Four Oaks Fincorp, Inc. Announces Record Earnings of $17.5 Million for the Second Quarter 2015
Jul 31, 2015
OTC Disclosure & News Service
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Four Oaks Fincorp, Inc. (OTCQX: 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, 2015. The Company reported net income of $17.5 million and $18.5 million, respectively, for the second quarter and six months ended June 30, 2015 compared to net income of $2.4 million and $3.8 million for the same periods in 2014.
During the second quarter of 2015, the Company determined that it is more likely than not that sufficient taxable income will be generated to realize a significant portion of its deferred tax assets. This conclusion, and partial release of the valuation allowance, was based upon a number of factors including continued improvement in quarterly earnings, forecasted future profitability, improved asset quality and the execution of the Asset Resolution Plan. As a result, the Company recognized a $16.5 million income tax benefit which positively impacted earnings and increased capital for the Bank and the Company.
