The net loss at Green Bankshares Inc. in Greenville, Tenn., widened to $52.8 million in the fourth quarter from $76,000 a year earlier.
The $2.4 billion-asset parent company of GreenBank said Monday that the results included a $10.7 million tax expense primarily from noncash charges from recording an allowance for deferred tax assets. In late 2009, it also incurred a noncash goodwill impairment charge of $143.4 million.
Excluding these charges, Green Bankshares still had a wider deficit for the year, posting a pretax loss of $65.8 million in 2010 compared with a loss of $24.3 million largely because of credit-quality problems.
Nonperforming assets increased to $205.9 million, up 55% from a year earlier and 4.4% from the previous quarter.
"Our fourth-quarter and the full-year results for 2010 reflected a continuation of elevated credit costs incurred by virtue of higher loan-loss provisions as well as increased expenses associated with the revaluation and disposition of foreclosed properties," Stephen Rownd, Green BankShares' chairman and chief executive, said in a press release.
Despite credit issues, Green Bankshares remained well capitalized with a total risk-based capital ratio of 13.22%, though down from 14.8% in the third quarter.