This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Community Shores Reports 2009 Third Quarter Results 2009-11-03 14:14 ET - News Release MUSKEGON, Mich., Nov. 3, 2009 (GLOBE NEWSWIRE) -- Community Shores Bank Corporation ("Community Shores") (Nasdaq:CSHB), Muskegon's only locally-headquartered, independent community banking organization, today reported a third quarter 2009 net loss of $566,000, or ($0.39) per diluted share, compared with third quarter 2008 net income of $12,000, or $0.01 per diluted share. Results reflect an increased provision for loan losses as well as a higher level of expenses associated with credit administration and FDIC insurance premiums compared to the year-ago quarter.
The net loss for the first nine-months of 2009 totaled $2.17 million, or ($1.48) per diluted share, compared to net income of $55,000, or $0.04 per diluted share, for the 2008 nine-month period. Nine-month year-to-date results include a non-cash charge of $986,000 associated with the establishment in the second quarter of a tax valuation allowance on the Company's deferred tax asset, higher FDIC assessment fees, including the one-time FDIC special assessment charge of $114,000 ($74,100 after-tax, or $0.05 per diluted share) and higher credit administration expenses compared to the 2008 period. Excluding from the first nine-months of 2009 the impact of the tax valuation allowance and the FDIC special assessment charge, the net loss from core banking operations was $1.07 million, or ($0.73) per diluted share.
The remainder is available to Stockwatch subscribers.
If you would like to give the Stockwatch system a try,
click here for a free 30 day trial subscription. |
Top
Print this Page