• Title: YNB 4th Quarter and Year End 2006 Earnings Conference Call
• Artist: Zangani
• Length: 28:11 minutes (6.45 MB)
• Format: Mono 22kHz 32Kbps (CBR)

Yardville National Bancorp (Nasdaq: YANB) reported earnings for both the fourth quarter and full year ended December 31, 2006. The company noted that in keeping with its retail banking strategy, YNB opened five new banking offices in 2006, two of them in the fourth quarter alone, and completed a restructuring of its balance sheet as announced at the end of December.

For the fourth quarter of 2006, the balance sheet restructuring was the major contributor to YNB's net loss of $8.7 million and diluted loss per share of $0.79. These results compare with net income of $4.3 million and $0.39 diluted earnings per share for the fourth quarter of 2005. For the full year, primarily due to the restructuring, net income decreased to $6.9 million from the $20.9 million reported in 2005. Diluted earnings per share for the full year decreased to $0.61 compared with $1.89 for the prior year.

Excluding the impact of the one-time charges associated with the restructuring, YNB would have reported fourth quarter net income of approximately $4.2 million or $0.36 per diluted share. Full year net income without the restructuring would have been approximately $19.7 million or $1.74 per diluted share.