Elmira Savings Bank FSB of New York says the record income it posted last year was aided, in large part, by its mortgage origination business. The thrift earned $4.5 million in 2009, compared to a profit of $3 million the year prior. Mortgage loan originations totaled $104 million last year, an increase of $40 million, or 63%, over the $64 million originated in 2008. Michael P. Hosey, president and chief executive, said "This level of mortgage originations and associated fee income, derived from secondary mortgage market sales, gives us the flexibility to accumulate a significant amount of short term funds that we will have available to invest in future periods when we expect interest rates to be higher."
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