CORNELIA, Ga., Aug. 6 /PRNewswire-FirstCall/ -- 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.
The Company's stock is listed on the Nasdaq Global Market under the symbol
HABC. Any requests for information regarding the purchase or sale of the
common stock can be addressed to: Sterne, Agee and Leach, Inc.; Paine Webber,
Inc.; SunTrust Robinson-Humphrey Co., Inc.; AGS Securities, Inc; Wachovia
Securities, Inc.; or First Tennessee, market makers for HABC.
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,
2008 2007 2008 2007
Interest income $6,835 $9,351 $14,438 $18,389
Interest expense 3,558 4,119 7,559 8,098
Net interest income 3,277 5,232 6,879 10,291
Provision for loan
losses 654 - 1,077 -
Net interest income
after provision for
loan losses 2,623 5,232 5,802 10,291
Other income 973 933 2,002 1,848
Investment securities
gains 161 - 289 5
Other expense 4,653 4,695 9,126 9,281
(Loss) earnings
before income
taxes (896) 1,470 (1,033) 2,863
Income tax benefit
(expense) 521 (436) 717 (844)
Net (loss) earnings $(375) $1,034 $(316) $2,019
Net (loss) earnings
per share - basic $(.13) $.35 $(.11) $.68
Net (loss) earnings
per share - diluted $(.13) $.35 $(.11) $.68
Weighted average
number of common
shares
Outstanding 2,818,593 2,968,593 2,818,593 2,968,593
Weighted average
number of common
and common
equivalent shares
outstanding 2,818,593 2,982,724 2,818,593 2,989,065
Cash dividends
declared per
common share $.10 $.10 $.20 $.20
June 30, December 31,
2008 2007
Balance Sheet Summary
Total Assets $503,308 $514,219
Loans, net 336,699 348,251
Deposits 371,944 390,267
Stockholders' Equity 51,733 54,182
SOURCE Habersham Bancorp
