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By Hanah Cho, The Baltimore Sun | July 15, 2011
Severn Bancorp, the Annapolis-based parent of its namesake bank, posted Friday a net loss for the second quarter due to an increase in loan loss reserves. The company reported a loss of $846,000, or 13 cents per share, for the three months ending June 30, compared with a net profit of $593,000, or 2 cents per share, in the corresponding period last year. The company said it put aside $3 million to cover potential losses on acquisition and development loans. "While we are not pleased with its impact, management is comfortable with the decision to act in a prudent and cautious manner with respect to the allowance for loan losses," Severn President and CEO Alan J. Hyatt said in a statement.
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BUSINESS
By Hanah Cho, The Baltimore Sun | November 3, 2011
Baltimore's CFG Community Bank and its parent company, Capital Funding Bancorp, have agreed to a consent order with state and federal bank regulators to shore up their corporate governance and management review processes. Under the order released Thursday, Capital Funding agreed to hire a consultant acceptable to the Federal Reserve Bank of Richmond and the Maryland Commissioner of Financial Regulation to review the bank's corporate governance and board and management structure. Capital Funding is required to address findings in the consultant's report.
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BUSINESS
July 16, 1993
CrestarCrestar.. .. .. .. .. .. .. ..Ticker .. .. .. .. Yesterday'sFinancial Corp .. .. .. .. .. Symbol .. .. .. .. Cls. .. .. Chg... .. .. .. .. .. .. .. .. .. CRFC .. .. .. .. ..42 1/8 .. .. .. 1 1/4Period endedJune 30 .. .. .. .. .. .. .. 2nd qtr. .. .. .. .. Year ago .. Chg.Net Income .. .. .. .. .. .. $33,700 .. .. .. .. $16,800 .. ..+100.6%Primary EPS.. .. .. .. .. .. ..$0.88 .. .. .. .. ..$0.50 .. .. +76.0%Annualized returnon assets .. .. .. . .. .. .. ..1.09 .. .. .. .. .. NAAdd. to allowancefor loan losses .. .. .. .. .. $3,000 .. .. .. .. $34,400 .. .. -91.2%.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | July 29, 2011
First Mariner Bancorp's bleeding increased during the second quarter as continued write-downs of real estate and bad loans left the Baltimore company with $11 million in losses. The 1st Mariner Bank parent, locked in a battle for survival, said Friday that its loss during April through June was more than double that of a year earlier. But the almost $4.7 million loss during the second quarter of 2010 would have been higher if not for a $3.8 million tax benefit during that period, the company said.
BUSINESS
February 5, 1994
First Citizens Financial Corp.Ticker ... ... ... ... Yesterday'sSymbol ... ... ... ... ... Cls. ... Chg.FCIT ... ... ... .. ... .. 12 1/2 ... 3/4Period ended12/31/93 ... ... 4th qtr. ... ... Year ago ... Chg.Net Income .. .. $934 ... ... ... $1,038 .. .. -10.0%Primary EPS .. .. $0.38 ... ... ... $0.46 .. ..-17.4%Annualized returnon assets .. .. .. 0.70% ... ... .. 0.76%Add. to allowancefor loan losses .. .. $739 ... ... $(57)* ... --... ... ... ... 12 mos. ... ... Year ago ... Chg.Net Income .. .. $5,879 ... ... $2,889 ... .. +103.
BUSINESS
January 27, 1994
First Maryland Bancorp.. .. .. .. .. .. .. .. .. .. ..Ticker .. .. .. ..Yesterday's.. .. .. .. .. .. .. .. .. .. ..Symbol .. .Cls... .. .. .Chg... .. .. .. .. .. .. .. .. .. .. .NA *.. .. .. .. .. .. .. --Period endedDec. 31, 1993 .. .. .. .. ..4th qtr. .. ..Year ago .. ..Chg.Net Income .. .. .. .. .. ..$27,727 .. .. .$24,084 ...+15.1%Primary EPS* .. .. .. .. .. ...-- .. .. .. ..-- .. .. .. .--Annualized returnon avg. assets .. .. .. .. ...1.15% .. .. ..1.04% .. .. ..--Add. to allowancefor loan losses .. .. .. .. .$7,955 .. ...$14,136 .. .-43.
