Cadence sees losses, but not as deep
STARKVILLE — Cadence Financial Corporation recorded a net loss of $1.6 million for the second quarter of 2010, compared with a net loss of $14 million for the second quarter of 2009.
Reduced net interest income and sizeable expenses related to repossessed real estate were major contributors to the 2010 second-quarter loss.
Net loss applicable to common shareholders was $2.3 million, or $0.19 per diluted share, compared with a net loss applicable to common shareholders of $14.7 million, or $1.23 per diluted share, for the second quarter of 2009.
Cadence reported a significant decrease in its provision for loan losses from the second quarter of last year. The provision for loan losses dropped to $3.2 million, compared with $23 million in the second quarter of 2009 due to lower charge-offs and a lower level of non-performing and classified loans. This was the second consecutive quarterly reduction in classified loans.
Net interest income was $20.2 million in the first six months of 2010, compared with $23 million in the same period of 2009. The decrease in net interest income was due to a seven-basis-point decrease in net interest margin and a 9.2 percent decrease in average earning assets, compared with the same period in 2009. The provision for loan losses for the first six months of 2010 declined to $4.8 million, compared with $55.8 million in the first six months of 2009.
For the first six months of 2010, Cadence reported a net loss of $2.8 million, compared with a net loss of $98.2 million for the first six months of 2009.
Net loss applicable to common shareholders was $4.2 million, or $0.35 per diluted share, compared with a net loss applicable to common shareholders of $99.1 million, or $8.32 per diluted share, in the same period of 2009.
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