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Crescent Financial Corporation Announces Third Quarter Results

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.

Net Interest Income

Net interest income for the three-month period ended September 30, 2010 decreased by $600,000 to $6.8 million compared with $7.4 million for the period ended September 30, 2009. The yield on average earning assets decreased by 32 basis points from 5.77% to 5.45%, of which 20 basis points was due to the reversal of accrued but uncollected interest income on loans moved into nonaccrual status during the quarter. The cost of interest bearing deposits declined from 3.03% in the prior year period to 2.63% for the quarter ended September 30, 2010. The tax equivalent net interest margin was 3.08% for both comparative quarters as the decline in the percentage of average earning assets to average interest bearing liabilities offset the improvement in the interest rate spread..

Net interest income for the current three-month period declined by $727,000 when compared to the second quarter of 2010 as a result of lower earning assets volume and the reversal of interest income on nonaccrual loans. Approximately $453,000 of previously accrued interest income was reversed during the third quarter. The yield on earning assets decreased by 37 basis points from 5.82%, the cost of interest-bearing liabilities declined by 15 basis points from 2.78%, and the net interest margin declined by 25 basis points from 3.33%. 

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