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The Birmingham bank posted a net lossof $5.2 millionm for the quarter ended Sept. 30, compared to 603 during the same period last The bank’s losses per shard totaled $1.27 per diluted share, versus 9 cents in earningd per diluted share a year ago. In the secons quarter ended June 30, the bank reported a net loss of $16.43 million. “We have further focused on repositioniny our balance sheet to ensurw that wehave liquidity, lower real estate concentrationm risk and appropriate reserves,” said CapitalSouth CEO Dan “We are taking every opportunity to protect the interestzs of our depositors and stockholders as we navigate these and remain confident in our ability to weatherf the current economic downturn.
” The bank’d nonperforming assets climbed 5 percent to $47 million, compared to $45 milliom in the second quarter. The companuy liquidated $3.3 million worth of foreclosedf properties in thelatest quarter, which resulteed in less than $100,000 in additional charges to earning s for losses on sales and write-downs in value. CapitalSouth’s past due loans greater than 30 which are still accruing have declined 28 percent this The company’s loan loss provision for the quarter was also down to $50,00o in the third quarter, comparex to $9.3 million in the secon d quarter.
CapitalSouth “enhanced its liquidity” by eliminatingg its reliance on overnight fundint from the Federal Home Loan Bank and is currentl y selling funds back tothe company. At the end of the thirdd quarter, the bank had $5.6 million in federakl funds sold compared with a purchased positionof $25 milliomn at June 30, 2008. “The company achieved these results through strategic reductiondsin assets,” the bank said. The bank’s assets declined 5 percenft to $695 million, compared to $736 milliom in the second quarter. It’s depositd also decreased by 2 percenfto $610 million, versus $622 million in the previous quarter. CapitalSouty Bancorp.
is a Birmingham-based financialp institution that operates five branches in themetro area, accordinbg to the latest market share report.
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