Elmira Savings Bank Reports 2021 Earnings

Q: What were Elmira Savings Bank's earnings for Q4 2021?

Elmira Savings Bank reported net income of $1,102,000 for Q4 2021.

Q: How did Elmira Savings Bank's total assets change in 2021?

Total assets decreased by 1.9% to $632.2 million at the end of 2021.

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Elmira Savings Bank (NASDAQ:ESBK) reported net income of $1,102,000 for Q4 2021 and $5,219,000 for the year, marking increases of 14% and 26% year-over-year, respectively. Diluted earnings per share were $0.31 for Q4 and $1.48 for the full year. The bank saw a decrease in noninterest income but improved net interest margin at 3.64%, up from 3.06% in 2020. Total assets decreased 1.9% to $632.2 million. The completed merger with Community Bank is expected in Q2 2022.

Positive

Net income increased $1,060,000 or 26% year-over-year.
Diluted EPS rose to $1.48 for the full year, up from $1.19 in 2020.
Net interest margin improved to 3.64% for the year, increasing from 3.06% in 2020.
Shareholders' equity increased to $64.0 million, equating to a book value of $18.02 per share.

Negative

Q4 net income decreased $182,000 or 14% from Q4 2020.
Total assets fell 1.9% to $632.2 million.
Loans decreased 5% year-over-year to $466.6 million
Noninterest income declined by $1,346,000 in Q4 compared to the previous year.

01/26/2022 - 12:07 PM
ELMIRA, N.Y., Jan. 26, 2022 (GLOBE NEWSWIRE) -- Elmira Savings Bank (NASDAQ:ESBK)

Highlights

Net income was $1,102,000 and $5,219,000 for the three and twelve months ended December 31, 2021 compared to $1,284,000 and $4,159,000 for the same periods in 2020.

Diluted earnings per share were $.31 per share and $1.48 per share for the three and twelve months ended December 31, 2021 compared to $.37 per share and $1.19 per share for the same periods in 2020.

Return on average assets was .69% and .81% for the three and twelve months ended December 31, 2021 compared to .78% and .64% for the three and twelve months ended December 31, 2020.

Return on average equity was 6.82% and 8.31% for the three and twelve months ended December 31, 2021 compared to 8.40% and 6.94% for the same periods in 2020.

"We are pleased to report an increase in earnings year-to-year, highlighted by residential mortgage originations exceeding $145 million." said Thomas M Carr, President and CEO. Carr continued, “The merger and integration with Community Bank, N.A, overwhelmingly approved by our shareholders in December, is expected to occur in the second quarter of 2022, instead of the first quarter as had been originally announced.”

Net Income

Net income totaled $5,219,000 for the twelve months ended December 31, 2021, an increase of $1,060,000 or 26% from the $4,159,000 of net income recorded for the same period in 2020. This increase was the net result of an increase in net interest income of $1,426,000 and a decrease in the provision for loan losses of $1,300,000, offset by a decrease in noninterest income of $1,225,000, an increase in noninterest expense of $6,000, and an increase in tax expense of $435,000.

Net income totaled $1,102,000 for the three months ended December 31, 2021, a decrease of $182,000 or 14% from the $1,284,000 recorded for the same period in 2020. This decrease was the net result of a decrease in noninterest income of $1,346,000, offset by an increase in net interest income of $127,000, a decrease in noninterest expense of $584,000, a decrease in the provision for loan losses of $375,000, and a decrease in tax expense of $78,000.

The decrease in noninterest income for both the three and twelve months ended December 31, 2021 is primarily due to decreases in the gain on sale of loans, reflecting lower levels of residential mortgages originated for sale to the secondary markets compared to the same periods in 2020.

For both the three and twelve months ended December 31, 2021, the decreases in the provision for loan losses reflect the higher provisions in 2020 that resulted from management’s consideration of the uncertainty of ongoing economic conditions resulting from the COVID-19 pandemic and associated economic slowdown during that time. Management did not determine it necessary to continue a similar level of provisions for loan losses in 2021, as the allowance for loan losses was determined to already be at adequate levels during 2021.

