New book by Larry Connors Click here Improve your trading - See how
The decrease resulted principally from decreases in net interest income of approximately $1.1 million and an additional expense from provisions for loan losses of approximately $1.4 million. Decreases in net interest income resulted from: 1) an increase in the total dollar balances of loans on nonaccrual status and 2) the total balances of variable rate loans tied to a decreasing interest rate. Nonperforming assets increased approximately $340,000 from December 31, 2008 to March 31, 2009 as increases in other real estate totaling approximately $5.0 million were offset by decreases in nonaccrual loans and accruing loans 90 days past due of approximately $4.0 million and $676,000, respectively.
The net interest margin for the first quarter of 2009 was 2.38% when compared to 3.31% for the first quarter of 2008. Average interest-earning assets decreased approximately $16.9 million and average interest-bearing liabilities increased approximately $21.6 million when comparing first quarter of 2009 to first quarter of 2008.
Total assets of $512.4 million at March 31, 2009 reflect an increase of $17.6 million or 3.55% from $494.9 million at December 31, 2008. The increase reflects increases in cash and cash equivalents, in other real estate, in the investment securities portfolios and in the total loan portfolios of approximately $9.6 million, $5.0 million, $898,000 and $719,000, respectively.
HABERSHAM BANCORP FINANCIAL HIGHLIGHTS
(Unaudited)
(dollar amounts in thousands, except per share amounts)
Three Months Ended
Earnings (Loss) Summary March 31,
2009 2008
---- ----
Interest income $5,687 $7,603
Interest expense 3,217 4,007
----- -----
Net interest income 2,470 3,596
Provision for loan losses 1,780 423
----- ---
Net interest income after provision for
loan losses 690 3,173
Other income 866 1,030
Investment securities gains 58 127
Other expense 4,464 4,467
----- -----
Loss before income taxes (2,850) (137)
Income tax benefit 1,195 196
----- ---
Net (loss) earnings $(1,655) $59
======= ==
Net (loss) earnings per share - basic $(.60) $.02
===== ===
Net (loss) earnings per share - diluted $(.60) $.02
===== ===
Weighted average number of common shares
outstanding 2,818,593 2,818,593
========= =========
Weighted average number of common and
common equivalent shares outstanding 2,818,593 2,818,593
========= =========
Cash dividends declared per common share $- $.10
=== ===
March 31, December 31,
2009 2008
Balance Sheet Summary --------- ------------
Total Assets $512,445 $494,869
Loans, net 310,661 310,607
Deposits 416,819 392,888
Stockholders' Equity 40,657 41,998
SOURCE Habersham Bancorp
http://www.habcorp.com
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
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.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.