SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
THIS DOCUMENT IS A COPY OF THE QUARTERLY REPORT ON FORM 10-Q FOR THE
QUARTER ENDING MARCH 31, 1996 FILED ON 5/15/96 PURSUANT TO A RULE 201
TEMPORARY HARDSHIP EXEMPTION
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1996
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 0-18782
ES&L BANCORP, INC.
(Exact name of registrant as specified in its charter)
Delaware 16-1387158
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
300 W. Water St., Elmira, New York 14901
(Address of principal executive offices) (Zip Code)
Registrant's telephone no., including area code: (607) 733-5533
Former name, former address and former fiscal year, if
changed since last report.
Indicate by check X whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number
of shares outstanding of each of the issuer's classes of common
stock, as of the latest practicable date. 565,005
<PAGE>
<TABLE>
E S & L BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
3/31/1996 6/30/1995
(Unaudited) (1)
<S> <C> <C>
ASSETS
Cash and Cash Equivalent $24,687 $1,289,525
Investment Securities Held for Sale $147,096 $241,041
Investment Securities,
Approximate market value of $4,126,107
and $3,365,797 at 3/31/96
and 6/30/95, respectively 4,133,255 $3,775,306
Mortgage-Backed Securities Held f/ Sale 2,156,039 $2,661,308
Mortgage-Backed Securities,
Approximate market value of $194,929 $194,929 206,245
and $206,245 at 3/31/96
and 6/30/95, respectively
Mortgage Loans Held For Sale $7,981,819 $3,795,855
Loans Receivable, Net $118,154,668 $118,186,529
Federal Home Loan Bank Stock, at cost $1,103,800 $1,103,800
Foreclosed Real Estate-Real Estate Ownd $123,000 $149,961
Investment In Joint Venture:
Acquisition, Development
& Construction Project $540,943 $490,043
Mortgage Banking Partnership $171,699 $0
Property and Equipment, Net $3,166,907 $3,191,686
Accrued Interest Receivable $866,171 $657,930
Other Receivables $10,525 $68,595
Other Assets $577,529 $666,489
----------------------------
Total Assets $139,353,067 $136,484,313
LIABILITIES & STOCKHOLDERS' EQUITY
- - ----------------------------------
Liabilities:
Deposits $106,959,602 $101,014,522
Advances -Federal Home Loan Bank
of N.Y. $17,467,710 $20,523,963
Other Borrowings $0 $0
Accrued Interest Payable:
Deposits $15,259 $30,669
Borrowings $72,326 $62,991
Advances From Borrowers For
Taxes and Insurance $1,378,028 $2,657,206
Other Liabilities $889,927 $723,719
------------ -----------
Total Liabilities $126,782,852 $125,013,070
Stockholders' Equity:
Serial Preferred Stock, 500,000
Shares Authorized; None Issued -0- -0-
Common Stock, $.01 Par Value;
3,000,000 Shares Authorized,
566,505 and 550,826 Shares Issued $5,660 $5,503
Additional Paid-In-Capital $2,548,793 $2,465,321
Retained Earnings - Substantially
Restricted $9,975,390 $8,962,639
Net Unrealized Gain/(Loss) on
Investments Held for Sale $50,872 $48,280
Treasury Stock (1,500 shares), at cost ($10,500) ($10,500)
-------------- -----------
Total Stockholders' Equity $12,570,215 $11,471,243
--------------- -------------
Total Liabilities
& Stockholders' Equity $139,353,067 $136,484,313
============================
Shares Outstanding 565,005 549,326
<FN>
(1) Amounts at June 30, 1995 have been extracted from the audited
financial statements at that date and condensed
</TABLE>
<PAGE>
<TABLE>
E S & L BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
MAR. 31, MAR. 31,
1996 1995 1996 1995
(Unaudited) (Unaudited)(Unaudited)(Unaudited)
<S> <C> <C> <C> <C>
Interest Income:
Loans 2,754,138 2,426,272 8,132,140 6,954,464
Investment Securities 77,886 98,286 248,909 257,431
Mortgage-Backed
Securities 47,995 48,448 150,624 143,737
Interest-Earning Deposits
& Other 4,734 4,722 12,140 17,467
------------ --------- --------- --------
Total Interest 2,884,753 2,577,728 8,543,813 7,373,099
Interest Expense:
Deposits 1,294,904 1,142,137 3,881,618 3,247,928
Borrowings 260,258 276,775 800,386 735,275
