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Marco bank narrows losses in third quarter
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Marco Community Bancorp Inc. narrowed its losses in the third quarter.
The company _ the parent of Marco Community Bank _ reported a net loss of $495,000, or 17 cents a share, for the quarter ending Sept. 30. That compared to a loss of $602,000, or 19 cents a share,
a year ago.
In a filing with the Securities and Exchange Commission, the company said the “decrease in the net loss is primarily due to the decrease in the provision for loan losses, somewhat offset by a decrease in the income tax benefit.”
Interest income in the quarter totaled $1.8 million, down from $2.6 million a year ago. Interest income on loans decreased primarily because of a higher level of nonaccrual loans. Also, no new credit has been given to borrowers to pay the interest or principal that is currently due.
Interest expense declined to $958,000 in the quarter, down from $1.5 million a year ago. That was primarily due to a $20.9 million decrease in average deposit balances.
The allowance for loans losses was $5.7 million as of Sept. 30. It was increased by $150,000 in the third quarter.
The company said in its filing that there may be adjustments in the future in the allowance for loan losses if economic conditions should change.
Charge-offs in the quarter totaled $531,000, up from $74,000 a year ago.
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“decrease in the net loss is primarily due to the decrease in the provision for loan losses, somewhat offset by a decrease in the income tax benefit.”
Now I totally understand, why the interest expense declined $20.9 million decrease in average deposit balances. This should make shareholders more comfortable prior to the banks collapse,
they explained this exactly as Paulson and Bush explained, the urgent bail out of banks for homeowners to us the gullible.
#1 Posted by marco on November 15, 2008 at 12:06 p.m. (Suggest removal)
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