CARY, N.C., Oct. 29, 2010 (GLOBE NEWSWIRE) -- Crescent Financial Corporation (Nasdaq:CRFN), parent company of Crescent State Bank headquartered in Cary, North Carolina, announced an unaudited net loss for the three months ended September 30, 2010, before adjusting for the effective dividend on preferred stock, of ($1,884,000) compared with net income of $636,000 for the three month period ended September 30, 2009. After adjusting for dividends and accretion on preferred stock of $423,000 and $422,000, respectively for each period, the net loss attributable to common shareholders for the current period was ($2,307,000) or ($0.24) per diluted share compared to net income attributable to common shareholders of $214,000 or $0.02 per diluted share for the prior year period. Financial results for the third quarter of 2010 were negatively impacted by an increase in loan loss provision, expenses related to the loan collection process and the increased level of loans moved to nonaccrual status.
Crescent Financial Corporation Announces Third Quarter Results
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