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For the quarter, net interest income was $10.6 million, compared to $10.7 million in the third quarter of 2007. The net interest margin decreased 91 basis points to 3.33% compared to 4.24% in the same quarter a year ago.
Net income for the nine months ended September 30, 2008, decreased to $6.43 million from a net income of $11.62 million reported during the nine months ended September 30, 2007. Net interest income for the period was $30.35 million, as compared to $31.35 million in the same period in the previous year.
Total assets increased $325.4 million, or 28% compared to the third quarter of 2007. Total loans increased $261.7 million, or 31%, and total deposits grew $158.8 million, or 17% compared to the third quarter of 2007.
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