Elmira Savings Bank Posts 6% Earnings Increase

ELMIRA, N.Y., April 27 /PRNewswire-FirstCall/ -- Elmira Savings Bank, FSB (Nasdaq: ESBK) today announced net income for the three months ended March 31, 2010 totaling $1,079,000 or $.36 per diluted share, compared to the $1,019,000 of net income or $.37 per diluted share reported for the same period in 2009. This represents a $60,000 or 6% increase in net income from the corresponding period in 2009.

Net interest income was $3.8 million for the first quarter of 2010 compared to $4.2 million for the same period last year. Noninterest income decreased to $1.1 million from $1.2 million for the same period in 2009. These variances were offset by a decrease in operating expenses to $3.0 million for the first quarter of 2010, from $3.5 million for the same period in 2009.

Total assets declined by $10.0 million or 2% from $499.0 million at December 31, 2009 to $489.0 million as of March 31, 2010. Total deposits were $342.8 million as of March 31, 2010 compared to $352.6 million as of December 31, 2009. This represents a $9.8 million or 2.8% decrease. Total loans decreased by $6.4 million or 2.1% from $307.6 million as of December 31, 2009 to $301.2 million as of March 31, 2010.

"During the first quarter of 2010, we continued to focus on credit quality, improving our operating efficiency, and preparing our institution against the risk of inflation," said Michael P. Hosey, President and CEO. Hosey continued, "The decline in total loans is primarily the result of several large commercial credits being paid off. Our level of net interest income is below the same period from one year ago due to our accumulation of approximately $60 million of cash which we intend to invest in a higher rate environment. Finally, our operating efficiency is evidenced by the year-to-year decline of $544,000, or 15% in operating expense. We continue to focus on creating long-term shareholder value through continued earnings growth, maintaining credit quality, and managing interest rate risk."

Elmira Savings Bank, FSB with $489.0 million in total assets, is insured by the Federal Deposit Insurance Corporation (FDIC) and is a federally chartered Bank with five offices in Chemung County, NY; three offices and a loan center in Tompkins County, NY; one office in Steuben County, NY; one office in Cayuga County, NY; and a cashless branch in Schuyler County, NY.

Except for the historical information contained herein, the matters discussed in this news release are forward looking statements that involve the risks and uncertainties, including the timely availability and acceptance of Bank products, the impact of competitive products and pricing, the management of growth, and other risks detailed from time to time in the Bank's regulatory reports.

SOURCE Elmira Savings Bank, FSB

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