Basic and diluted earnings per share for the twelve months ended December 31, 2021 were both $1.48 per share compared to $1.19 per share for both for the same period in 2020. Basic and diluted earnings per share for the three months ended December 31, 2021 were both $.31 per share compared to $.37 per share for both for the same period in 2020.

Net Interest Margin

The net interest margin for the twelve months ended December 31, 2021 was 3.64% compared to 3.06% for the same period in 2020. The yield on average earning assets was 4.15% for the twelve months ended December 31, 2021 compared to 4.13% for the same period in 2020. The average cost of interest-bearing liabilities was 0.56% for the twelve months ended December 31, 2021 compared to 1.23% for the same period in 2020.

The net interest margin for the three months ended December 31, 2021 was 3.65% compared to 3.24% for the same period in 2020. The average yield on earning assets was 4.00% for the three months ended December 31, 2021 compared to 4.13% for the same period in 2020. The average cost of interest-bearing liabilities was 0.38% for the three months ended December 31, 2021 compared to 0.97% for the same period in 2020.

Assets

Total assets decreased $12.4 million or 1.9% to $632.2 million at December 31, 2021 compared to $644.6 million at December 31, 2020. Loans, including loans held for sale, decreased 5% to $466.6 million at December 31, 2021 compared to December 31, 2020. The available-for-sale investment portfolio decreased $2.0 million from December 31, 2020 to December 31, 2021. Total cash and cash equivalents were $101.8 million at December 31, 2021, an increase of $12.6 million from December 31, 2020 when cash totaled $89.2 million.

Nonperforming Loans

The nonperforming loans to total loans ratio was 0.70% at December 31, 2021 and 1.07% at December 31, 2020. Net loan charge-offs to average loans for the twelve months ended December 31, 2021 was 0.06% and was 0.05% for the twelve months ended December 31, 2020. The allowance for loan losses was 1.21% of total loans at December 31, 2021 and 1.19% of total loans at December 31, 2020.

Liabilities

Deposits totaled $541.0 million at December 31, 2021, a decrease of $6.0 million or 1.1% from the December 31, 2020 total of $547.0 million. The $6.0 million decrease in deposits consists of a $12.9 million increase in noninterest bearing accounts, a $14.9 million increase in savings accounts, and a $12.2 million increase in interest bearing transaction accounts, offset by a $1.3 million decrease in money market accounts and an $18.9 million decrease in time deposits. Borrowed funds totaled $22.0 million as of December 31, 2021 and $29.0 million at December 31, 2020.

Shareholders’ Equity

Shareholders’ equity increased $3,216,000 to $64.0 million at December 31, 2021 compared to December 31, 2020. The current level of shareholders’ equity equates to a book value per share of $18.02 at December 31, 2021, compared to $17.23 at December 31, 2020. Dividends paid for common shareholders were $0.15 and $0.60 for the three and twelve months ended December 31, 2021 and $0.15 and $0.68 for the three and twelve months ended December 31, 2020.

Elmira Savings Bank, with $632.2 million in total assets, is insured by the Federal Deposit Insurance Corporation (FDIC) and is a state-chartered bank with five offices in Chemung County, NY; three offices in Tompkins County, NY; two offices in Steuben County, NY; one office in Cayuga County, NY; one office in Schuyler County; and a loan center in Broome County, NY.

On October 4, 2021, Elmira Savings Bank, in a joint press release with Community Bank System, Inc. (NYSE:CBU), announced that it had entered into a definitive agreement to be acquired by Community Bank System’s bank subsidiary, Community Bank, N.A. for approximately $82.8 million in cash. Community Bank System, with reported assets of over $15.3 billion, is headquartered in DeWitt, New York and is among the country’s 125 largest banking institutions.   On December 14, 2021, at a Special Shareholders Meeting the shareholders of Elmira Savings Bank approved the merger with more than 98% of the votes cast in favor of the merger.

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.