BUSINESS
September 7, 1995
American National Savings Bank FSBBaltimore ......... Ticker ... Yesterday's........ .......... Symbol ... Cls. Chg......... .......... ANBK ..... 19 1/8 - 5/8Period ended07/31/95 ........ 4th qtr. .. Year ago ... Chg.Net Income ........ $177 ....... $162 ..... +9.3%Primary EPS ...... $0.09 ...... $0.08 .... +12.5%Annualized returnon assets ......... 0.17 ....... 0.16Add. to allowancefor loan losses .... 294 ........ 706 .... -58.4%................. 12 mos. ... Year ago .... Chg.Net Income .....
BUSINESS
By Peter H. Frank | April 18, 1991
Despite reporting a healthy jump in earnings during the first three months, Provident Bankshares Corp. cut its quarterly dividend in half yesterday, to 5 cents a share, saying the need to preserve capital was paramount in banking's currently troubled atmosphere.2 .... .... ....Income.... .... .... .... Share'91.... .... ....815,000.. .... .... .... 0.14'90.... .... ....654,000.. .... .... .... 0.11% change.... .... ..+24.6.. .... .... .... +27.3.... .... .... ....Assets.... .... .... Deposits'91.
BUSINESS
July 13, 1993
Citizens Bancorp.. .. .. .. .. ..Ticker.. .. .. Yesterday's.. .. .. .. .. .. Symbol .. .. Cls. .. ..Chg... .. .. .. .. .. CIBC .. .. .. 25 .. .. .UnchPeriod endedJune 30 .. .. .. .. .. .. 2nd qtr. .. .. .. .. Year ago .. .. Chg.Net Income .. .. .. .. .. .. $6,760 .. .. .. .. $6,021 .... ..+12.3%Primary EPS .. .. .. .. .. ..$0.45.. .. .. .. ..$0.42 .. .. .. +7.1%Annualized returnon assets .. .. .. .. .. .. .. -- .. .. .. .. .. .. -- .. .. .. .. --Add. to allowancefor loan losses .. .. .. .. .. 3,158 .. .. .. .. 3,971 .. .. .. -20.5.
BUSINESS
July 15, 1993
F&M BancorpTicker . .... .... ....Yesterday'sSymbol .. ... ... .. .. Cls... ..Chg.xTC FMBN .. ... ... ... ... 20 1/2 .bid 1/2Period endedJune 30 ... ... ... ... 2nd qtr. ... ... ... Year ago ... ... ... Chg.Net Income .. .. .. ... $1,885 ... ... .. .. $1,719 ... ... .. .. +9.7%Primary EPS ... ... ... $0.50 ... ... ... .. $0.46 ... ... ... .. +8.7%Annualized returnon assets ... ... .. .. 1.27 ... ... ... ... 1.20Add. to allowancefor loan losses ... ... 375 ... ... .. .. .. 750 ... ... .. .. .. -50.0%.
BUSINESS
By Hanah Cho, The Baltimore Sun | July 15, 2011
Severn Bancorp, the Annapolis-based parent of its namesake bank, posted Friday a net loss for the second quarter due to an increase in loan loss reserves. The company reported a loss of $846,000, or 13 cents per share, for the three months ending June 30, compared with a net profit of $593,000, or 2 cents per share, in the corresponding period last year. The company said it put aside $3 million to cover potential losses on acquisition and development loans. "While we are not pleased with its impact, management is comfortable with the decision to act in a prudent and cautious manner with respect to the allowance for loan losses," Severn President and CEO Alan J. Hyatt said in a statement.
BUSINESS
By Andrea K. Walker and Andrea K. Walker,andrea.walker@baltsun.com | February 12, 2009
Bay National Bank said yesterday that it is operating under formal oversight by federal regulators as it tries to recover from losses on bad mortgage loans. The Baltimore bank was placed under a consent order Feb. 6 by the Office of the Comptroller of the Currency, which charters, regulates and supervises national banks. The order requires Bay National, which has two full-service banking offices in Baltimore and Salisbury, to devise a plan to improve its liquidity and capital and deal with problem loans.
