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The bank's most recent call reports that give detailed capital ratios were not available for public view as of Monday. The reports are filed with the Federal Deposit Insurance Corp.
The bank still faces $75.1 million in nonaccrual loans those delinquent by 90 days or more. Nonaccrual loans increased $53.8 million this year and represent 10.16 percent of the bank's total assets.
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While problem loans weigh down bank profits across the nation, Brandt said First Federal remains well capitalized and can withstand economic challenges.
Net interest income earned in the quarter was $5.1 million, down from $5.3 million a year ago. The difference was attributed to fewer paying loans, offset by a slight decrease in interest rates paid on deposits and other borrowings.
Savings banks, formerly known as savings and loans, by law must have roughly 65 percent of loan portfolios tied to real estate, said Tim Yeager, Arkansas Bankers Chair at the University of Arkansas.
First Federal posted its worst quarterly results in company history a loss of $4.84 per share behind a $30.2 million contribution to offset problem real estate loans.
after a difficult 2009," said John Dominick, industry expert and banking professor at the University of Arkansas.
"First Federal has a strong management team with the ability to work through these trials. Perhaps their conservative nature prompted management to take the shot now as opposed to waiting out the prolonged illness. It looks like the bank is positioning itself for a brighter 2010, Lv Iphone Case Ss17
In the quarter ending Sept. 30, loan Louis Vuitton Bags 2018 Prices
receivables decreased $63.3 million, or 11.2 percent, primarily due to repayments, foreclosures and fewer loan originations, as well as higher charge offs and loan loss provisions.
contribution for loan losses likely eroded any chance for the bank to be profitable this year, analysts said.
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"Our results are disappointing and continue to reflect the difficult and turbulent operating environment for banks in general and the economy as a whole," said Larry Brandt, First Federal chief executive officer, in an earnings release.
He said this naturally gives First Federal more negative exposure in this market correction, well into its third year.
Brandt said the vast majority of the bank's problem loans are secured by property in Benton and Washington counties, prompting as much as $9.6 million recently allocated to offset losses relating to land development loans.
First Federal shares closed Monday at $3.14, up $0.01 following the reported losses. The share price ranged from a high of $9.47 to a low of $2.25 in the past 52 weeks. Associated Press text, photo, graphic, audio and/or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. Neither these AP materials nor any portion thereof may be stored in a computer except for personal and noncommercial use. The AP will not be held liable for any delays, inaccuracies, errors or omissions therefrom or in the transmission or delivery of all or Louis Vuitton Neverfull Gm Vs Mm any part thereof or for any damages arising from any of the foregoing.
While bank income was down, operating expenses rose 71.6 percent to $9.9 million in the recent quarter. The majority of the increase was attributed to higher deposit insurance premium assessments from the FDIC.
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