For further information contact:
Thomas M. Carr, President & CEO
Elmira Savings Bank
333 East Water Street
Elmira, New York 14901
(607) 735-8660
tcarr@elmirasavingsbank.com

ELMIRA SAVINGS BANK
CONSOLIDATED BALANCE SHEET
(unaudited)

(in thousands, except for share and per share data) December 31, December 31,
2021
2020
% Change
ASSETS

Cash and due from banks $ 99,785 $ 88,536 12.7 %
Federal funds sold and other short-term investments 2,058 651 216.1 %
Total cash and cash equivalents 101,843 89,187 14.2 %

Securities available for sale, at fair value 4,109 6,125 -32.9 %
Securities held to maturity - fair value $6,315
at December 31, 2021 and $7,211 at December 31, 2020 6,080 6,597 -7.8 %
Federal Reserve and Federal Home Loan Bank (FHLB) stock, at cost 8,087 9,054 -10.7 %

Loans held for sale 2,374 5,408 -56.1 %

Loans receivable 464,246 483,768 -4.0 %
Less: Allowance for loan losses 5,620 5,755 -2.3 %
Net loans 458,626 478,013 -4.1 %

Premises and equipment, net 15,558 15,876 -2.0 %
Bank-owned life insurance 15,914 15,410 3.3 %
Accrued interest receivable 1,380 1,564 -11.8 %
Goodwill 12,320 12,320 0.0 %
Other assets 5,941 5,033 18.0 %
Total assets $ 632,232 $ 644,587 -1.9 %

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits $ 540,999 $ 547,021 -1.1 %
Borrowings 22,000 29,000 -24.1 %
Other liabilities 5,256 7,805 -32.7 %
Total liabilities 568,255 583,826 -2.7 %

Shareholders' equity:
Preferred stock, $1 par value; $1,000 liquidation value per issued share; 5,000,000 shares authorized;
10,000 shares issued and none outstanding at December 31, 2021 and at December 31, 2020 9,700 9,700 0.0 %
Common stock, $1 par value; authorized 5,000,000 shares; 3,641,487 shares issued and 3,547,604 outstanding
at December 31, 2021 and 3,616,770 shares issued and 3,522,887 outstanding at December 31, 2020 3,641 3,617 0.7 %
Additional paid-in capital 54,421 54,255 0.3 %
Retained earnings 8,288 5,197 59.5 %
Treasury stock, at cost - 93,883 common shares and 10,000 preferred shares
at December 31, 2021 and December 31, 2020 (12,202 ) (12,202 ) 0.0 %
Accumulated other comprehensive income 79 144 -45.1 %
Total Elmira Savings Bank shareholders' equity 63,927 60,711 5.3 %
Noncontrolling interest 50 50 0.0 %
Total shareholders' equity 63,977 60,761 5.3 %
Total liabilities and shareholders' equity $ 632,232 $ 644,587 -1.9 %

ELMIRA SAVINGS BANK
CONSOLIDATED STATEMENT OF INCOME
(unaudited)

Three Months Ended Twelve Months Ended
December 31, December 31,
(in thousands, except for per share data) 2021 2020 % Change 2021 2020 % Change

Interest and dividend income:
Interest and fees on loans $ 4,683 $ 5,262 -11.0 % $ 19,810 $ 21,475 -7.8 %
Interest and dividends on securities
Taxable 117 155 -24.5 % 515 708 -27.3 %
Non-taxable 64 71 -9.9 % 266 297 -10.4 %
Total interest and dividend income 4,864 5,488 -11.4 % 20,591 22,480 -8.4 %

Interest expense:
Interest on deposits 281 968 -71.0 % 1,913 5,018 -61.9 %
Interest on borrowings 146 210 -30.5 % 672 882 -23.8 %
Total interest expense 427 1,178 -63.8 % 2,585 5,900 -56.2 %
Net interest income 4,437 4,310 2.9 % 18,006 16,580 8.6 %
Provision for loan losses - 375 -100.0 % 150 1,450 -89.7 %
Net interest income after provision for loan losses 4,437 3,935 12.8 % 17,856 15,130 18.0 %

