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Net interest income was $5.02 million, down 3.8%, compared to $5.22 million for the same quarter of 2008.
For the first nine months of 2009, net interest income was $14.28 million, down 3.3%, compared to $14.76 million for the same period of 2008. The company reported a net income of $3.32 million, or $0.71 per diluted share, for the first nine months of 2009, up 153.8%, compared to $1.33 million, or $0.28 per diluted share, for the same period of 2008.
Donald Mindiak, president and CEO, said: "Net income for the three and nine month periods ended September 30, 2009 showed a marked improvement over last year's comparative time frames due primarily to the absence of the impairment charge of $2.8 million related to Federal National Mortgage Association preferred stock recorded during the third quarter of 2008."
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