Profile: Elmira Savings Bank (ESBK.OQ)
19 Oct 2018
Elmira Savings Bank (the Bank) is a New York State chartered savings bank. The Bank conducts its business through approximately 10 full-service offices located in Chemung, Tompkins, Cayuga, Schuyler and Steuben Counties, New York; a service office located in Tompkins County, New York; a limited service office located in Broome County, New York, and a limited service office located in Cortland County, New York. The Bank is engaged primarily in the business of attracting deposits from the general public and originating mortgage loans secured by first and second liens on one- to four-family residences; consumer loans on automobiles; general consumer loans; commercial real estate loans, and commercial loans. The Bank's market areas are in Elmira, New York; Ithaca, New York, and Corning, New York, and include the surrounding communities in the southern tier and central New York region.
The Bank offers a range of services to its individual and commercial customers. The Bank's personal banking offerings include savings and money market accounts; certificates of deposit; individual retirement arrangements; loans; online banking; mobile banking, and debit cards. The Bank's business banking offerings include checking; commercial lending; merchant services; other services, such as overdraft protection, safe deposit boxes, notary public and telephone banking.
The Bank's loan portfolio includes residential real estate loans, commercial real estate loans, construction loans, commercial loans and consumer loans. The Bank's total loans amount to approximately $447.92 million.
The Bank's investment portfolio includes securities available for sale and securities held to maturity. The Bank's securities portfolio consists primarily of the United States Government sponsored entities, mortgage-backed securities - the United States Government sponsored entities and municipal securities. The mortgage-backed securities in the Bank's portfolio are all direct pass-through securities guaranteed by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) or Government National Mortgage Association. The Bank's securities available for sale amount to approximately $42.71 million. The Bank's securities held to maturity amount to approximately $9.0 million.
Sources of Funds
Customer deposits, consisting of savings and money market accounts, time deposits, and retail and commercial checking accounts, represent the primary source of asset funding for the Bank. The Bank offers interest-bearing deposits, such as interest-bearing transaction accounts, regular savings, mortgage escrow savings, money market savings and club accounts. The Bank's total deposits amount to approximately $440.47 million.
The Bank's subsidiaries include ESB Realty Corp. and ESB Advisory Services, Inc. ESB Realty Corp. operates as a real estate investment trust. The Bank offers financial services products and financial planning advisory services through ESB Advisory Services, Inc.
Elmira Savings Bank
333 E Water St
ELMIRA NY 14901-3400