Home Newsmakers Companies First State profit falls

First State profit falls

February 6, 2008

2007 earnings dropped nearly by half First State Financial Corp. (Nasdaq:FSTF) reported a drop in its 2007 profits to $2.4 million compared with $5.3 million in the previous year. The earnings decrease was attributed to a $3.1 million provision for loan losses during the fourth quarter. The company reported a net loss of $657,000 in the fourth quarter compared with net income of $1.5 million for the same period in 2006. “The continued decline in property values in our core lending markets have negatively impacted our profitability in 2007,'' said John E. Wilkinson president and CEO. Return on average equity for 2007 came in at 3.8 percent, down from 11.25 percent during the previous year.

 

< Prev		Next >