Community Bankshares has reported a consolidated net income of $1.1 million for the first quarter ended March 31, 2008, up 9.6% compared to $1.01 million for the same quarter in 2007.
According to Community Bankshares, a variety of factors impacted its earnings including an increase in net interest income, positive results from mortgage division, and some benefit from cost cutting efforts early in the quarter.
Consolidated assets were $584.6 million at March 31, 2008, compared to $576.6 million at December 31, 2007, an increase of $8 million, or 1.4%. For the same dates, gross loans totaled $452.5 million compared to $464 million, a decrease of $11.5 million, or 2.5%. Deposits totaled $476.1 million compared to $481.7 million, a decrease of $5.6 million or 1.2%, as of the same dates.
Samuel Erwin, CEO of Community Bankshares, said: Despite a positive outcome for the quarter, the current economic environment presents many challenges for our company and the banking industry. Perhaps the most significant challenge for our company is net interest margin.
We continue to be well capitalized and we expect that when the business cycle improves we will be well prepared to effectively deal with the opportunities and challenges of an improving economic environment.