Net interest income for the fourth quarter of 2008 was $2.82 million, compared to the $3.64 million for the same period in 2007. The net interest margin for the fourth quarter of 2008 declined 50 basis points to 2.29% as compared to 2.79% for the same quarter of 2007.
For the full year of 2008 net loss was $9.02 million, or $1.77 per diluted share, as compared to net loss of $2.84 million, or 0.53 per diluted share, for the year 2007.
Net interest income for the year ended December 31, 2008 was $12.36 billion, as compared to $17.47 billion for the year 2007. The net interest margin for the year 2008 was 2.52% versus 3.22% for the year ended December 31, 2007.
Thomas Young, Jr, president and CEO of Alliance Bankshares, said: Despite the continued stress on the nation’s financial markets, Alliance continues to be focused on a strategic reduction in the most cyclical areas of our commercial real estate portfolio. Alliance has seen the levels of nonperforming assets drop from 4.49% as of December 31, 2007 to 2.91% as of December 31, 2008.
