ELMIRA — The board of directors of Elmira Savings Bank (NASDAQ: ESBK) has appointed Thomas M. Carr as CEO. He has been serving as president and chief operating officer since April, 2013. Carr first joined the bank in June, 2000 as senior vice president and chief financial officer. Carr succeeds Michael P. Hosey, formerly vice chairman […]
ELMIRA — The board of directors of Elmira Savings Bank (NASDAQ: ESBK) has appointed Thomas M. Carr as CEO. He has been serving as president and chief operating officer since April, 2013. Carr first joined the bank in June, 2000 as senior vice president and chief financial officer.
Carr succeeds Michael P. Hosey, formerly vice chairman and CEO, who is retiring from the bank after 30 years of service. Hosey has been elected as chairman of Elmira Savings Bank’s board of directors. During his 12 years as CEO, the bank’s assets have grown from $287 million to $517 million, profitability has improved significantly, and the number of branch locations has increased from six to 16, according to a banking company news release.
“Tom has played a major role in the development of a team of management and employees that are deep in talent and highly motivated to offer great service to our customers,” Hosey said of Carr in the release.
Elmira Savings Bank, with $517 million in total assets, is a state-chartered bank with six branches in Chemung County, three offices and a loan center in Tompkins County, two branches in Steuben County, one branch each in Cayuga and Schuyler counties, and one loan center each in Cortland and Broome counties.
Earnings results
Elmira Savings Bank reported that its net income fell 20 percent to $1.1 million in the second quarter, from nearly $1.4 million in the same period in 2013. The decline was the net result of a decrease in noninterest income of $145,000 and an increase in tax expense of $288,000, partially offset by a decline in noninterest expense of $141,000, an uptick in net interest income of $7,000, and a decrease in the provision for loan losses of $10,000. The banking company reported a decline in mortgage loans, due to lower levels of refinancing and purchasing activity across its Southern Tier market area. This has crimped its noninterest income, according to Carr.
Elmira Savings Bank’s net interest margin for the three months ended June 30 was 3.19 percent, compared to 3.24 percent in the second quarter of 2013. The average yield on earning assets was 4.22 percent in this year’s second quarter, down from 4.36 percent a year ago.