Greenville Federal Financial Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended Dec. 31, 2017
January 29, 2018
Share
Greenville Federal Financial Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended Dec. 31, 2017. For the quarter the company reported total interest income was $1,629,000 compared to $1,452,000 a year ago. Net interest income was $1,356,000 compared to $1,235,000 a year ago. Net interest income after provision for losses on loans was $1,301,000 compared to $1,195,000 a year ago. Income before income taxes was $324,000 compared to $115,000 a year ago. Net income was $288,000 or $0.14 per share compared to $88,000 or $0.04 per share a year ago. The quarter-to-quarter increase in net income was attributed primarily to an increase in net interest income and a decrease in general, administrative and other expenses. These changes were offset by a decrease in other income, an increase in provision for losses on loans, and an increase in federal income tax expense.
For the year, the company reported total interest income was $6,192,000 compared to $5,705,000 a year ago. Net interest income was $5,241,000 compared to $4,848,000 a year ago. Net interest income after provision for losses on loans was $5,006,000 compared to $4,636,000 a year ago. Income before income taxes was $862,000 compared to $678,000 a year ago. Net income was $717,000 or $0.35 per share compared to $495,000 or $0.24 per share a year ago. The increase in net income was attributed primarily to increases in net interest income and other income, as well as a decrease in federal income taxes. These variances were offset by increases in provision for losses on loans and general, administrative, and other expenses.
Greenville Federal Financial Corporation is the holding company for Greenville Federal. Greenville Federal is a federally chartered savings bank with its main and branch offices in Greenville, Tipp City, and Troy, Ohio. Greenville Federal attracts deposits from, and makes loans in, the Ohio counties of Darke, Preble, Auglaize, Miami, Shelby and Mercer, and the Indiana counties of Randolph and Wayne. Its primary deposit products are checking, savings, and term certificate accounts, and its primary lending products are residential mortgages, commercial, commercial real estate, and consumer loans. Its account services include Online Banking and Bill Pay, ACH Services, Merchant Services, Mobile Wallet, Remote Deposit Capture, Spirit Cards, and Wire Transfers. Using its GF Mobile Banking App, debit card holders can further manage their card activity, look up transactions, establish alerts, track spending, and restrict usage. GF Mobile Banking App also allows various other services.