--------------------------------------------
Total Interest 1,555,162 1,418,912 4,682,004 3,983,203
-------------------------------------------
Net Interest Income 1,329,591 1,158,816 3,861,809 3,389,896
Provision For Loan Losses 0 0 0 0
-------------------------------------------
Net Interest Income
After Provision 1,329,591 1,158,816 3,861,809 3,389,896
Other Income:
Service Fees &
Other Charges 34,308 29,069 94,143 88,451
Gain on the Sale
of Mortgages 42,416 14,875 101,278 43,725
Income From Loan Servicing 79,162 74,711 232,214 228,418
Other Operating Income 44,188 30,828 104,666 94,825
Income from Joint Venture 12,441 0 8,113 17,500
Profit on Sale-Investments 0 0 0 0
--------------------------------------
Total Other 212,515 149,483 540,414 472,919
Other Expenses:
Employee Compensation
& Benefits 473,813 461,953 1,357,577 1,338,653
Office Occupancy/Equipment 126,177 109,202 384,573 302,893
FDIC Premium 69,746 66,942 207,052 187,468
Other 139,078 128,977 332,340 307,466
---------------------------------------------
Total Other 808,814 767,074 2,281,542 2,136,480
---------------------------------------------
Income Before Taxes 733,292 541,225 2,120,681 1,726,335
Income Taxes 270,890 172,929 822,670 623,945
---------------------------------------------
Income before
Cumulative Effect 462,402 368,296 1,298,011 1,102,390
Cumulative Effect
on prior yearsof change
in accounting principle 0 0 0 0
-----------------------------------------
NET INCOME $ 462,402 368,296 1,298,011 1,102,390
=======================================
Earnings Per Share:
Income before
Cumulative Effect $ 0.82 0.69 2.33 2.01
Cumulative Effect 0.00 0.00 0.00 0.00
------------------------------------------------
Total $ 0.82 0.69 2.33 2.01
================================================
Dividend Per Common Share 0.17 0.15 0.51 0.45
================================================
Average Common
Shares Outstanding 562,803 546,123 557,837 546,123
</TABLE>
<PAGE>
<TABLE>
E S & L BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED MARCH 31,
<CAPTION>
1996 1995
(Unaudited) (Unaudited)
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income $ 1,298,011 $ 1,102,390
Adjustments To
Reconcile Net Income To Net
Cash Provided From
Operating Activities:
Depreciation 130,331 49,232
Net Amortization Of
Premiums & Discounts 22,770 21,861
Deferred Loan Origination Fees (31,359) (38,153)
(Income)/Loss From Joint Ventures (8,113) (17,500)
Changes in Certain Assets
and Liabilities:
Mortgage Loans Held For Sale (4,185,964) 499,094
Accrued Interest Receivable (208,241) (151,408)
Other Receivables 58,070 (28,468)
Other Assets 88,960 208,411
Accrued Interest Payable (6,075) (1,037)
Advances From Borrowers For
Taxes and Insurance (1,279,178) (487,557)
Other Liabilities 166,208 99,378
-------------- --------------
Net Cash (Used For) Provided
From Operating Activities $ (3,954,580) $ 1,256,243
CASH FLOWS FROM INVESTMENT ACTIVITIES:
Net Other Increase In
Loans Receivable (91,350) (11,820,777)
Investment In Joint Ventures (225,599) 55,742
Proceeds From Sale of
Foreclosed Real Estat 173,500 20,000
Purchase of FHLB Stock 0 (2,200)
Proceeds From Maturities
of Investments 1,730,654 135,784
Purchase of Investment Securities(1,988,698) (825,000)
Proceeds From Sale of
Securities Available For Sale 0 51,324
Change in Mark to
Market Adjustment Items (4,322) 0
Principal Repayments On
Mortgage-Backed Securities 513,914 351,053
Purchases Of Property &
Equipment, Net (105,552) (2,006,179)
-------------- --------------
Net Cash Provided From
(Used For) Investing Activities 2,547 (14,040,253)
CASH FLOWS FROM FINANCING ACTIVITIES:
Interest Credited To
Dep. Accts., Excl. Escrow Accts. 3,853,823 3,212,144
Net Other (Decrease)
Increase in Deposits 2,091,257 8,428,409
Payments On Advances
From Federal Home Loan Bank (69,456,253) (68,355,873)
Proceeds From Advances
From Federal Home Loan Bank 66,400,000 68,900,000
