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For the six-month period ended June 30, 2009, the Company reports a loss of $3.3 million or $1.15 per diluted share when compared to a loss of $316,000 or $.11 per diluted share for the six-month period ended June 30, 2008. The decrease resulted principally from a decrease in net interest income of approximately $2.2 million and additional expense from provisions for loan losses of approximately $2.0 million.
The decreases in net interest income resulted from: 1) an increase in the total dollar balances of loans on nonaccrual status and, 2) a decrease in average loan balances. Non-performing assets increased approximately $2.6 million from December 31, 2008 to June 30, 2009 primarily as a result of activity within nonaccrual loans and other real estate.
The Company's net interest margin for the second quarter and first six months of 2009 was 2.11% and 2.25%, respectively, compared to 3.09% and 3.21% for the second quarter and first six months of 2008.
Total assets of $518.2 million at June 30, 2009 reflect an increase of $23.3 million or 4.72% from $494.9 million at December 31, 2008. Increases in cash and cash equivalent balances (primarily federal funds sold), other real estate and in all other assets totaling approximately $27.2 million, $7.5 million and $2.3 million, respectively, were offset by decreases in the total net loan portfolios and in the investment securities portfolios totaling approximately $9.8 million and $3.9 million, respectively.
HABERSHAM BANCORP FINANCIAL HIGHLIGHTS
(Unaudited)(dollar amounts in thousands, except per share amounts)
Three Months Ended Six Months Ended
Summary of Operations June 30, June 30,
2009 2008 2009 2008
---- ---- ---- ----
Interest income $5,323 $6,835 $11,011 $14,438
Interest expense 3,161 3,565 6,380 7,573
----- ----- ----- -----
Net Interest income 2,162 3,270 4,631 6,865
Provision for loan losses 1,300 654 3,080 1,077
----- --- ----- -----
Net interest income after
provision for loan losses 862 2,616 1,551 5,788
--- ----- ----- -----
Other income 793 973 1,659 2,002
Gain on sale of Investment
securities available for sale 256 161 314 289
Other expense 4,605 4,646 9,069 9,112
----- ----- ----- -----
Loss before income taxes (2,694) (896) (5,545) (1,033)
Income tax benefit 1,094 521 2,290 717
----- --- ----- ---
Net loss $(1,600) $(375) $(3,255) $(316)
======= ===== ======= =====
Net loss per share - basic $(.57) $(.13) $(1.15) $(.11)
====== ====== ======= ======
Net loss per share - diluted $(.57) $(.13) $(1.15) $(.11)
====== ====== ======= ======
Weighted average number of
common shares 2,818,593 2,818,593 2,818,593 2,818,593
Outstanding ========= ========= ========= =========
Weighted average number of
common and common
equivalent shares
outstanding 2,818,593 2,818,593 2,818,593 2,818,593
========= ========= ========= =========
Cash dividends declared
per common share - $.10 - $.20
=== ==== === ====
June 30, December 31,
Balance Sheet Summary 2009 2008
Total Assets $518,222 $494,869
Loans, net 300,209 310,607
Deposits 419,417 392,888
Stockholders' Equity 39,337 41,998
SOURCE Habersham Bancorp
http://www.habcorp.com
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