Business News • MarketWire • Focus Business Bank Announces Unaudited Financial Results for the Quarter and Nine-Months Ended September 30, 2012 |
Focus Business Bank Announces Unaudited Financial Results for the Quarter and Nine-Months Ended September 30, 2012 |
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Focus Business Bank Announces Unaudited Financial Results for the Quarter and Nine-Months Ended September 30, 2012
SAN JOSE, CA--(Marketwire - Oct 23, 2012) - Focus Business Bank (OTCQB: FCSB) announced unaudited financial results for the quarter and nine-months ended September 30, 2012. Net income was $2,560,000, or $0.92 per share, and $3,067,000, or $1.11 per share, for the quarter and nine-months ended September 30, 2012, respectively. These results included an income tax benefit of $2,233,000 in the quarter ending September 30, 2012 resulting from the reversal of the valuation allowance on deferred tax assets. Reversal of the valuation allowance was based on the Bank's assessment that after ten consecutive quarters of pre-tax net income, including record pre-tax net income of $327,000 in the quarter ending September 30, 2012 compared to $267,000 for the quarter ended September 30, 2011, it was likely that the benefits from the deferred tax assets would be realized.
View More : http://www.marketwire.com/mw/release.do?id=1717062&sourceType=3
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