Fourth quarter net income of $1.48 million was down 22% from the $1.89 million reported in the same period of 2006. Basic and diluted earnings per share in the fourth quarter of 2007 were $0.55, a decline of 21% from the $0.70 reported for the fourth quarter of 2006.
Patrick Gill, president and CEO of Oak Financial, said: Despite unprecedented challenges to the Michigan economy, our 2007 earnings represented near-record performance. In fact, net income was the second-best in the long history of our company. Our exceptional team remains committed to helping our customers and shareholders achieve prosperity in all economic environments.
