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Valley Commerce Bancorp Q4 net income declines

The earnings for Q4 2008 were $417,000

Valley Commerce Bancorp has reported that its earnings for the fourth quarter ended December 31, 2008 were $417,000, or $0.17 per diluted share, compared to $675,000, or $0.26 per diluted share, for the same quarter of 2007, representing a 35% decrease in diluted earnings per share.

The company has reported unaudited consolidated net income of $1.8 million, or $0.74 per diluted share, for the year ended December 31, 2008, compared to $2.7 million, or $1.03 per diluted share, for 2007, representing a 28% decrease in diluted earnings per share.

Net interest income for the fourth quarter and 12 months ended December 31, 2008 was $3 million and $12 million, respectively, compared to $3 million and $11.3 million for the same periods in 2007. The company’s net interest margin decreased 19 basis points from 4.71% in 2007 to 4.52% in 2008.

The company’s consolidated total assets were $306 million at December 31, 2008, a $27 million or 10% increase over 2007 year end total of $279 million. At December 31, 2008, net loans totalled $227 million, a $27 million or 14% increase over the December 31, 2007 total of $200 million. Total deposits at December 31, 2008 totalled $257 million, a $42 million or 19% increase over the December 31, 2007 total of $215 million.