For the year 2007, net income was $1.85 million, or $0.84 per common share, compared to $1.99 million, or $0.91 per common share, for the same period of 2006.
Interest income totaled $11.91 million for the full year of 2007, compared to $11.74 million in 2006; fourth quarter interest income was $2.91 million and $3.03 million for 2007 and 2006, respectively.
Jim Clark, president and CEO, said: Our year-end earnings were down slightly when compared with the prior record. This decline stems from a combination of a narrowing net interest margin and a $120 million additional provision to the loan loss allocation in the fourth quarter.
