Elmira Savings Bank’s 2nd quarter profit jumps 54 percent

ELMIRA, N.Y. — Elmira Savings Bank (NASDAQ: ESBK) recently reported that its net income soared 54 percent in the second quarter to just over $1.4 million from $909,000 in the year-ago period.

This net increase resulted from a rise in net-interest income of $203,000, a decrease in noninterest expense of $181,000, and drop in the provision for loan losses of $575,000. That was partially offset by a decrease in noninterest income of $301,000 and a rise in tax expense of $165,000, the banking company said.

Elmira Savings Bank said its earnings per share rose to 40 cents in the latest quarter, up 54 percent from 26 cents a share in the second quarter of 2020.

“We are pleased with the improvement in earnings and net interest margin through the first half of the year,” Thomas M. Carr, president and CEO of Elmira Savings Bank, said in the earnings report. “The bank has successfully navigated through the COVID pandemic up to this point, but we recognize our local economies still face challenges ahead. We are focused on serving our customers and helping our communities return to normal as COVID restrictions continue to be lifted.”

Elmira Savings Bank, with nearly $649 million in total assets, is a state-chartered bank with five branches in Chemung County, three offices in Tompkins County, two branches in Steuben County, one branch each in Cayuga County and Schuyler County, and a loan center in Broome County.