Noninterest income:
Service fees 317 292 8.6 % 1,237 1,163 6.4 %
Gain on sale of loans held for sale 491 1,820 -73.0 % 3,199 4,577 -30.1 %
Other service fees 215 203 5.9 % 892 793 12.5 %
Earnings on bank-owned life insurance 108 104 3.8 % 415 402 3.2 %
Other 27 85 -68.2 % 251 284 -11.6 %
Total noninterest income 1,158 2,504 -53.8 % 5,994 7,219 -17.0 %

Noninterest expense:
Salaries and benefits 2,422 2,515 -3.7 % 9,109 8,965 1.6 %
Net occupancy 387 396 -2.3 % 1,562 1,613 -3.2 %
Equipment 436 476 -8.4 % 1,646 1,669 -1.4 %
Other 942 1,384 -31.9 % 4,781 4,845 -1.3 %
Total noninterest expense 4,187 4,771 -12.2 % 17,098 17,092 0.0 %
Income before income taxes 1,408 1,668 -15.6 % 6,752 5,257 28.4 %
Income taxes 301 379 -20.6 % 1,528 1,093 39.8 %
Net income 1,107 1,289 -14.1 % 5,224 4,164 25.5 %
Less: Net income attributable to noncontrolling interest 5 5 - 5 5 -

Net income attributable to Elmira Savings Bank 1,102 1,284 -14.2 % 5,219 4,159 25.5 %

Dividend on preferred stock - - - - - -
Income available to common shareholders $ 1,102 $ 1,284 -14.2 % $ 5,219 $ 4,159 25.5 %

Basic earnings per share $ 0.31 $ 0.37 -16.2 % $ 1.48 $ 1.19 24.4 %

Diluted earnings per share $ 0.31 $ 0.37 -16.2 % $ 1.48 $ 1.19 24.4 %

Weighted average shares outstanding - basic 3,525,536 3,511,688 0.4 % 3,520,476 3,507,910 0.4 %

Weighted average shares outstanding - diluted 3,553,083 3,511,688 1.2 % 3,528,029 3,508,722 0.6 %

Dividends per share $ 0.15 $ 0.15 0.0 % $ 0.60 $ 0.68 -11.8 %

ELMIRA SAVINGS BANK
AVERAGE BALANCES AND INTEREST RATES

(Dollars in Thousands) For the Three Months Ended
December 31, 2021 December 31, 2020
ASSETS: Average Balance Interest Average Rate Average Balance Interest Average Rate
Loans $ 463,287 $ 4,683 4.01 % $ 503,332 $ 5,262 4.15 %
Short-term investments 1,247 - 0.03 2,348 - 0.04
Securities 18,611 181 3.86 22,177 226 4.04
Total interest-earning assets 483,145 4,864 4.00 527,857 5,488 4.13

Noninterest-earning assets 151,017 130,513

TOTAL ASSETS $ 634,162 $ 658,370

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits $ 422,200 $ 281 0.26 $ 437,689 $ 968 0.88
Borrowings 22,391 146 2.55 43,831 210 1.87
Total interest-bearing liabilities 444,591 427 0.38 481,520 1,178 0.97

Noninterest-bearing liabilities 125,459 116,069
Shareholders' equity 64,112 60,781

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 634,162 $ 658,370
Interest rate spread 3.62 % 3.16 %
Net interest income/margin $ 4,437 3.65 % $ 4,310 3.24 %

ELMIRA SAVINGS BANK
AVERAGE BALANCES AND INTEREST RATES

(Dollars in Thousands) For the Twelve Months Ended
December 31, 2021 December 31, 2020
ASSETS: Average Balance Interest Average Rate Average Balance Interest Average Rate
Loans $ 474,212 $ 19,810 4.16 % $ 516,170 $ 21,475 4.14 %
Short-term investments 743 - 0.03 1,422 2 0.12
Securities 19,871 781 3.93 24,490 1,003 4.09
Total interest-earning assets 494,826 20,591 4.15 542,082 22,480 4.13

