EuroBancshares, Inc, a diversified financial holding company, engaged in a broad array of financial services through its wholly-owned banking subsidiary, Eurobank, introduces financial results for the third quarter ended September 30, 2008.
EuroBancshares reported a net loss of $788,000, or $(0.05) per dilutedshare. ROAA and ROAE were (0.17)% and (2.91)%.
The amount if total interest income composed $40.2 million and $24.5 million for total interest expense. In net interest margin and net interest were noticed increases. Net interest margin on a fully taxable equivalent basis was 2.57% and 2.44% for the quarter and nine-month period ended September 30, 2008, respectively, compared to 2.37% for the previous quarter, and 2.83% and 2.88% for the quarter and nine months ended September 30, 2007, respectively.
Total assets increased to $2.784 billion as of September 30, 2008, from $2.751 billion in December 31, 2007.
During the year of 2008 company managed to improve investment portfolio’s average yield and to maintain an adequate average life. Total loans, net of unearned interest, decreased by $49.8 million, or 3.57% on an annualized basis.
Total deposits as of September 30, 2008 amounted to $2.026 billion. Stockholders’ equity declined to $156.1 million as of September 30, 2008.
We remain focused on resolving credit quality issues, reducing expenses, and increasing the profitability of our products, says Rafael Arrillaga-Torrens, chairman of the Board, president and chief executive officer, EuroBancshares.While disappointed with our results, it is noteworthy that this quarter we were successful in reducing by approximately $41 million the amount of loans moving into the 30 to 90 days delinquent category when compared to the amount that moved into such category as of June 30, 2008.
L.D.