Greater Sacramento Bancorp, parent company of Bank of Sacramento, has reported a net income of $460,000, or $0.18 per diluted share, for the first quarter ended March 31, 2009 which represented a 41% decline compared to the $783,000, or $0.3 per diluted share, reported for the first quarter of 2008.
Net interest income of $3.68m for the first quarter of 2009 was up slightly from the first quarter 2008 figure of $3.65m.
Total deposits at March 31, 2009 were $303.8m, up 6.3% over the March 31, 2008 figure of $285.8m. Total Assets increased 6.8% to $353.6m at March 31, 2009, compared to $331.1m at March 31, 2008.
William Martin, CEO, said: As has been stated in previous quarters the vast majority of the bank’s problem loans were identified during the first half of 2008. We are now seeing positive results from our efforts to move these credits through the collection process. Although the economic climate remains challenging, we believe we are well positioned to continue to reduce our non-performing and OREO totals thereby reducing legal and carrying costs and improving profitability. However, it is a time consuming process that we envision will continue through the balance of 2009.
