The BancTrust Financial Group has reported a net loss available to common shareholders of $3.6 million or $0.21 per diluted share in the fourth quarter of 2008, compared to a net income available to common shareholders of $120,000 or $0.01 per diluted share in the fourth quarter of 2007.
The net interest revenue for the fourth quarter of 2008 declined 22.7% to $13.5 million, compared to $17.5 million in the fourth quarter of 2007. Total non-interest revenue decreased 6% to $5.4 million, compared to $5.8 million in the fourth quarter of 2007.
The company has reported a net income available to common shareholders of $1.1 million or $0.06 per diluted common share in 2008, compared to a net income available to common shareholders of $6.2 million or $0.49 per diluted common share in 2007.
The net interest income increased 13.2% to $60.9 million in 2008, compared to $53.8 million in 2007. Non-interest income increased 51.5% to $23 million in 2008, compared to $15.2 million in 2007.
Bibb Lamar Jr, president and CEO of the BancTrust Financial Group, said: We are pleased that BancTrust reported a profit for 2008 in light of the recession’s impact on the economy, particularly in our Gulf Coast markets that have been hard hit by falling real estate prices. Our earnings for 2008 benefited from continued growth in our core South Alabama market and the acquisition of Peoples BancTrust.