Noninterest-earning assets 151,993 104,926

TOTAL ASSETS $ 646,819 $ 647,008

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits $ 431,255 $ 1,913 0.44 $ 434,495 $ 5,018 1.15
Borrowings 25,282 672 2.62 43,964 882 1.97
Total interest-bearing liabilities 456,537 2,585 0.56 478,459 5,900 1.23

Noninterest-bearing liabilities 127,479 108,595
Shareholders' equity 62,803 59,954

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 646,819 $ 647,008
Interest rate spread 3.58 % 2.90 %
Net interest income/margin $ 18,006 3.64 % $ 16,580 3.06 %

Quarter Ended
(Dollars in Thousands, Except Per Share Data) 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020
Operating Data

Net income $ 1,102 $ 1,511 $ 1,402 $ 1,204 $ 1,284
Net interest income 4,437 4,708 4,340 4,521 4,310
Provision for loan losses - - - 150 375
Non-interest income, ex. Net security gains 1,158 1,564 1,347 1,925 2,504
Non-interest expense 4,187 4,307 3,904 4,700 4,771

Performance Statistics

Net interest margin 3.65 % 3.81 % 3.48 % 3.57 % 3.24 %
Annualized return on average assets 0.69 % 0.92 % 0.86 % 0.75 % 0.78 %
Annualized return on average equity 6.82 % 9.49 % 9.03 % 7.93 % 8.40 %
Annualized net loan charge-offs to avg loans 0.01 % 0.14 % 0.06 % 0.03 % 0.03 %
Net charge-offs 7 164 74 40 38
Efficiency ratio 74.8 % 68.7 % 68.6 % 72.9 % 70.0 %

Per Share Data

Basic earnings per share $ 0.31 $ 0.43 $ 0.40 $ 0.34 $ 0.37
Diluted earnings per share 0.31 0.43 0.40 0.34 0.37
Dividend declared per share 0.15 0.15 0.15 0.15 0.15
Book value 18.02 17.86 17.57 17.34 17.23
Common stock price:
High 23.22 14.75 15.05 15.96 13.25
Low 13.50 12.80 13.23 11.48 10.44
Close 22.84 13.34 14.31 13.50 11.50
Weighted average common shares:
Basic 3,526 3,522 3,519 3,515 3,512
Fully diluted 3,553 3,524 3,520 3,515 3,512
End-of-period common shares:
Issued 3,641 3,641 3,641 3,636 3,617
Treasury 94 94 94 94 94

Financial Condition Data:
General
Total assets $ 632,232 $ 643,596 $ 648,686 $ 659,333 $ 644,587
Loans, net 458,626 458,631 465,271 476,383 478,013
Intangibles 12,320 12,320 12,320 12,320 12,320
Total deposits 540,999 544,763 551,245 562,893 547,021

Noninterest-bearing 122,268 118,511 121,534 121,101 109,346

Savings 97,479 95,299 93,351 87,228 82,573
NOW 112,519 114,514 111,343 111,414 100,293
Money Market 34,626 36,577 32,624 35,011 35,920
Time deposits 174,107 179,862 192,393 208,139 218,889
Total interest-bearing deposits 418,731 426,252 429,711 441,792 437,675

Shareholders' equity 63,977 63,396 62,375 61,462 60,761

Asset Quality

Non-performing assets $ 3,675 $ 3,645 $ 5,023 $ 5,602 $ 5,304
Non-performing assets to total assets 0.58 % 0.57 % 0.77 % 0.85 % 0.82 %
Allowance for loan losses 5,620 5,627 5,791 5,865 5,755
Allowance for loan losses to total loans 1.21 % 1.21 % 1.23 % 1.22 % 1.19 %
Allowance for loan losses to
non-performing loans 174.37 % 175.95 % 116.12 % 108.63 % 112.67 %
Non-performing loans to total loans 0.70 % 0.70 % 1.07 % 1.13 % 1.07 %

Capitalization

Shareholders' equity to total assets 10.12 % 9.85 % 9.62 % 9.32 % 9.43 %

FAQ

What were Elmira Savings Bank's earnings for Q4 2021?

