BOE Financial Services of Virginia has reported that net income for the fourth quarter of 2007 was $596,000, a decrease of $317,000 or 34.7%, from net income of $913,000 reported for the same period in 2006.
For the year ended December 31, 2007, BOE Financial has reported a net income of $2.61 million, compared to net income of $3.12 million for 2006, a decrease of $515,000 or 16.5%. This decrease in earnings was primarily the result of an increase of $876,000 or 11.1%, in noninterest expenses.
BOE Financial’s total assets on December 31, 2007 were $302.43 million, an increase of 7.5% or $21.05 million, over total assets of $281.38 million in 2006. Meanwhile loans, net of allowance for loan losses, increased 12.6% or $24.46 million, and were $218.95 million on December 31, 2007.
George Longest, president and CEO of BOE Financial Services, said: 2007 was a historic year for BOE as we announced a merger agreement with Community Bankers Acquisition Corporation/TransCommunity Financial Corporation and expanded into Northumberland County affording opportunities for our shareholders, customers and employees. Operationally, loan growth was strong and credit quality remained solid.