Empire National Bank reported unaudited earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported interest income of $3,769,000 against $3,905,000 for the same period last year. Net interest income was $3,297,000 against $3,261,000 for the same period last year. The increase in the net interest income of $36,000 was primarily due to a decrease in interest expense of $172,000 which was partially offset by a decrease in interest income of $136. Income before income taxes was $382,000 against $709,000 for the same period last year. Net income was $376,000 or $0.09 per diluted share against $1,428,000 or $0.34 per diluted share for the same period last year. Tax benefits recognized in the fourth quarter of 2011 as compared to the provision for income taxes in the fourth quarter of 2012 resulted in a reduction to net income of approximately $725,000. Return on average assets was 0.35% against 1.67% for the same period last year. Return on average equity was 3.53% against 15.81% for the same period last year.

For the year, the company reported interest income of $15,696,000 against $14,765,000 for the same period last year. Net interest income was $13,428,000 against $12,249,000 for the same period last year. The increase in net interest income of $1.2 million in 2012, as compared to 2011, was primarily attributable to an increase in the average balance of interest earning assets of $65.6 million. Income before income taxes was $2,552,000 against $3,890,000 for the same period last year. Net income was $3,624,000 or $0.83 per diluted share against $4,609,000 or $1.09 per diluted share for the same period last year. The decrease in net income was primarily attributable to an increase in other expenses of $1.5 million, a decrease in net securities gains of $783,000, an increase in provision of loan losses of $285,000; partially offset by an increase in net interest income of $1.2 million. Return on average assets was 0.90% against 1.39% for the same period last year. Return on average equity was 8.90% against 13.92% for the same period last year. Book value per share as at December 31, 2012 was $9.64 against $8.60 as at December 31, 2011.