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Article Excerpt
CLARKSTON, Mich., April 16 /PRNewswire-FirstCall/ -- Clarkston Financial Corporation, (BULLETIN BOARD: CKFC) the holding company for Clarkston State Bank, today reported a net profit for the first quarter of 2009 - its first quarterly profit in a year, substantial progress in its turn-around plan, and an expected loss for 2008.
Q1 Results. Net income for Q1-2009 was $84,000, or $0.06 per diluted share. This compares with Q1-2008 net income of $514,000, or $0.40 per diluted share, including a gain of $2,200,000 from the retirement of trust-preferred securities. There was no provision for possible loan losses for Q1-2009, whereas the Q1-2008 results included a loan-loss provision of $967,000. Additionally, the Q1-2009 results include a gain of $340,000 from the exchange of property on Sashabaw Road in Clarkston.
Total revenues - net interest income plus noninterest income - were $1,472,000, compared with $3,613,000 a year ago, when a gain from the retirement of the trust preferred securities was recognized. Despite an increase in net interest margin, net interest income was off 21%, reflecting a 4.4% year-to-date decline in loans outstanding. Total nonperforming...
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