For the full-year period of 2007, net income was $33.6 million, equal to $2.59 per diluted share, compared to $38.3 million, or $2.95 per diluted share for the full-year period of 2006.
Jack Sweeney, chairman of the board, said: 2007 represented a year of achievement for First Regional despite a challenging environment. Revenues from earning assets increased to $171.5 million in 2007 from $161.7 million in 2006, but the actions of the federal reserve to reduce interest rates in the second half of 2007 put pressure on our net interest margins in that period and will continue to be a factor going forward.
