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Four Oaks Fincorp, Inc. Announces 2003 Fourth Quarter and Annual Results.
Business Editors
FOUR OAKS, N.C.--(BUSINESS WIRE)--Jan. 30, 2004
Four Oaks Fincorp, Inc., (OTC BB:FOFN) the holding company for Four Oaks Bank & Trust Company, today announced fourth quarter and annual results for fiscal year 2003. Net income in the fourth quarter of 2003 was $910,000 or $0.34 per share compared to $574,000 or $0.21 per share in the comparable period of 2002, an increase of 59%. Net income for the year ended December 31, 2003 of $2,918,000, or $1.09 per share, was relatively stable when compared to the year ago annual earnings of $2,916,000, or $1.10 per share. Return on average equity and return on average assets for 2003 were 9.02% and .90%, respectively. In 2003, the Company increased the level of dividends paid to its shareholders from the $0.32 per share that was paid in 2002 to $0.36 per share.
While the Company's net income for 2003 was virtually unchanged from 2002, an analysis of our quarterly results indicates that improved earnings trends are developing. Improved trends are noted in net interest income, non-interest income, and operating expenses. With ...
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Source: HighBeam Research, Four Oaks Fincorp, Inc. Announces 2003 Fourth Quarter and Annual...