Empire Bancorp, Inc. Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter of 2017
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.