FNB Financial Services Corp. in Greensboro, N.C., reported a $5.6 million loss for the fourth quarter of last year, versus a $2 million profit for the same period of 2004.
In its fourth-quarter earnings report, released late Friday, the $1 billion-asset FNB Financial attributed the loss to a $13.6 million provision for credit losses, compared with a $330,000 provision in the same period a year earlier.
The company said that the higher provision resulted from the discovery of a number of problem loans at its bank subsidiary, FNB Southeast.
In december FNB said in a Securities and Exchange Commission filing that its president and chief executive, Ernie Sewell, had retired two months earlier than expected. Pressley A. Ridgill, who had been the president of FNB Southeast, has replaced Mr. Sewell.
For the full year, FNB Financial reported a profit of $792,000, compared with the $8.3 million it earned in 2004.
