The SI Financial Group has reported a net income of $927,000, or $0.08 per diluted share, for the fourth quarter ended December 31, 2008, compared to $458,000, or $0.04 per diluted share, for the fourth quarter ended December 31, 2007.
For the fourth quarter of 2008, net interest income increased 14% to $6.19 million from the $5.43 million for the same quarter of 2007. Net interest margin for the fourth quarter of 2008 was 3.04% versus 2.92% for the comparable period in 2007.
The company has reported a net loss for the year ended December 31, 2008 of $2.9 million, or $0.25 per diluted share, compared to net income of $1.4 million, or $0.12 per diluted share, for the year ended December 31, 2007.
For the year 2008, net interest income was $24.04 million, representing a growth of 11.5% from $21.56 million posted in 2007. Net interest margin for the year 2008 was 3% as compared to 2.98% for the year 2007.
Total assets increased $62.9 million, or 8%, to $853.1 million at December 31, 2008 from $790.2 million at December 31, 2007. Total liabilities were $780.2 million at December 31, 2008, compared to $708.1 million at December 31, 2007.
