The company has reported a net interest income of $5.76 million for the fourth quarter of 2007, an increase of 6% compared to $5.44 million for the same period of 2006.
For the full-year period ended December 31, 2007, net income was $1.11 million, or $0.08 per share, a decrease of 78% compared to $5.12 million, or $0.38 per share for the corresponding period of 2006. Net interest income was $22.38 million for the full-year period of 2007, an increase of 3% compared to $21.66 million for the same period of 2006.
Non-performing loans relative to total loans increased to 1.10% at December 31, 2007, compared with 1.05% in the third quarter of 2007 and 0.47% at December 31, 2006.
Robert Larison, Jr, president and CEO, said: Clearly, the fourth quarter was characterized by ongoing weakness in the real estate market, both nationally and in northeast Florida, as indicated by increased delinquencies and declines in real estate values.
