Elmira Savings Bank has reported that its net income for the third quarter ended September 30, 2008 totaled $727,000, or $0.26 per diluted share, as compared to $707,000, or $0.44 per diluted share, for the same period in 2007.
For the nine months ended September 30, 2008, net income decreased to $1.86 million or $0.61 per diluted share from $1.95 million or $1.21 per diluted share recorded in the prior-year period.
Total assets increased by $72.5 million from September 30, 2007 to $462.6 million at September 30, 2008. Total loans increased by $65.2 million from September 30, 2007 to $324 million on September 30, 2008. The bank said that the growth in loans was focused on mortgage loans which increased by $45.3 million. Deposits increased by $56 million or 20% from September 30, 2007 to $341.2 million on September 30, 2008.
Michael Hosey, CEO and president of Elmira Savings Bank, said: We have completed the implementation of our $1.1 million pre-tax, annual cost reduction and revenue enhancement strategies. The impact of these strategies has affected our third quarter results modestly and will fully impact our earnings during the fourth quarter and into future periods.