Elmira Savings Bank Earnings Increase 15 Percent

Apr 23, 2001, 01:00 ET from Elmira Savings Bank, FSB

    ELMIRA, N.Y., April 23 /PRNewswire Interactive News Release/ --
 Elmira Savings Bank, FSB (Nasdaq:   ESBK) today announced earnings for the three
 months ended March 31, 2001 totaling $527,000 or $0.66 per basic share, a
 15 percent increase over the $458,000 or $0.58 per share reported for the same
 period in the year 2000.
     "The Bank has been able to employ technology to reduce expenses and
 improve service resulting in a solid first quarter return," said John C.
 Brugler, President and Chief Executive Officer.  "The introduction of our CASH
 Line telephone banking system was completed during the quarter.  We have seen
 an increase in activity associated with our second ATM location at the Arnot
 Mall and we look forward to introducing internet banking in the coming
 months," Brugler said.
     The softening in the economy affected loan demand, resulting in loan
 balances totaling $211 million at quarter end, down from $216 million at
 December 31, 2000, but up from $208 million one year ago.
     "The local economy continues to mirror the national economic slowdown,
 reducing loan demand in all areas.  The uncertainties of the equity markets
 will increasingly make bank deposits more attractive as some investors look
 for the safety and security of products such as certificates of deposit and
 money market accounts," Brugler said.
     Total assets increased to $272 million at March 31, 2001 compared to
 $265 million one year ago, but down from $280 million at year-end 2000.  Book
 value of Bank stock also increased to $23.19 per share from $19.57 at
 March 31, 2000.
 
     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.
     The Elmira Savings Bank is insured by the Federal Deposit Insurance
 Corporation (FDIC) and operates six offices in Chemung County, New York and
 Tioga County, Pennsylvania.
 
                            Elmira Savings Bank, FSB
                  SELECTED CONSOLIDATED INCOME STATEMENT ITEMS
                                  (Unaudited)
                    (In thousands except per share amounts)
 
                                                        Three Months Ended
                                                             March 31,
                                                         2001           2000
 
     Net interest income                               $2,401         $2,442
 
     Income before taxes                                  815            766
 
     Net income                                           527            458
 
     Basic and diluted
      earnings per share (1)                            $0.66          $0.58
 
     Cash dividends per share (1)                       $0.16          $0.15
 
                            Elmira Savings Bank, FSB
                   SELECTED CONSOLIDATED BALANCE SHEET ITEMS
                                  (Unaudited)
                    (In thousands except per share amounts)
 
                                            March 31,             Dec. 31,
                                        2001            2000          2000
 
     Total assets                   $271,798        $264,515      $280,099
 
     Loans                           211,305         207,977       215,893
 
     Deposits                        218,731         222,390       220,508
 
     Shareholders' equity             18,551          15,568        17,809
 
     Book value per share(1)          $23.19          $19.57        $22.26
 
     (1) Cash dividends per share and book value per share have been adjusted
         for the three months ended March 31, 2000 to reflect the 5% stock
         dividend, or 37,712 shares, distributed on June 27, 2000.
         The actual cash dividend paid per share was $.16 for the first quarter
         of 2000.
 
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SOURCE Elmira Savings Bank, FSB
    ELMIRA, N.Y., April 23 /PRNewswire Interactive News Release/ --
 Elmira Savings Bank, FSB (Nasdaq:   ESBK) today announced earnings for the three
 months ended March 31, 2001 totaling $527,000 or $0.66 per basic share, a
 15 percent increase over the $458,000 or $0.58 per share reported for the same
 period in the year 2000.
     "The Bank has been able to employ technology to reduce expenses and
 improve service resulting in a solid first quarter return," said John C.
 Brugler, President and Chief Executive Officer.  "The introduction of our CASH
 Line telephone banking system was completed during the quarter.  We have seen
 an increase in activity associated with our second ATM location at the Arnot
 Mall and we look forward to introducing internet banking in the coming
 months," Brugler said.
     The softening in the economy affected loan demand, resulting in loan
 balances totaling $211 million at quarter end, down from $216 million at
 December 31, 2000, but up from $208 million one year ago.
     "The local economy continues to mirror the national economic slowdown,
 reducing loan demand in all areas.  The uncertainties of the equity markets
 will increasingly make bank deposits more attractive as some investors look
 for the safety and security of products such as certificates of deposit and
 money market accounts," Brugler said.
     Total assets increased to $272 million at March 31, 2001 compared to
 $265 million one year ago, but down from $280 million at year-end 2000.  Book
 value of Bank stock also increased to $23.19 per share from $19.57 at
 March 31, 2000.
 
     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.
     The Elmira Savings Bank is insured by the Federal Deposit Insurance
 Corporation (FDIC) and operates six offices in Chemung County, New York and
 Tioga County, Pennsylvania.
 
                            Elmira Savings Bank, FSB
                  SELECTED CONSOLIDATED INCOME STATEMENT ITEMS
                                  (Unaudited)
                    (In thousands except per share amounts)
 
                                                        Three Months Ended
                                                             March 31,
                                                         2001           2000
 
     Net interest income                               $2,401         $2,442
 
     Income before taxes                                  815            766
 
     Net income                                           527            458
 
     Basic and diluted
      earnings per share (1)                            $0.66          $0.58
 
     Cash dividends per share (1)                       $0.16          $0.15
 
                            Elmira Savings Bank, FSB
                   SELECTED CONSOLIDATED BALANCE SHEET ITEMS
                                  (Unaudited)
                    (In thousands except per share amounts)
 
                                            March 31,             Dec. 31,
                                        2001            2000          2000
 
     Total assets                   $271,798        $264,515      $280,099
 
     Loans                           211,305         207,977       215,893
 
     Deposits                        218,731         222,390       220,508
 
     Shareholders' equity             18,551          15,568        17,809
 
     Book value per share(1)          $23.19          $19.57        $22.26
 
     (1) Cash dividends per share and book value per share have been adjusted
         for the three months ended March 31, 2000 to reflect the 5% stock
         dividend, or 37,712 shares, distributed on June 27, 2000.
         The actual cash dividend paid per share was $.16 for the first quarter
         of 2000.
 
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                http://tbutton.prnewswire.com/prn/11690X34477763
 
 SOURCE  Elmira Savings Bank, FSB