ELMIRA, N.Y. — Elmira Savings Bank (NASDAQ: ESBK) reported this week that its first-quarter net income fell nearly 5 percent to $1.01 million from $1.06 million in the year-ago quarter.
A decline in noninterest income of $54,000 and a drop in net interest income of $48,000 were offset by a reduction in tax expense of $54,000, the banking company said.
Elmira Savings Bank’s earnings per share declined to 28 cents in the first quarter from 30 cents a year prior.
The banking company posted a net interest margin of 3.07 percent in this year’s first quarter, down from 3.31 percent in the first quarter of 2014.
Elmira Savings Bank, with $562 million in total assets, is a state-chartered bank with 13 full-service branches in Chemung, Tompkins, Cayuga, Steuben, and Schuyler counties, and two loan centers in Cortland and Broome counties. In the first quarter, it opened its 13th branch in Watkins Glen, and added mobile check-deposit services to its mobile and online-banking services.
The banking company’s main headquarters office is located at 333 E. Water St. in Elmira.
Contact Rombel at arombel@cnybj.com
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