Greenville Federal Financial Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016
January 29, 2017
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Greenville Federal Financial Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported total interest income of $1,452,000 compared to $1,390,000 a year ago. Net interest income was $1,235,000 compared to $1,154,000 a year ago. Net interest income after provision for losses on loans was $1,195,000 compared to $1,162,000 a year ago. Net income was $88,000 or $0.04 per basic and diluted share compared to $243,000 or $0.12 per basic and diluted share a year ago. The quarter-to-quarter decrease in net income was attributed primarily to an increase in general, administrative and other expenses and provision for losses on loans.
For the year, the company reported total interest income of $5,705,000 compared to $5,493,000 a year ago. Net interest income was $4,848,000 compared to $4,606,000 a year ago. Net interest income after provision for losses on loans was $4,636,000 compared to $4,556,000 a year ago. Net income was $495,000 or $0.24 per basic and diluted share compared to $625,000 or $0.30 per basic and diluted share a year ago. The decrease in net income was attributed primarily to an increase in general, administrative and other expenses and provision for losses on loans. These increases were offset by increases in net interest income and other income, as well as a decrease in federal income taxes.
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.
Greenville Federal Financial Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016