Proceeds From Exercise
of Stock Options 83,629 0
Dividends Paid on Common Stock (285,261) (245,756)
-------------- --------------
Net Cash (Used For)
Provided From Financing $ 2,687,195 11,938,924
Net Increase (Decrease)
In Cash Equivalents (1,264,838) (845,086)
Cash and Cash Equivalents
At Beginning Of Period 1,289,525 1,779,432
-------------- --------------
Cash and Cash Equivalents
At End of Period $ 24,687 $ 934,346
============== ==============
</TABLE>
<PAGE>
ES&L BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of Presentation:
The consolidated financial statements include the accounts
of the Corporation and its wholly-owned subsidiary, Elmira
Savings and Loan, F.A. (the Bank), as well as the Bank's wholly
owned subsidiaries, Brilie Corporation (d/b/a ES&L Financial
Services and ES&L Appraisal Services) and ES&L Mortgage
Corporation (d/b/a Cayuga Mortgage Company). All significant
inter-company accounts have been eliminated.
The consolidated financial statements for the three months
and nine months ending March 31, 1996 and 1995 are unaudited and
do not include information or footnotes necessary for a complete
presentation of financial condition and results of operations and
changes in cash flows in conformity with generally accepted
accounting principles, but reflect, in the opinion of management,
all adjustments, consisting of normal recurring accruals,
necessary to present fairly these consolidated financial
statements. The results for the three months and nine months
ending March 31, 1996 are not necessarily indicative of the
results to be expected for the entire fiscal year ending June 30,
1996.
2. Net Income Per Common Share:
Net income per common share is based on the weighted average
total shares outstanding during the respective periods. Weighted
average total shares outstanding for the periods included herein
are as follows:
March 31, 1996 March 31, 1995
Three Months Ended 562,803 546,123
Nine Months Ended 557,837 546,123
<PAGE>
MANAGEMENT DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
GENERAL:
ES&L Bancorp, Inc., (the "Corporation") is a Delaware
Corporation whose primary asset is the stock of Elmira Savings &
Loan, F.A. (the "Bank"). The Bank, a federally chartered savings
association, founded in 1888, operates through one office located
in Elmira, New York.
The Corporation, through the Bank, is primarily engaged in the
business of accepting deposits from the general public and
originating loans secured by residential real estate. The Bank
also engages in commercial real estate lending in its primary
market area and, to a lesser extent, consumer lending and invests
in government, federal agency obligations, and high grade
corporate debt securities.
The Bank's operations include two wholly-owned subsidiaries,
Brilie Corporation (d/b/a ES&L Financial Services and ES&L
Appraisal Services) and ES&L Mortgage Corporation (d/b/a Cayuga
Mortgage Company). Brilie Corporation is a provider of appraisal
services and nontraditional investment and insurance products to
the Bank's customers and the general public. The investment
products, which include life insurance and annuity contracts,
health insurance and mutual funds, are offered under an agency
relationship with major insurance companies and third party
mutual funds providers. ES&L Mortgage Corporation is engaged in
mortgage banking activities through the origination of mortgage
loans for sale to investors, one of whom is the Bank.
FINANCIAL CONDITION:
The Corporation's total assets at March 31, 1996 were
$139,353,067, an increase of $2,868,754, or 2.10%, compared to
the beginning of the fiscal year, when total assets were
$136,484,313. The increase in assets results primarily from an
increase in the amount of the Bank's mortgage loans held for
sale, which has risen by $4,185,964 to $7,981,819 since June 30,
1995. A portion of the increase has been offset by a $1,264,838
decrease in cash and cash equivalents.
