Hometown Bancorp has reported earnings of $13,000, or $0.01 per diluted share, for the fourth quarter ended December 31, 2008 as compared to $217,000, or $0.09 per diluted share, for the fourth quarter ended December 31, 2007.
For the fourth quarter of 2008, net interest income decreased by $14,000 or 0.9% to $1.53 million from $1.54 million for the same quarter of 2007. For the fourth quarter of 2008, net interest margin was 4.39% versus 4.94% in the comparable quarter of 2007.
For the year ended December 31, 2008, the company has reported a net income of $565,000, or $0.25 per diluted share, as compared to $850,000, or $0.47 per diluted share, for the year 2007.
The primary reason for the decline in earnings for both the fourth quarter and the year 2008 was an increase in the company’s provision for loan losses, according to Hometown Bancorp.
Net interest income for the year 2008 was $6.23 million, as compared to $5.8 million for the year 2007. Net interest margin for the year 2008 was 4.66% as compared to 4.75% for the year 2007.
Total assets grew $17.7 million, or 13.3%, to $150.4 million at December 31, 2008 from $132.7 million at December 31, 2007. Loans net, increased $16.5 million, or 13.5%, from $121.5 million at December 31, 2007 to $138 million at December 31, 2008.
