Team Financial’s net income for the year ended December 31, 2007 was $4.14 million or $1.15 basic and $1.13 diluted income per share, compared to $3.87 million, or $1.03 basic and $1 diluted income per share for 2006, an increase of 7%. For the three months ended December 31, 2007, net interest income increased approximately $328,000, or 5.2%, from the same period last year.
Robert Weatherbie, chairman and CEO of Team Financial, said: During the fourth quarter, we achieved significant loan growth that has positioned us for future revenue growth in 2008. Despite the successful quarter in our core operating activities, the litigation and settlement expenses overshadowed our success.
We opened two new locations in the first half of 2007 and another two locations in the last half of the year, one in Olathe, Kansas in December, and one in Lee’s Summit, Missouri in August. We look forward to these locations having considerable growth and providing a substantial return on investment as they are located in high-growth areas.
