Cadence Financial reported a net loss of $2.7 million
Cadence Financial has reported a net loss of $2.7 million, or $0.23 per diluted share, for the fourth quarter of 2008, as compared to net income of $3.46 million, or $0.29 per diluted share, for the fourth quarter of 2007.
Net interest income declined 8% to $13.4 million, in the fourth quarter of 2008, compared with $14.6 million, in the fourth quarter of 2007. Net margin was 2.98% in the fourth quarter of 2008, compared to 3.23% in the same period of 2007.
The company has reported a net loss of $3.4 million, or $0.28 per diluted share, for the year ended December 31, 2008, compared with net income of $3.36 million, or $0.82 per diluted share, for the year December 31, 2007.
For the year 2008, net interest income declined to $55.53 million from $57.27 million posted during the year 2007. Net margin for the year 2008 was 3.20%, as compared to 3.42% for the year ended December 31, 2007.
Lewis Mallory, Jr., chairman and CEO of Cadence Financial, said: Cadence’s loss for the fourth quarter and year was due to increases in our loan loss provision in the second half of 2008 that reflected the economic recession, increased unemployment, and the continued weakness in the real estate markets we serve.