Security Bank Holding Co. of Coos Bay, Ore., is expecting a second straight decline in quarterly profits.
The $295 million-asset holding company, which operates six community banks in Oregon, said third-quarter earnings would fall short of the $835,000 reported a year before. Its second-quarter earnings fell 13%, to $565,000.
Security blamed costs associated with two bank openings this year, and an unexpected slowdown in real estate loan originations and refinancings.
It expects to open banks in Salem, Ore., and Roseburg, Ore., in early 2000. -- Matt Andrejczak