Elmira Savings Bank
Annual Report 2017

Plain-text annual report

The People’s Bank Annual Report 2017 State Street Branch • Ithaca ELMIRA SAVINGS BANK Board of Directors (Front row l-r) Kristin A. Swain, Retired Executive Director, The Rockwell Museum; John R. Alexander, Vice Chairman and Corporate Secretary of the Board & Managing Partner, Sayles & Evans; Katherine H. Roehlke, President & Chief Executive Officer, F.M. Howell & Company. (Back row l-r) Robert K. Lambert, President & Chief Executive Officer, Arnot Health; A. Scott Welliver, Chairman & Chief Executive Officer, Welliver; Thomas M. Carr, President & Chief Executive Officer; Donald G. Quick, Jr., Retired Partner, Mengel, Metzger, Barr & Co. LLP.; Michael P. Hosey, Chairman of the Board; Arie J. van den Blink, Chairman & Chief Executive Officer, The Hilliard Corporation. Not pictured: Marianne W. Young, President & Chief Executive Officer, Market Street Trust Company ELMIRA SAVINGS BANK Senior Officers Pictured in the new Ithaca State Street Branch (left to right): Donna J. Tangorre, Senior Vice President & Retail Banking Manager; Kevin J. Berkley, Executive Vice President & Senior Loan Officer; Jason T. Sanford, Senior Vice President & Chief Financial Officer; Thomas M. Carr, President & Chief Executive Officer. 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. The People’s Bank 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. Thomas M. Carr President & Chief Executive Officer TO OUR Shareholders The People’s Bank The year 2017 was defined by continued progress for Elmira Savings Bank in several key areas. The Bank continued to produce strong financial results including improvements to net income, earnings per share, net interest margin and asset quality. We completed a significant investment in our branch network in one of the strongest economies in upstate New York. The capital of the Bank was restructured with the issuance of common stock and the repurchase of preferred stock. We continued to work on our operations and processes by implementing a mortgage pipeline management system. Finally, we continued to invest in technology to provide additional conveniences to our customers. I am pleased to report that net income totaled $4.9 million for 2017 compared to $4.3 million for 2016. This $514,000 increase is the net result of a decrease in income tax expense of $1.6 million offset by a decrease in noninterest income of $463,000, an increase in provision for loan losses of $408,000 and an increase in operating expenses of $282,000. The enactment of the Tax Cuts and Jobs Act on December 22, 2017 reduced our federal tax rate starting in 2018 from 34% to 21%. As a result, the Bank was required, under Generally Accepted Accounting Principles, to adjust our net deferred tax liability. This resulted in a $1.2 million reduction of income tax expense for 2017. Noninterest income declined by 7.80% or $463,000, the result of lower gains on sale of mortgages combined with lower gains on sale of securities. Gains on sale of mortgages declined by $360,000, the result of lower origination volume. In 2016, we realized $180,000 of gains on sale of securities which was absent in 2017. Basic and diluted earnings per share for the twelve months ended December 31, 2017 were $1.28 per share for both, compared to $1.26 and $1.25 per share respectively for 2016. We declared cash dividends of $0.92 per share which resulted in a dividend yield, based on our per share price, of over 4%, one of the highest in our industry. The net interest margin, our largest source of revenue, was 3.32% for 2017 compared to 3.21% for the same period in 2016. Total assets decreased by $18.9 million year-to-year to total $554.6 million at December 31, 2017. This decrease was primarily in cash which declined by $16.4 million. Loans increased by $2.7 million to total $458.6 million at December 31, 2017. Our nonperforming assets decreased by $2.4 million or 45% to total $2.9 million on December 31, 2017. During the fourth quarter of 2017, the Bank settled a complex, multi-year, problem commercial loan. We are pleased to be able to reduce our nonperforming loans and also truncate the ongoing expense with this loan workout. Deposits totaled $456.8 million at December 31, 2017, a decrease of $12.8 million. The decline was due to one large, out of market customer withdrawing $25.0 million during the first quarter of the year. Absent this transaction, deposits increased by $12.2 million. Shareholders’ equity increased by $1.0 million to total $56.7 million at December 31, 2017. This increase is the net effect of the common equity Page 4 : Elmira Savings Bank : 2017 ANNUAL REPORT raise of $9.5 million, the repurchase of the preferred stock which totaled $9.4 million and the difference between net income and dividends. Our common shares outstanding had a book value per share of $17.07 at December 31, 2017, an increase of $0.33 per share from December 31, 2016. We invested in our branch network in 2017 by completing our new full- service branch located at 602 West State Street in Ithaca in May. This historic rehabilitation was a major management focus for the last half of 2016 and the first five months of 2017. The completed facility, showcased in this report, is the centerpiece of our franchise in Tompkins County. The branch consists of a full-service Bank Branch of 2,100 square feet with two drive-through lanes, one of which includes a state of the art ATM. In addition to the Bank Branch, we have leasable space on the second floor. We also maintain control of several vacant parcels surrounding the State Street Branch that we look forward to developing in the future. During 2017 we restructured our capital, first in April with the successful private placement of 548,430 shares of common stock. These shares were placed with select investors with no single investor acquiring more than 5% of total outstanding shares. The proceeds from this issuance totaled $9.5 million. In December, the Bank repurchased all of its shares of preferred stock that were outstanding. The liquidation value of these shares was $10.0 million. They also had a dividend rate of 9.00%. The shares were repurchased at a discount of $600,000 with the total purchase price being $9.4 million. We were able to repurchase these shares with the capital raised in the private placement of common stock. After this transaction, the Bank maintained a core capital ratio of 8.5% as of December 31, 2017, significantly above the well-capitalized level established by Bank regulators. The anticipated effect of retiring preferred shares will be to reduce the overall dividends paid out of earnings, increase the net income available to common shareholders, and improve the Bank’s tangible common equity ratio. We were pleased to execute this repurchase and complete the second step of our capital strategy during 2017. As mentioned, we continue to work on improving operations and processes and are pleased to have implemented a mortgage loan process management system to improve the time it takes us to process a mortgage loan from application to closing. This effort began with an analysis of our 2016 mortgage originations which provided us with key information to standardize our process and establish benchmarks. The implementation of this system has produced early results that are encouraging. In the first half of 2017, our mortgage turn time was approximately 60 days. By the 4th quarter of 2017, the average turn time was 44 days, an improvement of 16 days from application to closing. Finally, we continued to invest in technology. We recently continued expansion of our Electronic Banking Services through an upgrade to our Bill Pay Services, as well as expansion of the Touch ID and Passcode access within Mobile Banking. Bill Pay allows users to pay all of their bills through Online or Mobile Banking rather than setting up payments on multiple websites or paying by check. The latest version of Bill Pay features an updated look and streamlined efficiencies within Online Banking, as well as expanded abilities offered through Mobile Banking. Additionally, the Elmira Savings Bank Mobile Banking App was recently updated to allow users to access all functionalities of the App using a fingerprint or six-digit Passcode of their choice. As we look forward to 2018, we are dedicated to organically growing our business. We are fortunate to have strong and expanding economies in our geographic footprint and will continue to focus on increasing our market share in these regions. We will continue to invest in our staff and in technology to keep improving the quality and convenience of every customer interaction with our institution. We have, and going forward will, benefit financially from changes in the federal tax code. These changes have reduced our tax burden and will benefit our shareholders, customers and employees. We remain optimistic that regulatory relief will occur in a meaningful