Rochester,NY 8/25/2009 11:47:45 PM
Crescent Banking Co. CSNT, Announces 2nd Quarter Results
Crescent Banking Co.
Crescent Banking Company, Jasper, Georgia (NASDAQ: CSNT) (the "Company") announced today a net loss of $9.7 million, which represented a net loss per share on both a basic and fully diluted basis of $1.84, for the quarter ended June 30, 2009. In comparison, the Company had a net loss for the quarter ended June 30, 2008, of $4.1 million, which represented a net loss per share on both a basic and a fully diluted basis of $0.78.
The Company's net loss for the second quarter 2009 is largely attributable to the provision for loan losses during such period of approximately $5.2 million, a declining net interest margin and a FDIC assessment of $1.7 million. The Company has not recorded any income tax benefit during the second quarter 2009 due to the cumulative losses.
The Company experienced a net loss for the six months ended June 30, 2009, of $14.9 million, which represented a net loss per share on both a basic and fully diluted basis of $2.82. In comparison, the Company had a net loss for the six months ended June 30, 2008, of $6.0 million, which represented net income per share on both a basic and fully diluted basis of $1.16. The Company's net loss for the first six months of 2009 is largely attributable to the provision for loan losses of approximately $7.9 million, a declining net interest margin, a $2.8 million valuation allowance against its deferred tax asset and a FDIC assessment of $2.0 million.
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