Berkshire Bancorp Inc. (BERK, Financial) filed Quarterly Report for the period ended 2009-03-31.
Berkshire Bancorp Inc. is a bank holding company for The Berkshire Bank. Berkshire Bancorp Inc. has a market cap of $34.4 million; its shares were traded at around $4.88 with and P/S ratio of 0.6.
For the quarter ended March 31, 2009, net interest income decreased by approximately $86,000 to $7.08 million from $7.16 million for the quarter ended March 31, 2008. The decrease in net interest income was primarily due to the $200.92 million decrease in the average amounts of interest-earning assets to $829.54 million in the 2009 quarter from $1,030.46 million in the 2008 quarter. The decrease in net interest income was substantially offset by the $121.65 million decrease in the average amounts of interest-bearing liabilities to $763.41 million in 2009 from $885.05 million in 2008 and by the 132 basis point decrease in the average rates paid on the average amounts of interest-bearing liabilities to 2.81% in the 2009 quarter from 4.13% in the 2008 quarter. The Companys interest-rate spread, the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities, increased by 99 basis points to 3.19% in the 2009 quarter from 2.20% in the 2008 quarter.
higher yielding loans as a percentage of our total mix of interest-earning assets. The average amount of loans in our portfolio increased by $11.80 million to $458.82 million in the quarter ended March 31, 2009 from $447.02 million in the quarter ended March 31, 2008.
Interest Income. Total interest income for the quarter ended March 31, 2009 decreased by $3.85 million to $12.45 million from $16.30 million for the quarter ended March 31, 2008. The decrease in total interest income was primarily due to the decrease in the average amounts of interest-earning assets as discussed above.
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Berkshire Bancorp Inc. is a bank holding company for The Berkshire Bank. Berkshire Bancorp Inc. has a market cap of $34.4 million; its shares were traded at around $4.88 with and P/S ratio of 0.6.
Highlight of Business Operations:
Net Income (Loss) Allocated to Common Stockholders. Net loss for the three-month period ended March 31, 2009 was $131,000, or $.02 per common share, compared to net income of $2.65 million, or $.38 per common share, for the three-month period ended March 31, 2008. The net loss recorded for the three-month period ended March 31, 2009 includes other than temporary impairment charges on securities of $1.025 million, or $.14 per common share, and dividends on our Series A Preferred Stock of $1.20 million, or $.17 per common share.For the quarter ended March 31, 2009, net interest income decreased by approximately $86,000 to $7.08 million from $7.16 million for the quarter ended March 31, 2008. The decrease in net interest income was primarily due to the $200.92 million decrease in the average amounts of interest-earning assets to $829.54 million in the 2009 quarter from $1,030.46 million in the 2008 quarter. The decrease in net interest income was substantially offset by the $121.65 million decrease in the average amounts of interest-bearing liabilities to $763.41 million in 2009 from $885.05 million in 2008 and by the 132 basis point decrease in the average rates paid on the average amounts of interest-bearing liabilities to 2.81% in the 2009 quarter from 4.13% in the 2008 quarter. The Companys interest-rate spread, the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities, increased by 99 basis points to 3.19% in the 2009 quarter from 2.20% in the 2008 quarter.
higher yielding loans as a percentage of our total mix of interest-earning assets. The average amount of loans in our portfolio increased by $11.80 million to $458.82 million in the quarter ended March 31, 2009 from $447.02 million in the quarter ended March 31, 2008.
Interest Income. Total interest income for the quarter ended March 31, 2009 decreased by $3.85 million to $12.45 million from $16.30 million for the quarter ended March 31, 2008. The decrease in total interest income was primarily due to the decrease in the average amounts of interest-earning assets as discussed above.
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