Roma Financial, the holding company of Roma Bank and RomAsia Bank, has reported consolidated net income of $1.2m for the fourth quarter ended December 31, 2008, a decrease of $0.4m compared to the same quarter of 2007.
For the fourth quarter of 2008 net interest income was $7.6m, compared to $6.7m in the same quarter of 2007.
For the year ended December 31, 2008 consolidated net income was $4.7m, a decrease of $2.5m compared to 2007. For 2008 net interest income was $28.4m, compared to $28m in 2007.
At December 31, 2008 the company had consolidated assets, deposits, borrowings and equity of $1.1 billion, $764.2m, $86.9m and $211.4m, respectively.
The company said that the decrease in net income for 2008 as compared to 2007 was primarily due the increase in non-interest expense relating to the opening of five new branches in 2008, six months of operation of RomAsia Bank, the inclusion of the 2008 equity incentive plan costs, and the increase in interest expense on borrowings.
Peter Inverso, president and CEO of Roma Financial, said: Although earnings were considerably less than in the prior year, they underscore the inherent strength and resilience of the company in contending with the challenges of an economy in desperate straits, competition and growth. Net income in 2008 vividly reflected the impact of digesting the costs associated with the IPO envisioned expansion programme, while assets, loans and deposits each reached record levels.
