After reporting record third-quarter earnings, American Community Bancorp in Evansville, Ind., appears on its way to losing money this quarter.
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The $269 million-asset company said after the markets closed Tuesday that it would take a special $2.44 million loan-loss provision this quarter, because three of its commercial borrowers are having difficulty repaying their loans. One of the borrowers has filed for bankruptcy protection. American said that the provision would result in an after-tax charge to earnings of nearly $1.5 million.
The company reported a third-quarter profit of $570,000. Its stock, though thinly traded, fell 5.5% Wednesday, to $14.65 a share. It was unchanged late Thursday.
