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OAK Income, Earnings Slip

Published: July 23, 2008

BYRON CENTER — OAK Financial Corp., the holding company for Byron Bank, posted second quarter net income of $1.19 million, down 32 percent from the $1.75 million reported in the second quarter of 2007. Basic and diluted earnings per share in the quarter were 44 cents, a 32 percent decrease from the 65 cents reported in the year ago quarter. On a year-to-date basis, net income and earnings per share are each down 23 percent from the year-to-date period in 2007. The company indicated that the decline in net income is a result of higher loan collection costs and higher provision for loan losses.

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