Hometown service…
The People’s Bank
2016
Annual Report
…in your community.
ELMIRA SAVINGS BANK
Board of Directors
(Front row l-r) A. Scott Welliver, Chairman & Chief Executive Officer, Welliver McGuire, Inc.; Michael P. Hosey, Chairman of the Board; Thomas M. Carr, President & Chief Executive Officer;
John R. Alexander, Vice Chairman and Corporate Secretary of the Board & Managing Partner, Sayles & Evans
(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. Not pictured: Kristin A. Swain, Executive Director, The Rockwell Museum
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.
(left to right): Kevin J. Berkley, Executive Vice President & Senior Loan officer; Donna J. Tangorre, Senior Vice
President & Branch Administrator; Jason T. Sanford, Senior Vice President & Chief Financial Officer; Thomas
M. Carr, President & Chief Executive Officer
The People’s Bank
Thomas M. Carr
President & Chief Executive Officer
TO OUR
Shareholders
The People’s Bank
I am pleased to provide this report
highlighting the accomplishments of
Elmira Savings Bank in 2016.
First, I would like to provide some
perspective on developments in our
local economic environment.
In 2016, New York State’s Downtown
Revitalization Initiative awarded the
City of Elmira $10 million to aid in inner
city development. The Elmira/Corning
Regional Airport received $50 million
of Federal and State aid to assist in
creating the “Airport of Tomorrow” as
the gateway to our community.
These events augment the Upstate
Revitalization Initiative, which in 2015
pledged $1.5 billion of support to
markets we serve and, is beginning
to produce meaningful development
projects across the region.
These initiatives enhance the potential
for dramatic improvement of the
local economies and provide us the
opportunity to participate in a regional
transformation.
As I reflect on the Bank’s achievements
of the year recently passed, I am pleased
to report the following: we achieved
strong financial results, continued to
execute our strategic initiatives, further
invested in our network of branches,
implemented new technologies that
provide convenience, security, and
efficiency, and continued to focus on
developing our staff.
The financial results of this past year,
2016, are highlighted by a 5% increase
in net income, expansion of our net
interest income by 6%, an increase of
9% in non-interest income, and deposit
growth of 7%.
Net income totaled $4.3 million for
2016, an increase of $215,000 or 5%,
from the $4.1 million recorded for
2015. This was the result of an increase
of $900,000 in net interest income
and $500,000 in non-interest income,
partially offset by an increase in
operating expenses of $1.0 million.
The increase of $900,000 or 6% in net
interest income, our primary source of
revenue, was due to our ability to pay
down borrowed funds and replace them
with deposits. This less expensive source
of funding reduced our interest expense
and helped to expand our net interest
margin from 3.07% in 2015 to 3.21% in
2016. This net interest margin expansion
is contrary to what many of our peers
are currently experiencing.
Our second primary source of revenue,
non-interest income, increased by
$500,000 or 9% in 2016. The primary
component of this revenue stream is
gain on sale of mortgage loans which
increased by 29% during 2016 from
$2.4 million in 2015 to $3.1 million in
2016. This increase is attributable to
a larger percentage of our residential
mortgage originations being sold into
the secondary market. In 2016, the Bank
originated $111 million of residential
mortgages, consistent with the level
of originations in 2015. In early 2016,
as we prepared for a higher interest
rate environment in the future, we
developed a strategy to decrease the
amount of loans originated for our
loan portfolio and instead sell this
production to investors. In 2015, we sold
$59 million of residential mortgages
to the secondary market which
represented 50% of our originations.
In 2016, we sold $76 million to the
secondary market which represented
69% of our production. In addition
to increased sales volume, we also
expanded the average gross margin on
each loan sold.
Page 4 : Elmira Savings Bank : 2016 ANNUAL REPORT
Partially offsetting the $1.4 million
increase in revenue was a $1 million
increase in operating expenses.
