Elmira Savings Bank Q3 net income rises 6 percent

ELMIRA — Elmira Savings Bank (ticker: ESBK) reported net income of $1.4 million, or 44 cents per share, in the third quarter, up from $1.3 million, or 31 cents, a year ago.

For the first nine months of 2012, net income grew 5 percent to $3.9 million, or $1.20 per share, from $3.7 million, or $1.08 per share.

“During the first nine months of 2012, our mortgage and consumer-loan production remained strong,” Elmira President and CEO Michael P. Hosey said in the earnings release. “This activity has allowed us to grow our loan portfolio, recognize increased levels of revenue from our secondary market activities, and avoid participating in the historically low yield investment market. We continue to protect our net interest margin, monitor asset quality, and evaluate our capital needs and alternatives.”

Net interest income decreased slightly in the third quarter at Elmira Savings Bank to $3.81 million from $3.84 million in the year-ago period. For the first nine months of the year, net interest income dropped to $11.4 million from $11.7 million.

Non-interest income increased from $1.2 million in the third quarter of 2011 to $1.7 million in the third quarter of 2012. For the first nine months, non-interest income grew from $3.3 million last year to $4.5 million this year.

Total assets increased $10.8 million from $523.4 million on Dec. 31, 2011 to $534.2 million on Sept. 30, 2012. Total deposits stood at $406.2 million on Sept. 30, up from $381.7 million at the end of 2011. Total loans grew 8 percent from $348.8 million on Dec. 31 to $376.9 million on Sept. 30.

Elmira Savings Bank (www.elmirasavingsbank.com) has six offices in Chemung County, three offices and a loan center in Tompkins County, one office in Steuben County, one office in Cayuga County, one office in Schuyler County, and a loan center in Cortland County.                       

Contact DeLore at tdelore@tgbbj.com