Crescent Banking Company Declares Quarterly Dividend and Announces Earnings

Apr 20, 2001, 01:00 ET from Crescent Banking Company

    JASPER, Ga., April 20 /PRNewswire Interactive News Release/ --
 Crescent Banking Company (Nasdaq:   CSNT) (the "Company") is pleased to announce
 that its Board of Directors has authorized the payment of its nineteenth
 consecutive quarterly cash dividend.  A quarterly dividend in the amount of
 $.0775 per share is payable on May 21, 2001 to shareholders of record of the
 Company's common stock as of May 7, 2001.
     The Company's net income for the quarter ended March 31, 2001 totaled
 $804,077, which represents income per share, on a basic basis, of $.44.  This
 compares to the Company's loss for the quarter ended March 31, 2000 of
 $124,376, which represents loss per share, on both a basic and a fully diluted
 basis, of $0.07.
     Mortgage banking operations recorded net income for the first quarter 2001
 of $706,177, compared to a net loss for the first quarter 2000 of $220,160.
 The increase in mortgage banking earnings was the result of increased
 production attributable to the decrease in long-term mortgage rates.  The loss
 in the first quarter 2000 was largely due to the volatility and increases in
 market interest rates that has occurred since June 1999, and which lasted
 through the third quarter 2000.  Mortgage production in the first quarter 2001
 totaled $642.5 million, an increase of approximately 183%, from the production
 of $226.9 million during the first quarter 2000.  The Federal Reserve Open
 Market Committee has lowered rates four times, totaling 200 basis points,
 since December 31, 2000.  At March 31, 2001, the mortgage origination pipeline
 totaled approximately $656 million, an increase of approximately 128% from
 December 31, 2000.
     The Company is also pleased to report that the earnings of its commercial
 banking division have continued to improve.  Crescent Bank & Trust Company,
 the Company's wholly owned banking subsidiary (the "Bank"), had earnings of
 $217,153 for the quarter ended March 31, 2001, a 13% increase from the Bank's
 earnings of $191,462 for the quarter ended March 31, 2000.  In addition, the
 Bank's loan portfolio increased approximately 4% during the first quarter to
 total $96.6 million at March 31, 2001.  As a result of the Bank's loan growth,
 a provision to the reserve for loan loss of $115,000 was made during the first
 quarter 2001, compared to a provision of $95,000 during the first quarter
 2000.  The Bank's six full service offices are located in Jasper, Marble Hill,
 Cartersville, Towne Lake, Canton, and Cumming, Georgia.
     Crescent Banking Company is a bank holding company headquartered in
 Jasper, Georgia with assets of approximately $320 million and book value per
 share of $9.05 as of March 31, 2001.  The Company had 1.8 million shares
 outstanding with total capitalization of $20.3 million at March 31, 2001.  The
 Company's common stock is listed on the Nasdaq SmallCap Market under the
 symbol "CSNT".
 
     For media information, contact:
     Michele Walters (706) 692-2424
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X40634189
 
 

SOURCE Crescent Banking Company
    JASPER, Ga., April 20 /PRNewswire Interactive News Release/ --
 Crescent Banking Company (Nasdaq:   CSNT) (the "Company") is pleased to announce
 that its Board of Directors has authorized the payment of its nineteenth
 consecutive quarterly cash dividend.  A quarterly dividend in the amount of
 $.0775 per share is payable on May 21, 2001 to shareholders of record of the
 Company's common stock as of May 7, 2001.
     The Company's net income for the quarter ended March 31, 2001 totaled
 $804,077, which represents income per share, on a basic basis, of $.44.  This
 compares to the Company's loss for the quarter ended March 31, 2000 of
 $124,376, which represents loss per share, on both a basic and a fully diluted
 basis, of $0.07.
     Mortgage banking operations recorded net income for the first quarter 2001
 of $706,177, compared to a net loss for the first quarter 2000 of $220,160.
 The increase in mortgage banking earnings was the result of increased
 production attributable to the decrease in long-term mortgage rates.  The loss
 in the first quarter 2000 was largely due to the volatility and increases in
 market interest rates that has occurred since June 1999, and which lasted
 through the third quarter 2000.  Mortgage production in the first quarter 2001
 totaled $642.5 million, an increase of approximately 183%, from the production
 of $226.9 million during the first quarter 2000.  The Federal Reserve Open
 Market Committee has lowered rates four times, totaling 200 basis points,
 since December 31, 2000.  At March 31, 2001, the mortgage origination pipeline
 totaled approximately $656 million, an increase of approximately 128% from
 December 31, 2000.
     The Company is also pleased to report that the earnings of its commercial
 banking division have continued to improve.  Crescent Bank & Trust Company,
 the Company's wholly owned banking subsidiary (the "Bank"), had earnings of
 $217,153 for the quarter ended March 31, 2001, a 13% increase from the Bank's
 earnings of $191,462 for the quarter ended March 31, 2000.  In addition, the
 Bank's loan portfolio increased approximately 4% during the first quarter to
 total $96.6 million at March 31, 2001.  As a result of the Bank's loan growth,
 a provision to the reserve for loan loss of $115,000 was made during the first
 quarter 2001, compared to a provision of $95,000 during the first quarter
 2000.  The Bank's six full service offices are located in Jasper, Marble Hill,
 Cartersville, Towne Lake, Canton, and Cumming, Georgia.
     Crescent Banking Company is a bank holding company headquartered in
 Jasper, Georgia with assets of approximately $320 million and book value per
 share of $9.05 as of March 31, 2001.  The Company had 1.8 million shares
 outstanding with total capitalization of $20.3 million at March 31, 2001.  The
 Company's common stock is listed on the Nasdaq SmallCap Market under the
 symbol "CSNT".
 
     For media information, contact:
     Michele Walters (706) 692-2424
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X40634189
 
 SOURCE  Crescent Banking Company