Gateway Financial has reported that its diluted earnings per share were $0.89 for 2007, increased 89.4% from $0.47 reported for the same period of 2006. For the fourth quarter of 2007, the company has reported a net income of $2.3 million, up $867,000 from the $1.4 million reported for the same period in 2006.
The company’s diluted earnings per share were $0.17 for the current quarter, an increase of 30.8% over the $0.13 diluted earnings per share for the comparable quarter of 2006. Total revenue was $17.7 million for the fourth quarter of 2007, an increase of 41.1% above the $12.5 million reported for the fourth quarter of 2006.
Ben Berry, chairman, president and CEO of Gateway Financial Holdings, said: The outstanding earnings for the year were a direct result of executing our strategic growth plan including the expansion of our non-banking activities, which has grown our revenues 44.5% over the past 12 months. Our maturing financial centers are becoming increasingly profitable each quarter which is a major contributor to this growth.
