Elmira Savings Bank
Annual Report 2014

Plain-text annual report

The People’s Bank 2014 Annual Report The People’s Bank OUR MISSION THE MISSION OF ELMIRA SAVINGS BANK is to provide above average returns to our shareholders while providing a broad range of financial services that meet the needs of the individuals, businesses, and organizations of our community. We will achieve this through our commitment to: • Consistent and superior quality service for our customers. • A culture that incents employees to excel personally and professionally. • Leadership in and support for our community. • Independence as a local community bank. DESIGN PS Graphic Design PHOTOGRAPHY Frank Borkowski ELMIRA SAVINGS BANK BOARD OF DIRECTORS (Back row l-r) Robert K. Lambert, President/Chief Executive Officer, Arnot Health; Marianne W. Young, President/Chief Executive Officer, Market Street Trust Company; Arie J. van den Blink, Chairman/Chief Executive Officer, The Hilliard Corporation; Katherine H. Roehlke, President/Chief Executive Officer, F.M. Howell & Company; Donald G. Quick, Jr., Retired Partner, Mengel, Metzger, Barr & Co. LLP; Kristin A. Swain, Executive Director, Rockwell Museum of Western Art. (Front row l-r) A. Scott Welliver, Chairman/Chief Executive Officer, Welliver McGuire, Inc.; John R. Alexander, Vice Chairman and Corporate Secretary of the Board/Managing Partner, Sayles & Evans; Thomas M. Carr, President/Chief Executive Officer; Michael P. Hosey, Chairman of the Board; George Howell, Chairman of the Board, F.M. Howell & Company. DEAR SHAREHOLDERS, As I reflect on this past year it becomes apparent that 2014 was a year of change for the organization. At the Board During the year the Senior Officers and Board of Directors worked vigorously on a new strategic plan for the company. This plan was Thomas M. Carr President/Chief Executive Officer of Directors level we saw Michael P. approved by the Board of Directors Hosey appointed Chairman of the in the third quarter and management Board after 30 years of service to the began implementation immediately. company. John R. Alexander, Esq. The core theme of our new strategic moved into the role of Vice Chairman direction is a commitment to growing after serving on the Board of Directors the company in order to increase since 1985. We began 2014 by adding profitability. The customer is at the Robert K. Lambert, M.D., President & center of our business strategy with a CEO of Arnot Health, to our Board of primary goal of growing organically. Directors. However, in June of 2014 This will be achieved by expanding our due to unforeseen events we suddenly existing relationships and acquiring lost our Chairman of the Board and a new customers while continuing stalwart of the company when John to provide a high level of customer Brand, III passed away unexpectedly. service and a high quality consistent Upon Mike Hosey’s retirement I was appointed President & CEO which required me to pass some of my experience through the entire life of the relationship that meets or exceeds the expectations of our customers. existing responsibilities to Kevin Our goal is to create an organization in Berkley, Executive Vice President & which every employee has an intense Senior Loan Officer, who is responsible focus on acquiring new customers for all lending functions at the and expanding our relationship with bank, Jason Sanford, CPA, Senior every existing customer. This goal has Vice President & Chief Financial heightened focus in markets that we Officer, who accepted oversight of have entered over the last ten years our technology operations along because they represent our greatest with his previous responsibility for opportunity for growth and because accounting and treasury functions, we have already invested in physical and Donna Tangorre, Senior Vice branches and human resources. President & Branch Administrator, who is responsible for all branch operations, deposit support services, electronic delivery vehicles and ESB Advisory Services. The support and efforts of these individuals have made the transitions experienced by the organization seamless. During 2014 the company continued to make financial progress. Total assets grew by 6% or $31.6 million to total $546.0 million at