BUSINESS
By Eileen Ambrose and Eileen Ambrose,eileen.ambrose@baltsun.com | January 28, 2009
Provident Bankshares Corp.'s fourth-quarter loss grew to $26.7 million, or 88 cents a share, largely because of an accounting charge and an increase in funds set aside for loan losses, the Baltimore-based company reported yesterday. In the corresponding quarter a year ago, Provident lost $15.5 million, or 49 cents a share. "As we anticipated, the deterioration in economic conditions during the fourth quarter had a significant impact on our investment and loan portfolios," Chairman and Chief Executive Officer Gary N. Geisel said in a statement.
BUSINESS
By ANNETTE HADDAD and ANNETTE HADDAD,LOS ANGELES TIMES | March 5, 2006
The potential for loan losses from new types of adjustable-rate mortgages issued since 2004 is relatively small, a recent study says. Defaults on these loans could result in $110 billion in losses nationwide over the next five years, less than 1 percent of the total amount of home loans sold in 2004 and the first three quarters of 2005, said Christopher Cagan, an economist at First American Real Estate Solutions. First American is a division of title insurer First American Corp., which conducted the study.
BUSINESS
By BLOOMBERG NEWS | October 12, 2004
ATLANTA - SunTrust Banks Inc. said yesterday that it will restate results upward for the first and second quarters of this year because the company mistakenly inflated its reserve for loan losses. SunTrust, the seventh-largest U.S. bank, said it placed Sandra Jansky, its chief credit officer, and Controller Jorge Arrieta on paid leave pending an accounting review. Net income will rise by $17.4 million, or 7 cents a share, for the first quarter and by $4.8 million, or 1 cent, for the second.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | May 7, 2004
Fannie Mae, the giant housing finance company, has improperly accounted for some of the loans in its $1 trillion portfolio, a federal regulator said yesterday. The Office of Federal Housing Enterprise Oversight, which regulates Fannie Mae, ordered the company to recalculate losses on those loans by May 14. The recalculation could force Fannie Mae to restate its profits downward, although the oversight office did not order that. It is not yet clear how large a restatement Fannie Mae might have to make.
BUSINESS
By Ian Johnson and Ian Johnson,New York Bureau | January 21, 1994
NEW YORK -- Mercantile Bankshares Corp., a conservative bank holding company with 17 community banks in Maryland, yesterday reported another year of steady-as-she-goes financial results.2 .. .. .. .. ..Ticker.. .. .. .. .. Yesterday's.. .. .. .. .. ..Symbol .. .. .. .. .. Cls... .. Chg... .. .. .. .. ..MRBK .. .. .. .. .. ..19 3/4 .. .. .unch.Period endedDec. 31.. .. .. .. .. 4th qtr.. .. .. .. Year ago. .. .. .. .. Chg.Net Income .. .. .. ..$20,930 .. .. .. ..$19,552 . .. .. .. .. +7.0Primary EPS .. .. .. ..$0.
BUSINESS
By William Patalon III and William Patalon III,SUN STAFF | February 1, 2002
While Deutsche Bank AG yesterday acknowledged that more job cuts must come after it posted its first quarterly loss in five years, officials did not say how those plans might affect the bank's Deutsche Banc Alex. Brown Inc. unit in Baltimore. "We would be bad managers if we ruled out further job cuts anywhere in this large company so early in the year," said Deutsche Bank board member Tessen von Heydebreck. A spokesman at Deutsche Bank's U.S. headquarters in New York declined to speculate on whether there would be more jobs lost at Alex.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | May 31, 1996
American National Bancorp reversed a year-ago loss in earning $673,000 in its fiscal third quarter as the company reduced the amount of money set aside for troubled loans, it said yesterday.The earnings increase was primarily due to an $880,000 decline in the company's provision for loan losses and a $280,000 increase in income from loans in the April 30, 1996, quarter.American National lost $30,000 in its third quarter a year ago.The thrift holding company's stock closed yesterday at $10.25, up 75 cents.
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