CLARKSTON, Mich., Oct. 28, 2010 (GLOBE NEWSWIRE) -- Clarkston Financial Corporation (OTCBB:CKFC), the holding company for Clarkston State Bank, today reported a net loss of $751,000 or $(0.34) per fully diluted common share for the three months ended September 30, 2010 compared to a net loss of $324,000 or $(0.22) per share for the three months ended September 30, 2009. The net loss for the nine months ended September 30, 2010 was $1,366,000 or $(0.61) per share compared to a net loss of $1,006,000 or $(0.69) per share for the same period in 2009.
Total assets at September 30, 2010 were $101,984,000 compared to $116,365,000 at September 30, 2009, a decline of $14,381,000 or 12.36%. The decrease in total assets is consistent with management's plan to reduce costs and preserve capital. The allowance for possible loan losses increased to 3.76% of total loans as of September 30, 2010, compared to 3.69% for the same period 2009.
J. Grant Smith, CEO, said, "The focus remains on strengthening our asset quality and completing our recapitalization plan. We are working closely with our regulatory partners to finalize approvals which we expect to have completed in the fourth quarter. Total non-performing loans have significantly decreased to $2,800,000 at September 30, 2010 compared to $6,426,000 from the same period 2009, a decline of $3,626,000, or 56.43%. The net interest margin of the Bank is a robust 4.37% for the quarter ended September 30, 2010. We continue to maintain excellent liquidity and we expect our operating metrics to continue to improve as we finish out the year."
Clarkston State Bank opened in January 1999 and operates four branches in Clarkston, Waterford, and Independence Township, Michigan.
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Safe Harbor. This news release contains comments or information that constitute forward-looking statements within the context of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve significant risks and uncertainties. Actual results may differ materially from the results discussed in the forward-looking statements. Factors that may cause such a difference include: changes in interest rates and interest-rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking regulations; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior and their ability to repay loans; and changes in the national and local economy. The Corporation assumes no responsibility to update forward-looking statements.
CONTACT: Clarkston Financial Corporation J. Grant Smith, CEO 248-922-6945