Elmira Savings Bank reported net income of $1,102,000 for Q4 2021.

How much did Elmira Savings Bank earn for the full year 2021?

For the full year 2021, Elmira Savings Bank's net income was $5,219,000.

What is the diluted EPS for Elmira Savings Bank in 2021?

The diluted earnings per share for Elmira Savings Bank in 2021 was $1.48.

What is the status of the merger with Community Bank System?

The merger with Community Bank System is expected to be completed in Q2 2022.

How did Elmira Savings Bank's total assets change in 2021?

Total assets decreased by 1.9% to $632.2 million at the end of 2021.

Elmira Savings Bank Reports 2021 Earnings

FAQ

What were Elmira Savings Bank's earnings for Q4 2021?

How much did Elmira Savings Bank earn for the full year 2021?

What is the diluted EPS for Elmira Savings Bank in 2021?

What is the status of the merger with Community Bank System?

How did Elmira Savings Bank's total assets change in 2021?

NASDAQ:ESBK

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ELMIRA SAVINGS BANK
CONSOLIDATED BALANCE SHEET
(unaudited)

(in thousands, except for share and per share data)	December 31,			December 31,
	2021			2020			% Change
ASSETS

Cash and due from banks	$	99,785		$	88,536		12.7	%
Federal funds sold and other short-term investments		2,058			651		216.1	%
Total cash and cash equivalents		101,843			89,187		14.2	%

Securities available for sale, at fair value		4,109			6,125		-32.9	%
Securities held to maturity - fair value $6,315
at December 31, 2021 and $7,211 at December 31, 2020		6,080			6,597		-7.8	%
Federal Reserve and Federal Home Loan Bank (FHLB) stock, at cost		8,087			9,054		-10.7	%

Loans held for sale		2,374			5,408		-56.1	%

Loans receivable		464,246			483,768		-4.0	%
Less: Allowance for loan losses		5,620			5,755		-2.3	%
Net loans		458,626			478,013		-4.1	%

Premises and equipment, net		15,558			15,876		-2.0	%
Bank-owned life insurance		15,914			15,410		3.3	%
Accrued interest receivable		1,380			1,564		-11.8	%
Goodwill		12,320			12,320		0.0	%
Other assets		5,941			5,033		18.0	%
Total assets	$	632,232		$	644,587		-1.9	%

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits	$	540,999		$	547,021		-1.1	%
Borrowings		22,000			29,000		-24.1	%
Other liabilities		5,256			7,805		-32.7	%
Total liabilities		568,255			583,826		-2.7	%

Shareholders' equity:
Preferred stock, $1 par value; $1,000 liquidation value per issued share; 5,000,000 shares authorized;
10,000 shares issued and none outstanding at December 31, 2021 and at December 31, 2020		9,700			9,700		0.0	%
Common stock, $1 par value; authorized 5,000,000 shares; 3,641,487 shares issued and 3,547,604 outstanding
at December 31, 2021 and 3,616,770 shares issued and 3,522,887 outstanding at December 31, 2020		3,641			3,617		0.7	%
Additional paid-in capital		54,421			54,255		0.3	%
Retained earnings		8,288			5,197		59.5	%
Treasury stock, at cost - 93,883 common shares and 10,000 preferred shares
at December 31, 2021 and December 31, 2020		(12,202	)		(12,202	)	0.0	%
Accumulated other comprehensive income		79			144		-45.1	%
Total Elmira Savings Bank shareholders' equity		63,927			60,711		5.3	%
Noncontrolling interest		50			50		0.0	%
Total shareholders' equity		63,977			60,761		5.3	%
Total liabilities and shareholders' equity	$	632,232		$	644,587		-1.9	%

ELMIRA SAVINGS BANK
CONSOLIDATED STATEMENT OF INCOME
(unaudited)