This increase in operating expense
is composed of a $600,000 increase
in salary and benefit expense due
to annual merit increases and four
new positions; three in sales roles
and one in a support role. Much of
the remaining variance in operating
expense is attributable to an increase
in expense on loans sold in 2016.
Total assets increased by $12.1 million
or 2% to total $573.5 million at
December 31, 2016. Our strategy to sell
a larger portion of residential mortgage
originations limited our overall level
of balance sheet growth. Our loan
portfolio increased by $4.6 million or
1% year-to-year to total $455.9 million
at December 31, 2016. Our investment
portfolio declined by $10.6 million year-
to-year to total $41.1 million at the end
of 2016.
Deposits increased by $29.1 million or
7% in 2016. This increase was composed
of a $17.8 million increase in time
deposits, a $5.5 million increase in
money market accounts, a $3.7 million
increase in savings accounts, and a
$3.4 million increase in non-interest
bearing accounts, partially offset by a
$1.3 million decrease in interest bearing
transaction accounts. Every branch in
our growth markets increased their
deposits from 2015 to 2016.
Shareholders’ equity increased by
$1.0 million to total $55.7 million on
December 31, 2016. This increase
in shareholder equity produced an
increase in book value per common
share of $0.21 to total $16.74 at the end
of 2016. The Bank paid $0.92 of cash
dividends per common share in 2016.
This equates to a 4.7% dividend yield.
This dividend yield is one of the highest
in the nation for publicly traded banks.
Our asset quality remains strong. Our
ratio of non-performing loans to total
loans was 1.10% at December 31, 2016.
Net loan charge offs to average loans
during 2016 was 0.08%, down from
0.11% for 2015. The allowance for loan
losses as a percentage of total loans was
0.94% at December 31, 2016 compared
to 0.92% at the same point in 2015.
The Bank continues to focus on
residential and commercial mortgage
lending and on expanding deposit
market share across all existing markets.
During 2016 the Bank expanded the
number of channels available for us
to sell residential mortgages. These
additional outlets provide us with greater
flexibility and the opportunity to increase
revenue in the future by originating and
selling mortgage products that we have
not historically offered.
We continue to improve our branch
network. We have been vigorously
working on renovating a historic building
at 602 W. State Street in Ithaca into a
full-service branch with a convenient
drive-through. We anticipate opening
this highly visible new branch during the
second quarter of 2017 and relocating
our existing operations from 301 E. State
Street, Ithaca to this new facility.
Additionally, we have been developing
plans to expand our branch network
into Broome County, and during the
first quarter of 2017 purchased a parcel
in Vestal, NY which will be available for
future development.
The Bank continued to upgrade and
expand its technology. For our debit
card holders, we implemented EMV
Chip technology, providing better
security for our customers. We also
implemented Mobile Passcode and
Touch Identification for our mobile
banking customers, enhancing
convenience and security for this
delivery channel. In our residential
mortgage area, we implemented
digital signature technology providing
convenience to our customers, as
well as reducing the time required to
close a mortgage. We improved our
regulatory compliance technology
by implementing a new Bank Secrecy
Act and Anti-Money Laundering
system. Finally, we implemented a new
consumer lending platform streamlining
the process for customers, as well as
adding operating efficiencies.
The addition of a fulltime training
officer at the beginning of the year
has provided a more robust training
environment for our staff. We expanded
our training for staff members in sales
positions, provided personal branding
training for all employees, and provided
monthly training to all staff, expanding
their understanding of key Bank
product lines.
This report demonstrates the progress
the Bank made during 2016 on multiple
fronts. This continued progress,
combined with the renewed optimism
for the upstate economies we serve,
positions our institution favorably for
continued success.
As we move forward, it is apparent
that our business is dependent upon
meeting the needs and expectations
of the people we serve, including
shareholders, customers, and
employees. We appreciate your support
and the opportunity to serve you as
“The People’s Bank.”
