North Central Bancshares has reported that its net income for the fourth quarter of 2008 was $2.48 million, or $1.85 per diluted share, compared to $918,000, or $0.68 per diluted share, for the fourth quarter of 2007.
According to North Central Bancshares, the increase in earnings was primarily attributable to a tax benefit realized in the fourth quarter of 2008 with respect to other-than-temporary impairments on Freddie Mac and Fannie Mae perpetual preferred stock which were recorded in prior periods.
The company’s net loss for the year ended December 31, 2008 was $419,000, or $0.31 per diluted share, compared to net income of $4 million, or $2.93 per diluted share, for the year ended December 31, 2007.
The company said that the decrease in 2008 net income is primarily due to the $6.1 million other-than-temporary impairments on securities available-for-sale, primarily consisting of Freddie Mac and Fannie Mae perpetual preferred stock.
Total assets at December 31, 2008 were $479.2 million, compared to $510.2 million at December 31, 2007. Net loans decreased by $44.5 million, or 10%, to $402.4 million at December 31, 2008, from $446.9 million at December 31, 2007. Deposits decreased $15.7 million, or 4.3%, to $350.2 million at December 31, 2008, from $365.9 million at December 31, 2007.