way and provide us with reductions in compliance-related burden. We are determined to provide excellent service for our customers and strong financial results for shareholders. We appreciate your loyal support as shareholders and look forward to continuing to build our business. Thomas M. Carr President and Chief Executive Officer Elmira Savings Bank : 2017 ANNUAL REPORT : Page 5 Assets, Deposits, and Loans ($000) Total Assets Total Deposits Total Loans SELECTED FINANCIAL DATA $514,325 $545,969 $397,733 $390,976 $422,561 $418,146 $561,344 $573,450 $554,560 (in thousands, except share and per share amounts) $469,547 $459,528 $456,762 $460,628 $440,472 $3,665 $454,998 $2,765 FINANCIAL STATEMENT HIGHLIGHTS 2017 2016 Assets $ 554,560 573,450 Loans (including loans held for sale) 460,628 459,528 2013 2014 2015 2016 2017 Per Share Data Diluted Earnings Per Common Share Cash Dividends Per Common Share 1.40 0.84 0.99 0.92 1.17 1.25 1.28 Diluted earnings per share 0.92 0.92 0.93 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 $ Book value per share Cash dividend paid 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 4,442 4,263 456,762 469,547 56,681 16,548 895 5,437 15,884 4,851 1.28 1.28 17.07 0.93 0.86% 7.78% 10.22% 55,723 16,520 487 5,900 15,602 4,337 1.26 1.25 16.74 0.92 0.76% 7.77% 9.72% 72.66% 73.02% 72.25% 69.59% 14 14 15 14 Weighted average shares outstanding 3,125,434 2,722,243 Weighted average diluted shares outstanding 3,140,893 2,739,668 2013 2014 2015 2016 2017 Net Income ($000) Net Income ($000) Available to Common Shareholders $5,054 $4,122 $4,337 $3,665 $3,839 $3,222 $3,437 $2,765 $4,851 $4,006 2013 2014 2015 2016 2017 Page 6 : Elmira Savings Bank : 2017 ANNUAL REPORT SELECTED FINANCIAL DATA Consolidated Balance Sheets Elmira Savings Bank and Subsidiaries Assets $ 554,560 573,450 (in thousands, except for share and per share data) ASSETS Cash and due from banks Federal funds sold and other short-term investments Loans (including loans held for sale) 460,628 459,528 Total cash and equivalents Securities available for sale, at fair value Securities held to maturity - fair value of $8,186 at December 31, 2017, and $8,679 at December 31, 2016 Federal Reserve and Federal Home Loan Bank (FHLB) stock, at cost Loans held for sale Loans receivable Less: Allowance for loan losses Net income attributable to Elmira Savings Bank 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 par value; $1,000 liquidation value per issued share; 5,000,000 shares authorized; 10,000 shares issued at December 31, 2017 and at December 31, 2016 Common stock, $1 par value; authorized 5,000,000 shares; 3,410,622 shares issued at December 31, 2017 and 2,844,670 shares at December 31, 2016 Additional paid-in capital Retained earnings Treasury stock, at cost - 93,883 common shares and 10,000 preferred shares at December 31, 2017 and 98,118 common shares at December 31, 2016 Accumulated other comprehensive loss Total Elmira Savings Bank shareholders’ equity Noncontrolling interest Total shareholders’ equity Allowance for loan losses Deposits Shareholders’ equity Net interest income Provision for loan losses Non-interest income Non-interest expense PER SHARE INFORMATION Basic earnings per share Diluted earnings per share Book value per share Cash dividend paid per share SELECTED RATIOS Return on average assets Return on average equity Shareholders’ equity to assets Dividend payout ratio Efficiency ratio 4,442 4,263 456,762 469,547 56,681 16,548 895 5,437 15,884 4,851 $ 1.28 1.28 17.07 0.93 0.86% 7.78% 10.22% 55,723 16,520 487 5,900 15,602 4,337 1.26 1.25 16.74 0.92 0.76% 7.77% 9.72% 72.66% 73.02% 72.25% 69.59% 14 14 15 14 OTHER SELECTED DATA Number of offices Number of automated teller machines Weighted average shares outstanding 3,125,434 2,722,243 Weighted average diluted shares outstanding 3,140,893 2,739,668 December 31, 2017 December 31, 2016 $ 7,800 97 7,897 24,056 8,039 10,221 1,999 458,629 4,442 454,187 16,772 13,982 1,497 - 12,320 3,590 $ 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 $ 554,560 $ 573,450 $456,762 35,000 6,117 $469,547 42,000 6,180 497,879 517,727 9,700 3,411 50,258 5,493 (12,202) (31) 56,629 52 56,681 9,700 2,845 41,644 4,407 (2,907) (19) 55,670 53 55,723 Total liabilities and shareholders’ equity $ 554,560 $ 573,450 Elmira Savings Bank : 2017 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 2016 2015 2017 $ 18,971 $ 19,056 $ 18,418 965 610 1,000 832 1,367 949 Total interest and dividend income 20,546 