66%
For further information contact: Thomas M. Carr President & CEO Elmira Savings Bank 333 East Water Street Elmira, New York 14901 (607) 735-8660 Email Contact
Source: Elmira Savings Bank
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