The bank’s earnings for the fourth quarter were impacted by non-recurring revenue and expense items. The fourth quarter earnings were also impacted by an additional provision of allowance for loan losses.
For the full-year period ended December 31, 2007, net income was $1.13 million, or $1.33 per diluted share, compared to $716,933, or $0.84 per diluted share for the full-year period of 2006.
Martin Geitz, president and CEO, said: Our focus in 2007 has been on growing earnings through disciplined loan and deposit pricing and diversifying our sources of revenue to become less reliant on spread income. We were pleased to see these efforts produce an increase in our net interest margin and increases in fee income.
