Rochester, NY 8/18/2009 8:06:04 AM
Crescent Banking Co., CSNT - Crescent Banking Company Releases its First Quarter Financial Results
Crescent Banking Co., CSNT
Crescent Banking Company announced its market net loss of $5.1 million, which represented a net loss per share on both a basic and fully diluted basis of $0.97, for the quarter ended March 31, 2009. As to compare to the company’s net loss for the quarter ended March 31, 2008 of $1.9 million, which represented a net loss per share on both a basic and a fully diluted basis of $0.37.
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Crescent Banking Company net loss for the first quarter 2009 is largely attributable to the provision for loan losses during such period of approximately $2.7 million, a declining net interest margin, a $1.1 million valuation allowance against its deferred tax asset and expenses of $992,000 related to foreclosed properties.
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