Crescent Financial Corporation Announces Revision to Earnings for Q2 2009

CARY, N.C., Aug. 14, 2009 (GLOBE NEWSWIRE) -- Crescent Financial Corporation (Nasdaq:CRFN - News), parent company of Crescent State Bank headquartered in Cary, North Carolina, announced that earnings for the second quarter of 2009 have been revised to fully account for the FDIC special assessment. The Company had previously been accruing for the estimated assessment over the year and has now recorded the entire special assessment in the second quarter of 2009. The revision effectively shifts expense which would have been recognized over the last half of the year into the second quarter. Unaudited net income for the three months ended June 30, 2009, before adjusting for the effective dividend on preferred stock, was $574,000 compared to net income of $1,031,000 for the prior year period. After adjusting for $422,000 in dividends and accretion on preferred stock, net income available for common shareholders for the current period was $152,000 or $0.02 per diluted share compared with $0.11 per diluted share for the quarter ended June 30, 2008. For the six months ended June 30, 2009, the Company reported net income, before adjusting for the effective dividend on preferred stock, of $1,185,000 compared to $2,031,000 for the six months ended June 30, 2008. After adjusting for $590,000 in dividends and accretion on preferred stock, net income available for common shareholders for the current period was $595,000 or $0.06 for the current period compared to $0.21 for the prior six-month period. Information in this press release contains "fo...
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CRESCENT FINANCIAL CORP Files SEC form 10-Q, Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Management's discussion and analysis is intended to assist readers in the understanding and evaluation of the financial condition and consolidated results of operations of Crescent Financial Corporation (the "Company"). The analysis includes detailed discussions for each of the factors affecting Crescent Financial Corporation's operating results and financial condition for the periods ended June 30, 2009 and 2008. It should be read in conjunction with the unaudited consolidated financial statements and accompanying notes included in this report and the supplemental financial data appearing throughout this discussion and analysis. Because the Company has no operations and conducts no business on its own other than owning Crescent State Bank, the discussion contained in this Management's Discussion and Analysis concerns primarily the business of the Bank. However, for ease of reading and because the financial statements are presented on a consolidated basis, the Company and the Bank are collectively referred to herein as the Company unless otherwise noted. All significant intercompany transactions and balances are eliminated in consolidation. COMPARISON OF FINANCIAL CONDITION AT JUNE 30, 2009 AND DECEMBER 31, 2008 Total assets increased by $105.0 million to $1.1 billion at June 30, 2009 from $968.3 million at December 31, 2008. Earning assets are $999.3 million or 93% of total assets compared to $898.7 million or 92% at December 31, 2008. Components of earning assets at June 30, 2009 are $775.3 million in gross loans, $205.5 million in investment securities and Federal Home Loan Bank (FHLB) stock and $18.5 in overnight investments and interest-earning deposits with correspondent banks. Earning assets at December 31, 2008 consisted of $785.4 million in gross loans, $112.9 million in investment securities and FHLB stock and $366,000 in overnight...
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Capital Investment Cos. teams up with Select Bank and Trust

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CRESCENT FINANCIAL CORP Files SEC form 8-K, Change in Directors or Principal Officers, Financial Statements and Exhib

Show all filings for CRESCENT FINANCIAL CORP | Request a Trial to NEW EDGAR Online Pro Form 8-K for CRESCENT FINANCIAL CORP 14-Aug-2009Change in Directors or Principal Officers, Financial Statements and Exhib Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information ...
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Commercial Real Estate Bottom: Is Your Bank Building Provisions Ahead Of This H2 2010 Event?

67 WALL STREET, New York - October 10, 2009 - The Wall Street Transcript has just published its Northeast and Mid-Atlantic Regional Banks Report offering a timely review of the sector to serious investors and industry executives. This 121 page feature contains expert industry commentary through in-depth interviews with public company CEOs, Equity Analysts and Money Managers. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online. Topics covered: Residential Mortgage Situation -- Regional Banks Mergers and Acquisitions Timing Strategy -- Commercial Mortgage Portfolio Decay -- Timing Of Commercial Mortgage Portfolio Bad Debt Write Offs-- FDIC Hit List For Bank Closings -- Mutual Holding Company Structure -- Interest Rate Scenarios -- Banking Pricing Power -- Expensive Bank Valuations -- Tangible Book As Guide For Bank Stock Pricing -- Distressed Sales Of Community and Regional Banks -- TARP Program -- Attitude Of Institutional Investors Towards Resurgence in Community Banking -- Unique Business Models -- Regional Bank Boards Looking For Exit Companies include: BB and T (BBT); Colonial (CNB); First Niagara (FNFG); PNC (PNC); National City (NCC-PA); Harleysville National (HNBC); Citizens First Bancorp (CTZN); Regions Financial (RF); Bank of America (BAC); SunTrust Banks (STI); Pinnacle Financial (PNFP); Northwest Bancorp Inc. (NWSB); Beneficial (BNCL); Investor Savings Bancorp (ISBC); Territorial Bancorp (TBNK); FNB Bancorp (FNBG.OB); National Penn (NPBC); Trustco Bank (TRST); KeyBank (KEY); M and T Bank (MTB); New York Community Bancorp (NYB); Bank of New York Mellon (BK); W...
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Crescent Financial Corporation Announces Third Quarter Results