The Bank's total deposits have increased by $5,945,080, or
5.89%, to $106,959,602 at March 31, 1996, compared to
$101,014,522 at June 30, 1995. The increase in deposits has been
used to reduce the Bank's advances from the Federal Home Loan
Bank, which were
<PAGE>
$17,467,710 at March 31, 1996, down $3,056,253, or 14.89%, from
the beginning of the fiscal year. Advances from borrowers for
taxes and insurance have also decreased, by $1,279,178, or
48.14%, to $1,378,028 at March 31, 1996. Much of this decrease
results from the timing effect of when taxes are paid, although a
portion also reflects a regulatory change in the method of
determining individual account balances.
The Corporation's stockholders' equity has increased
$1,098,972, or 9.58%, to $12,570,215 since June 30, 1995. Book
value of the Corporation's common stock was $22.25 at March 31,
1996 compared to $20.88 at June 30, 1995.
RESULTS OF OPERATION: QUARTER ENDING MARCH 31, 1996 AND
MARCH 31, 1995.
Net interest income earned by the Corporation was $1,329,591
for the quarter ending March 31, 1996, an increase of $170,775,
or 14.74%, when compared to $1,158,816 for the same quarter
during 1995.
The Corporation's interest income increased by $307,025, or
11.91%, to $2,884,753 for the three months ending March 31, 1996,
compared to $2,577,728 for the three months ending March 31,
1995. The majority of the Corporation's interest income is earned
from the Bank's loan portfolio. During the March 1996 quarter
interest earned on the portfolio was $2,754,138, an increase of
$327,866, or 13.51%, compared to $2,426,272 earned during the
same quarter one year ago. The increase is equally attributable
to increases in the average balance and average yield of the
portfolio. For the quarter ending March 31, 1996 the average
balance of the portfolio was $127.5 million, yielding 8.64%,
compared to an average balance of $119.6 million, with an average
yield of 8.12%, during the comparable period. Interest earned
from the Corporation's investment portfolio decreased by $20,400
to $77,886 for the March 1996 quarter. The decrease was prompted
by a reduction in the yield earned on the portfolio. For the
quarter ending March 31, 1995 the average balance of the
portfolio was $5.1 million, with an average yield of 7.68%,
compared to an average balance of $5.4 million, with an average
yield of 5.82%, for the March 1996 quarter.
The Corporation's total interest expense was $1,555,162 for the
three months ending March 31, 1996, compared to $1,418,912 for
the same period during the prior year. The increase was
$136,250, or 9.60%. The majority of the increase resulted from
interest paid to the Bank's depositors.
<PAGE>
Interest paid to depositors during the March 1996 quarter was
$1,294,904, an increase of $152,767, or 13.38%, compared to
$1,142,137 paid during the same quarter a year ago. As was
reported earlier, total deposits have increased and this
increase, combined with a rise in the cost of deposits prompted,
the overall increase in interest expense. For the three months
ending March 31, 1996, the Bank's average deposits totalled
$107.4 million, costing 4.82%, compared to an average balance of
$100.5 million, costing 4.55%, for the same three month period
during 1995. The overall increase in deposits helped reduce the
Corporation's borrowings outstanding during the March 1996
quarter. This volume reduction combined with a decrease in the
cost of borrowings prompted a decrease in interest expense on
borrowings for the quarter ending March 31, 1996 of $16,517, or
5.97%. Total interest expense on borrowings was $260,258 for the
quarter ending March 31, 1996, compared to $276,775 for the
quarter ending March 31, 1995. The Corporation's average
borrowings outstanding were $19.3 million, costing 5.74%, for the
quarter ending March 31, 1995, while at March 31, 1996 the
average balance was slightly lower at $18.9 million, costing
5.50%.
Other income earned by the Corporation during the March 1996
quarter increased by $63,032, or 42.17%, to $212,515, compared to
$149,483 for the comparable 1995 quarter. The majority of the
increase results from gains on the sale of mortgages, which
totalled $42,416, for the March 1996 quarter, an increase of
$27,541 over the same period a year ago. This increase has
resulted from an increase in fixed rate mortgage originations by
the Bank and its mortgage banking subsidiaries. The increase in
originations is the result of a lower fixed interest rate
environment than was available during the same period in 1995.
