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Article: Gateway Financial Holdings Reports 67.5% Increase in Fiscal Year 2004 Net Income; Fourth Quarter Net Income Up 46.3%.
- Article from:
- PR Newswire
- Article date:
- January 26, 2005
CopyrightCOPYRIGHT 2005 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Gateway Financial Holdings, Inc. , the holding company for Gateway Bank & Trust Co., reported net income for fiscal year 2004 of $2.0 million compared with $1.2 million for the fiscal year 2003, an increase of $810,000 or 67.5%. Performance was driven by strong loan and fee-income growth, offset by higher taxes paid in 2004; pre-tax income increased 126.7%, to $2.7 million. Diluted earnings per share were $0.41 for 2004 compared with $0.35 for the prior year, an increase of 17.1%. Per share results reflect the conversion of warrants to purchase 1,322,030 shares of common stock during the first half of 2004 and the fourth quarter 2004 public offering of 1,680,000 shares of ...