This excerpt taken from the ROMA 8-K filed Apr 23, 2008.
I hope you agree that your Board of Directors and management performed creditably in over coming external and internal challenges and threats. Together, we remained pro-active in responding to competitive forces in our market; advanced the
branch network; adopted a more formal incentive compensation structure; continued with the organization of RomAsia, our de novo bank; and maximized earnings despite only modest relief in interest margin compression and diminished residential loan demand.
The Company’s financial performance in 2007 was very strong in an environment where banks were generally under severe earnings pressure. Net income was $7.2 million, or $0.23 per share, compared to $5.2 million, or $.19 per share the prior year. It must be remembered that financial results in 2006 were heavily impacted by the IPO and the creation of the Foundation. Assets, loans, and deposits each reached new record levels.