Tuesday, October 23, 2007
Source: bizjournals.com
The First State Financial Corp. reported that the third quarter 2007 net income of $975,000, or 16 cents a share, evaluated to $1.4 million, or 23 cents a share, in net income in the third quarter of 2006.
Jed Wilkinson, president and chief executive, said in a release that the slowdown in both housing and commercial real estate activity impacted the bank. The release said that the Net interest income dropped 2.6% compared to the prior year, owing to an overall increase in interest rates, moderately offset by volume growth in the loan portfolio. Non-interest income dropped 35%, primarily due to a reduction in residential real estate mortgage fees.
The release said that the Non-interest expense increased 5.3 % as the bank opened a new branch in Largo, and additional staff and officer positions. The bank as well is preparing to open a branch in Clearwater in December, with new branches in Venice and Sarasota opening in the second and third quarters of 2008, respectively.
The payment for loan losses totaled $4.8 million, or 1.17 % of total loans, at Sept. 30, compared to $4.2 million, or 1.11 % of total loans, a year before. The First State Financial (NASDAQ: FSTF), is based in Sarasota, is the parent company of First State Bank, with $476 million in benefits and seven offices in Sarasota and Pinellas counties.
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