For the six-month period ended
The decreases in net interest income resulted from: 1) an increase in the
total dollar balances of loans on nonaccrual status and, 2) the total dollar
balances of variable rate loans tied to a decreasing prime interest rate.
Non-performing assets increased approximately
The Company's net interest margin for the second quarter and first six months of 2008 was 3.15% and 3.24%, respectively, compared to 4.75% and 4.70% for the second quarter and first six months of 2007.
Total assets of
The Company's stock is listed on the Nasdaq Global Market under the symbol HABC. Any requests for information regarding the purchase or sale of the common stock can be addressed to: Sterne, Agee and Leach, Inc.; Paine Webber, Inc.; SunTrust Robinson-Humphrey Co., Inc.; AGS Securities, Inc; Wachovia Securities, Inc.; or First Tennessee, market makers for HABC.
HABERSHAM BANCORP FINANCIAL HIGHLIGHTS (Unaudited)(dollar amounts in thousands, except per share amounts) Three Months Ended Six Months Ended Summary of Operations June 30, June 30, 2008 2007 2008 2007 Interest income $6,835 $9,351 $14,438 $18,389 Interest expense 3,558 4,119 7,559 8,098 Net interest income 3,277 5,232 6,879 10,291 Provision for loan losses 654 - 1,077 - Net interest income after provision for loan losses 2,623 5,232 5,802 10,291 Other income 973 933 2,002 1,848 Investment securities gains 161 - 289 5 Other expense 4,653 4,695 9,126 9,281 (Loss) earnings before income taxes (896) 1,470 (1,033) 2,863 Income tax benefit (expense) 521 (436) 717 (844) Net (loss) earnings $(375) $1,034 $(316) $2,019 Net (loss) earnings per share - basic $(.13) $.35 $(.11) $.68 Net (loss) earnings per share - diluted $(.13) $.35 $(.11) $.68 Weighted average number of common shares Outstanding 2,818,593 2,968,593 2,818,593 2,968,593 Weighted average number of common and common equivalent shares outstanding 2,818,593 2,982,724 2,818,593 2,989,065 Cash dividends declared per common share $.10 $.10 $.20 $.20 June 30, December 31, 2008 2007 Balance Sheet Summary Total Assets $503,308 $514,219 Loans, net 336,699 348,251 Deposits 371,944 390,267 Stockholders' Equity 51,733 54,182
SOURCE Habersham Bancorp