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
(in thousands, except for per share data)	2021		2020		% Change		2021		2020		% Change

Interest and dividend income:
Interest and fees on loans	$	4,683	$	5,262	-11.0	%	$	19,810	$	21,475	-7.8	%
Interest and dividends on securities
Taxable		117		155	-24.5	%		515		708	-27.3	%
Non-taxable		64		71	-9.9	%		266		297	-10.4	%
Total interest and dividend income		4,864		5,488	-11.4	%		20,591		22,480	-8.4	%

Interest expense:
Interest on deposits		281		968	-71.0	%		1,913		5,018	-61.9	%
Interest on borrowings		146		210	-30.5	%		672		882	-23.8	%
Total interest expense		427		1,178	-63.8	%		2,585		5,900	-56.2	%
Net interest income		4,437		4,310	2.9	%		18,006		16,580	8.6	%
Provision for loan losses		-		375	-100.0	%		150		1,450	-89.7	%
Net interest income after provision for loan losses		4,437		3,935	12.8	%		17,856		15,130	18.0	%

Noninterest income:
Service fees		317		292	8.6	%		1,237		1,163	6.4	%
Gain on sale of loans held for sale		491		1,820	-73.0	%		3,199		4,577	-30.1	%
Other service fees		215		203	5.9	%		892		793	12.5	%
Earnings on bank-owned life insurance		108		104	3.8	%		415		402	3.2	%
Other		27		85	-68.2	%		251		284	-11.6	%
Total noninterest income		1,158		2,504	-53.8	%		5,994		7,219	-17.0	%

Noninterest expense:
Salaries and benefits		2,422		2,515	-3.7	%		9,109		8,965	1.6	%
Net occupancy		387		396	-2.3	%		1,562		1,613	-3.2	%
Equipment		436		476	-8.4	%		1,646		1,669	-1.4	%
Other		942		1,384	-31.9	%		4,781		4,845	-1.3	%
Total noninterest expense		4,187		4,771	-12.2	%		17,098		17,092	0.0	%
Income before income taxes		1,408		1,668	-15.6	%		6,752		5,257	28.4	%
Income taxes		301		379	-20.6	%		1,528		1,093	39.8	%
Net income		1,107		1,289	-14.1	%		5,224		4,164	25.5	%
Less: Net income attributable to noncontrolling interest		5		5	-			5		5	-

Net income attributable to Elmira Savings Bank		1,102		1,284	-14.2	%		5,219		4,159	25.5	%

Dividend on preferred stock		-		-	-			-		-	-
Income available to common shareholders	$	1,102	$	1,284	-14.2	%	$	5,219	$	4,159	25.5	%


Basic earnings per share	$	0.31	$	0.37	-16.2	%	$	1.48	$	1.19	24.4	%

Diluted earnings per share	$	0.31	$	0.37	-16.2	%	$	1.48	$	1.19	24.4	%

Weighted average shares outstanding - basic		3,525,536		3,511,688	0.4	%		3,520,476		3,507,910	0.4	%

Weighted average shares outstanding - diluted		3,553,083		3,511,688	1.2	%		3,528,029		3,508,722	0.6	%

Dividends per share	$	0.15	$	0.15	0.0	%	$	0.60	$	0.68	-11.8	%

ELMIRA SAVINGS BANK
AVERAGE BALANCES AND INTEREST RATES

(Dollars in Thousands)	For the Three Months Ended
	December 31, 2021						December 31, 2020
ASSETS:	Average Balance		Interest		Average Rate		Average Balance		Interest		Average Rate
Loans	$	463,287	$	4,683	4.01	%	$	503,332	$	5,262	4.15	%
Short-term investments		1,247		-	0.03			2,348		-	0.04
Securities		18,611		181	3.86			22,177		226	4.04
Total interest-earning assets		483,145		4,864	4.00			527,857		5,488	4.13

