logo
  Join        Login             Stock Quote

Elmira Savings Bank (ESBK) 4Q Earnings Rise 0.9 Pct On Higher Non-Interest Income

 January 23, 2013 12:12 PM


(By Balaseshan) Elmira Savings Bank (NASDAQ: ESBK) reported a 0.9% rise in quarterly earnings on higher non-interest income and a reduction in provision for loan losses, partially offset by a 2.8% decline in net interest income and an increase in non-interest expense.

Earnings for the fourth quarter were $893,000 or $0.37 per share, compared to $885,000 or $0.38 per share last year.

Net interest income declined 2.8% to $3.74 million, while non-interest income grew 10.6% to $1.53 million. Provision for loan losses fell 70.2% to $42,000. Non-interest expense rose 4.3% to $3.30 million.

The net interest margin for latest quarter decreased to 3.25% from 3.45%, while average yield on earning assets fell to 4.45% from 4.87%. The average cost of interest-bearing liabilities was 1.37%, down from 1.60% for the same period in 2011.

Total assets increased $13.5 million or 2.6% to $536.9 million at December 31, 2012. Loans receivable increased 9.3% to $378.1 million at December 31, 2012. The available-for-sale investment portfolio decreased $19.7 million.

Deposits grew $27.84 million or $7.3% to $409.56 million at December 31, 2012, primarily consists of an $8.8 million increase in non-interest bearing deposits, a $7.8 million increase in NOW accounts, and a $7.4 million increase in time deposits. Borrowed funds declined by $16.0 million or 22.9%.

ESBK is trading up 0.26% at $23.31 on Wednesday. The stock has been trading between $15.66 and $24.25 for the past 52 weeks.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageADP: Private-Sector Payrolls Rise 213k In September

Private-sector employment continued to rise at a moderate pace in September, according to this morning’s read on...

article imageSuspicions Over ADP Employment Make-up

he private payroll processor noted that the sixth continuous payroll gain above 200,000 was a “positive read on...

article imageLessons From the Golden Bear

How attractive is gold when it comes to investing over the long read on...

article imagePondering The Slide In US Inflation Expectations

The Treasury market’s inflation forecast via 10-year Notes continues to fall and the US stock market has read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center

Related Articles:

Recent Articles by Balaseshan
More Articles on: Finance



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.