December 31, 2014. This asset growth was composed of 7% loan growth or $28.2 million which brings our outstanding loan portfolio Page 4 : Elmira Savings Bank : 2014 ANNUAL REPORT to $417.4 million. We funded this In addition to financial progress agencies throughout our six counties balance sheet growth with deposit the company also had many other of operation. Our employees, and growth of 6% or $24.8 million to bring achievements during the year. In all officers, volunteered at over 117 total deposits to $422.6 million at March of 2014 we acquired a bank community organizations during December 31, 2014. building in Watkins Glen, NY, and are the year helping to improve our Net income totaled $3.7 million for 2014, down $1.4 million or 28% from 2013. This decline was partially due to a one time retirement expense recorded in the third quarter totaling $820,000 combined with noninterest income being lower by $799,000 due primarily to lower gains on sales of mortgages. These gains were reduced partially by lower mortgage activity, but also by a shift in the mix of originations between portfolio looking forward to opening our 13th communities. full service branch during the first quarter of 2015. In April of 2014 we closed the largest single commercial loan in our history totaling $7.5 million when we provided the financing for CFA Apartments in Corning, NY. We were also proud to be able to finance a significant student housing project adjacent to the Cornell University campus when we partnered with Rabco, LLC. As we look forward to the coming year we are engaged in implementing our strategic plan. We have already made strategic staffing decisions; implemented results-based incentive systems, and established management processes to monitor and initiate business development activities. We have begun a business line process review targeted to create efficiencies and scalability and we are planning products and saleable products. During the third quarter ESB Advisory focused sales training to assist our staff Net interest margin, our primary source of revenue, remained steady during 2014 declining by only 2 basis points from 3.25% in 2013 to 3.23% Services, a wholly-owned subsidiary, with their success. converted its operating platform and has had a marked increase in activity since this upgrade. We understand that to achieve stronger results and increased profitability we will need to work in 2014. Our operating expenses In the fourth quarter we added long- harder, be more determined, and were increased year to year by $0.6 term tenants to our Big Flats and display patience. We endeavor million; however, absent the one- Corning facilities. Keller Williams of to make these improvements for time retirement charge our expenses the Southern Tier and Finger Lakes, a the benefit of our shareholders, would have been slightly reduced premier local real estate agency, joined customers, and employees but realize year to year. Asset quality continues to us in our Big Flats location and Three we will only be successful with their remain strong with our nonperforming Rivers Development Corporation continued support. loans being 1.13% of total loans joined us on the second floor of our and delinquencies, excluding non Market Street, Corning, location. We performing loans, totaling .26% of look forward to working more closely total loans at December 31, 2014. with these organizations in the future. During 2014 we continued to pay Another accomplishment of the quarterly cash dividends totaling ninety organization in 2014 was our two cents per share which equates to a contribution to the communities 4% dividend yield based on our share in which we serve. During 2014 price on December 31, 2014. we contributed over $180,000 to Thomas M. Carr President and Chief Executive Officer Elmira Savings Bank : 2014 ANNUAL REPORT : Page 5 Assets, Deposits, and Net Loans SELECTED FINANCIAL DATA Assets Deposits Net Loans (in thousands, except share and per share amounts) $499,839 $523,358 $536,936 $514,325 $545,969 FINANCIAL STATEMENT HIGHLIGHTS 2014 2013 $356,621 $310,477 $381,729 $348,824 $409,565 $381,275 $397,733 $390,976 $422,561 $3,665 $418,146 $2,765 2010 2011 2012 2013 2014 Total Return Performance Elmira Savings Bank NASDAQ Composite SNL Thrift NASDAQ SNL Mid-Atlantic Thrift SNL Bank NASDAQ SNL Bank $500M-$1B SNL Mid-Atlantic Bank 350 300 250 200 150 100 50 2009 2010 2011 2012 2013 2014 Assets $ 545,969 514,325 Loans (including loans held for sale) 418,146 390,976 Allowance for loan losses Deposits Shareholders’ equity Net interest income Provision for loan losses Non-interest income Non-interest expense Net income attributable to Elmira Savings Bank PER SHARE INFORMATION Basic earnings per share Diluted earnings per share Book value per share Cash dividend per share SELECTED RATIOS Return on average assets Return on average equity Shareholders’ equity to assets Dividend payout ratio Efficiency ratio 3,974 3,834 422,561 397,733 55,493 15,412 407 4,758 14,503 3,665 $ 1.03 0.99 16.91 0.92 0.70% 6.60% 10.16% 89.32% 71.90% 54,025 15,053 315 5,557 13,862 5,054 1.47 1.40 16.64 0.84 0.97% 8.51% 10.50% 57.14% 67.26% Net Income ($000) Net Income ($000) Available to Common Shareholders $4,833 $5,029 $5,213 $5,054 $3,382 $3,265 $3,604 $3,839 $3,665 $2,765 OTHER SELECTED DATA Number of offices Number of automated teller machines 16 13 15 13 Weighted average shares outstanding 2,677,252 2,617,073 Weighted average diluted shares outstanding 2,799,670 2,745,934 2010 2011 2012 2013 2014 Page 6 : Elmira Savings Bank : 2014 ANNUAL REPORT Consolidated Balance Sheets Elmira Savings Bank and Subsidiaries (in thousands, except for share and per share data) ASSETS Cash and due from banks Federal funds sold and other short-term investments Total cash and equivalents Securities available for sale, at fair value Securities held to maturity - fair value of $7,641 at December 31, 2014, and $8,302 at December 31, 2013 Federal Reserve and Federal Home Loan Bank (FHLB) stock, at cost Loans held for sale Loans receivable Less: Allowance for loan losses Net Loans Premises and equipment, net Bank-owned life insurance Accrued interest receivable Intangible assets, net Goodwill Other assets December 31, 2014 December 31, 2013 $ 7,959 606 8,565 65,624 7,389 11,182 787 417,359 3,974 413,385 9,475 12,790 1,566 125 12,320 2,761 $ 7,077 564 7,641 63,464 7,805 10,417 1,847 389,129 3,834 385,295 8,620 12,387 1,454 210 12,320 2,865 Total assets $ 545,969 $ 514,325 LIABILITIES AND SHAREHOLDERS’ EQUITY Deposits Borrowings Other liabilities Total liabilities SHAREHOLDERS’ EQUITY: Preferred stock, $1,000 liquidation value per issued share; 5,000,000 shares authorized; 10,000 shares issued at December 31, 2014 and 2013 Common stock, $1 par value; authorized 5,000,000 shares; 2,809,364 shares issued at December 31, 2014 and 2,776,240 at December 31, 2013 Additional paid-in capital Retained earnings Treasury stock, at cost - 104,418 shares at December 31, 2014 and 116,268 shares at December 31, 2013 Accumulated other comprehensive income Total Elmira Savings Bank shareholders’ equity Noncontrolling interest Total shareholders’ equity Total liabilities and shareholders’ equity $ 422,561 62,000 5,915 $ 397,733 56,500 6,067 490,476 460,300 9,700 2,809 42,365 2,769 (3,053) 849 55,439 54 9,700 2,776 41,693 2,485 (3,327) 644 53,971 54 55,493 54,025 $ 545,969 $ 514,325 Elmira Savings Bank : 2014 ANNUAL REPORT : Page 7 Consolidated Statements of Income Elmira Savings Bank and Subsidiaries (in thousands, except for per share amounts) INTEREST AND DIVIDEND INCOME Interest and fees on loans Interest and dividends on securities Taxable Non-taxable Years Ended December 31 2013 2012 2014 $ 17,709 $ 17,733 $ 18,114 1,659 899 1,744 776 2,111 760 Total interest and dividend income 20,267 20,253 20,985 INTEREST EXPENSE Interest on deposits Interest on borrowings Total interest expense Net interest income Provision for loan losses 2,986 1,869 3,224 1,976 3,712 2,184 4,855 5,200 5,896 15,412 407 15,053 315 15,089 463 Net interest income after provision for loan losses 15,005 14,738 14,626 NONINTEREST INCOME Service fees Gain on sale of loans held for sale Net gain on sale of securities Other service fees Earnings on bank-owned life insurance Other Total noninterest income NONINTEREST EXPENSE Salaries and benefits Net occupancy Equipment Marketing and public relations Professional fees Other 1,437 1,633 422 687 404 175 1,357 3,007 61 660 399 73 1,242 3,561 75 677 388 107 4,758 5,557 