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Elmira Savings Bank net income dips 2 percent in 3rd quarter

By Adam Rombel


ELMIRA — Elmira Savings Bank (NASDAQ: ESBK) reported that its third-quarter net income slipped 2 percent to $1.37 million from just under $1.4 million a year ago.

A decline in noninterest income and net interest income and an increase in noninterest expense offset areduction in tax expense and a decline in the provision for loan losses, the banking company said.

However, Elmira Savings Bank’s diluted earnings per share rose to 44 cents a share in the third quarter from 41 cents a year prior. That’s because the income available to common shareholders increased as the dividends the banking company pays out on preferred stock fell following its redemption of $10.5 million in preferred stock at the end of this year’s first quarter. The company repaid three-fourths of the $14 million it received from the U.S. Treasury Department through the Small Business Lending Fund.

Elmira Savings Bank posted a net interest margin of 3.23 percent in this year’s third quarter, down from 3.32 percent in last year’s third quarter.

Elmira Savings Bank, with $520 million in total assets, is a state-chartered bank with six branches in Chemung County, three branches and a loan center in Tompkins County, two offices in Steuben County, one branch in Cayuga County, one office in Schuyler County, and loan centers in Cortland and Broome counties.

The banking company’s main headquarters office is located at 333 E. Water St. in Elmira.


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