ELMIRA — Net income rose 4 percent in the second quarter at Elmira Savings Bank, (NASDAQ: ESBK) to $1.36 million, or 42 cents per share.
That compares with net income of $1.31 million, or 43 cents per share, a year earlier.
Net interest income for the quarter declined slightly from $7.9 million last year to $7.5 million this year. Noninterest income rose from $2.1 million last year to $2.8 million. Operating expenses rose from $6.1 million in 2011 to $6.4 million this year.
(Sponsored)
10 Reasons Your Business Needs Cyber Insurance
1. Cyber crime is the fastest growing crime in the world, but most attacks are not covered by standard property or crime insurance policies. New crimes are emerging every day.
The OBBBA Resurrects the Immediate R&E Expense Deduction
Under the Tax Cuts and Jobs Act (TCJA), businesses, including manufacturers, have been required since 2022 to amortize domestic Section 174 research and experimental (R&E) costs over five years, rather
“During the first half of 2012, our mortgage and consumer loan production remained strong and above our expectations,” Elmira President and CEO Michael Hosey said in a news release. “This activity has allowed us to grow our loan portfolio, recognize increased levels of revenue from our secondary market activities, and avoid participating in the historically low yield investment market.”
Elmira’s total assets increased by $31 million from $499.7 million on June 30, 2011 to $530.7 million on June 30, 2012. Total deposits increased $32.4 million, or 9 percent, to $398 million. Total loans increased $45.7 million, or 14 percent, to $365.9 million.
Headquartered in Elmira, Elmira Savings Bank, FSB, (www.elmirasavingsbank.com) has six branches in Chemung County, three branches and a loan center in Tompkins County, one branch in Steuben County, one branch in Cayuga County, one cashless office in Schuyler County, and a loan center in Cortland County.
Contact DeLore at tdelore@cnybj.com
