Our provision for loan losses was $13.7 million in the second quarter of 2011, an increase from $5.1 million in the first quarter of 2011, and $6.6 million in the prior year second quarter. The increase was due to an increase in charge-offs, soft real estate market conditions and their effect on underlying property values and borrowers’ ability to repay, internal downgrades to existing credits, and additional reserves for various commercial credits.“We completed our first bulk asset sale of OREO in the second quarter as part of our revised strategy to reduce the balance of non-performing assets,” continued Ms. Bouvette. “We continue to evaluate other opportunities to reduce the level of non-performing assets. We remain focused on managing credit quality and disposing of other real estate, which are the keys to restoring Porter Bancorp’s earnings power in future quarters.”
Porter Bancorp, Inc. Announces Second Quarter 2011 Results
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