Northern States Financial Corporation, the holding company of NorStates Bank, has posted a net loss of $7.54m, or $1.85 per share, for the fourth quarter ended December 31, 2008, compared to a net income of $1.23m, or $0.29 per share, in the fourth quarter of 2007.
Total interest income for the fourth quarter of 2008 was $7.71m, compared to $9.74m in the fourth quarter of 2007.
For the year ended December 31, 2008, the company has reported a net loss of $9.27m, or $2.26 per share, in 2008, compared to earnings of $4.39m, or $1.05 per share, for the same period in 2007.
For the full year 2008, the company’s total interest income was $34.87m, compared to $38.42m in 2007.
Scott Yelvington, president of NorStates Bank, said: We believe we have taken the necessary steps to be proactive and conservative in order to address the extraordinary economic conditions we, like so many financial institutions nationwide, are facing. The economy also caused us to recognise some losses on our investment securities.
