Elmira Savings Bank announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported 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 compared to net interest income of $3,739,000, net interest income after provision for loan losses of $3,697,000, income before income taxes of $1,925,000, net income attributable to company of $1,299,000, income available to common shareholders of $893,000 and diluted earnings per share of $0.33 a year ago period. Annualized return on average assets was 0.85% against 0.97% a year ago. Annualized return on average equity was 7.75% against 7.72% a year ago. The decrease in net income was the net result of a decline in noninterest income of $350,000 and an increase of $272,000 in noninterest expense, offset by an increase in net interest income of $33,000, a reduction in tax expense of $367,000, and a reduction in the provision for loan losses of $42,000.

For the full year, the company reported net interest income of $15,053,000, net interest income after provision for loan losses of $14,738,000, income before income taxes of $6,433,000, 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 compared to net interest income of $15,089,000, net interest income after provision for loan losses of $14,626,000, income before income taxes of $7,732,000, net income attributable to company of $5,213,000, income available to common shareholders of $3,604,000 and diluted earnings per share of $1.37 a year ago period. Book value per share as at December 31, 2013 was $16.64. Return on average assets was 0.97% for the twelve months ended December 31, 2013 compared to 0.99% for the same period in 2012. Return on average equity was 8.51% for the twelve months ended December 31, 2013 compared to 7.92% for the same period in 2012. The decrease in net income was the net result of a decline in net interest income of $36,000, a decrease in noninterest income of $493,000, and an increase in noninterest expense of $918,000, offset by a reduction in tax expense of $1,140,000 and a reduction in the provision for loan losses of $148,000.