The Corporation's other operating income also increased during
the March 1996 quarter, by $13,360, or 43.34%, from $30,828 for
the three months ending March 31, 1995 to $44,188 for the three
months ending March 31, 1996. The increase reflects a new source
of revenue, mortgage processing fees, earned by Cayuga Mortgage
Company. No similar income was recorded during the 1995 period.
During the 1995 period the Corporation recorded no income from
its land development joint venture. During the 1996 period this
joint venture reported earnings of $6,479. The Corporation also
recorded income, $5,962, from a new unconsolidated mortgage
banking partnership which became operational during the summer of
1995. In total the income earned by the Corporation's
unconsolidated joint ventures totalled $12,441 for the quarter
ending March 31, 1996.
Total other expenses of the Corporation were $808,814 for the
quarter ending March 31, 1996, an increase of $41,740, or 5.44%,
compared to $767,074 during the same quarter in 1995. Employee
<PAGE>
compensation and benefits increased 2.57%, or $11,860, to
$473,813 for the quarter ending March 31, 1996, compared to
$461,953 during the quarter ending March 31, 1995. Office
occupancy and equipment expense for the current period was
$126,177, an increase of $16,975, or 15.54%, compared to similar
expense totalling $109,202 during the comparable period. The
increase is the direct result of increased expenses related to
the operation of the Corporation's expanded and renovated main
office building. The building project was completed in June
1995, so comparable expenses were not incurred during the March
1995 quarter. During the 1995 quarter other expenses included
additional marketing, promotion and office supplies totalling
approximately $27,000 which were spent in anticipation of the
completion of the Corporation's building project. Despite the
fact that these expenses were not incurred during the current
period, other expenses of the Corporation increased by $10,101,
or 7.83%, to $139,078 for the March 1996 quarter, compared to
$128,977 during the comparable period. The majority of the
increase is related to timing differences related to the
recognition of certain mortgage origination expenses. The
Bank has also increased its other expense by hiring a consultant
to expand and enhance its current mortgage banking policies,
procedures and products. Additionally, Cayuga Mortgage Company
incurred additional expenses which resulted primarily from the
use of a temporary agency to augment its work force.
The Corporation's income tax expense was $270,890 for the
quarter ending March 31, 1996, an increase of $97,961 over the
same period a year ago. The increase is the result of overall
increased earnings by the Corporation.
RESULTS OF OPERATION: NINE MONTHS ENDING MARCH 31, 1996
AND MARCH 31, 1995
The Corporation's net interest income for the nine months
ending March 31, 1996 was $3,861,809, an increase of $471,913,
or 13.92%,compared to $3,389,896 earned during the quarter ending
March 31, 1995.
The Bank's loan portfolio generates the majority of the
Corporation's interest income. For the nine month 1996 period
the loan portfolio generated interest income of $8,132,140,
compared to $6,954,464 earned during the comparable 1995 period.
The increase was $1,177,676, or 16.93%. This increase in
earnings resulted from both an increase in the average yield and
balance of the loan portfolio. For the nine months ending March
31, 1996 the average balance of the portfolio was $125.3 million,
yielding 8.65%,
<PAGE>
compared to $116.8 million, yielding 7.94%, for the nine months
ending March 31, 1995. The increase in rate generated additional
interest of $654,069, while the increase in the average balance
outstanding contributed $523,607.
The Bank's total interest expense, paid for deposits and
borrowings, increased by $698,801, or 17.54%, to $4,682,004 for
the nine months ending March 31, 1996 compared to $3,983,203
during the same period of the prior fiscal year. The increase in
interest expense is related to both rate and volume increases in
both the Bank's deposits and borrowings. For the nine months
ending March 31, 1996 the Bank's average deposits outstanding
totalled $106.3 million, costing 4.87%, compared to $98.5
million, costing 4.40%, for the prior year's nine month period.
