Bank of Florida Corp. expects to report its fourth-quarter loss grew about tenfold from a year earlier, to $10 million, or 78 cents a share, due to deteriorating credit quality that prompted it to pad its reserves.

The Naples company is expected to report full results Feb. 13. It said Wednesday that it delayed its report to ensure that the Florida Office of Financial Regulation's "evaluation of the company's markets and asset quality was in line" with the company's findings. Bank of Florida said that it does not expect a "material deviation."

It said its provision for loan losses grew sixfold from a year earlier and 158% from the third quarter, to $16 million. The total included $15.3 million that went toward more than doubling the allowance for loan losses from the third quarter and from a year earlier, to $29.5 million.

Bank of Florida also expects to report that nonperforming loans quintupled from a year earlier and jumped 147% from the third quarter, to $72 million, or 5.63% of the company's loans.

The spike in nonperformers stemmed from continued weakness in Bank of Florida's residential land and construction portfolio. The percentage of such loans in its total portfolio fell by more than a third, to 9%.

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