SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-KSB/A
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AMENDMENT NO. 1
ANNUAL REPORT UNDER SECTION 13 OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR FISCAL YEAR ENDED DECEMBER 31, 2001
Commission File No. 000-32951
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CRESCENT FINANCIAL CORPORATION
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(Exact Name of Registrant as specified in its charter)
NORTH CAROLINA
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(State of Incorporation)
56-2259050
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(I.R.S. Employer Identification No.)
1005 High House Road
Cary, North Carolina 27513
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(Address of Principal Office)
(919) 460-7770
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(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(g) of the Act:
COMMON STOCK, $1.00 PAR VALUE
Check whether the Registrant (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the Registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. YES X NO
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Check if there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B not contained in this form, and no disclosure will be contained,
to the best of the Registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB. X
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The Registrant's revenues for the year ended December 31, 2001 were $7,652,554.
The aggregate market value of the voting stock held by non-affiliates of the
Registrant at December 31, 2001 was approximately $9,309,820.
The number of shares of the Registrant's Common Stock outstanding on December
31, 2001 was 1,289,527.
Documents Incorporated by Reference:
1. Portions of Annual Report to Shareholders for the Fiscal Year
Ended December 31, 2001 (Part II).
2. Proxy Statement for the 2002 Annual Meeting of Shareholders
(Part III).
Transitional Small Business Format Yes ____ No X
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PART II
ITEM 5 - MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
The information contained in the section captioned "Market for the Common Stock"
in the 2001 Annual Report to Shareholders is incorporated herein by reference.
ITEM 6 - MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
The information contained in the section captioned "Management's Discussion and
Analysis" in the 2001 Annual Report to Shareholders is incorporated herein by
reference.
Certain of the information required to be provided pursuant to the disclosure
requirements under Guide 3 of the Guides for the preparation and Filing of
Reports and Registration Statements under the Securities Exchange Act of 1934 is
included in the Annual Report, which is incorporated herein by reference. The
remainder of this information is provided in the following tables:
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Crescent Financial Corporation
Table 1
Securities Portfolio Composition
The following table presents the carrying values, intervals of maturities or
repricings, and weighted average yields of our investment portfolio at December
31, 2001:
Less than One to Five to Over ten
one year five years ten years years Total
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(Dollars in thousands)
Securities available for sale:
U.S. government agencies
Balance $ 1,628 $ 1,824 $ 399 $ - $ 3,851
Weighted average yield 4.05% 5.79% 6.26% -% 5.10%
Mortgage-backed securities
Balance $ 1,196 $ 8,570 $ 7,393 $ 1,554 $ 18,713
Weighted average yield 6.29% 6.45% 6.06% 5.70% 6.22%
Municipal securities
Balance $ - $ 109 $ 160 $ - $ 269
Weighted average yield -% 3.10% 3.45% -% 3.31%
Total
Balance $ 2,824 $ 10,503 $ 7,952 $ 1,554 $ 22,833
Weighted average yield 5.00% 6.30% 6.02% 5.70% 6.00%
Crescent Financial Corporation
Table 2
Loan Maturities
The following table presents at the date indicated (i) the aggregate maturities
of loans in the named categories of our loan portfolio and (ii) the aggregate
amounts of such loans, by variable and fixed rates, that mature after one year:
December 31, 2001
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Within 1 Year 1-5 Years After 5 Years Total
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(Dollars in thousands)
Residential mortgage $ 354 $ 1,211 $ 49 $ 1,614
Commercial mortgage 2,744 21,527 1,014 25,285
Construction 13,452 8,270 1,467 23,189
Commercial and industrial 8,281 9,845 1,267 19,393
Home equity loans and lines - 386 8,038 8,424
Individuals 1,377 1,425 61 2,863
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Total $ 26,208 $ 42,664 $ 11,896 $ 80,768
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Fixed rate loans $ 26,177
Variable rate loans 28,383
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$ 54,560
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Crescent Financial Corporation
Table 3
Maturities of Time Deposits of $100,000 or More
The following table presents the amounts and maturities of our
certificates of deposit with balances of $100,000 or more at December 31, 2001:
At December 31, 2001
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(In thousands)
Remaining maturity:
Less than three months $ 10,706
Three through six months 2,032
Six through twelve months 5,298
Over twelve months 3,607
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Total $ 21,643
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ITEM 7 - FINANCIAL STATEMENTS
The information contained in the sections captioned "Financial Statements" in
the 2001 Annual Report to Shareholders is incorporated herein by reference.
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ITEM 13 - EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
13 Amended 2001 Annual Report to Shareholders (filed herewith)
(b) Reports Filed on Form 8-K
N/A
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Pursuant to the requirements of Section 13 of the Securities Act of 1934, the
Registrant has duly caused this Amendment Number one to this Report to be signed
on its behalf by the undersigned thereunto duly authorized.
CRESCENT FINANCIAL CORPORATION
Registrant
By: /s/ Michael G. Carlton
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Michael G. Carlton
Date: June 25, 2002 President and Chief Executive Officer
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EXHIBIT INDEX
Exhibit
Number Exhibit
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13 Annual Report Filed herewith
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