Encore Bancshares Reports Second Quarter 2010 Net Loss Of $12.7 Million, Or $1.16 Per Diluted Share
HOUSTON, July 23, 2010 (GLOBE NEWSWIRE) -- Encore Bancshares, Inc. (Nasdaq:EBTX) today announced its financial results for the second quarter of 2010.
Earnings significantly reduced by credit costs associated with exiting Florida
- Net commercial loan charge-offs of $13.2 million in the Florida portfolio
- Write down of loans held for sale of $2.8 million
- Florida legacy commercial loans reduced to $56.2 million
- Closed sale of two Florida branches in May, which included $50.5 million in deposits
- Final Florida exit transaction remains on track
- Loans held for sale of $70.6 million
Capital position and credit reserves remain strong
- Deposits held for sale of $184.1 million
- Estimated tier 1 capital of 14.59% and tangible common equity ratio of 6.80%
- Allowance for loan losses of 2.74% of loans, excluding loans held for sale
- DDA growth of 17.1%, linked quarter
- DDA as a percent of total deposits in Texas grew to 18%
- Total Texas deposits top $1.0 billion at June 30, 2010
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