Stock Report Update On Crwe, Lsbi, Carver Bancorp - Pennytobuck.com
Crown Equity Holdings, Inc
Crown Equity Holdings, Inc. (OTCBB:CRWE) is pleased to report its financial information for the 6-month period ending June 30, 2010. Revenue for the six months totaled $678,988, compared to $84,357 during the same period in 2009.
CRWE incurred an operating loss of $26,739 for the six months ending June 30, 2010, compared to an operating loss of $245,796 during the same period in 2009. CRWE incurred a net loss of $201,658 for the six months ending June 30, 2010, compared to a net loss of $255,006 for the same period in 2009. The net loss in 2010 was due primarily to an unrealized loss of $169,195 on securities held by CRWE.
CRWE has increased its workforce to an amount of 35, compared to this time last year's head count of 6, which is a 580% personnel increase. This is in addition to the 10 contractors we recently hired in Pakistan.
CRWE has also expanded its Internet footprint internationally to include the following 20 countries; Argentina, Australia, Brazil, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Korea, Mexico, New Zealand, Singapore, Spain, Taiwan and the UK.
Carver Bancorp, Inc. (Nasdaq:CARV), the holding company for Carver Federal Savings Bank , recently reported their financial results for the three month period ending June 30, 2010, the first quarter of its fiscal year ending March 31, 2011.
CARV reported a net loss of $2.5 million, or a loss per share of $(1.09) for the first quarter of fiscal 2011 compared to net income of $0.7 million, or net income per share of $0.18, for the prior year period. The loss for the first quarter is due primarily to higher provision for loan losses as loan delinquencies increased.
Board Declares a Quarterly Dividend of $0.025 Per Common Share
On August 12, 2010, the Company's Board of Directors declared a cash dividend on its common stock of two and one-half cents ($0.025) per share for the first quarter. The dividend will be payable on September 10, 2010, to stockholders of record at the close of business on August 27, 2010.
Income Statement Highlights
First Quarter Results
CARV reported a net loss for the quarter ended June 30, 2010 of $2.5 million compared to net income of $0.7 million for the prior year period. The net loss is the result of a higher provision for loan losses partially offset by increased fee income.
LSB Financial Corporation (Nasdaq:LSBI), the parent company of Lafayette Savings Bank, FSB, reported quarterly earnings of $457,000 or $0.29 diluted earnings per share compared to $312,000 or $0.20 diluted earnings per share a year earlier. Earnings year-to-date were $989,000 or $0.64 diluted earnings per share compared to $614,000 or $0.40 per share in 2009.
Randolph F. Williams, president and CEO stated, "We are pleased to report that despite the continued slow economy, we achieved another profitable quarter and further positioned the Bank for the ongoing economic challenges. As with most community banks, net interest income - the difference between the income generated from loans and investments and the cost of funding - represents a significant portion of our earnings. Our improved performance this quarter was fueled by a substantial $613,000 or 24% increase in our net interest margin. This increase is reflected in our net interest margin which increased from 2.74% in June of last year to the current level of 3.54%. A positive sign for the local economic recovery is that in the first half of the year a surprising 50% of our residential volume came from people purchasing new homes rather than from borrowers refinancing existing mortgages. Noninterest expenses were down $132,000 in the second quarter of 2010 from $2.7 million the second quarter of 2009 to $2.6 million for the second quarter of 2010. For the year-to-date, non-interest expenses were down $265,000."
LSBI's net interest income was offset by a $76,000 increase in the provision for loan losses from $389,000 to $465,000 compared to the second quarter last year. For the year-to-date the provision for loan losses was down slightly from $958,000 to $899,000. The gain on sale of loans in the quarter decreased $360,000, a $797,000 decrease year-to-date, primarily due to a strategic decision to keep a larger share of residential loan originations in the Bank's own portfolio to stay within regulatory thresholds rather than to sell them on the secondary market. We also showed a $127,000 increase in the loss on OREO properties for the quarter, $195,000 year-to-date, as we made adjustments to recognize new valuations or property deterioration. The Bank continues to maintain a strong capital base with a Tier I capital ratio at June 30, 2010 of 9.11% which is in excess of the 5.00% required to remain categorized as well-capitalized as defined by the regulators but down slightly from the 9.13% at December 31, 2009.
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by: Bill Pennyman
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