Empire Bancorp, Inc. Reports Unaudited Consolidated Financial Results for the Third Quarter and Nine Months Ended Sept. 30, 2017; Reports Net Charge-Offs for the Third Quarter Ended Sept. 30, 2017
For the nine months, the company reported interest income of $22,014,000 against $18,322,000 a year ago. Net interest income was $18,661,000 against $15,901,000 a year ago. Net interest income after provision for loan losses was $18,227,000 against $15,569,000 a year ago. Income before income taxes was $4,344,000 against $3,028,000 a year ago. Net income was $2,865,000 or $0.39 per diluted share against $1,947,000 or $0.28 per basic and diluted share a year ago. Return on average assets was 0.46% against 0.37% a year ago. Return on average equity was 5.78% against 3.91% a year ago. Book value per share was $9.75 against $9.88 a year ago. Interest income increased $3.7 million, or 20.2% for the first nine months of 2017 over the same period in 2016. The increase was principally attributed to an increase in income from both securities available for sale and loans by $2.1 million and $1.4 million, respectively.
In the third quarter of 2017 there were net charge-offs of $352,000 as compared to net charge-offs of $199,000 in the second quarter of 2017 and $111,000 in the third quarter of 2016.