Omega Financial Corporation Announces Revision of Third Quarter Earnings
November 03 2006 - 4:44PM
PR Newswire (US)
STATE COLLEGE, Pa., Nov. 3 /PRNewswire-FirstCall/ -- Omega
Financial Corporation (NASDAQ:OMEF) announced today a revision to
its third quarter and year to date earnings based on a charge of
$585,000 after tax, or $.05 per diluted share, related to an
increase in the provision for loan losses recorded in the third
quarter. The increased provision reflects management's evaluation
of a subsequent event involving a commercial borrower who has filed
for bankruptcy protection. The Company received the information
after its earnings release on October 18, 2006. Additionally, the
Company has entered into an agreement to sell this loan, which will
close in the fourth quarter. Therefore, the Company does not expect
to record any additional loss on this loan. (Logo:
http://www.newscom.com/cgi-bin/prnh/19990921/OMFCLOGO ) Earnings
per diluted share for the third quarter and year to date 2006 were
affected by the $585,000 charge. The revised year to date 2006 net
income is $16,045,000, or $1.27 per diluted share, instead of
$16,630,000, or $1.32 per share, as originally reported on October
18, 2006. This compares with $17,523,000, or $1.38 per diluted
share, for the nine months ended September 30, 2005. For the third
quarter of 2006, Omega is reporting revised net income of
$5,357,000, or $0.43 per diluted share, instead of $5,942,000, or
$0.47 per diluted share, as originally reported, compared with
$5,565,000 or $0.44 per share for the third quarter of 2005.
Revised Return on Average Tangible Equity for the third quarter is
13.94%, instead of 15.46% as originally reported and revised Return
on Average Tangible Assets is 1.24%, instead of 1.37% as originally
reported. Quarterly and annual reports, a corporate profile, stock
quotes and other financial data can be accessed through the Omega
web site at http://www.omegafinancial.com/
http://www.newscom.com/cgi-bin/prnh/19990921/OMFCLOGO
http://photoarchive.ap.org/ DATASOURCE: Omega Financial Corporation
CONTACT: Teresa Ciambotti, SVP, Director of Investor Relations of
Omega Financial Corporation, +1-814-231-6401 Web site:
http://www.omegafinancial.com/
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