Thomas M. Carr
President and
Chief Executive Officer
Elmira Savings Bank : 2016 ANNUAL REPORT : Page 5
Assets, Deposits, and Net Loans ($000)
Total Assets Total Deposits Total Net Loans
$536,936
$514,325
$545,969
$409,565
$381,275
$397,733
$390,976
$422,561
$418,146
$561,344
$573,450
$469,547
$459,528
$440,472
$3,665
$454,998
$2,765
SELECTED FINANCIAL DATA
(in thousands, except share and per share amounts)
FINANCIAL STATEMENT HIGHLIGHTS
2016
2015
Assets
$ 573,450
561,344
Loans (including loans held for sale)
459,528
454,998
2012
2013
2014
2015
2016
Per Share Data
Diluted Earnings Per Common Share
Cash Dividends Per Common Share
1.37
1.40
0.77
0.84
0.99
0.92
0.92
0.92
2012
2013
2014
2015
2016
Net Income ($000)
Net Income ($000) Available to Common Shareholders
PER SHARE INFORMATION
Basic earnings per share
$
1.17
1.25
Diluted earnings per share
Allowance for loan losses
Deposits
Shareholders’ equity
Net interest income
Provision for loan losses
Non-interest income
Non-interest expense
4,263
4,148
469,547
440,472
55,723
54,771
16,520
15,634
487
5,900
630
5,391
15,602
14,593
Net income attributable to Elmira Savings Bank
4,337
4,122
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
OTHER SELECTED DATA
Number of offices
Number of automated teller machines
1.26
1.25
16.74
0.92
1.19
1.17
16.53
0.92
0.76%
7.77%
9.72%
0.73%
7.43%
9.76%
73.02%
77.31%
69.59%
69.41%
15
14
16
14
$5,213
$5,054
$3,665
$4,122
$4,337
Weighted average shares outstanding
2,722,243
2,707,491
Weighted average diluted shares outstanding
2,739,668
2,762,332
$3,604
$3,839
$3,222
$3,437
$2,765
2012
2013
2014
2015
2016
Page 6 : Elmira Savings Bank : 2016 ANNUAL REPORT
SELECTED FINANCIAL DATA
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 $8,679
at December 31, 2016, and $9,010 at December 31, 2015
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
Total assets
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, 2016 and at December 31, 2015
Common stock, $1 par value; authorized 5,000,000 shares; 2,844,670 shares
issued at December 31, 2016 and 2,820,745 at December 31, 2015
Additional paid-in capital
Retained earnings
Treasury stock, at cost - 98,118 shares at December 31, 2016
and December 31, 2015
Accumulated other comprehensive (loss) income
Total Elmira Savings Bank shareholders’ equity
Noncontrolling interest
Total shareholders’ equity
Total liabilities and shareholders’ equity
December 31,
2016
December 31,
2015
$
24,195
99
24,294
32,581
8,519
9,811
3,597
455,931
4,263
451,668
12,634
13,592
1,552
20
12,320
2,862
$
5,352
102
5,454
42,709
9,003
11,108
3,630
451,368
4,148
447,220
12,130
13,188
1,541
61
12,320
2,980
$ 573,450
$
561,344
$469,547
42,000
6,180
$440,472
59,525
6,576
517,727
506,573
9,700
2,845
41,644
4,407
(2,907)
(19)
55,670
53
9,700
2,821
41,243
3,488
(2,907)
373
54,718
53
55,723
54,771
$573,450
$561,344
Elmira Savings Bank : 2016 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
2015
2014
2016
$ 19,056
$ 18,418
$ 17,709
1,000
832
1,367
949
1,659
899
Total interest and dividend income
20,888
20,734
20,267
INTEREST EXPENSE
Interest on deposits
Interest on borrowings
Total interest expense
Net interest income
Provision for loan losses
3,055
1,313
4,368
3,016
2,084
5,100
2,986
1,869
4,855
16,520
487
15,634
630
15,412
407
Net interest income after provision for loan losses
