Centrue Financial Corp. in St. Louis reported a $14.5 million fourth-quarter loss on Monday, nine times more than its loss the year earlier.
The $1 billion-asset company blamed the fourth-quarter results on a $22.3 million provision for loan losses, compared with a $14.5 million provision in the third quarter and $5.2 million in the fourth quarter of 2008. The provision was driven by higher net loan chargeoffs, growth in nonperforming assets and deteriorating collateral values, according to a press release.
Nonperforming assets were $97.1 million, or 7.4% of total assets, at Dec. 31; most were nonaccrual loans concentrated in land development, construction and commercial real estate, the release said.
At Dec. 31 Centrue had a total risk-based capital ratio of 11.34%, a decline of 84 basis points from the year earlier.