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According to Fidelity Southern, the decrease in net income for the first quarter of 2009 compared to the prior year was primarily the result of a higher provision for loan losses due to higher charge-offs and adverse credit trends in the real estate construction and in the consumer loan portfolios requiring an increase in the allowance for loan losses.
Net interest income for the first quarter of 2009 decreased 6.1% to $10.99 million from $11.71 million for the same period in 2008. The net interest margin decreased 23 basis points to 2.71% in the first quarter of 2009 from 2.94% in the first quarter of 2008.
As of March 31, 2009, total assets were $1.87 billion, compared to $1.73 billion as of March 31, 2008.
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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
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