Elmira Savings Bank announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net interest income of $4,018,000, net interest income after provision for loan losses of $3,878,000, income before income taxes of $1,511,000, net income attributable to company of $1,031,000, income available to common shareholders of $805,000 and diluted earnings per share of $0.29 compared to net interest income of $3,772,000, net interest income after provision for loan losses of $3,772,000, income before income taxes of $1,378,000, net income attributable to company of $1,119,000, income available to common shareholders of $842,000 and diluted earnings per share of $0.30 a year ago period. Annualized return on average assets was 0.76% against 0.85% a year ago. Annualized return on average equity was 7.34% against 7.75% a year ago. This decrease in net income was the net result of a decrease in noninterest income of $140,000 and an increase in the provision for losses of $140,000, offset by an increase in net interest income of $246,000 and a decrease in noninterest expense of $167,000.

For the full year, the company reported net interest income of $15,412,000, net interest income after provision for loan losses of $15,005,000, income before income taxes of $5,260,000, net income attributable to company of $3,665,000, income available to common shareholders of $2,765,000 and diluted earnings per share of $0.99 compared to net interest income of $15,053,000, net interest income after provision for loan losses of $14,738,000, income before income taxes of $6,443,000, net income attributable to company of $5,054,000, income available to common shareholders of $3,839,000 and diluted earnings per share of $1.40 a year ago period. Book value per share as at December 31, 2014 was $16.91. Return on average assets was 0.70% against 0.97% a year ago. Return on average equity was 6.60% against 8.51% a year ago. This decrease in net income was the net result of a decrease in noninterest income of $799,000, an increase in noninterest expense of $641,000, and an increase in income tax expense of $216,000, offset by an increase in net interest income of $359,000.

The company reported net charge offs of $94,000 for the fourth quarter of 2014.