Peoples Bancorp of North Carolina has reported a net income of $398,000, or $0.07 basic and diluted net income per share, for the fourth quarter ended December 31, 2008, down as compared to $1.6 million, or $0.28 basic and diluted net income per share, for the same quarter in 2007.
Net interest income for the fourth quarter of 2008 decreased 2% to $8.1 million, compared to $8.3 million for the same quarter of 2007.
Year-to-date net income as of December 31, 2008 was $6.4 million, or $1.14 basic net income per share and $1.13 diluted net income per share, as compared to $9.6 million, or $1.68 basic net income per share and $1.65 diluted net income per share, for the same period one year ago.
Year-to-date net interest income as of December 31, 2008 decreased 4% to $32.8 million compared to $34.1 million for the same period in 2007.
Tony Wolfe, president and CEO of Peoples Bancorp of North Carolina, attributed the decrease in fourth quarter earnings to a decrease in net interest income and an increase in provision for loan losses. He noted that the decline in earnings for the fourth quarter reflects the impact of the current financial crisis that has caused steeply declining real estate values and lower levels of new home sales.
