ELMIRA — Steady mortgage and consumer-loan activity helped Elmira Savings Bank (NASDAQ: ESBK) produce a 4 percent increase in net income in the second quarter, according to a July 18 earnings report.
Elmira Savings reported net income of $1.36 million, or 42 cents a share, for the quarter, compared with net income of $1.31 million, or 43 cents per share, a year ago.
Net-interest income for the second quarter declined slightly from $7.9 million last year to $7.5 million this year. Non-interest income rose from $2.1 million a year ago to $2.8 million this quarter. Operating expenses rose from $6.1 million in 2011’s second quarter to $6.4 million this year.
“During the first half of 2012, our mortgage and consumer loan production remained strong and above our expectations,” Elmira President and CEO Michael P. Hosey said in a news 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.”
Elmira Savings Bank’s total assets increased from $499.7 million on June 30, 2011, to $530.7 million on June 30, 2012. Total deposits rose by 9 percent to $398 million in the last year. Total loans increased by 14 percent to $365.9 million over the last year.