Empire Bancorp, Inc. reported unaudited consolidated financial results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported interest income of $7,618,000 against $6,546,000 a year ago. Net interest income was $6,055,000 against $5,666,000 a year ago. Net interest income after provision for loan losses was $5,845,000 against $5,366,000 a year ago. Income before income taxes was $118,000 against $1,316,000 a year ago. Net loss was $1,418,000 or $0.20 per diluted share against net income of $843,000 or $0.12 per basic and diluted share a year ago. Return on average assets was negative 0.63% against 0.44% a year ago. Return on average equity was negative 8.16% against 5.04% a year ago. Interest income increased $38,000, or 0.5% for the fourth quarter of 2017, from the third quarter of 2017, and $1.1 million, or 16.4%, from the fourth quarter of 2016. The increase was attributable to an increase in income from securities available for sale, loans, and securities held to maturity taxable, of $680,000, $313,000 and $54,000, respectively.

For the full year, the company reported interest income of $29,632,000 against $24,868,000 a year ago. Net interest income was $24,716,000 against $21,567,000 a year ago. Net interest income after provision for loan losses was $24,072,000 against $20,935,000 a year ago. Income before income taxes was $4,462,000 against $4,344,000 a year ago. Net income was $1,447,000 or $0.20 per diluted share against $2,790,000 or $0.40 per basic and diluted share a year ago. Return on average assets was 0.17% against 0.39% a year ago. Return on average equity was 2.16% against 4.19% a year ago. Book value per share was $9.26 against $9.07 a year ago. Interest income increased $4.8 million, or 19.2% for year ended 2017 over the year ended December 31, 2016. The increase was principally attributed to an increase in income from both investment securities and loans by $2.9 million and $1.7 million, respectively.

In the fourth quarter of 2017 there were net charge-offs of $17,000 as compared to net charge-offs of $352,000 in the third quarter of 2017.