Highlights
- Net income was
$1,168,000 for the three months endedMarch 31, 2022 , compared to$1,204,000 for the same period in 2021. - Diluted earnings per share were
$.33 per share for the three months endedMarch 31, 2022 , compared to$.34 per share for the same period in 2021. - Return on average assets was .76% for the three months ended
March 31, 2022 , and .75% for the same period in 2021. - Return on average equity was 7.32% for the three months ended
March 31, 2022 , compared to 7.93% for the same period in 2021.
"Earnings per share and return on assets are consistent with last year’s first quarter, as we work diligently towards the merger and integration with
Net Income
Net income totaled
Basic and diluted earnings per share for the three months ended
The decrease in noninterest income for the three months ended
Net Interest Margin
The net interest margin for the three months ended
Assets
Total assets decreased
Nonperforming Loans
Our nonperforming loans to total loans ratio was 0.83% at
Liabilities
Deposits totaled
Shareholders’ Equity
Shareholders’ equity increased
On
Except for the historical information contained herein, the matters discussed in this news release are forward looking statements that involve the risks and uncertainties, including the timely availability and acceptance of Bank products, the impact of competitive products and pricing, the management of growth, and other risks detailed from time to time in the Bank’s regulatory reports.
For further information contact:
(607) 735-8660
tcarr@elmirasavingsbank.com
CONSOLIDATED BALANCE SHEET | ||||||||||
(unaudited) | ||||||||||
(in thousands, except for share and per share data) | ||||||||||
2022 | 2021 | % Change | ||||||||
ASSETS | ||||||||||
Cash and due from banks | $ | 90,905 | $ | 99,785 | -8.9 | % | ||||
Federal funds sold and other short-term investments | 195 | 2,058 | -90.5 | % | ||||||
Total cash and cash equivalents | 91,100 | 101,843 | -10.5 | % | ||||||
Securities available for sale, at fair value | 3,639 | 4,109 | -11.4 | % | ||||||
Securities held to maturity - fair value | ||||||||||
at | 5,992 | 6,080 | -1.4 | % | ||||||
7,975 | 8,087 | -1.4 | % | |||||||
Loans held for sale | 435 | 2,374 | -81.7 | % | ||||||
Loans receivable | 457,900 | 464,246 | -1.4 | % | ||||||
Less: Allowance for loan losses | 5,569 | 5,620 | -0.9 | % | ||||||
Net loans | 452,331 | 458,626 | -1.4 | % | ||||||
Premises and equipment, net | 16,397 | 15,558 | 5.4 | % | ||||||
Bank-owned life insurance | 16,019 | 15,914 | 0.7 | % | ||||||
Accrued interest receivable | 1,376 | 1,380 | -0.3 | % | ||||||
12,320 | 12,320 | 0.0 | % | |||||||
Other assets | 5,787 | 5,941 | -2.6 | % | ||||||
Total assets | $ | 613,371 | $ | 632,232 | -3.0 | % | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||
Deposits | $ | 523,402 | $ | 540,999 | -3.3 | % | ||||
Borrowings | 20,000 | 22,000 | -9.1 | % | ||||||
Other liabilities | 5,315 | 5,256 | 1.1 | % | ||||||
Total liabilities | 548,717 | 568,255 | -3.4 | % | ||||||
Shareholders' equity: | ||||||||||
Preferred stock, | ||||||||||
10,000 shares issued and none outstanding at | 9,700 | 9,700 | 0.0 | % | ||||||
Common stock, | ||||||||||
at | 3,651 | 3,641 | 0.3 | % | ||||||
Additional paid-in capital | 54,551 | 54,421 | 0.2 | % | ||||||
Retained earnings | 8,922 | 8,288 | 7.6 | % | ||||||
at | (12,202 | ) | (12,202 | ) | 0.0 | % | ||||
Accumulated other comprehensive (loss) income | (18 | ) | 79 | -122.8 | % | |||||
64,604 | 63,927 | 1.1 | % | |||||||
Noncontrolling interest | 50 | 50 | 0.0 | % | ||||||
Total shareholders' equity | 64,654 | 63,977 | 1.1 | % | ||||||
Total liabilities and shareholders' equity | $ | 613,371 | $ | 632,232 | -3.0 | % | ||||
