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Sun American Bancorp Q1 net income down

Sun American Bancorp has reported net income of $5,000 or $0 per diluted share, for the first quarter of 2008, compared to $96,000, or $0.01 per diluted share reported for the same period of 2007.

The company has reported that revenues advanced 6% to $9.8 million for the first quarter of 2008. The non-interest expenses were $5.3 million in the first quarter of 2008, an increase of 2% from $5.2 million in the first quarter of 2007.

Sun American Bancorp ended the quarter with assets of $622 million at March 31, 2008, increased 2% from $609 million at March 31, 2007 and up $43 million or 8% compared to December 31, 2007. The net loans were $456 million at March 31, 2008, an increase of 3% from $444 million at March 31, 2007.

Michael Golden, president and CEO of Sun American Bancorp, said: Our core financials continue to remain strong, particularly our capital position. Our pipe line of new loans has grown significantly and I believe this will continue to build and give us better financial results in the near future.