20,888 20,734 INTEREST EXPENSE Interest on deposits Interest on borrowings Total interest expense Net interest income Provision for loan losses 2,951 1,047 3,055 1,313 3,998 4,368 3,016 2,084 5,100 16,548 895 16,520 487 15,634 630 Net interest income after provision for loan losses 15,653 16,033 15,004 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 1,485 2,701 - 739 390 122 5,437 8,183 1,499 1,278 884 720 3,320 1,420 3,061 180 728 403 108 5,900 7,927 1,416 1,200 794 517 3,748 1,471 2,382 284 716 398 140 5,391 7,324 1,383 1,061 832 773 3,220 15,884 15,602 14,593 5,206 350 4,856 5 6,331 1,989 4,342 5 5,802 1,675 4,127 5 Net income attributable to Elmira Savings Bank $ 4,851 $ 4,337 $ 4,122 Dividend on preferred stock 845 900 900 Income available to common shareholders $ 4,006 $ 3,437 $ 3,222 Basic earnings per common share Diluted earnings per common share $ $ 1.28 1.28 $ $ 1.26 1.25 $ $ 1.19 1.17 Page 8 : Elmira Savings Bank : 2017 ANNUAL REPORT Consolidated Statements of Comprehensive Income Elmira Savings Bank and Subsidiaries (in thousands) Net income attributable to Elmira Savings Bank OTHER COMPREHENSIVE LOSS Net unrealized holding losses on securities available for sale Tax benefit Realized securities gains included in net income Tax expense Other comprehensive loss, net of tax Comprehensive income Years Ended December 31, 2017 2016 2015 $ 4,851 $ 4,337 $ 4,122 (20) 8 12 - - - (12) (459) 177 (282) (180) 70 (110) (493) 191 (302) (284) 110 (174) (392) (476) $ 4,839 $ 3,945 $ 3,646 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 Loss Noncontrolling Interest Total Balance at December 31, 2016 $ 9,700 2,845 41,644 4,407 (2,907) (19) 53 55,723 Net income Other comprehensive loss Stock based compensation expense Issuance of common stock (548,430 shares) Restricted stock grants (9,643 shares) Exercise of stock options, net (7,879 shares) Repurchase of preferred stock (10,000 shares) Issuance of treasury stock (4,235 shares) Preferred stock repurchased - noncontrolling interest Cash dividend on preferred stock Cash dividend on common stock ($.93 per share) - - - - - - - - - - - - - - - - 228 548 8,327 10 (10) 87 - (18) - - 8 - - - - - 4,851 - - - - - - - - - - - - (9,400) - - (845) 105 - - - - (2,920) - (12) - - - - - - - - - 5 - - - - - 4,856 (12) 228 8,875 - 95 - (9,400) - 87 (1) (5) (1) (850) - (2,920) Balance at December 31, 2017 $ 9,700 3,411 50,258 5,493 (12,202) (31) 52 56,681 Elmira Savings Bank : 2017 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, 2017 and 2016, 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, 2017, and in our report dated March 19, 2018, 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 19, 2018 MARKET PRICE INFORMATION Quarters 2017 2016 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 2017 and 2016. High Low High Low First 21.75 20.28 20.55 16.83 Second 21.75 19.65 20.10 18.06 Third 21.10 19.80 21.50 18.85 Fourth 20.90 18.90 22.25 18.50 ANNUAL SHAREHOLDERS’ MEETING The Annual Shareholders’ Meeting will be held at 10:00 a.m. on April 24, 2018 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 : 2017 ANNUAL REPORT Ithaca State Street Branch Elmira Savings Bank’s new Ithaca Branch is strategically located at the center of one of Ithaca’s busiest intersections. Originally built in the early 1900’s, 602 West State Street had many business lives until Elmira Savings Bank renovated the building in 2017. The exterior restoration of the building, depicted on the front and back covers, includes a renewed entrance canopy, an upgraded building envelope, new windows and sun shades for improved energy efficiency, extensive landscaping, and a brick and glass addition that brings a new, modern element to the historic structure. The People’s Bank The modernized interior features state- of-the-art banking workflow elements including hybrid teller lines, collaboration zones, a light-filled waiting area with customer courtesy bar, decorative lighting to foster wayfinding, and optimized acoustics to ensure privacy for customers. The result is a bright, lively, efficient and engaging commercial banking and office space experience that underscores the people-first brand of Elmira Savings Bank. Ithaca State Street Branch Elmira Savings Bank was presented with a Pride of Ownership Award from the Ithaca Rotary Club and the City of Ithaca in late 2017. Elmira Savings Bank was applauded for their substantial investment in the Ithaca community and commitment to keeping Ithaca a great place