CONSOLIDATED STATEMENT OF INCOME | ||||||||||
(unaudited) | ||||||||||
Three Months Ended | ||||||||||
(in thousands, except for per share data) | 2022 | 2021 | % Change | |||||||
Interest and dividend income: | ||||||||||
Interest and fees on loans | $ | 4,338 | $ | 5,212 | -16.8 | % | ||||
Interest and dividends on securities | ||||||||||
Taxable | 112 | 143 | -21.7 | % | ||||||
Non-taxable | 62 | 69 | -10.1 | % | ||||||
Total interest and dividend income | 4,512 | 5,424 | -16.8 | % | ||||||
Interest expense: | ||||||||||
Interest on deposits | 250 | 725 | -65.5 | % | ||||||
Interest on borrowings | 140 | 178 | -21.3 | % | ||||||
Total interest expense | 390 | 903 | -56.8 | % | ||||||
Net interest income | 4,122 | 4,521 | -8.8 | % | ||||||
Provision for loan losses | - | 150 | -100.0 | % | ||||||
Net interest income after provision for loan losses | 4,122 | 4,371 | -5.7 | % | ||||||
Noninterest income: | ||||||||||
Service fees | 302 | 308 | -1.9 | % | ||||||
Gain on sale of loans held for sale | 255 | 1,211 | -78.9 | % | ||||||
Other service fees | 201 | 210 | -4.3 | % | ||||||
Earnings on bank-owned life insurance | 105 | 101 | 4.0 | % | ||||||
Other | 24 | 95 | -74.7 | % | ||||||
Total noninterest income | 887 | 1,925 | -53.9 | % | ||||||
Noninterest expense: | ||||||||||
Salaries and benefits | 1,761 | 2,307 | -23.7 | % | ||||||
Net occupancy | 412 | 626 | -34.2 | % | ||||||
Equipment | 390 | 442 | -11.8 | % | ||||||
Marketing and public relations | 92 | 241 | -61.8 | % | ||||||
Professional fees | 87 | 147 | -40.8 | % | ||||||
Other | 781 | 937 | -16.6 | % | ||||||
Total noninterest expense | 3,523 | 4,700 | -25.0 | % | ||||||
Income before income taxes | 1,486 | 1,596 | -6.9 | % | ||||||
Income taxes | 318 | 392 | -18.9 | % | ||||||
Net income | 1,168 | 1,204 | -3.0 | % | ||||||
Less: Net income attributable to noncontrolling interest | - | - | - | |||||||
Net income attributable to | $ | 1,168 | $ | 1,204 | -3.0 | % | ||||
Basic earnings per share | $ | 0.33 | $ | 0.34 | -2.9 | % | ||||
Diluted earnings per share | $ | 0.33 | $ | 0.34 | -2.9 | % | ||||
Weighted average shares outstanding - basic | 3,533,077 | 3,514,650 | 0.5 | % | ||||||
Weighted average shares outstanding - diluted | 3,560,126 | 3,515,256 | 1.3 | % | ||||||
Dividends per share | $ | 0.15 | $ | 0.15 | 0.0 | % | ||||
AVERAGE BALANCES AND INTEREST RATES | |||||||||||||||||||||
(Dollars in Thousands) | For the Three Months Ended | ||||||||||||||||||||
ASSETS: | Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | |||||||||||||||
Loans | $ | 458,353 | $ | 4,338 | 3.80 | % | $ | 485,646 | $ | 5,212 | 4.31 | % | |||||||||
Short-term investments | 1,781 | - | 0.06 | 617 | - | 0.02 | |||||||||||||||
Securities | 18,025 | 174 | 3.89 | 21,267 | 212 | 4.01 | |||||||||||||||
Total interest-earning assets | 478,159 | 4,512 | 3.79 | 507,530 | 5,424 | 4.29 | |||||||||||||||
Noninterest-earning assets | 143,931 | 140,728 | |||||||||||||||||||
TOTAL ASSETS | $ | 622,090 | $ | 648,258 | |||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||
Interest-bearing deposits | $ | 414,018 | $ | 250 | 0.24 | $ | 436,731 | $ | 725 | 0.67 | |||||||||||
Borrowings | 21,978 | 140 | 2.55 | 26,933 | 178 | 2.65 | |||||||||||||||
Total interest-bearing liabilities | 435,996 | 390 | 0.36 | 463,664 | 903 | 0.79 | |||||||||||||||
Noninterest-bearing liabilities | 121,433 | 123,014 | |||||||||||||||||||
Shareholders' equity | 64,661 | 61,580 | |||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 622,090 | $ | 648,258 | |||||||||||||||||
Interest rate spread | 3.43 | % | 3.50 | % | |||||||||||||||||
Net interest income/margin | $ | 4,122 | 3.46 | % | $ | 4,521 | 3.57 | % | |||||||||||||
Quarter Ended | |||||||||||||||
