Loans lead to 2Q loss for Integra Bank
Integra Bank Corp. fell into the red for the second quarter, the result of a badly performing loan portfolio.
The Evansville, Ind., bank, which has branches in Florence and Union, posted a net loss of $899,000, or 4 cents per share, compared to net income of $8.3 million, or 41 cents per share, in second-quarter 2007. Net interest income, minus provision for loan losses, was $19.2 million, versus $23.1 million a year ago.
“Our earnings were negatively impacted by current economic conditions, which led to an increased provision for loan losses and impairment charges on two investment securities,” said Mike Vea, president and CEO, in a news release.
In the second quarter, Integra took a $6 million provision for loan losses, compared to $455,000 in the year-go quarter.
Net interest income also has been affected by a higher level of nonaccrual loans, the performance of the securities portfolio and higher costs for loan collection and portfolio management, Vea said.
Integra (NASDAQ: IBNK) had hoped to expand in Cincinnati by acquiring Peoples Community Bancorp, but the deal fell through in February. The bank also has executive offices and a commercial lending operation in Covington.
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Tags: Loans