First National Community Bancorp Inc. of Dunmore, Pa., reported a loss of $11.3 million for 2009, citing a more than tenfold increase in its provision for credit losses.
First National's assets rose 6.2% for the year, to $1.4 billion.
The company's loan-loss provision rose to $32 million from $2.7 million at the end of 2008, according to filings with the Securities and Exchange Commission. Net loans fell 3%, to $928 million. The loan-loss provision was 3.4% of net loans, an increase of 310 basis points.
First National, which announced the results late Wednesday, attributed the 2009 loss to a $6.2 million credit loss incurred on investment securities, as well as a $5.4 million increase in operating expenses. It did not include fourth-quarter results in its press release.