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|Date:||Tuesday, February 25, 2009|
|Contact:||Greg Gibson, Chief Executive Officer (828) 243-5175|
|Roger Mobley, Chief Financial Officer (828) 697-3106|
|Release Date:||For Immediate Release|
1st Financial Services Corporation Reports Fourth Quarter
and Full Year 2008 Results
HENDERSONVILLE, N.C. / February 25 / PRNewswire / 1st Financial Services Corporation (OTCBB: FFIS), parent company of Mountain 1st Bank & Trust Company, announced financial results for the fourth quarter and full year ending December 31, 2008. For the quarter ended December 31, 2008, the Company reported a net loss available to common stockholders of $1.6 million or $0.32 per basic and diluted share. This represents a decrease of $2.4 million or 305.4% as compared with $779 thousand or $0.16 per basic share and $0.15 per diluted share reported during the same period in 2007. The decrease in quarterly net income was primarily due to a $3.2 million increase in provision for loan losses as compared to the same period in 2007. Additionally, as a result of historically low levels of interest rates, which were reduced by the Federal Reserve by over 400 basis points during the year, net interest margins were substantially reduced for the period which subsequently reduced net interest income by $255 thousand or 4.5%.
Net income available to common stockholders for the year ended December 31, 2008 was $207 thousand or $0.04 per basic and diluted share, compared to $3.5 million or $0.71 per basic share and $0.66 per diluted share for the year ended December 31, 2007. The decrease in net income for the full year ended December 31, 2008 was primarily due to a 77 basis point reduction in net interest margin for the year resulting in a $420 thousand or 2.0% reduction in net interest income for the period. Also adversely impacting net income was an increase of $3.1 million or 92.3% in the Companys provision for loan losses.
During 2008, principally during the first half of the year, the Companys assets increased $100.6 million or 16.6% to $707 million from $606 million at December 31, 2007. Loans and deposits increased to $584 million and $591 million, respectively, at December 31, 2008. This compares with $522 million and $529 million, respectively, at December 31, 2007, representing increases of $62.1 or 11.9% and $61.9 or 11.7%, respectively.
101 Jack Street Hendersonville North Carolina 28792
828-697-3100 Fax: 828-693-5008
The following information was filed by 1St Financial Services Corp (FFIS) on Thursday, February 26, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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