Citizens Republic Bancorp in Flint, Mich., reported a considerably slimmer second-quarter loss, compared to a year earlier, when it released its results late Thursday.
The $10.8 billion-asset company said it lost $44.1 million, compared with a loss of $352.6 million in the second quarter of 2009, and a loss of $90.3 million in the first quarter this year.
Nonperforming assets had decreased 15% since March 31, to $472.6 million, or 4.3% of total assets. The company charged off $71.2 million of problem loans and took a $70.6 million provision for loan losses.
Citizens said in February that it expected to receive a written agreement from regulators. In the press release, Cathleen Nash, the company's president, said Citizens received a draft of the agreement on Thursday "and we do not anticipate that compliance with the terms will have an adverse impact on our operations." The company gave no details of the agreement.
At June 30, Citizens had a leverage ratio of 8.7% and a total risk-based capital ratio of 14.1%.
