Basic and diluted income per share were $0.92 and $0.90, respectively, in the 2007 period, compared to $0.30 for both basic and diluted income per share in the 2006 period. Total assets at September 30, 2007 were $199.7 million, compared to $180.1 million at September 30, 2006, an increase of $19.6 million or 10.9%. During the same period, total loans increased to $154.9 million from $151.8 million, an increase of $3.1 million or 2.1%.
John Mallard, president and CEO of Cardinal State Bank, said: While our overall growth in the balance sheet was good, we were disappointed in the increase in our loan portfolio. We continue to see pressures on our net interest margin in addition to softening in overall loan demand. Our merger with Yadkin Valley Financial Corporation is progressing and we anticipate closing of the transaction in the first quarter of 2008 pending shareholder and regulatory approval.
