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Weststar Financial Q4 earnings decline 42%

Weststar Financial reported a consolidated net income of $281,000

Weststar Financial Services has reported that its consolidated net income totalled $281,000 for the fourth quarter ended December 31, 2008, compared to $488,000 for the same quarter in 2007, a decrease of 42%.

On a diluted per share basis, earnings for the fourth quarter ended December 31, 2008 were $0.12, a decrease of 43%, as compared to $0.21 per diluted share, for the fourth quarter ended December 31, 2007.

Return on assets was 0.57% compared to 1.13%, and return on equity was 6.94% compared to 13.01% for the three-month periods ended December 31, 2008 and 2007, respectively.

For the twelve-month period ended December 31, 2008, net income totalled $1.30 million, or $0.57 per diluted share, as compared to $2.05 million, or $0.89 per diluted share, for the comparable period in 2007, a decrease of 36%.

For the twelve-month periods ended December 31, 2008 and 2007, respectively, return on assets was 0.71% compared to 1.24%, and return on equity was 8.20% compared to 14.62%.

At December 31, 2008, total assets increased 16.4% to $202.86 million from $174.26 million at December 31, 2007. Total loans on December 31, 2008 were $171.24 million, an increase of 26.2% from $135.73 million on December 31, 2007. Deposits reflected 14.5% growth to $170.8 million at December 31, 2008, compared to $149.19 million at December 31, 2007, and shareholders’ equity increased 9% from $15.18 million at December 31, 2007 to $16.5 million at December 31, 2008.