Empire National Bank Reports Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2012
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.