Elmira Savings Bank reported un-audited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total interest and dividend income of $5.134 million compared to $5.198 million a year ago. Net interest income was $4.142 million compared to $4.155 million a year ago. Net interest income after provision for loan losses was $3.562 million compared to $3.980 million a year ago. Income before income taxes was $0.245 million compared to $1.487 million a year ago. Net income attributable to the company was $1.449 million or $0.39 per basic and diluted share compared to $1.049 million or $0.30 per basic and diluted share for the last year. This increase was the net result of a decrease in income tax expense of $1.6 million, offset by a decrease in noninterest income of $197,000, an increase in noninterest expense of $627,000, a decrease in net interest income of $13,000, and an increase in the provision for loan losses of $405,000. Annualized return on average assets was 1.03% compared to 0.73% a year ago. Annualized return on average equity was 9.04% compared to 7.38% for the last year.

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.