Rochester,NY 8/25/2009 12:26:58 AM
Cadence Financial Corp. CADE, posts loss in Q2
Cadence Financial Corp.
Cadence Financial Corp (CADE.O) posted a wider-than-expected second-quarter loss, hurt mainly by higher non-interest expenses and provision for bad loans.
The financial holding company's net loss applicable to common shareholders was $14.7 million, or $1.23 a share, compared with a net income of $1.9 million, or 16 cents a share, last year.
Two analysts on average had expected a loss of 34 cents a share, excluding items, according to Reuters Estimates. Provision for loan losses rose to $23 million from $3.3 million in the year-ago period.
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