16,033
15,004
15,005
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
Total noninterest expense
Income before income taxes
Income taxes
Net income
Less: Net income attributable to noncontrolling interest
1,420
3,061
180
728
403
108
1,471
2,382
284
716
398
140
5,900
5,391
7,927
1,416
1,200
794
517
3,748
7,324
1,383
1,061
832
773
3,220
1,437
1,633
422
687
404
175
4,758
7,692
1,416
1,012
884
690
2,809
15,602
14,593
14,503
6,331
1,989
4,342
5
5,802
1,675
4,127
5
5,260
1,590
3,670
5
Net income attributable to Elmira Savings Bank
$ 4,337
$ 4,122
$ 3,665
Dividend on preferred stock
900
900
900
Income available to common shareholders
$ 3,437
$ 3,222
$ 2,765
Basic earnings per common share
Diluted earnings per common share
$
$
1.26
1.25
$
$
1.19
1.17
$
$
1.03
0.99
Page 8 : Elmira Savings Bank : 2016 ANNUAL REPORT
Consolidated Statements of Comprehensive Income
Elmira Savings Bank and Subsidiaries
(in thousands)
Net income
OTHER COMPREHENSIVE (LOSS) INCOME
Net unrealized holding (losses) gains on securities available for sale
Tax benefit (expense)
Realized securities gains included in net income
Tax expense
Other comprehensive (loss) income, net of tax
Comprehensive income
Years Ended December 31,
2016
2015
2014
$
4,337
$ 4,122
$ 3,665
(459)
177
(282)
(180)
70
(110)
(392)
(493)
191
(302)
(284)
110
(174)
(476)
757
(293)
464
(422)
163
(259)
205
$ 3,945
$ 3,646
$3,870
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 (Loss)
Noncontrolling
Interest
Total
Balance at December 31, 2015
$
9,700
2,821
41,243
3,488
(2,907)
373
53
54,771
Net income
Other comprehensive loss
Stock based compensation expense
Restricted Stock Grants
(9,922 shares)
Exercise of stock options, net
(14,003 shares)
Cash dividend on preferred stock
Cash dividend on common stock
($.92 per share)
-
-
-
-
-
-
-
-
-
-
-
-
274
10
(10)
14
137
4,337
-
-
-
-
-
-
-
(900)
-
(2,518)
-
-
-
-
-
-
-
-
(392)
-
-
-
-
-
5
-
-
-
-
4,342
(392)
274
-
151
(5)
(905)
-
(2,518)
Balance at December 31, 2016
$
9,700
2,845
41,644
4,407
(2,907)
(19)
53
55,723
Elmira Savings Bank : 2016 ANNUAL REPORT : Page 9
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, 2016 and 2015, and the
related consolidated statements of income, comprehensive income, statements of shareholders’ equity, and cash flows
(not presented herein) for each of the three years in the period ended December 31, 2016, and in our report dated March
20, 2017, 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.
Cranberry Township, Pennsylvania
March 20, 2017
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 2016 and 2015.
Quarters
2016
2015
High
Low
High
Low
First
20.55
16.83
23.00
19.99
Second
20.10
18.06
20.82
19.43
Third
21.50
18.85
20.81
19.05
Fourth
22.25
18.50
21.13
18.41
ANNUAL SHAREHOLDERS’ MEETING
The Annual Shareholders’ Meeting will be held at 10:00 a.m. on April 25, 2017 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
Page 10 : Elmira Savings Bank : 2016 ANNUAL REPORT
ELMIRA SAVINGS BANK
Customer Endorsements
My wife and I could not be
happier to be working with ESB.
Brett and Allyson, of Elmira, found
themselves unexpectedly thrown into a
house-hunt as first time homebuyers. Their
experience with Elmira Savings Bank was
one of professionalism, responsiveness, and
kindheartedness. “My wife and I could not be
happier to be working with ESB.”
