Temecula Valley Bancorp has reported a net loss of $11.9 million, or $1.18 per share, for the fourth quarter of 2008, compared to a net income of $3.1 million, or $0.30 per diluted share, for the fourth quarter of 2007.
Total revenue, consisting of net interest income and non-interest income, was $11 million for the fourth quarter of 2008, as compared to $20.6 million for the fourth quarter of 2007.
Net interest income was $10.5 million, down 34% from $15.8 million in the fourth quarter of 2007. Net interest margin was 2.90% in the fourth quarter of 2008, compared with the 5.03% in the same quarter of 2007.
For the full year of 2008, the company’s net loss totalled $16 million, or $1.60 per diluted share, compared to earnings of $15.1 million, or $1.41 per diluted share, for the full year of 2007.
The company reported that in 2008, revenue totalled $55.8 million, compared to $82 million in 2007. The net interest margin for 2008 was 3.49%, compared with 5.36% for the year 2007.
Total assets increased 18% year-over-year to $1.56 billion at December 31, 2008, compared to $1.32 billion at December 31, 2007. Total loans increased 13% to $1.40 billion at December 31, 2008 from $1.24 billion at December 31, 2007.
