American has also reported that the diluted earnings per common share for the period increased to $0.72, compared to $0.60 for the same period in 2006. American’s earnings were higher for the year due to an increase in net interest income of $420,000 as a result of an $18 million increase in earning assets which was partially offset by a 20 basis point decrease in average net interest margin. In addition the provision for loan losses decreased $1.6 million to $1 million in 2007 as compared to $2.6 million in 2006.
Total assets as of December 31, 2007 were $505.3 million, compared to $494.7 million on the same period in 2006, an increase of $10.6 million or 2.1% and total loans for the period raised to $387.2 million, an increase of $22.4 million or 6.1%, over the $364.8 million reported at December 31, 2006. For the quarter ended December 31, 2007, earnings decreased by 22% to 1.11 million from the earnings of 1.43 million for the same quarter in 2006.
