NetBank, billed as the first “commercially successful” Internet bank in the country, has reported net income growth of 83.5 percent in the third quarter.
The company reported net income of $15.6 million and earnings of 32 cents a share for the third quarter, compared with net income of $8.5 million and earnings of 17 cents a share for the third quarter of 2002.
“We had another tremendous quarter,” said Douglas Freeman, chairman and chief executive officer of NetBank. “As expected, our mortgage operations posted record results. We succeeded in taking full advantage of the high production levels by keeping costs in check and maximizing our income margins. Although impressive, these results should not overshadow the success we are seeing in our other business segments, especially within the retail bank.”
Through three quarters, the company reported net income of $40.5 million and earnings of 83 cents a share, compared with a net loss of $28.4 million and earnings of 66 cents a share in the same period last year.
Year-to-date results for 2002 include transaction and balance sheet repositioning charges related to the NetBank’s acquisition of Resource Bancshares Mortgage Group Inc., which closed on March 31, 2002.
Based on the company’s continued strong financial performance, the board of directors approved a dividend of 2 cents per share payable to shareholders of record on Nov. 15. The dividend will be disbursed on Dec. 15.
NetBank: www.netbank.com
