Income rises at Elmira Savings

ELMIRA — Net income rose just over 4 percent in 2011 at Elmira Savings Bank (NASDAQ CM: ESBK), which released its fourth-quarter and year-end financial results today (Jan. 19).

Net income for the fourth quarter totaled $1.29 million, or 40 cents per diluted share, up from $1.23 million, or 39 cents, a year ago. Net income for the year totaled $5.03 million, or $1.48 per share, up from $4.83 million, or $1.56 per share, in 2010.

“We are pleased with our results from 2011, achieving net income of over $5 million for the first time in our institution’s history,” Elmira President and CEO Michael P. Hosey said in a release. “During 2011, we experienced strong loan growth in all our portfolios. We increased our residential loan portfolio by $26 million, or 15 percent, with over $110 million of originations. Additionally, we increased our commercial loan portfolio by $14 million, or 14 percent, with over $41 million of originations.”

Total assets at Elmira increased 4.7 percent from $499.8 million in 2010 to $523.4 million in 2011. Total outstanding loans increased 11.6 percent from $309.9 million to $345.9 million. Total deposits increased 7 percent from $356.6 million to $381.7 million.

Elmira Savings Bank (www.elmireasavingsbank.com) has five branches in Chemung County; three branches and a loan center in Tompkins County; one branch each in Steuben, Cayuga, and Schuyler counties; and a loan center in Cortland County. The company, which employs 120 people, recently announced plans to acquire an Empower Federal Credit Union branch in Big Flats.

Contact DeLore at tgregory@tgbbj.com