A net loss of $10 million for Q4 2008 is reported
Encore Bancshares has reported a net loss of $10 million, or $1.02 per diluted share, for the fourth quarter ended December 31, 2008, compared with net earnings of $1.7 million, or $0.16 per diluted share, for the same period of 2007.
Net interest income for the fourth quarter of 2008 was $11.9 million, an increase of 26.6%, compared with $9.43 million for the fourth quarter of 2007. The net interest margin for the fourth quarter of 2008 improved to 3.31%, up 46 basis points from 2.85% for the same quarter of 2007.
For the year ended December 31, 2008, net loss was $8.07 million, or $0.83 per diluted share, compared with net earnings of $7.38 million, or $0.79 per diluted share, for the year ended December 31, 2007.
For the full year ended December 31, 2008, net interest income was $44.27 million, an increase of 29.6%, compared with $34.17 million in 2007. The net interest margin for the year was 3.18%, as compared to 2.74% for the year 2007.
Period end loans were $1.2 billion at December 31, 2008, an increase of 11%, compared with December 31, 2007. Period end deposits were $1.1 billion at December 31, 2008, up 5.7%, compared with December 31, 2007.