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Article Excerpt
CLARKSTON, Mich., July 29 /PRNewswire-FirstCall/ -- Clarkston Financial Corporation (BULLETIN BOARD: CKFC) , the holding company for Clarkston State Bank, today reported operating results for the three months and six months ended June 30, 2009.
Q2 Results
Total revenues -- net interest income plus noninterest income -- for the second quarter of 2009 were $1,176,000, reflecting lower net interest income and noninterest income, more than offset by lower operating expenses from successful cost cutting, which were $1,382,000. This compares with total revenues and expenses of $1,364,000 and $1,633,000, respectively for Q2-2008. The current-year results include substantially higher regulatory expenses, including the industry-wide special assessment, along with a provision for possible loan losses of $560,000. The provision a year ago was $450,000.
The net loss for the quarter was $766,000, equivalent to ($0.52) per share. A year ago, the Company posted a net loss of $642,000, or ($0.51) per share. The 2008 net loss included an income tax benefit of $246,000 and a...
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