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Elmira Savings Bank pays dividend of 15 cents a share

By Journal Staff (news@cnybj.com)

Date:

ELMIRA — Elmira Savings Bank (NASDAQ: ESBK) paid its shareholders a quarterly cash dividend of 15 cents per share on its common stock on Sept. 10.

The dividend, which was payable to shareholders of record on Sept. 2, yields about 4.5 percent on an annual basis, at the banking company’s current stock price.

Elmira Savings Bank, with $653.1 million in total assets, is an Elmira–based state-chartered bank with five branches in Chemung County, three in Tompkins County, two in Steuben County, one branch each in Cayuga County and Schuyler County, and a loan center in Broome County.

Elmira Savings Bank recently reported that its net income jumped 54 percent in the second quarter to just over $1.4 million from $909,000 in the year-ago period. This net increase resulted from a rise in net-interest income of $203,000, a decrease in noninterest expense of $181,000, and drop in the provision for loan losses of $575,000. That was partially offset by a decrease in noninterest income of $301,000 and a rise in tax expense of $165,000, Elmira Savings Bank said. 

The banking company said its earnings per share rose to 40 cents in the latest quarter, up 54 percent from 26 cents a share in the second quarter of 2020. Thomas M. Carr is president and CEO of Elmira Savings Bank. 

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