Noninterest-earning assets		151,017						130,513

TOTAL ASSETS	$	634,162					$	658,370

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits	$	422,200	$	281	0.26		$	437,689	$	968	0.88
Borrowings		22,391		146	2.55			43,831		210	1.87
Total interest-bearing liabilities		444,591		427	0.38			481,520		1,178	0.97

Noninterest-bearing liabilities		125,459						116,069
Shareholders' equity		64,112						60,781

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	634,162					$	658,370
Interest rate spread					3.62	%					3.16	%
Net interest income/margin			$	4,437	3.65	%			$	4,310	3.24	%

									Quarter Ended
(Dollars in Thousands, Except Per Share Data)				12/31/2021			9/30/2021			6/30/2021			3/31/2021			12/31/2020
Operating Data

	Net income		$	1,102		$	1,511		$	1,402		$	1,204		$	1,284
	Net interest income			4,437			4,708			4,340			4,521			4,310
	Provision for loan losses			-			-			-			150			375
	Non-interest income, ex. Net security gains			1,158			1,564			1,347			1,925			2,504
	Non-interest expense			4,187			4,307			3,904			4,700			4,771

Performance Statistics

	Net interest margin			3.65	%		3.81	%		3.48	%		3.57	%		3.24	%
	Annualized return on average assets			0.69	%		0.92	%		0.86	%		0.75	%		0.78	%
	Annualized return on average equity			6.82	%		9.49	%		9.03	%		7.93	%		8.40	%
	Annualized net loan charge-offs to avg loans			0.01	%		0.14	%		0.06	%		0.03	%		0.03	%
	Net charge-offs			7			164			74			40			38
	Efficiency ratio			74.8	%		68.7	%		68.6	%		72.9	%		70.0	%

Per Share Data

	Basic earnings per share		$	0.31		$	0.43		$	0.40		$	0.34		$	0.37
	Diluted earnings per share			0.31			0.43			0.40			0.34			0.37
	Dividend declared per share			0.15			0.15			0.15			0.15			0.15
	Book value			18.02			17.86			17.57			17.34			17.23
	Common stock price:
		High		23.22			14.75			15.05			15.96			13.25
		Low		13.50			12.80			13.23			11.48			10.44
		Close		22.84			13.34			14.31			13.50			11.50
	Weighted average common shares:
		Basic		3,526			3,522			3,519			3,515			3,512
		Fully diluted		3,553			3,524			3,520			3,515			3,512
	End-of-period common shares:
		Issued		3,641			3,641			3,641			3,636			3,617
		Treasury		94			94			94			94			94


Financial Condition Data:
General
	Total assets		$	632,232		$	643,596		$	648,686		$	659,333		$	644,587
	Loans, net			458,626			458,631			465,271			476,383			478,013
	Intangibles			12,320			12,320			12,320			12,320			12,320
	Total deposits			540,999			544,763			551,245			562,893			547,021

		Noninterest-bearing		122,268			118,511			121,534			121,101			109,346

		Savings		97,479			95,299			93,351			87,228			82,573
		NOW		112,519			114,514			111,343			111,414			100,293
		Money Market		34,626			36,577			32,624			35,011			35,920
		Time deposits		174,107			179,862			192,393			208,139			218,889
		Total interest-bearing deposits		418,731			426,252			429,711			441,792			437,675

	Shareholders' equity			63,977			63,396			62,375			61,462			60,761

Asset Quality

	Non-performing assets		$	3,675		$	3,645		$	5,023		$	5,602		$	5,304
	Non-performing assets to total assets			0.58	%		0.57	%		0.77	%		0.85	%		0.82	%
	Allowance for loan losses			5,620			5,627			5,791			5,865			5,755
	Allowance for loan losses to total loans			1.21	%		1.21	%		1.23	%		1.22	%		1.19	%
	Allowance for loan losses to
		non-performing loans		174.37	%		175.95	%		116.12	%		108.63	%		112.67	%
	Non-performing loans to total loans			0.70	%		0.70	%		1.07	%		1.13	%		1.07	%

Capitalization

	Shareholders' equity to total assets			10.12	%		9.85	%		9.62	%		9.32	%		9.43	%

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