Elmira Savings Bank Reports Un-Audited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017
For the year, the company reported total interest and dividend income of $20.546 million compared to $20.888 million a year ago. Net interest income was $16.548 million compared to $16.520 million a year ago. Net interest income after provision for loan losses was $15.653 million compared to $16.033 million a year ago. Income before income taxes was $5.206 million compared to $6.331 million a year ago. Net income attributable to the company was $4.851 million or $1.28 per diluted share compared to $4.337 million or $1.25 per diluted share for the last year. This increase was the net result of a decrease in income tax expense of $1.6 million and an increase in net interest income of $28,000, offset by decrease in noninterest income of $463,000, an increase in the provision for loan losses of $408,000, and an increase in noninterest expense of $282,000. Book value per share was $17.07 as on December 31, 2017 against $16.74 as on December 31, 2016. Return on average assets was 0.86% compared to 0.76% for the same periods in 2016. Return on average equity was 7.78% compared to 7.77% for the same periods in 2016.
For the quarter, the company reported net charge-offs was $0.528 million against $0.231 million a year ago.