Habersham Bancorp (Nasdaq: HABC) reports a second quarter loss of $375,000 or $.13 per diluted share when compared to second quarter earnings of $1,034,000 or $.35 per diluted share for the same period in 2007. The decrease resulted principally from a decrease in net interest income of approximately $1,955,000 and additional expense from provisions for loan losses of approximately $654,000.
For the six-month period ended June 30, 2008, the Company reports a loss of $316,000 or $.11 per diluted share when compared to year-to-date earnings of $2,019,000 or $.68 per diluted share for the six-month period ended June 30, 2007. The decrease resulted principally from a decrease in net interest income of approximately $3,412,000 and additional expense from provisions for loan losses of approximately $1,077,000.
The decreases in net interest income resulted from: 1) an increase in the total dollar balances of loans on nonaccrual status and, 2) the total dollar balances of variable rate loans tied to a decreasing prime interest rate. Non-performing assets increased approximately $19,889,000 from December 31, 2007 to June 30, 2008 primarily as a result of increases in nonaccrual loans and other real estate totaling $13,378,000 and $5,761,000, respectively.
The Company's net interest margin for the second quarter and first six months of 2008 was 3.15% and 3.24%, respectively, compared to 4.75% and 4.70% for the second quarter and first six months of 2007.
Total assets of $503.3 million at June 30, 2008 reflect a decrease of $10.9 million or 2.12% from $514.2 million at December 31, 2007. Decreases in the total loan portfolios and cash and cash equivalent balances of approximately $12.6 million and $7.8 million, respectively, were offset by increases in other real estate, premises and equipment, net and investment securities of approximately $5.8 million, $1.7 million, and $1.9 million, respectively. -- Habersham Bancorp
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