ELMIRA — Net income rose just over 4 percent in 2011 at Elmira Savings Bank (NASDAQ CM: ESBK), which released its fourth-quarter and year-end financial results today (Jan. 19).
Net income for the fourth quarter totaled $1.29 million, or 40 cents per diluted share, up from $1.23 million, or 39 cents, a year ago. Net income for the year totaled $5.03 million, or $1.48 per share, up from $4.83 million, or $1.56 per share, in 2010.
“We are pleased with our results from 2011, achieving net income of over $5 million for the first time in our institution’s history,” Elmira President and CEO Michael P. Hosey said in a release. “During 2011, we experienced strong loan growth in all our portfolios. We increased our residential loan portfolio by $26 million, or 15 percent, with over $110 million of originations. Additionally, we increased our commercial loan portfolio by $14 million, or 14 percent, with over $41 million of originations.”
(Sponsored)
The Pay Transparency Laws Become Effective On September 17th. Are You Ready?
Later this month New York will join a handful of States in the US which require greater transparency in wages. In December 2022, the Governor signed into law new wage
How CH Insurance’s BOOST Program Optimizes Group Benefits for Small Businesses
For small business owners, navigating the complexities of group benefits can be overwhelming. Between compliance regulations, cost considerations, and employee expectations, offering a competitive benefits package often feels like a
Total assets at Elmira increased 4.7 percent from $499.8 million in 2010 to $523.4 million in 2011. Total outstanding loans increased 11.6 percent from $309.9 million to $345.9 million. Total deposits increased 7 percent from $356.6 million to $381.7 million.
Elmira Savings Bank (www.elmireasavingsbank.com) has five branches in Chemung County; three branches and a loan center in Tompkins County; one branch each in Steuben, Cayuga, and Schuyler counties; and a loan center in Cortland County. The company, which employs 120 people, recently announced plans to acquire an Empower Federal Credit Union branch in Big Flats.
Contact DeLore at tgregory@tgbbj.com
