Crescent State Bank Reports First Quarterly Profit.Business Editors CARY, N.C.--(BUSINESS WIRE)--July 16, 2001 Crescent crescent, emblematic representation of the quarter moon. The crescent and star, ancient Byzantine symbols that became the emblems of Constantinople, were also assumed as the standard of the Ottoman Turks. State Bank, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Crescent Financial Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: CRFN), today announced its first quarterly profit since the start of operations on December 31, 1998. The Bank reported net income for the three-month period ended June 30, 2001 of $59,153 compared to a net loss of $150,567 for the comparative period ended June 30, 2000. Crescent continues to enjoy outstanding asset quality with no loans 30 days or more past due as of June 30, 2001. Earnings per share for the current period were $.05 compared to a per share loss of $.12 for the prior period. The second quarter profit included a $131,572 provision to the reserve for loan losses. For the six-month period ended June 30, 2001, Crescent reported net income of $20,026 compared to a net loss of $235,211 for the six months ended June 30, 2000. Earnings per share for the six-month periods were $.02 and $(.18), respectively. Per share data for the 2000 reporting periods have been adjusted to reflect the 1.125-for-1 stock split effected as a dividend paid during the second quarter of 2001. Total assets as of June 30, 2001, increased by 54% to $111 million compared to $72 million as of December 31, 2000, and by 113% compared to $53 million reported as of June 30, 2000. Total loans at the end of the period were $69 million and total deposits were $95 million, reflecting increases of 41% and 55%, respectively since year-end December 31, 2000. "Reporting our first quarterly profit and six month positive earnings is truly an important milestone in Crescent's short history," said Michael Carlton, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We continue to see solid asset growth while maintaining excellent loan quality. As a result of our sound credit underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. , the Bank does not have any non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. at the present time. Our performance to date reflects the continued efforts and commitment of each of our staff members and directors. We are especially proud to achieve these results in this current economic environment." About Crescent State Bank Crescent State Bank is a wholly owned subsidiary of Crescent Financial Corporation (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. CRFN), based in Cary, North Carolina Cary is the second largest municipality in Wake County, North Carolina and the third largest municipality in The Triangle (North Carolina) behind Raleigh and Durham. It is the seventh largest municipality in North Carolina. . Crescent State Bank, a non-member state chartered bank Chartered Bank A financial institution whose primary roles are to accept and safeguard monetary deposits from individuals and organizations, and to lend money out. The details vary from country to country, but usually a chartered bank in operation has obtained government permission , operates four banking offices including two in Cary and one each in Apex and Clayton. Crescent opened its doors for business on December 31, 1998. It offers a full range of banking services including deposit accounts, personal and commercial loans, commercial courier A monospaced typeface originating from the typewriter that is commonly used for letters. It is still considered by many to be the "appropriate" typeface for business correspondence. service and Internet banking. Stock information for the company can be found on the OTC Bulletin Board trading under the symbol CRFN. For more information, visit www.crescentstatebank.com. Information in this press release contains "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ." These statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the effects of future economic conditions, governmental fiscal and monetary policies, legislative and regulatory changes, the risks of changes in interest rates and the effects of competition. Additional factors that could cause actual results to differ materially are discussed in Crescent State Bank's recent filings with the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. , including but not limited to its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and its other periodic reports.
Crescent State Bank Summary of Operations
(000s omitted except for per share data)
Three Month Three Months Six Months Six Months
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
2001 2000 2001 2000
Interest Income 1,734 897 3,371 1,609
Interest Expense 822 380 1,652 670
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Net interest income 912 517 1,719 939
Provision for loan
losses 131 100 263 166
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Net interest income
after provision
for loan losses 781 417 1,456 773
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Non-interest income 104 32 184 58
Non-interest expense 826 600 1,620 1,066
Income (Loss)
before taxes 59 (151) 20 (235)
Income tax expense - - - -
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Net loss 59 (151) 20 (235)
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Basic and fully
diluted loss
per share (a) .05 (.12) .02 (.18)
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(a) 2000 per share data has been adjusted to reflect the 1.125-for-1 stock split effected as a dividend paid during the second quarter of 2001. |
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