6,050 7,692 1,416 1,012 884 690 2,809 7,382 1,259 1,022 676 674 2,849 6,770 1,130 946 722 643 2,733 Total noninterest expense 14,503 13,862 12,944 Income before income taxes Income taxes Net income Less: Net income attributable to noncontrolling interest 5,260 1,590 3,670 5 6,433 1,374 5,059 5 7,732 2,514 5,218 5 Net income attributable to Elmira Savings Bank $ 3,665 $ 5,054 $ 5,213 Dividend on preferred stock Income available to common shareholders Basic earnings per common share Diluted earnings per common share 900 1,215 1,609 2,765 $ 3,839 $ 3,604 1.03 0.99 $ $ 1.47 1.40 $ $ 1.44 1.37 $ $ $ Per share data has been restated to reflect a 10% stock dividend paid on December 27, 2013. Page 8 : Elmira Savings Bank : 2014 ANNUAL REPORT Consolidated Statements of Comprehensive Income Elmira Savings Bank and Subsidiaries (in thousands) Net income OTHER COMPREHENSIVE INCOME (LOSS): Net unrealized holding gains (losses) on securities available for sale Tax benefit (expense) Realized securities gains included in net income Tax expense Other comprehensive income (loss), net of tax Comprehensive income Years Ended December 31, 2014 2013 2012 $ 3,665 $ 5,054 $ 5,213 757 (293) 464 (422) 163 (259) (1,943) 753 (1,190) (61) 23 (38) 205 (1,228) - - - (75) 29 (46) (46) $ 3,870 $ 3,826 $ 5,167 Consolidated Statements of Shareholders’ Equity Elmira Savings Bank and Subsidiaries (in thousands, except for share and per share amounts) Preferred Stock Common Stock Additional Paid-in Capital Retained Earnings Treasury Stock Accumulated other comprehensive income Noncontrolling Interest Total Balance at December 31, 2013 $ 9,700 2,776 41,693 2,485 (3,327) 644 54 54,025 Net income Other comprehensive income Stock based compensation expense Issuance of common shares (8,566 shares) Exercise of stock options, net (24,558 shares) Issuance of treasury stock (11,850 shares) Cash dividend on preferred stock Cash dividend on common stock ($.92 per share) - - - - - - - - - - - 9 - - 421 (9) 24 235 - - - 25 - - 3,665 - - - - - (900) (2,481) - - - - - 274 - - - 205 - - - - - - 5 - - - - - (5) 3,670 205 421 - 259 299 (905) - (2,481) Balance at December 31, 2014 $ 9,700 2,809 42,365 2,769 (3,053) 849 54 55,493 To the Board of Directors and Shareholders of Elmira Savings Bank We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of Elmira Savings Bank and subsidiaries as of December 31, 2014 and 2013, and the related consolidated statements of income, comprehensive income, changes in shareholders’ equity, and cash flows (not presented herein) for each of the three years in the year ended December 31, 2014, and in our report dated March 18, 2015, we expressed an unqualified opinion on those financial statements. In our opinion, the information set forth in the accompanying consolidated financial statements is fairly stated, in all material respects, in relation to the financial statements from which it has been derived. Wexford, Pennsylvania March 18, 2015 The following organizations have received contributions from the Bank or volunteer services from its employees. American Association of Retired Persons Able 2 Adult Hockey League - First Arena American Legion American Red Cross Arctic League Arnot Art Museum Arnot Health Arnot Health Foundation Autism Awareness Bethany Village Better Housing for Tompkins County, Inc. Big Flats Community Center Big Flats Little League Baseball Binghamton Triple Cities Spiedie Fest & Balloon Rally Camp Good Days and Special Times CareFirst Cayuga Chamber Orchestra Chemung County Agricultural Society Chemung County Chamber of Commerce Chemung County Historical Society Chemung Volunteer Fire Department Children’s Miracle Network CHOW New Life Food Pantry Clemens Center CNY Motocross Riders of America Community Foundation Community Wesleyan Church Corning Area Chamber of Commerce Corning Community College Foundation Cortland Hospital Diven Elementary School Eagles Mere Conservance Elmira Animal Shelter Elmira City Club Elmira College Elmira Country Club Elmira Downtown Development YOUR COMMUNITY BANK Elmira Heights Events Committee Family Enrichment Network of Broome County Federal Home Loan Bank of NY Finger Lakes Land Trust First Baptist Church of Waverly First United Church of Christ Food Bank of the