Green Bankshares, a holding company for GreenBank, has reported a net income available to common shareholders of $3.55m, or $0.27 per diluted share, for the first quarter ended March 31, 2009, compared with a net income available to common shareholders of $7.18m, or $0.56 per diluted share, for the first quarter of 2008.
Net interest income for the first quarter of 2009 totaled $19.43m, net of interest reversals of almost $519,000, compared with net interest income of $24.47m in the same period in 2008.
At March 31, 2009, the company’s total assets declined slightly to $2.79 billion compared with $2.91 billion at March 31, 2008.
Stan Puckett, chairman and CEO of Green Bankshares, said: Although net income for the first quarter was below the level reported in the same period last year, reflecting the increasing intensity of the nation’s economic recession during the intervening time, we are pleased that the company returned to profitability in the first quarter.
Clearly, we cannot predict the further effects of the current recession or how long it may last, so we remain cautious in our outlook for the year knowing that tougher conditions probably lie ahead.
