Dec 28 (Reuters) - Community Shores Bank Corp (CSHB.O: Quote, Profile, Research) said it expects its fourth-quarter earnings to be hurt by an increase in loan-loss provision.
Shares of the company were trading up 8 percent at $6.89 in afternoon trade on the Nasdaq. The shares earlier touched a new year-low of $6.33.
The loan-loss provision will reduce pre-tax earnings by about 68 cents a share for the quarter, the company said in a statement.
"Conditions in our market necessitate this increased provision. The prolonged slowdown in residential real-estate sales has raised concerns about borrower liquidity and the future ability of these borrowers to service debt," Chief Executive Heather Brolick said.
The company said it expects its fourth-quarter provision for loan losses to be about $1 million.
Of this, an allocation of $689,000 would be made related to the impairment of a commercial loan. Additionally, an increased allocation of $100,000 has been made on its $15 million portfolio of residential and land-development loans.
The community banking firm said it was increasing its reserve allocation for loans to residential real-estate and land developers due to deteriorating conditions in the bank's local market. (Reporting by Bijoy Koyitty; Editing by Vinu Pilakkott)
http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSBNG17233520071228
Saturday, December 29, 2007
O'Loan 'delighted' to become a Dame
Nuala O'Loan has revealed she feels vindicated after being made a Dame in the New Year's Honour List.
The former head of the Police Ombudsman said she was delighted and believes the honour-which was announced just weeks after leaving the post-is recognition of her often contentious work.
"A police complaints system is bound to cause some difficulty for some people, but I think this is a vindication of the way in which we worked," she said.
Other Ulster people to receive honours included the Head of Northern Ireland's Civil Service Nigel Hamilton who is in receipt of a knighthood.
Portadown football boss Ronnie McFall is the first Irish League manager ever to have figured in the Honours List.
The longest-serving manager in the league, 'Big Ronnie' receives the MBE for services to football.
Nationally, Australian singer Kylie Minogue has got an OBE.
Kylie, whose brave battle with cancer inspired millions, said she was " deeply touched".
She is joined by Michael Parkinson, the master of the TV chat show, who gets a knighthood and Des Lynam, the distinguished sports presenter, who receives an OBE for services to sport.
While actor Leslie Phillips, 83, famous for his catch-phrase "Hellooo" ' and as a veteran of the Carry On films, receives a CBE.
http://www.belfasttelegraph.co.uk/news/local-national/article3291712.ece
The former head of the Police Ombudsman said she was delighted and believes the honour-which was announced just weeks after leaving the post-is recognition of her often contentious work.
"A police complaints system is bound to cause some difficulty for some people, but I think this is a vindication of the way in which we worked," she said.
Other Ulster people to receive honours included the Head of Northern Ireland's Civil Service Nigel Hamilton who is in receipt of a knighthood.
Portadown football boss Ronnie McFall is the first Irish League manager ever to have figured in the Honours List.
The longest-serving manager in the league, 'Big Ronnie' receives the MBE for services to football.
Nationally, Australian singer Kylie Minogue has got an OBE.
Kylie, whose brave battle with cancer inspired millions, said she was " deeply touched".
She is joined by Michael Parkinson, the master of the TV chat show, who gets a knighthood and Des Lynam, the distinguished sports presenter, who receives an OBE for services to sport.
While actor Leslie Phillips, 83, famous for his catch-phrase "Hellooo" ' and as a veteran of the Carry On films, receives a CBE.
http://www.belfasttelegraph.co.uk/news/local-national/article3291712.ece
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