Southern Tier Friends of the Chemung River Watershed Friends of Indian Mound Cemetery Friends of Woodlawn Cemetery of Elmira, Inc. Fur, Fin & Feathers, Inc. George F. Randolph Foundation, Inc. Girl Scouts Girls Hockey - Ithaca Girls on the Run of the Southern Tier Greater Binghamton Airport Advisor Board Greater Binghamton Chamber of Commerce Greater Binghamton Realtor Association Groton Central School Groton Fall Boosters Groton Youth Soccer Program Guthrie Corning Hospital Hangar Theatre Hendy Elementary School Historic Elmira Holy Family Elementary School Horseheads Babe Ruth League Horseheads High School Horseheads Middle School Horseheads Snowmobile Club Ithaca Downtown Business Women J.E. Hullett Fire Company JE Wheelock’s Fire Department Auxiliary Junior Achievement of the Twin Tiers Lawrenceville Cinderella Softball Lions Club Meals on Wheels Montour Falls Beautification Committee Montour Falls Fire Department Moravia/Locke Chamber of Commerce Moravia Village Planning Board Muscular Dystrophy Association National Soaring Museum North Chemung Cemetery Notre Dame High School Orchestra of the Southern Finger Lakes Paleontological Research Institution Powers Library Regional Economic Development and Energy Corporation Ridge Riders Snowmobile Club Rockwell Museum Rotary Clubs Schuyler Health Foundation Schuyler Hospital Auxiliary Sciencenter Schuyler County Partnership for Economic Development Slot Car Club of the Twin Tiers So. Tier CASH Program So. Tier Economic Growth So. Tier Technology Education Association Southport Recreation Association St. Jude’s Research Children’s Hospital St. Mary Our Mother School STAR Reader Program Susan G. Komen Foundation Tanglewood Nature Center & Museum Three Rivers Development Corporation Tom Sawyer Youth League Tompkins County Area Development Town of Southport United Way of the Southern Tier United Way of Tompkins County Upstate Chill Travel Baseball Organization Victory Highway Church Watkins Glen Chamber of Commerce Waverly Basketball and Booster Clubs Waverly Soccer Club West Elmira Cal Ripken Baseball West Elmira Recreation Corp. Wings of Eagles Discovery Center Woodbrook Assisted Living Residence, Inc. Young Entrepreneurs Academy YWCA Elmira & the Twin Tiers MARKET PRICE INFORMATION The Bank’s common stock was first offered in March 1985, and is now listed on the NASDAQ exchange under the symbol ESBK. This table summarizes the high and low market price for the Bank’s stock during 2014 and 2013. Quarters 2014 2013 High Low First 26.97 22.25 Second 24.78 21.92 Third 24.54 20.16 Fourth 23.00 20.50 High 23.05 23.93 22.73 28.45 Low 20.67 18.18 19.30 20.15 Page 10 : Elmira Savings Bank : 2014 ANNUAL REPORT Keller Williams of the Southern Tier and Finger Lakes is a premier real estate agency in our region. We are very pleased to welcome them as a tenant to our Big Flats facility on County Route 64. We look forward to a long and lasting partnership with this company. We were very pleased to provide construction and permanent financing to Rabco Highland House I, LLC for the expansion of their student housing complex at 304 Thurston Avenue, Ithaca, NY. This three- building project created 18 new apartments convenient for 59 students of Cornell University. The Bank provided construction and permanent financing to CFA Apartments LLC, owned by Mark Purcell, to renovate the former Corning Free Academy Middle School Building located at 11 West Third Street, Corning, NY, creating 58 units of residential apartments. This is the largest project financed in the Bank’s 145 year history. ELMIRA SAVINGS BANK OFFICERS EXECUTIVE Thomas M. Carr President Chief Executive Officer Shirley A. Weigand Assistant Secretary AUDIT AND CONTROL Joseph P. Klaiber Vice President Edith B. Keebler Assistant Vice President Jill M. McConnell Assistant Secretary COLLECTIONS Tricia Rennells Assistant Vice President FINANCE Jason T. Sanford Senior Vice President Chief Financial Officer John J. Stempin Assistant Vice President Judy A. Woodruff Assistant Secretary HUMAN RESOURCES Bradley V. Serva Vice President Stacy Ward Assistant Secretary LENDING Kevin J. Berkley Executive Vice President Senior Loan Officer Gary O. Short Senior Vice President Tamara S. Pabis Vice President Jason Sorochinsky Vice