Mountain Bancorp has reported a net income of $121,416, or $0.08 per share, for the fourth quarter ended December 31, 2008, compared to a net loss of $159,663, or $0.10 per share, for the same quarter of 2007.
The company has reported a consolidated net income of $199,421, or $0.13 per share, for the year ended December 31, 2008, compared to $1.05m, or $0.68 per share, for the year ended December 31, 2007.
Mountain Bancorp has reported a net interest income of $1.31m for the fourth quarter ended December 31, 2008, compared to $1.02m for the same quarter of 2007. The company has reported a net interest income of $5.14m for the year ended December 31, 2008, compared to $6.69m for the year 2007.
Jack Briner, CEO of Mountain Bancorp, said: The final quarter of 2008 continued to be a challenging time for financial institutions, including the company.
However, while many financial institutions reported significant losses for the quarter and for the year, we are happy to report that First Mountain Bancorp and our subsidiary, First Mountain Bank, remain profitable, well-capitalised, have no debt, no brokered deposits, minimum past due loans, a diversified loan portfolio, manageable loan concentrations, and a conservative and successful business model.
