Yadkin Valley Financial has reported that its net income for the fourth quarter of 2008 totaled $217,000, or $0.02 per diluted share, compared to $3.1 million, or $0.29 per diluted share, in the fourth quarter of 2007.
For the fourth quarter of 2008, net interest income reached $9.9 million, a decrease of 6% compared to $10.5 million in the fourth quarter of 2007. For the fourth quarter of 2008, the net interest margin decreased by 101 basis points to 3.02% from the 4.03% in the fourth quarter of 2007.
Net income for the year ended December 31, 2008 was $6.7 million, or $0.59 per diluted share, compared to $14.7 million, or $1.37 per diluted share, for the year ended December 31, 2007.
For the year 2008, net interest income decreased to $40.26 million from $41.89 million for the year 2007. The net interest margin was 3.31% for the year 2008 versus 4.20% for the year 2007.
Total assets as of December 31, 2008 were $1.53 billion, as compared to $1.21 billion as of December 31, 2007. At December 31, 2008, total deposits increased to $1.16 billion as of December 31, 2007.
