CORNELIA, Ga., May 1 /PRNewswire-FirstCall/ -- Habersham Bancorp (Nasdaq:
HABC) reports first quarter earnings of $59,000 or $.02 per diluted share, a
decrease of 94% when compared to first quarter earnings of $984,000 or $.33
per diluted share in the first quarter of 2007.
The decrease in total earnings resulted principally from a decrease in net
interest income of approximately $1.5 million and additional expense from a
provision for loan loss of approximately $423,000. The decrease was partially
offset by an increase in noninterest income of approximately $237,000 and a
decrease in noninterest expense of approximately $112,000 when comparing the
first quarter of 2008 as compared to the first quarter of 2007. The decrease
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. Nonperforming
assets increased approximately $8.9 million from December 31, 2007 to March
31, 2008 as a result of increases in nonaccrual loans and other real estate
totaling $5.0 million and $3.9 million, respectively.
The net interest margin for the first quarter of 2008 was 3.31% when
compared to 4.65% for the first quarter of 2007. Average interest-bearing
assets and average interest-bearing liabilities increased approximately $.6
million and $30.6 million, respectively, when comparing first quarter of 2008
to first quarter of 2007.
Total assets of $521.6 million at March 31, 2008 reflect an increase of
$7.4 million or 1.44% from $514.2 million at December 31, 2007. Increases in
the investment securities portfolios, cash and cash equivalents balances and
in other assets of approximately $6.8 million, $6.6 million and $4.7 million,
respectively, were offset by deceases in the loan and loans held for sale
portfolios of approximately $10.7 million.
HABERSHAM BANCORP FINANCIAL HIGHLIGHTS
(Unaudited)
(dollar amounts in thousands, except per share amounts)
Three Months Ended
Earnings Summary March 31,
2008 2007
Interest income $ 7,603 $ 9,038
Interest expense 4,000 3,980
Net interest income 3,603 5,058
Provision for loan losses 423 -
Net interest income after provision
for loan losses 3,180 5,058
Other income 1,030 915
Investment securities gains 127 5
Other expense
4,474 4,586
Earnings before income tax expense (137) 1,392
Income tax (benefit) expense 408
(196)
Net earnings $ 59 $ 984
Net earnings per share - basic $ .02 $ .33
Net earnings per share - diluted $ .02 $ .33
Weighted average number of common
shares outstanding 2,818,593 2,968,593
Weighted average number of common and common
equivalent shares outstanding 2,818,593 2,995,405
Cash dividends declared per common share $ .10 $ .10
March 31, December 31,
Balance Sheet Summary 2008 2007
Total Assets $ 521,640 $ 514,219
Loans, net 338,563 348,251
Deposits 402,695 390,267
Stockholders' Equity 54,062 54,182
SOURCE Habersham Bancorp