Elmira Savings Bank /zigman2/quotes/207997716/composite ESBK +2.87% said Wednesday it was lowering its quarterly dividend by 35%, to 15 cents a share from a previous payout of 23 cents a share. The new dividend will be payable June 12 to shareholders of record on June 5. "We made a difficult decision to reduce our cash dividend for the current quarter due to the uncertainty of the economic recovery," said Chief Executive Thomas Carr. The Elmira, New York-based savings bank's stock rose 7.4% in afternoon trading. Based on current stock prices, the new annual dividend rate would imply a dividend yield of 5.16%, compared with the yield for the SPDR S&P Regional Banking ETF /zigman2/quotes/200108291/composite KRE -0.74% of 3.86% and the implied yield for the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.12% of 1.94%. The stock has lost 23.0% year to date, while the regional bank ETF has shed 39.2% and the S&P 500 has lost 8.1%.