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For the six months ended June 30, 2008, the company reported earnings of $980,029, or $0.18 per basic share, compared to $2.08 million, or $0.39 per basic share, for the same period of 2007.
As of June 30, 2008, Waccamaw Bankshares reported total assets of $546.23 million, a 25.8% increase over the prior year balance. Total deposits increased by 21.4% to $428.19 million while total loans increased by 15.3% to $381.71 million when compared to the same reporting date in 2007.
Jim Graham, president and CEO of Waccamaw Bankshares, said: "The effects of net interest margin compression continue to impact comparisons with 2007 results. Importantly, though, the expansion of our net interest margin during the second quarter was quite positive and we look forward to an improving margin in the second half of the year."
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