(Dollars in Thousands, Except Per Share Data) | |||||||||||||||
Operating Data | |||||||||||||||
Net income | $ | 1,168 | $ | 1,102 | $ | 1,511 | $ | 1,402 | $ | 1,204 | |||||
Net interest income | 4,122 | 4,437 | 4,708 | 4,340 | 4,521 | ||||||||||
Provision for loan losses | - | - | - | - | 150 | ||||||||||
Non-interest income, ex. Net security gains | 887 | 1,158 | 1,564 | 1,347 | 1,925 | ||||||||||
Non-interest expense | 3,523 | 4,187 | 4,307 | 3,904 | 4,700 | ||||||||||
Performance Statistics | |||||||||||||||
Net interest margin | 3.46 | % | 3.65 | % | 3.81 | % | 3.48 | % | 3.57 | % | |||||
Annualized return on average assets | 0.76 | % | 0.69 | % | 0.92 | % | 0.86 | % | 0.75 | % | |||||
Annualized return on average equity | 7.32 | % | 6.82 | % | 9.49 | % | 9.03 | % | 7.93 | % | |||||
Annualized net loan charge-offs to avg loans | 0.05 | % | 0.01 | % | 0.14 | % | 0.06 | % | 0.03 | % | |||||
Net charge-offs | 52 | 7 | 164 | 74 | 40 | ||||||||||
Efficiency ratio | 70.3 | % | 74.8 | % | 68.7 | % | 68.6 | % | 72.9 | % | |||||
Per Share Data | |||||||||||||||
Basic earnings per share | $ | 0.33 | $ | 0.31 | $ | 0.43 | $ | 0.40 | $ | 0.34 | |||||
Diluted earnings per share | 0.33 | 0.31 | 0.43 | 0.40 | 0.34 | ||||||||||
Dividend declared per share | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | ||||||||||
Book value | 18.16 | 18.02 | 17.86 | 17.57 | 17.34 | ||||||||||
Common stock price: | |||||||||||||||
High | 23.00 | 23.22 | 14.75 | 15.05 | 15.96 | ||||||||||
Low | 22.69 | 13.50 | 12.80 | 13.23 | 11.48 | ||||||||||
Close | 22.93 | 22.84 | 13.34 | 14.31 | 13.50 | ||||||||||
Weighted average common shares: | |||||||||||||||
Basic | 3,533 | 3,526 | 3,522 | 3,519 | 3,515 | ||||||||||
Fully diluted | 3,560 | 3,553 | 3,524 | 3,520 | 3,515 | ||||||||||
End-of-period common shares: | |||||||||||||||
Issued | 3,651 | 3,641 | 3,641 | 3,641 | 3,636 | ||||||||||
94 | 94 | 94 | 94 | 94 | |||||||||||
Financial Condition Data: | |||||||||||||||
General | |||||||||||||||
Total assets | $ | 613,371 | $ | 632,232 | $ | 643,596 | $ | 648,686 | $ | 659,333 | |||||
Loans, net | 452,331 | 458,626 | 458,631 | 465,271 | 476,383 | ||||||||||
Intangibles | 12,320 | 12,320 | 12,320 | 12,320 | 12,320 | ||||||||||
Total deposits | 523,402 | 540,999 | 544,763 | 551,245 | 562,893 | ||||||||||
Noninterest-bearing | 115,680 | 122,268 | 118,511 | 121,534 | 121,101 | ||||||||||
Savings | 99,642 | 97,479 | 95,299 | 93,351 | 87,228 | ||||||||||
NOW | 109,999 | 112,519 | 114,514 | 111,343 | 111,414 | ||||||||||
Money Market | 30,233 | 34,626 | 36,577 | 32,624 | 35,011 | ||||||||||
Time deposits | 167,848 | 174,107 | 179,862 | 192,393 | 208,139 | ||||||||||
Total interest-bearing deposits | 407,722 | 418,731 | 426,252 | 429,711 | 441,792 | ||||||||||
Shareholders' equity | 64,654 | 63,977 | 63,396 | 62,375 | 61,462 | ||||||||||
Asset Quality | |||||||||||||||
Non-performing assets | $ | 4,173 | $ | 3,675 | $ | 3,645 | $ | 5,023 | $ | 5,602 | |||||
Non-performing assets to total assets | 0.68 | % | 0.58 | % | 0.57 | % | 0.77 | % | 0.85 | % | |||||
Allowance for loan losses | 5,569 | 5,620 | 5,627 | 5,791 | 5,865 | ||||||||||
Allowance for loan losses to total loans | 1.22 | % | 1.21 | % | 1.21 | % | 1.23 | % | 1.22 | % | |||||
Allowance for loan losses to | |||||||||||||||
non-performing loans | 148.98 | % | 174.37 | % | 175.95 | % | 116.12 | % | 108.63 | % | |||||
Non-performing loans to total loans | 0.83 | % | 0.70 | % | 0.70 | % | 1.07 | % | 1.13 | % | |||||
Capitalization | |||||||||||||||
Shareholders' equity to total assets | 10.54 | % | 10.12 | % | 9.85 | % | 9.62 | % | 9.32 | % | |||||
Source: Elmira Savings Bank NY (The)
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