Bank Plus Corp. said Wednesday that it expects to report it lost as much as $13 million, or 66 cents per share, in the second quarter.
Bank Plus, a $3.5 billion-asset thrift company with 38 branches in Southern California, said the losses stem from increased loan-loss provisions associated with its subprime credit card portfolio.
The company said that delinquencies in one credit card portfolio increased to 23.7% in the second quarter, up from 12.3% on March 31.
Mark K. Mason, the president and chief executive officer of Bank Plus, attributed the rise in the delinquency rate to a new policy of charging off loans after 180 days, instead of 150 days.
Despite the losses, Mr. Mason said Bank Plus expects to report higher single-family mortgage production, lower operating expenses, and lower deposit costs for the second quarter.