First Banks, Inc. Announces Fourth Quarter 2012 Results
During the fourth quarter of 2012, the Company recorded a write-down of $2.3 million due to a fair value adjustment on the Bank-owned premises and equipment associated with eight branches in Bradenton, Palmetto and Longboat Key, Florida. These branches were previously reported as discontinued operations but were reclassified to continuing operations during the fourth quarter of 2012 as a result of the change in the Company’s intent to now hold and invest in these branches.
Provision for Income Taxes:
The Company recorded a benefit for income taxes of $217,000 for the fourth quarter of 2012 compared to a benefit for income taxes of $138,000 for the third quarter of 2012 and a provision for income taxes of $803,000 for the fourth quarter of 2011. The Company presently maintains a full valuation allowance against its net deferred tax assets.
Investment Securities:Investment securities were $2.68 billion at December 31, 2012 compared to $2.76 billion at September 30, 2012 and $2.47 billion at December 31, 2011. The Company continues to maintain significant on-balance sheet liquidity to support the sale and closure of branches in addition to future loan growth opportunities. Loans: Loans, net of deferred loan fees, were $2.93 billion at December 31, 2012 compared to $3.08 billion at September 30, 2012 and $3.28 billion at December 31, 2011. The decrease in loans of $149.7 million during the fourth quarter of 2012 reflects the sale of approximately $47.7 million of special mention, potential problem and nonaccrual loans during the fourth quarter of 2012 in addition to loan runoff, primarily in problem loans and loans in markets the Company previously exited. The Company is continuing to focus on loan growth initiatives to offset the impact of the decrease in nonaccrual, potential problem and other loan relationships in future periods.
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