Elmira Savings Bank 1998 Earnings Increase 51 Percent.ELMIRA, N.Y.--(BUSINESS WIRE)--Jan. 27, 1999--The Elmira Savings Bank, FSB (FrontSide Bus) See system bus. FSB - front side bus today announced a 51% increase in net income for the year ended December 31, 1998. Annual earnings totaled $1,322,000 or $1.85 per share compared to $875,000 or $1.21 per share in 1997. "Our continued progress in implementing enhancements to operating efficiencies has had a direct impact on improved earnings," said John C. Brugler, President and Chief Executive Officer. "As a result pre-tax earnings have been improved in excess of $500,000 on an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis," Brugler said. The Bank's net interest margin reached 3.8 percent which resulted in a $537,000 increase in Net interest income from $7,953,000 in 1997 to $8,490,000 in 1998. At the same time Bank operating costs, or non-interest expense, declined by $1,163,000 to $6,994,000 in 1998 from $8,157,000 in 1997. Loan demand was strong during the year particularly with respect to residential mortgage lending. Closed loans increased 86 percent during 1998 totaling $31,538,000 compared to $16,923,000 in 1997. Deposits increased by $2.4 million in 1998 totaling $214,400,000 compared to $212,000,000 in 1997. These figures do not reflect the pending acquisition of over $14,000,000 in deposits from the purchase of the First National Bank of Rochester's Southport Office. Completion of that transaction should take place by the end of the current quarter. The Bank's total assets increased to $244,644,000 at the end of 1998 compared to $230,981,000 in 1997. Total shareholders equity increased from $14,602,000 to $15,103,000. The Elmira Savings Bank is insured by the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. (FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). ) and operates six offices in Chemung County, New York Chemung County is a county located in the U.S. state of New York. It is part of the 'Elmira, New York Metropolitan Statistical Area' which encompasses all of Chemung County. As of the 2000 census, the population was 91,070. and Tioga County, Pennsylvania Tioga County is a county located in the U.S. state of Pennsylvania. As of the 2000 census, the population was 41,373. Tioga County was created on March 26, 1804 from part of Lycoming County and named for the Tioga River. Its county seat is Wellsboro6. . |
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