Latest Four Oaks Fincorp Inc (FOFN) Headlines
Four Oaks Fincorp, Inc. And Four Oaks Bank & Trust Company Agree To Settlement Terms With The United States Department of Justice
PR Newswire - Thu Jan 09, 3:21PM CST
Four Oaks Fincorp, Inc. (OTCBB: FOFN) (the "Company"), the holding company for Four Oaks Bank & Trust Company (the "Bank"), announced that the Company and the Bank have negotiated a civil settlement with the United States Department of Justice. The settlement remains subject to approval by the United States District Court for the Eastern District of North Carolina. As a part of the terms of the proposed settlement, the Bank has agreed to pay a $1.2 million civil penalty and to abide by certain conditions relating to the provision of banking services for some categories of merchants. Also as part of the proposed settlement, the Bank does not admit any facts alleged in the accompanying complaint nor does the Bank admit to any liability.
Four Oaks Fincorp, Inc. Announces 2013 Third Quarter and Year to Date Results
Business Wire - Wed Nov 20, 12:39PM CST
Four Oaks Fincorp, Inc. (OTCBB:FOFN) (the "Company"), the holding company for Four Oaks Bank & Trust Company (the "Bank"), today announced the results for the third quarter and nine months ended September 30, 2013. The net income for the third quarter and nine months ended September 30, 2013 was $79,000 and $52,000, respectively, compared to a net loss of $2.2 million and $1.6 million for the same periods of 2012, respectively. The provision for loan losses for the nine months ended September 30, 2013 of $35,000 was less than the provision of $1.8 million for the same period in 2012. The Company had $4.3 million in net charge-offs recognized during the nine months ended September 30, 2013 as compared to $6.0 million in net charge-offs recognized for the same period in 2012. Nonaccrual loans were $33.9 million at September 30, 2013, a decrease of $2.1 million from $36.0 million at December 31, 2012. The allowance for loan losses (ALLL) as a percentage of gross loans was 2.48% at September 30, 2013 compared to 3.32% at December 31, 2012. The decrease in the ALLL as a percentage of gross loans occurred primarily due to the decrease in the specific reserves on impaired loans which decreased from $5.4 million at December 31, 2012 to $1.8 million at September 30, 2013. The ALLL percentage for reviewed loans increased from 2.32% at December 31, 2012 to 2.54% at September 30, 2013. Management believes the September 30, 2013 allowance for loan losses is adequate to absorb probable losses inherent in the loan portfolio. We believe the strengthened internal controls related to the identification and valuation of impaired loans that have been put in place in recent years resulted in more timely recognition of impaired assets thereby enhancing the effective resolution of those assets. In 2013 our focus is directed to moving impaired assets off of our balance sheet.
Four Oaks Fincorp, Inc. Announces 2013 Second Quarter and Year to Date Results
Business Wire - Wed Aug 21, 8:49AM CDT
Four Oaks Fincorp, Inc. (OTCBB:FOFN) (the "Company"), the holding company for Four Oaks Bank & Trust Company (the "Bank"), today announced the results for the second quarter and six months ended June 30, 2013. The net loss for the second quarter and six months ended June 30, 2013 was $104,000 and $27,000, respectively, compared to net income of $29,000 and $581,000 for the same periods of 2012, respectively. The provision for loan losses for the six months ended June 30, 2013 of $35,000 was greater than the negative provision of $286,000 for the same period in 2012. The Company had $2.5 million in net charge-offs recognized during the six months ended June 30, 2013 as compared to $2.4 million in net charge-offs recognized for the same period in 2012. Nonaccrual loans were $34.0 million at June 30, 2013, a decrease of $2.0 million from $36.0 million at December 31, 2012. The allowance for loan losses (ALLL) as a percentage of gross loans was 2.87% at June 30, 2013 compared to 3.32% at December 31, 2012. The decrease in the ALLL as a percentage of gross loans occurred primarily due to the decrease in the specific reserves on impaired loans which decreased from $5.4 million at December 31, 2012 to $1.4 million at June 30, 2013. The ALLL percentage for loans not considered impaired actually increased from 2.54% at December 31, 2012 to 2.86% at June 30, 2013. Management believes the June 30, 2013 allowance for loan losses is adequate to absorb probable losses inherent in the loan portfolio. We believe the strengthened internal controls related to the identification and valuation of impaired loans that we put in place during 2011 and 2012 resulted in more timely recognition of impaired assets resulting in more effective resolution of those assets. In 2013 our focus is directed to moving impaired assets off of our balance sheet.
Four Oaks Fincorp, Inc. Announces 2012 Fourth Quarter and Annual Results
Business Wire - Fri Mar 29, 8:43AM CDT
Four Oaks Fincorp, Inc. (OTCBB:FOFN) (the "Company"), the holding company for Four Oaks Bank & Trust Company (the "Bank"), today announced the results for the fourth quarter and year ended December 31, 2012. The net loss for the fourth quarter and twelve months ended December 31, 2012 was $5.4 million and $7.0 million, respectively, compared to a net loss of $3.1 million and $9.1 million for the same periods of 2011, respectively. The provision for loan losses for the twelve months ended December 31, 2012, of $7.4 million was less than the $11.4 million for the same period in 2011. The Company had $12.0 million in net charge-offs recognized during the twelve months ended December 31, 2012 as compared to $12.4 million in net charge-offs recognized for the same period in 2011. Nonaccrual loans were $36.0 million at December 31, 2012, a decrease of $24.2 million from $60.1 million at December 31, 2011. Decreases in the l
Four Oaks Fincorp, Inc. And Four Oaks Bank & Trust Company Agree To Settlement Terms With The United States Department of Justice
PR Newswire - Thu Jan 09, 3:21PM CST
Four Oaks Fincorp, Inc. (OTCBB: FOFN) (the "Company"), the holding company for Four Oaks Bank & Trust Company (the "Bank"), announced that the Company and the Bank have negotiated a civil settlement with the United States Department of Justice. The settlement remains subject to approval by the United States District Court for the Eastern District of North Carolina. As a part of the terms of the proposed settlement, the Bank has agreed to pay a $1.2 million civil penalty and to abide by certain conditions relating to the provision of banking services for some categories of merchants. Also as part of the proposed settlement, the Bank does not admit any facts alleged in the accompanying complaint nor does the Bank admit to any liability.
