Wainwright Bank & Trust has reported a consolidated net income of $1.56m, or diluted earnings per share of $0.16, for the first quarter of 2009, compared to $1.18m, or diluted earnings per share of $0.14, for the corresponding quarter of 2008.
Net interest income was $7.72m for the first quarter of 2009, an increase of $972,000 or 14% compared to $6.75m in the same quarter of 2008. The bank’s net interest margin rose to 3.09% in the first quarter of 2009 compared to 3.02% for the same quarter of 2008.
Total non-interest income was $1.42m for the first quarter of 2009, an increase of $242,000 or 28% compared to $1.18m for the same quarter of 2008.
The bank’s weighted average earning assets increased $117m or 13%, to $1.01 billion from $898m for the three months ending March 31, 2009 and 2008, respectively. The average outstanding loan balances increased $121m or 17%, from the first quarter of 2008 to $827m in the first quarter of 2009.
Jan Miller, president and CEO of Wainwright Bank & Trust, said: The bank is pleased to announce growth in earnings during these difficult economic times. Our 25% growth in residential loans, in a challenging market, reflects our commitment to providing housing financing. We also believe that borrowers appreciate the opportunity to conduct business with a local, socially conscious community bank. In the first quarter of this year we have made more than $23m in new residential loans and have over $50m in our pipeline.
