Centrue Financial Corp. of St. Louis late Friday reported a wider fourth-quarter loss of $39.2 million, largely as a result of a charge from goodwill impairment and a deferred tax asset adjustment.
The $1.1 billion-asset company's net loss grew significantly in the quarter after recording a $15.9 million goodwill impairment charge and $13.5 million deferred tax asset valuation allowance booked to its income tax expense.
Excluding these hits, Centrue had a loss of $9.8 million, compared with a $16.4 million loss in the third quarter and a loss of $14.5 million a year earlier.
Centrue also had a loan-loss provision of $10.5 million, a $1.7 million noncash valuation adjustment to foreclosed properties and a $1 million noncash credit impairment on its pooled trust-preferred collateralized-debt obligations.
Centrue was adequately capitalized with a total risk-based capital ratio of 9.35% at Dec. 31.
"While we are certainly disappointed with our financial results for 2010, we have maintained a solid core pre-provision earnings base," Thomas Daiber, Centrue's president and chief executive, said in a press release.
"Management continues to execute on plans in place for working through our asset-quality challenges as swiftly and effectively as possible."
