Net loan charge-offs during the third quarter of 2011 were $6.3 million, or 6.39% of average loans on an annualized basis, compared to $1.7 million, or 1.50% during the third quarter of 2010. Of the $6.3 million of loan charge-offs during the third quarter of 2011, $2.7 million were specifically reserved for at June 30, 2011 and $3.5 million were specifically reserved for during the third quarter of 2011. Commercial loans represented 58% of the charge-offs during the third quarter of 2011, primarily because of the full charge-off of two loans to a professional sports franchise. Additionally, church loans represented 26% of the charge-offs during the third quarter of 2011, while commercial real estate, multi-family and one-to-four family residential real estate loans, combined, represented 16% of the charge-offs during the third quarter of 2011.Forward-Looking Statements
Broadway Financial Corporation Reports Net Loss For Third Quarter 2011
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