The People’s Bank
Allyson and Brett Moore
We were very pleased with our experience
and with the service we received from
Bank employees.
Gagik and Zara, from Corning, first
purchased their home in 2011 through
Elmira Savings Bank, then returned in 2016 to
refinance. Gagik stated, “we were very pleased
with our experience and with the service we
received from Bank employees.”
Gagik Parsamian and Zara Melkoumian
ELMIRA SAVINGS BANK
Customer Endorsements
Our dreams are being fulfilled because
of your customer service, and we can’ t
thank you guys enough for the time and
effort you have given us.
Ryan and Charla, of Binghamton, came to
Elmira Savings Bank for a construction
loan. ESB was able to get them cleared to close
their loan within two days of their approval.
“Our dreams are being fulfilled because of your
customer service, and we can’t thank you guys
enough for the time and effort you have given
us,” noted the Starlipers.
Ryan and Charla Starliper
The People’s Bank
I was very happy and could not believe
everything went so smoothly with my
experience at Elmira Savings Bank.
Jodi was referred to Elmira Savings Bank
by a Real Estate Agent who had been
working with her as a first-time home buyer.
With diligent efforts from Bank employees in
Vestal, Elmira Savings Bank quickly processed
her paperwork and Jodi closed within 45
days. “I was very happy and could not believe
everything went so smoothly with my
experience at Elmira Savings Bank.”
Jodi Grant
ELMIRA SAVINGS BANK
Current Staff
Cory Eddy
Bonnie Elvidge
Kelly Ewanyk
Shanna Flint
Valerie Friedrich
Patricia Frisbie
Robin Gardner
Ilene Girardi
Bibi Hack-Kester
Kristin Haner
Thomas Hill
Malissa Hootman
Jennifer Hourihan
Rachel Houseknecht
Margaret Hurd
Christine Iles
Laura Ingle
Mercedes Jerzak
Judith F. Johnston
Kathleen Kelly
Keegan Knoll
Ellaminda Leader
Shaina Leister
Christina M. Losey
Trisha Luchaco
Colleen Manuel
Laurel Mareck
Cherry Merrill
Kimberly O’Dell
Jennifer Orr
Katherine Page
Christina Allen
Janette Allen
Amy Allshouse
Elizabeth Altmann
Theresa Andrus
Shannon J. Bailey
Dwayne Balcom
Kathleen Bange
Aimee S. Barton
Blair Beavers
Mary A. Becker
Allison Bellinger
April Branston
Joyelle Briggs
Amber R. Brimmer
Susan Campbell
Jennifer Canali
Andres Cardenas-Rivas
Alyssa Carlisle
Janet S. Caswell
Jennifer Catron
Jacqueline Louise Cecce
Brenda Cimakasky
Lindsey Clapper
Mary A. Cleary
Jessica Coates
Michele Corby
Tammi L. Cronin
William Brad Dennis
Tina Dittler
Rachel Dodge
Pamela Donovan
Nicholas Dutcher
Sarah Parker
Eileen Payne
James Pollen
Casandra Ponton
Hannah Qualey
Steven Reed
Courtney Reinhart
Laura Reynolds
Deborah M. Rockwell
Sharla R. Root
Kristin Sad
Heidi Saks
Denise Sarro
Taryn Schwartz
Jena Senefelder
Alexis Senkow
James E. Shippy
Amber Simms
Mark Simon II
Christine M. Smith
Vicky L. Smith
Christine Snyder
Jennifer Stampp
Desirea Sullivan
Rosemary Sullivan
Ashley Tallarida
Erin Thomas-Allen
Michelle M. Tilden
Suzanne Walsh
Alesia Whipple
Tracy Wiles
Jenna Wilson
Lori Ann Zahradka
The People’s Bank
Elmira Savings Bank : 2016 ANNUAL REPORT : Page 13
ELMIRA SAVINGS BANK
Officers
Frank P. Spena, Jr.
