Loans grew by $95.2 million to $474.7 million, an increase of 25.1% over total loans of $379.5 million as of December 31, 2006. Deposits rose by $95.1 million, a 25.3% increase, to $471.8 million, compared to $376.7 million as of December 31, 2006.
For the year ended December 31, 2007, First National posted net income of $4.06 million, a slight increase over net income for the year ended December 31, 2006. Earnings per diluted share were $0.84 as compared to $0.94 per diluted common share for the same period last year, or a decrease of 10.6%.
Net interest income for the year ended December 31, 2007 increased by 23.6%, or $3.3 million, as compared to the same period in 2006.
Jerry Calvert, president and CEO of First National Bancshares, said: We made significant progress on our strategic plan for growth and expansion during the year as we added to the infrastructure of our company. We increased our retail banking presence in the growth markets of our state, as we opened our sixth and seventh full-service branches during 2007.
Our financial performance has been stable in a market affected by significant volatility. The current economic conditions have created uncertainty in many industries. However, as we have grown our franchise over the past few years, we have continued to strengthen our infrastructure. We will continue to focus on thoughtful, deliberate and quality growth in assets and earnings.