to live and do business. The People’s Bank ELMIRA SAVINGS BANK Employees April Eggleston-Branston Julia Evans Kelly Ewanyk Shanna Flint Valerie Friedrich Patricia Frisbie Robin Gardner Ilene Girardi Kristin Haner Thomas Hill Malissa Hootman Jennifer Hourihan Rachel Houseknecht Margaret Hurd Laura Ingle William Klinko Keegan Knoll Debra Sue Knowles Brian Kunk-Czaplicki Theresa Laney Shaina Leister Christina M. Losey Trisha Luchaco Colleen Manuel Laurel Mareck Julie May Lindsey McCutcheon Cherry Merrill Rebecca Morehouse Haley Mullins Katie Murphy Alexis Naylor Kimberly O’Dell Jessica Ober Jennifer Orr Sarah Parker Eileen Payne James Pollen Hannah Qualey Laura Reynolds Deborah M. Rockwell Sharla R. Root Kristin Sad Heidi Saks Denise Sarro Youngmi Schickel Taryn Schwartz Jena Senefelder Mark Simon II Christine Snyder Jennifer Stampp Tania-lynn Suhm Desirea Sullivan Ashley Tallarida Erin Thomas-Allen Michelle M. Tilden Suzanne Walsh Tracy Wiles Tamara Williams Jenna Wilson Stacy Woodworth Christina Allen Amy Allshouse Shannon J. Bailey Dwayne Balcom Kathleen Bange Blair Beavers Mary A. Becker Allison Bellinger Joyelle Briggs Amber Brimmer Marilynne Burchard Alyssa Burdick Marissa Butts Susan Campbell Alyssa Carlisle Janet S. Caswell Jennifer Catron Jacqueline Cecce Peter Chaney Brenda Cimakasky Daniel Cleary Mary A. Cleary Jessica Coates Ashley Congdon Michele Corby Tammi L. Cronin Kristie Cummings Karen Dimmick Tina Dittler Rachel Dodge Pamela Donovan Nicholas Dutcher The People’s Bank Elmira Savings Bank : 2017 ANNUAL REPORT : Page 13 EXECUTIVE Thomas M. Carr President Chief Executive Officer Anne M. Lavancher Assistant Secretary ADVISORY SERVICES Andrea C. Devon Assistant Treasurer AUDIT AND CONTROL Edith B. Harkness Vice President Jill M. McConnell Assistant Secretary COLLECTIONS Amber Simms Assistant Secretary ELMIRA SAVINGS BANK Officers CREDIT Carrie L. Spencer Vice President Susan M. Cook LENDING Kevin J. Berkley Executive Vice President RETAIL SERVICES Donna J. Tangorre Senior Vice President Senior Loan Officer Retail Banking Manager Assistant Vice President Christopher J. Giammichele Renee A. Wheeler Senior Vice President Vice President Amy Frisbie Assistant Vice President Gary O. Short Linda S. Confer Senior Vice President Assistant Vice President Frank P. Spena, Jr. Assistant Vice President Robert W. Hazelton Kimberly A. Elliott Vice President Assistant Vice President Jason Sorochinsky Deborah French Vice President Assistant Vice President John Strong Assistant Vice President Cory Eddy Assistant Treasurer Lorenda D. Gneo Assistant Treasurer Christine Iles Assistant Treasurer Phylis A. Jensen Assistant Treasurer Ellaminda Leader Assistant Secretary FINANCE Jason T. Sanford Senior Vice President Chief Financial Officer John J. Stempin Vice President Controller Judy A. Woodruff MANAGEMENT INFORMATION SYSTEMS Joseph L. Walker Vice President Assistant Vice President Phillip J. Collins HUMAN RESOURCES Bradley V. Serva Senior Vice President Stacy Ward Assistant Secretary Assistant Vice President OPERATIONS Margaret A. Phillips Vice President The People’s Bank Page 14 : Elmira Savings Bank : 2017 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 333 East Water Street Elmira, NY 14902-9967 607-734-3374 STATE STREET 602 West State Street Ithaca, NY 14850 607-272-111 HORSEHEADS 2149 Grand Central Avenue Horseheads, NY 14845 607-734-3374 SOUTH MEADOW 702 South Meadow Street Ithaca, NY 14850 607-272-2211 SOUTHPORT 1136 Pennsylvania Avenue Elmira, NY 14904 607-734-3374 TRIPHAMMER 2300 North Triphammer Road Ithaca, NY 14850 607-257-8808 WEST ELMIRA 930 West Church Street Elmira, NY 14905 607-734-3374 MORAVIA 142 Main Street Moravia, NY 13118 315-497-1300 BIG FLATS 971 County Route 64 Big Flats, NY 14841 607-734-3374 VESTAL LOAN CENTER* 3439 Vestal Parkway E. Vestal, NY 13850 607-729-0386 ELMIRA HEIGHTS 2075 Lake Road Elmira Heights, NY 14903 607-734-3374 WATKINS GLEN 712 N. Franklin Street Watkins Glen, NY 14891 607-535-4026 CORNING 19 East Market Street, Suite 101 Corning, NY 14830 607-962-0812 ARNOT MALL ATM Entrance 4 - Center Court Horseheads, NY 14845 607-734-3374 ERWIN 404 S. Hamilton Street Painted Post, NY 14870 607-936-1806 Elmira Savings Bank : 2017 ANNUAL REPORT : Page 15 The People’s Bank www.elmirasavingsbank.com Member FDIC | Equal Housing Lender Design: PS Graphic Design Cover Photography: Revette Photography Interior Photography: Foto Forum 002CSN8C3E 

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