First Franklin Corp. (FFHS), the parent of Franklin Savings and Loan Company, revised its third-quarter earnings. The revision is due to an increase in loan loss reserves of $334 thousand resulting primarily from updated information received on the underlying value of the collateral on a group of loans. This resulted in an increase in the loss for the quarter and year to date period of $221 thousand or $0.14 per basic share.
The Corporation revised the third-quarter net loss to $1.13 million or $0.68 per basic share and the net loss for the nine months ended September 30, 2009 to $865 thousand or $0.52 per basic share. The compares to a net loss of $39 thousand or $0.02 per basic share for the third quarter of 2008 and a loss of $809 thousand or $0.48 per basic share for the nine months ended September 30, 2008.
For comments and feedback: editorial@rttnews.com