Heartland Bancshares has reported a net income of $88,000, or $0.06 basic and diluted earnings per share, for the first quarter ended March 31, 2009, compared to $230,000, or $0.16 basic and diluted earnings per share, for the same period of 2008.
The company has said that the decline in first quarter net income was primarily due to the increase in provision for loan losses and higher non-interest expenses related to the opening of Heartland’s fifth branch location in March 2008 and sixth branch location in December 2008.
Heartland Bancshares has reported a net interest income of $2.02m for the first quarter ended March 31, 2009, compared to $1.76m for the same period of 2008. The company has reported total assets of $229.47m at March 31, 2009, compared to $230.18m for the same period of 2008.
Heartland Bancshares has reported non-interest income of $616,000 for the first quarter ended March 31, 2009, compared to $594,000 for the same period of 2008.
Steve Bechman, president of Heartland Bancshares, said: We are pleased to report improvements from the first quarter 2008 in net interest income and non-interest income combined with loan and deposit growth from December 31, 2008. We continue to monitor our credit quality closely and recorded provision expense at a level close to our net charge-offs for the quarter.