The increase in volume of deposits prompted an increase in
interest expense of $359,321, while the increase in the average
rate paid to depositors incurred additional expense totalling
$274,369. In total, interest expense paid to depositors was
$3,881,618 for the nine months ending March 31, 1996, an increase
of $633,690, or 19.51%, compared to $3,247,928 expensed during
the nine month 1995 period. The total cost of interest paid on
borrowings was $800,386 and $735,275 for the nine months ending
March 31, 1996 and 1995, respectively. The average balance of
borrowings was $18.6 million, costing 5.73%, for the nine months
ending March 31, 1996, and $18.4 million, costing 5.33% for the
comparable 1995 period.
The Corporation's total other income for the nine months ending
March 31, 1996 was $540,414, an increase of $67,495, or 14.27%,
compared to $472,919 earned during the same nine month period
during the prior year. The majority of the increase came from an
increase in gains on the sale of mortgages. Substantially all of
the fixed rate mortgage loans originated by the Bank and its
subsidiaries are sold into the national secondary market. During
the 1996 nine month period, lower fixed interest rates have
prevailed, and therefore more borrowers opted for this type of
financing. Adjustable rate mortgages are typically originated
for the Bank's loan portfolio.
Other expenses of the Corporation totalled $2,281,542 for the
nine months ending March 31, 1996 compared to $2,136,480 during
the comparison period. The increase was $145,062, or 6.79%.
Employee compensation and benefits rose 1.41%, or $18,924 to
$1,357,577 for the 1996 period. Office occupancy and equipment
expense totalled $384,573, an increase of $81,680, or 26.97%,
compared to $302,893 for the nine month 1995 period. The current
period expense reflects the operating expense of the
Corporation's expanded and renovated office building. The
building project was completed in June 1995, and therefore some
current period expenses would not have been incurred during the
<PAGE>
nine month 1995 period. As previously indicated, the Bank's
average deposits have grown by $7.8 million since the 1995
period, and therefore its federal deposit insurance premium
expense has also increased. For the nine month 1996 period FDIC
premium expense was $207,052, compared to $187,468 during the
comparable period. The increase was $19,584, or 10.45%. Other
expenses of the Corporation increased by $24,874, or 8.09%, to
$332,340 for the 1996 period, compared to $307,466
during the same nine month period a year ago. While the
Corporation has recognized a reduction in marketing, promotion
and office supply expense related to the completion of its main
office building project, additional expenses have been incurred
by the Bank through the hiring of a consultant to enhance and
expand the mortgage banking activities of the Bank and its
mortgage banking subsidiary. Cayuga Mortgage has also incurred
additional expense by utilizing a temporary agency to augment its
staffing levels. Additional expense has also resulted from the
timing difference of certain mortgage related origination
expenses.
The Corporation's tax expense totalled $822,670 for the nine
months ending March 31, 1996, an increase of $198,725, or 31.85%,
compared to $623,945 for the comparable nine month period. The
increase is directly related to the Corporation's increase in net
income.
<PAGE)
ELMIRA SAVINGS & LOAN, F.A.
NON-PERFORMING LOANS
Loans are reviewed on a monthly basis and are placed on
non-accrual status when the opinion of management, the collection
of additional interest is doubtful. Residential and commercial
mortgage loans are generally placed on non-accrual when either
principal or interest is more than 90 days past due. Interest
accrued and unpaid at the time a loan is placed on non-accrual
status is charged again interest income. Subsequent payments are
either applied to the outstanding principal balance or recorded
as interest income, depending on the assessment ultimate
collectibility of the loan. Consumer loans are generally charged
off or before the loan becomes 120 days delinquent, although
collection efforts continue.
