Golden State Business Bank Annual Net Income Down
February 15, 2008
Golden State Business Bank has reported net income of $609,466, or $0.33 per share for the financial year ended December 31, 2007, compared to $1 million, or $0.54 per share for the previous financial year.
Operating income was $2.5 million for FY 2007, an increase of 47% compared to $1.7 million for FY 2006.
Ralph Wiita, president and CEO, said: “In a year in which the financial industry was challenged by weakness in the economy and real estate mortgage industry, we were able to show strong 2007 operating results in loans, deposits and net assets.”