Bank of Evansville had a net loss of $171,125 (8 cents per share) in the second quarter, largely because the bank had a higher-than-normal amount of loan charge-offs.
Last quarter’s performance was down from the same period in 2009, when the bank had net income of $8,636 (zero cents per share).
The bank’s holding company, American Community Bancorp. reported its second-quarter financial results Friday.
In the bank’s earnings statement, Bank of Evansville President and Chief Executive Officer Mike Sutton said earnings were negatively impacted by loan charge-offs. The bank decided to charge off portions of some collateral-dependent loans, Sutton said, because of the “sustained decline in real estate values.”
Net loan charge-offs in the second quarter totaled $1.7 million. As a point of comparison, the bank had net loan charge-offs of $1.1 million during the entire year in 2009.
Sutton said loan demand remains soft, and he expects it to stay this way through the end of the year.
But the bank showed improvement in some of its other metrics.
As of June 30, 1.78 percent of the bank’s assets were classified as nonperforming. That’s an improvement over the same time last year, when nonperforming assets made up 2.18 percent of total assets.
Core deposits rose 14.2 percent, to $253 million.
Total assets as of June 30 stood at $311.7 million, up 5.4 percent from the same point the previous year.
Similar Posts:
- Vectren reports improved 3Q earnings
- Old National’s planned merger with Bloomington, Ind. bank gets federal approval
- Mead Johnson’s sales, profits up in 3Q
- Evansville’s Shoe Carnival has annual meeting, celebrates successes
- Whole Foods profit jumps 31 percent
