Atlantic Southern Financial, a bank holding company, has reported net earnings were $1.74 million for the fourth quarter of 2007, compared to $1.86 million for the fourth quarter of 2006. Diluted earnings per share were $0.39 for the fourth quarter of 2007, compared to $0.52 for the fourth quarter of 2006.
For the full-year period ended December 31, 2007, net earnings were $7.74 million, compared to $5.96 million for the full-year period of 2006. Diluted earnings per share were $1.75 for the full-year period of 2007, compared to $1.77 for the full-year period of 2006.
Mark Stevens, president and CEO, said: We produced record annual earnings in 2007 although earnings pressure resulted from the current banking environment in which we are now operating. As the Federal Reserve made aggressive rate cuts in 2007, earnings were challenged. Additionally, competitive deposit rates in our markets have made it difficult to reduce our cost of funds as rates trend downward.