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MidCarolina Q1 net income down

MidCarolina, a provider of banking services to individuals and businesses, has reported net income of $812,000 for the first quarter of 2008, a 6% decrease compared to $863,000 for the first quarter of 2007.

The diluted earnings per common share decreased to $0.16 for first quarter 2008, compared to $0.18 in the same period of 2007.

The company reported total assets of $489.9 million at March 31, 2008, an increase of $55.1 million, or 13%, compared to the $434.8 million reported at March 31, 2007.

Charles Canaday, president and CEO of MidCarolina, said: The dramatic and rapid decreases in short-term interest rates during the first quarter, caused by the Federal Reserve’s initiatives to stimulate our nation’s economy which has been hampered by real estate related concerns, have negatively impacted our interest margin.