ELMIRA — Elmira Savings Bank (NASDAQ: ESBK) reported net income of nearly $1.2 million, or 34 cents per share, for the first quarter, a 4 percent increase from just over $1.1 million, or 34 cents, in the year-ago period.
“During the first quarter of 2012, our loan production in all portfolios remained strong and our commercial loan production increased by 10 percent over the same period in 2011,” Michael P. Hosey, president and CEO, said in an April 24 news release. “We continue to aggressively monitor asset quality, and focus on maintaining efficiency and net interest margin.”
Net interest income dropped slightly to $3.8 million in the first quarter from
$3.9 million a year ago. However, noninterest income grew from $904,000 in the year-earlier quarter to $1.25 million this quarter. Noninterest expense rose slightly from $3.1 million last year to $3.2 million this year.
Elmira’s provision for loan losses decreased by $25,000 to $125,000. The company also saw a $66,000 decline in its gain on the sale of securities and generated no gains for the first quarter of 2012.
Elmira Savings Bank’s total assets declined $3.8 million since Dec. 31, 2011, to $519.6 million on March 31. Total loans increased by $3.6 million to $346 million during the same period. Total deposits increased from $381.7 million to
$383.3 million in the same timeframe.
Headquartered in Elmira, Elmira Savings Bank (www.elmirasavingsbank.com) has six branches in Chemung County, three branches and a loan center in Tompkins County, one branch in Steuben County, one branch in Cayuga County, one cashless office in Schuyler County, and a loan center in Cortland County.