The following table sets forth information with respect to
the Association's non-performing assets at March 31, 1996 and
June 30, 1995, respectively:
<TABLE>
<CAPTION>
03-31-96 06-30-95
<S> <C> <C>
Loans accounted for on a
non-accrual basis:
Real Estate:
Residential 155,925.30 194,587.00
Commercial 0.00 442,350.79
Consumer/Home Equity 51,424.01 81,324.22
Commercial(Non-Mortgage) 0.00 0.00
Education 0.00 0.00
Consumer 0.00 0.00
Other 0.00 0.00
Total 207,349.31 718,262.01
Accuring loans which are
contractually past due
90 days or more:
Real Estate:
Residential 61,029.83 69,877.09
Commercial 0.00 206,002.87
Consumer/Home Equity 0.00 0.00
Commercial (Non-Mortgage) 0.00 0.00
Education 0.00 0.00
Consumer 10,360.07 0.00
Other 0.00 0.00
Total 71,389.90 275,879.96
Total of non-accrual &
90 days past due loans 278,739.21 994,141.97
Percentage of total loans 0.22% .81%
Other non-performing
assets 123,000.00 149,961.37
</TABLE>
<PAGE>
ELMIRA SAVINGS & LOAN, F.A.
RISK BASED CAPITAL CALCULATION
<TABLE>
The table below presents the Association's capital position
relative to its various minimum statutory and regulatory
requirements at March 31, 1996 and June 30, 1995 respectively:
<CAPTION>
03-31-96 06-30-95
PERCENT PERCENT
OF OF
AMOUNT ASSETS (1) AMOUNT ASSETS (1)
<S> <C> <C> <C> <C>
Tangible Capital 11,706,823.89 8.41% 10,397,045.09 7.63%
Tangible Capital
Requirement 2,087,120.41 1.50% 2,043,672.47 1.50%
Excess 9,619,703.48 6.91% 8,353,372.62 6.13%
Core Capital 11,706,823.89 8.41% 10,397,045.09 7.63%
Core Capital
Requirement 4,174,240.82 3.00% 4,087,344.94 3.00%
Excess 7,532,583.07 5.41% 6,309,700.15 4.63%
Core and
Supplementary
Capital 12,852,321.73 14.06% 11,498,838.94 13.09%
Current
Risk-Based Capital
Requirement. 7,311,657.88 8.00% 7,025,718.07 8.00%
Excess 5,540,663.85 6.06% 4,473,120.87 5.09%
<FN>
(1) Based upon tangible assets for purposes of the tangible
capital and core capital requirements and risk-weighted assets
for purpose of the risk-based capital requirement.
</TABLE>
<TABLE>
<CAPTION>
03-31-96 06-30-95
<S> <C> <C>
Tangible Assets - 139,141,360.72 136,244,831.36
Risk Weighted Assets - 91,395,723.53 87,821,475.93
</TABLE>
<PAGE>
ES&L BANCORP, INC.
PART II
OTHER INFORMATION
Item 1 - Legal Proceedings
Not Applicable
Item 2 - Changes in Securities
Not Applicable
Item 3 - Defaults Upon Senior Securities
Not Applicable
Item 4 - Submission of Matters to a Vote of Security-Holders.
Not Applicable
Item 5 - Other Information
On April 9, 1996, the Board of Directors of ES&L Bancorp, Inc.
declared a cash dividend of $0.17 per share. The total of
dividends to be paid will be $96,051. The dividend will be paid
on May 31, 1996 to stockholders of record on May 17, 1996.
Item 6 - Exhibits and Reports on Form 8-K
Not Applicable
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
ES&L BANCORP, INC.
WILLIAM A. McKENZIE
President and Chief Executive Officer
(Duly Authorized Officer)
J. MICHAEL ERVIN
Sr. Vice President and Chief
Financial Officer
(Principal Financial Officer)
Date: May 14, 1996
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> MAR-31-1996
<CASH> 24687
<SECURITIES> 7735119
<RECEIVABLES> 128402785
<ALLOWANCES> 1389602
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 3694860
<DEPRECIATION> 527954
<TOTAL-ASSETS> 139353067
<CURRENT-LIABILITIES> 126782852
<BONDS> 0
0
0
<COMMON> 5660
<OTHER-SE> 12564555
<TOTAL-LIABILITY-AND-EQUITY> 139353067
<SALES> 0
<TOTAL-REVENUES> 9084227
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 2281542
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 4682004
<INCOME-PRETAX> 2120681
<INCOME-TAX> 822670
<INCOME-CONTINUING> 1298011
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1298011
<EPS-PRIMARY> 2.33
<EPS-DILUTED> 2.33
</TABLE>
