Elmira Savings Bank Q2 Profit Rises - Quick Facts

(RTTNews) - Elmira Savings Bank (ESBK) reported that its second-quarter net income available to common shareholders increased to $1.10 million from $955 thousand in the prior year quarter. Earnings per share for the quarter were $0.44 per share compared to $0.40 per share in the year ago quarter.

Net income totaled $1.37 million for the quarter, an increase of $16,000 or 1% from the $1.36 million in the same period in 2012. This increase was the net result of a reduction in tax expense of $476,000, offset by a decline in noninterest income and net interest income of $129,000 and $60,000, a reduction in the provision for loan losses of $57,000, and an increase of $328,000 in noninterest expense.

Net interest income for the quarter was $3.71 million, compared to $3.77 million in the prior year quarter. Total noninterest income was $1.42 million, down from $1.55 million in the year ago quarter.