For the full-year period of 2007 net earnings were $4.22 billion, or $0.84 per diluted share, compared to $5.20 billion, or $1.02 per diluted share for the full-year period of 2006. Net interest income increased by $801,000 to $30.3 million for the full-year period of 2007, compared to $29.5 million for the full-year period of 2006.
Douglas Biddle, president and CEO, said: Our 2007 earnings, although solid, did fall somewhat short of our previous year’s record earnings. While I’m pleased to report the company has never been involved in sub-prime lending, we have experienced lower loan demand and higher funding costs in 2007 similar to many other financial institutions.