President Susan M. Cook Assistant Vice President Carrie L. Spencer Assistant Vice President Amy Ward Assistant Vice President Jennifer M. Murphy Assistant Secretary MANAGEMENT INFORMATION SYSTEMS Joseph L. Walker Vice President Phillip J. Collins Assistant Vice President OPERATIONS Margaret A. Phillips Vice President Frank P. Spena, Jr. Assistant Vice President RETAIL SERVICES Donna J. Tangorre Senior Vice President Deborah L. Adams Assistant Vice President Kimberly A. Elliott Assistant Vice President John Strong Assistant Vice President Janette Allen Assistant Treasurer Linda Confer Assistant Treasurer Theresa A. Emo Assistant Treasurer Lorenda D. Gneo Assistant Treasurer Margaret Hurd Assistant Treasurer Phylis A. Jensen Assistant Treasurer Debra S. Knowles Assistant Treasurer Renee A. Wheeler Assistant Secretary Michael P. Hosey came to work at Elmira Savings Bank in 1984 as Controller. At that time the Bank had total assets of $162 million and $2.5 million of net worth. The Bank had a net loss in 1984 of $146,000. After 30 years of Mike’s involvement, including 19 years as an executive officer, 12 of which he served as President and CEO, the Bank has $546 million in total assets, net worth of $55.5 million, and earnings of $3.7 million. In addition to the financial progress the Bank has made, Mike is an active and committed community member, participating in a leadership role in many key local organizations. We wish Mike all the best in his retirement and are pleased that he remains with us as Chairman of the Board. John (“Skip”) Brand, III was elected to the Bank’s Board of Directors in 1988. Mr. Brand served in a variety of capacities at the board level highlighted by ten years as Chairman of the Audit Committee and as Chairman of the Board of Directors from 2012 until his untimely passing in June of 2014. Mr. Brand’s thoughtful and inquisitive manner was an uplifting and guiding force for the Board of Directors and Management. Mr. Brand was a trusted steward of the Bank and he will be missed by all. Michael P. Hosey John (“Skip”) Brand, III Page 14 : Elmira Savings Bank : 2014 ANNUAL REPORT MAIN OFFICE 333 East Water Street Elmira, NY 14902-9967 607-734-3374 HORSEHEADS 2149 Grand Central Avenue Horseheads, NY 14845 607-734-3374 SOUTHPORT 1136 Pennsylvania Avenue Elmira, NY 14904 607-734-3374 WEST ELMIRA 930 West Church Street Elmira, NY 14905 607-734-3374 BIG FLATS 971 County Route 64 Big Flats, NY 14841 607-734-3374 ELMIRA HEIGHTS 2075 Lake Road Elmira Heights, NY 14903 607-734-3374 ELMIRA SAVINGS BANK LOCATIONS ERWIN 404 S. Hamilton Street Painted Post, NY 14870 607-936-1806 ITHACA LOAN CENTER 301 East State Street Ithaca, NY 14850 607-257-3584 COMMONS 301 East State Street Ithaca, NY 14850 607-272-1111 The People’s Bank Finger Lakes Region SOUTH MEADOW 702 South Meadow Street Ithaca, NY 14850 607-272-2211 CORTLAND LOAN CENTER* 77 South West Street Homer, NY 13077 607-749-7251 TRIPHAMMER 2300 North Triphammer Road Ithaca, NY 14850 607-257-8808 VESTAL LOAN CENTER* 3439 Vestal Parkway E. Vestal, NY 13850 607-729-0386 MORAVIA 142 Main Street Moravia, NY 13118 315-497-1300 WATKINS GLEN 712 N. Franklin Street Watkins Glen, NY 14891 607-535-4026 *ATM available at all locations except for the Montour Falls Office, Cortland Loan Center and Vestal Loan Center. CORNING 19 East Market Street, Suite 101 Corning, NY 14830 607-962-0812 MONTOUR FALLS* 401 West Main Street, Suite 110 Montour Falls, NY 14865 607-535-4026 ARNOT MALL ATM Entrance 4 - Center Court Horseheads, NY 14845 607-734-3374 ANNUAL SHAREHOLDERS’ MEETING The Annual Shareholders’ Meeting will be held at 10 a.m. on April 28, 2015 at the Clemens Center, 207 Clemens Center Parkway, Elmira, NY 14901 SHAREHOLDER INQUIRIES The Bank’s transfer agent is: Computershare, Inc. Computershare Investor Services PO Box 30170, College Station, TX 77842 (800) 368-5948 • The Bank’s Annual Report on Form 10-K will be furnished without charge upon written request to: Thomas M. Carr President/Chief Executive Officer Elmira Savings Bank 333 E. Water Street, Elmira, NY 14901 Elmira Savings Bank : 2014 ANNUAL REPORT : Page 15 The People’s Bank www.elmirasavingsbank.com Member FDIC | Equal Housing Lender 

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