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Charter Financial reports strong growth in net income

Charter Financial has reported that fiscal 2007 net income has increased 262% to $50.9 million, or $2.67 per share, from $13.3 million, or $0.69 per share, for fiscal 2006.

Total interest income rose slightly to $54.6 million from $53.8 million last year. Interest expense was $29.8 million for fiscal 2007, up from $27.8 million so that the company’s net interest income was down slightly to $24.8 million from $26 million a year ago.

Net income for the fourth quarter ended September 30, 2007 totaled $1.1 million, or $0.06 per share, compared with $2.9 million, or $0.15 per share, for the prior year.

Robert Johnson, president and CEO of Charter Financial, said: We made significant progress in building our retail franchise and improving its earnings. We increased our retail deposits by a strong $57.2 million to $378.5 million and net loans receivable by $30.8 million to $405.6 million. The increases were due to effective marketing efforts and continued growth in some segments of our local economy.