Four Oaks Fincorp, Inc. Announces 2013 Third Quarter and Year to Date Results
Business Wire - Wed Nov 20, 12:39PM CST
Four Oaks Fincorp, Inc. (OTCBB:FOFN) (the "Company"), the holding company for Four Oaks Bank & Trust Company (the "Bank"), today announced the results for the third quarter and nine months ended September 30, 2013. The net income for the third quarter and nine months ended September 30, 2013 was $79,000 and $52,000, respectively, compared to a net loss of $2.2 million and $1.6 million for the same periods of 2012, respectively. The provision for loan losses for the nine months ended September 30, 2013 of $35,000 was less than the provision of $1.8 million for the same period in 2012. The Company had $4.3 million in net charge-offs recognized during the nine months ended September 30, 2013 as compared to $6.0 million in net charge-offs recognized for the same period in 2012. Nonaccrual loans were $33.9 million at September 30, 2013, a decrease of $2.1 million from $36.0 million at December 31, 2012. The allowance for loan losses (ALLL) as a percentage of gross loans was 2.48% at September 30, 2013 compared to 3.32% at December 31, 2012. The decrease in the ALLL as a percentage of gross loans occurred primarily due to the decrease in the specific reserves on impaired loans which decreased from $5.4 million at December 31, 2012 to $1.8 million at September 30, 2013. The ALLL percentage for reviewed loans increased from 2.32% at December 31, 2012 to 2.54% at September 30, 2013. Management believes the September 30, 2013 allowance for loan losses is adequate to absorb probable losses inherent in the loan portfolio. We believe the strengthened internal controls related to the identification and valuation of impaired loans that have been put in place in recent years resulted in more timely recognition of impaired assets thereby enhancing the effective resolution of those assets. In 2013 our focus is directed to moving impaired assets off of our balance sheet.
Four Oaks Fincorp, Inc. Announces 2013 Second Quarter and Year to Date Results
Business Wire - Wed Aug 21, 8:49AM CDT
Four Oaks Fincorp, Inc. (OTCBB:FOFN) (the "Company"), the holding company for Four Oaks Bank & Trust Company (the "Bank"), today announced the results for the second quarter and six months ended June 30, 2013. The net loss for the second quarter and six months ended June 30, 2013 was $104,000 and $27,000, respectively, compared to net income of $29,000 and $581,000 for the same periods of 2012, respectively. The provision for loan losses for the six months ended June 30, 2013 of $35,000 was greater than the negative provision of $286,000 for the same period in 2012. The Company had $2.5 million in net charge-offs recognized during the six months ended June 30, 2013 as compared to $2.4 million in net charge-offs recognized for the same period in 2012. Nonaccrual loans were $34.0 million at June 30, 2013, a decrease of $2.0 million from $36.0 million at December 31, 2012. The allowance for loan losses (ALLL) as a percentage of gross loans was 2.87% at June 30, 2013 compared to 3.32% at December 31, 2012. The decrease in the ALLL as a percentage of gross loans occurred primarily due to the decrease in the specific reserves on impaired loans which decreased from $5.4 million at December 31, 2012 to $1.4 million at June 30, 2013. The ALLL percentage for loans not considered impaired actually increased from 2.54% at December 31, 2012 to 2.86% at June 30, 2013. Management believes the June 30, 2013 allowance for loan losses is adequate to absorb probable losses inherent in the loan portfolio. We believe the strengthened internal controls related to the identification and valuation of impaired loans that we put in place during 2011 and 2012 resulted in more timely recognition of impaired assets resulting in more effective resolution of those assets. In 2013 our focus is directed to moving impaired assets off of our balance sheet.
Four Oaks Fincorp, Inc. Announces 2012 Fourth Quarter and Annual Results
Business Wire - Fri Mar 29, 8:43AM CDT
Four Oaks Fincorp, Inc. (OTCBB:FOFN) (the "Company"), the holding company for Four Oaks Bank & Trust Company (the "Bank"), today announced the results for the fourth quarter and year ended December 31, 2012. The net loss for the fourth quarter and twelve months ended December 31, 2012 was $5.4 million and $7.0 million, respectively, compared to a net loss of $3.1 million and $9.1 million for the same periods of 2011, respectively. The provision for loan losses for the twelve months ended December 31, 2012, of $7.4 million was less than the $11.4 million for the same period in 2011. The Company had $12.0 million in net charge-offs recognized during the twelve months ended December 31, 2012 as compared to $12.4 million in net charge-offs recognized for the same period in 2011. Nonaccrual loans were $36.0 million at December 31, 2012, a decrease of $24.2 million from $60.1 million at December 31, 2011. Decreases in the l
