It was a banner year for Elmira Savings Bank.

The $499 million-asset company in Elmira, N.Y., reported Tuesday that it earned $4.5 million in 2009, up 50% from a year earlier. The company said the record earnings outpaced its projections for an expansion in the Finger Lakes market in 2007.

The company earned $1.25 million in the fourth quarter, up 9% from a year earlier, when it had a $1.65 million gain on a branch sale. Driving the higher annual profit was a 14.5% rise in net interest income.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.