Community Shores Bank Corp. (CSHB) 2.4000 $CSHB
Community Shores Reverses Its Tax Valuation Allowance And Reports Highest Book Value Since 2010
PR Newswire - Wed Feb 04, 7:00AM CST
Community Shores Bank Corporation ("Community Shores"
(OTC: CSHB), Muskegon's only locally headquartered independent community banking organization, announced today that it fully reversed its deferred tax valuation allowance in the fourth quarter of 2014. The reversal resulted in a one-time Federal tax benefit of $4.1 million or $2.80 per common share. The Company has carried a full valuation allowance against its deferred tax assets since the second quarter of 2009. Many factors, including positive core earnings and asset quality trends, as well as expectations regarding the Company's ability to generate future taxable income combined to facilitate the recovery of the deferred tax valuation allowance. Including this benefit, full year earnings were $4.3 million or $2.95 per common share. At year-end 2014, Community Shores' book value per common share rose to $5.50.
Community Shores Reverses Its Tax Valuation Allowance And Reports Highest Book Value Since 2010
PR Newswire - Wed Feb 04, 7:00AM CST
Community Shores Bank Corporation ("Community Shores"
(OTC: CSHB), Muskegon's only locally headquartered independent community banking organization, announced today that it fully reversed its deferred tax valuation allowance in the fourth quarter of 2014. The reversal resulted in a one-time Federal tax benefit of $4.1 million or $2.80 per common share. The Company has carried a full valuation allowance against its deferred tax assets since the second quarter of 2009. Many factors, including positive core earnings and asset quality trends, as well as expectations regarding the Company's ability to generate future taxable income combined to facilitate the recovery of the deferred tax valuation allowance. Including this benefit, full year earnings were $4.3 million or $2.95 per common share. At year-end 2014, Community Shores' book value per common share rose to $5.50. 
