Business Briefing

By NEMS Daily Journal

Hancock reports quarterly results
– BALDWYN – Baldwyn-based Hancock Fabrics ended its most recent quarter with a cash balance of $2.9 million, according to a filing Monday with the U.S. Securities and Exchange Commission.
The craft and fabric retailer reported sales of $63.3 million and ordinary expenses of $64.7 million.
The company entered the quarter, which was from Jan. 3 to April 3, with a cash balance of $4.2 million, according to the post-confirmation quarterly summary report.

Cadence narrows 1Q loss to $1.2 million
– STARKVILLE – Cadence Financial Corp., parent company of Cadence Bank announced a first-quarter net loss of $1.2 million, compared to a loss of $84.2 million for the same period a year ago.
Cadence’s net interest margin was 2.41 percent, compared to 2.64 percentin the first quarter of 2009.
Cadence’s provision for loan losses dropped to $1.6 million, compared with $32.8 million in the year-ago period. Net charge-offs totaled $2.7 million compared to $14.4 million.
Allowance for loan losses was $42.3 million, or 4 percent of total loans, compared with $39.1 million, or 3 percent of total loans, a year ago.