Annualized returns on average common equity (“ROE”) and average assets (“ROA”) for the quarter were 8.50% and 0.77%, respectively, compared with 6.58% and 0.61% for the fourth quarter of 2011.
For the full year of 2012, the Company reported net income of $4.5 million, or $1.66 per basic and diluted share, as compared to $3.7 million, or $1.35 per basic and diluted share in 2011. Full year ROE and ROA were 8.85% and 0.80%, respectively, compared to 7.57% and 0.78% in 2011.
Eddie Steiner, President and CEO commented, “Net interest income increased for the eighth consecutive quarter, and non-interest income increased for the fourth consecutive quarter. While margins remain historically tight, our ability to attract and grow customer relationships has been instrumental in driving our revenue stream. We plan to continue this focus on building customer relationships as we do not anticipate significant margin expansion as long as interest rates remain at or near historic lows.”
Revenue totaled $5.7 million for the fourth quarter of 2012, a 9.5% increase from the prior-year fourth quarter. Full year revenue of $22.1 million reflects a $2 million, or 9.9%, increase as compared to full year 2011.
Non-interest expense amounted to $3.8 million during the quarter, an increase of $70 thousand, or 2% from fourth quarter 2011. For the full year ended December 31, 2012, non-interest expense increased $841 thousand, or 6% versus 2011, with the majority of the change attributable to the Company’s increased operating size from the fourth quarter 2011 acquisition of banking centers in Wooster, Ohio.
The Company’s fourth quarter efficiency ratio amounted to 63.6% as compared to 71.5% for the same quarter in the prior year. The full year 2012 efficiency ratio of 64.8% compares to 68.1% for the full prior year.
Federal income tax provision was $475 thousand for fourth quarter 2012, compared to $324 thousand for the same quarter in 2011. Full year income tax of $2.0 million for 2012 was 24% higher than prior year and reflects an effective tax rate of 30.4% for current year versus 30.3% in 2011.