CARY, N.C., Oct. 26, 2009 (GLOBE NEWSWIRE) -- Crescent Financial Corporation (Nasdaq:CRFN - News), parent company of Crescent State Bank headquartered in Cary, North Carolina, announced unaudited net income for the three months ended September 30, 2009, before adjusting for the effective dividend on preferred stock, of $636,000 compared to net income of $746,000 for the prior year period. After adjusting for $422,000 in dividends and accretion on preferred stock, net income available for common shareholders for the current period was $214,000 or $.02 per diluted share compared to $.08 per diluted share for the prior year period. Core pre-tax operating earnings for the current period benefited from increases in the net interest margin and non-interest income, which more than offset increases in non-interest expenses. The increase in loan loss provision had a negative impact on bottom-line earnings. Interest income was $14.1 million for the current quarter compared to $13.8 million for the prior year quarter. The increase in interest income from the higher volume of earning assets exceeded the unfavorable impact from lower yields on those assets. Yields on total earning assets did increase slightly on a linked quarter basis. Average total earning assets increased by $111.3 million to $983.0 million at September 30, 2009 compared with $871.7 million for the prior year period. The yield on earning assets was 5.68% for the current quarter compared to 6.30% from a year ago and 5.66% for the second quarter of 2009. Interest expense...
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Crescent Financial meets Street despite lower profit

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CRESCENT FINANCIAL CORP Files SEC form 8-K, Results of Operations and Financial Condition

Show all filings for CRESCENT FINANCIAL CORP | Request a Trial to NEW EDGAR Online Pro Form 8-K for CRESCENT FINANCIAL CORP 26-Oct-2009Results of Operations and Financial Condition Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informationa...
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CRESCENT FINANCIAL CORP Financials

PERIOD ENDING30-Sep-0930-Jun-0931-Mar-0931-Dec-08Total Revenue14,790  15,056  15,055  14,759  Cost of Revenue4,885  5,069  5,243  5,898  Gross Profit -  9,987  9,812  8,861  Operating ExpensesResearch Development -   -   -   -  Selling General and Administrative5,887  6,320  5,593  4,792  Non Recurring(407)194  214  (2)Others1,958  1,132  1,697  3,937  Total Operating Expenses -   -   -   -  Operating Income or Loss -  2,340  2,309  134  Income from Continuing OperationsTotal Other Income/Expenses Net -   -   -   -  Earnings Before Interest And Taxes2,467  2,340  2,309  134  Interest Expense1,772  1,747  1,604  1,638  Income Before Tax695  593  705  (1,504)Income Tax Expense58  20  94  (738)Minority Interest -   -   -   -  Net Income From Continuing Ops637  574  611  (766)Non-recurring EventsDiscontinued Operations -   -   -   -  Extraordinary Items -   -   -   -  Effect Of Accounting Changes -   - ...
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CRESCENT FINANCIAL CORP Files SEC form 10-Q, Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Management's discussion and analysis is intended to assist readers in the understanding and evaluation of the financial condition and consolidated results of operations of Crescent Financial Corporation (the "Company"). The analysis includes detailed discussions for each of the factors affecting Crescent Financial Corporation's operating results and financial condition for the periods ended September 30, 2009 and 2008. It should be read in conjunction with the unaudited consolidated financial statements and accompanying notes included in this report and the supplemental financial data appearing throughout this discussion and analysis. Because the Company has no operations and conducts no business on its own other than owning Crescent State Bank, the discussion contained in this Management's Discussion and Analysis concerns primarily the business of the Bank. However, for ease of reading and because the financial statements are presented on a consolidated basis, the Company and the Bank are collectively referred to herein as the Company unless otherwise noted. All significant intercompany transactions and balances are eliminated in consolidation. COMPARISON OF FINANCIAL CONDITION AT SEPTEMBER 30, 2009 AND DECEMBER 31, 2008 Total assets increased by $95.4 million to $1.1 billion at September 30, 2009 from $968.3 million at December 31, 2008. Earning assets are $992.1 million or 93% of total assets compared to $898.7 million or 92% at December 31, 2008. Components of earning assets at September 30, 2009 are $772.0 million in gross loans, $210.1 million in investment securities and Federal Home Loan Bank (FHLB) stock and $10.0 in overnight investments and interest-earning deposits with correspondent banks. Earning assets at December 31, 2008 consisted of $785.4 million in gross loans, $112.9 million in investment securities and FHLB stock and $3...
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