CARY, N.C., July 28, 2010 (GLOBE NEWSWIRE) -- Crescent Financial Corporation (Nasdaq:CRFN), (the "Company") parent company of Crescent State Bank headquartered in Cary, North Carolina, announced an unaudited net loss for the three months ended June 30, 2010, before adjusting for the effective dividend on preferred stock, of ($4,010,000) compared to net income of $574,000 for the prior year period. After adjusting for $421,000 and $422,000 in dividends and accretion on preferred stock for the two respective periods, net loss attributable to common shareholders for the current period was ($4,431,000) or ($0.46) per diluted share compared with net income attributable to common shareholders of $152,000 or $0.02 per diluted share for the quarter ended June 30, 2009. Despite improvements in net interest income, expansion of net interest margin and higher non-interest revenue, earnings in the current period were impacted by higher loan loss provisions and expenses related to the loan collection and foreclosure process.
Crescent Financial Corporation Announces Results For Q2 2010
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