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Year-to-date net income totaled $362,000 versus $1.01 million in the first nine months of 2007. According to the company, 2008 earnings have been adversely affected by the dramatic decline in interest rates during the past year.
Year-to-date non-interest income was $1.84 million, compared to $1.49 million for the first nine months in the previous year. This increase was mainly attributable to continued growth in the bank's wealth management business where revenues grew by 23% over this same period.
Total assets increased by 21% to $151 million from September 30, 2007 to September 30, 2008. Over the same period, total loans increased by 37% to $120 million, and deposits increased by 23% to $129 million.
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