Tamalpais Bancorp has reported a net income of $850,000, or $0.22 diluted earnings per share, for the fourth quarter of 2008, compared to a net income of $1.14 million, or $0.30 diluted earnings per share, in the same quarter of 2007.
According to the Tamalpais Bancorp, the fourth quarter 2008 results were impacted by a larger loan loss provision than the same period last year, partially offset by a continued increase in net interest income.
For the fourth quarter of 2008, net interest income before provision for loan losses increased by $1.66 million, or 36.5%, over the same period of 2007. The net interest margin widened to 3.71%, up from 3.47% in the comparable quarter of 2007.
Net income for the full year of 2008 was $4.83 million, or $1.26 diluted earnings per share (EPS), compared to net income of $4.21 million, or $1.07 diluted EPS, in 2007, resulting in a 14.7% increase in net income and a 17.8% increase in EPS.
For 2008, net interest income before provision for loan losses increased by $5.75 million, or 32.7%, over 2007. The full year of 2008 net interest margin widened to 3.79%, up from 3.50% in 2007.
The total assets of the company increased to $703.7 million as of December 31, 2008, up $146.8 million, or 26.4% from $556.8 million as of December 31, 2007.
