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Elmira Savings Bank Q1 Profit Rises

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Elmira Savings Bank (ESBK: Quote) reported first-quarter net income of $1.2 million, up from $1.1 million last year. Earnings per share remained flat with last year at $0.34

Net interest income for the quarter declined to $3.8 million from $3.9 million a year ago. Non-interest income rose to $1.3 million from $0.8 million last year.

Provision for loan losses reduced to $125,000 from $150,000 in the year-ago quarter.

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by RTT Staff Writer

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With disappointing earnings news generating some selling pressure, stocks have moved mostly lower in early trading on Friday. The major averages have slid firmly into negative territory after ending the previous session nearly flat. After reporting an unexpected drop in new orders for U.S. manufactured durable goods in the previous month, the Commerce Department released a report on Friday showing that durable goods orders rebounded by more than expected in the month of June. British economic growth remained high as expected in the second quarter as a robust expansion in the dominant service sector, and industry completely offset the slight weakness in the construction sector. With the second quarter expansion, GDP returned to its pre-crisis level. Gross domestic product grew 0.8 percent sequentially in the second quarter, the same rate as seen in the first quarter.
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