Coddle Creek Financial (CDLX.PK)

Coddle Creek Financial Corp. operates as a bank holding company for Mooresville Savings Bank, Inc., S.S.B (bank). The bank’s activities include attracting retail deposits from the general public and using such deposits to make mortgage loans secured by real estate. It primarily makes one-to-four family residential real estate loans; loans secured by multifamily residential and commercial property, construction loans, and equity line of credit loans; and also makes loans that are not secured by real property, such as loans secured by pledged deposit accounts, and various types of secured and unsecured consumer loans. The bank’s other activities comprise investments, and interest-earning deposit balances in other depository institutions. It operates through three full service offices in Mooresville Cornelius, and Huntersville, North Carolina. The company is headquartered in Mooresville North Carolina.

CDLX is a savings bank holding company for Mooresville Savings Bank. For the 9 months ended 9/30/03, total interest income fell 14% to $6.1M. Net interest income after loan provision fell 7% to $3.8M. Net income rose 9% to $797K. Net interest income reflects lower average earnings assets, partially offset by decreased interest on deposits. Net income reflects increased noninterest income.