Assistant Vice President
Christopher J. Giammichele
Senior Vice President
Renee A. Wheeler
Vice President
Jennifer M. Murphy
Assistant Secretary
Gary O. Short
Senior Vice President
Deborah L. Adams
Assistant Vice President
FINANCE
Jason T. Sanford
Senior Vice President
Chief Financial Officer
John J. Stempin
Vice President
Controller
Judy A. Woodruff
Assistant Vice President
HUMAN RESOURCES
Bradley V. Serva
Senior Vice President
Stacy Ward
Assistant Secretary
LENDING
Kevin J. Berkley
Executive Vice President
Senior Loan Officer
Robert W. Hazelton
Vice President
Kimberly A. Elliott
Assistant Vice President
Jason Sorochinsky
Vice President
Theresa A. Emo
Assistant Vice President
MANAGEMENT
INFORMATION
SYSTEMS
Joseph L. Walker
Vice President
John Strong
Assistant Vice President
Linda S. Confer
Assistant Treasurer
Phillip J. Collins
Assistant Vice President
Lorenda D. Gneo
Assistant Treasurer
OPERATIONS
Margaret A. Phillips
Vice President
RETAIL SERVICES
Donna J. Tangorre
Senior Vice President
Branch Administrator
Phylis A. Jensen
Assistant Treasurer
Debra S. Knowles
Assistant Treasurer
EXECUTIVE
Thomas M. Carr
President
Chief Executive Officer
Anne M. Lavancher
Assistant Secretary
ADVISORY SERVICES
Andrea C. Devon
Assistant Treasurer
AUDIT AND CONTROL
Joseph P. Klaiber
Vice President
Edith B. Harkness
Assistant Vice President
Jill M. McConnell
Assistant Secretary
CREDIT
Carrie L. Spencer
Vice President
Susan M. Cook
Assistant Vice President
Amy Frisbie
Assistant Vice President
The People’s Bank
Page 14 : Elmira Savings Bank : 2016 ANNUAL REPORT
ELMIRA SAVINGS BANK
Locations
Finger Lakes
Region
The People’s Bank
*ATM available at all locations except for the Vestal Loan Center.
MAIN OFFICE
ITHACA LOAN CENTER
333 East Water Street
301 East State Street
Elmira, NY 14902-9967
607-734-3374
Ithaca, NY 14850
607-257-3584
HORSEHEADS
COMMONS
2149 Grand Central Avenue
301 East State Street
Horseheads, NY 14845
607-734-3374
Ithaca, NY 14850
607-272-1111
SOUTHPORT
SOUTH MEADOW
1136 Pennsylvania Avenue
702 South Meadow Street
Elmira, NY 14904
607-734-3374
Ithaca, NY 14850
607-272-2211
WEST ELMIRA
TRIPHAMMER
930 West Church Street
2300 North Triphammer Road
Elmira, NY 14905
607-734-3374
Ithaca, NY 14850
607-257-8808
BIG FLATS
971 County Route 64
Big Flats, NY 14841
607-734-3374
MORAVIA
142 Main Street
Moravia, NY 13118
315-497-1300
ELMIRA HEIGHTS
VESTAL LOAN CENTER*
2075 Lake Road
3439 Vestal Parkway E.
Elmira Heights, NY 14903
607-734-3374
Vestal, NY 13850
607-729-0386
CORNING
WATKINS GLEN
19 East Market Street, Suite 101
712 N. Franklin Street
Corning, NY 14830
Watkins Glen, NY 14891
607-962-0812
607-535-4026
ERWIN
ARNOT MALL ATM
404 S. Hamilton Street
Entrance 4 - Center Court
Painted Post, NY 14870
Horseheads, NY 14845
607-936-1806
607-734-3374
Elmira Savings Bank : 2016 ANNUAL REPORT : Page 15
The People’s Bank
www.elmirasavingsbank.com
Member FDIC | Equal Housing Lender
001CSN27B6