The company has said that the decrease in net income is attributable to the company’s realization of a one-time gain of $1.1 million during 2006 resulting from the company’s investment in another financial institution, an increase in the company’s provision for loan losses and a decrease in net interest margin during 2007.
Don Boggus, president and CEO, said: During the fourth quarter of 2007, we continued to experience the effects of the deteriorating housing and real estate markets, as well as the general credit and liquidity crises that have negatively affected local, national and global markets.
