Peoples Community Bancorp Inc. of West Chester, Ohio, reported a net loss of $2.3 million for the fourth quarter, compared with net earnings of $87,000 in the fourth quarter of 2005.
This translated into a loss of 49 cents per diluted share, compared with earnings of 2 cents per diluted share in the fourth quarter of 2005.
For the full year, Peoples reported a net loss of $4.1 million, or 88 cents per diluted share, compared with earnings of $2.9 million, or 72 cents per diluted share, for the 12 months that ended Sept. 30, 2005. (In August, Peoples changed its fiscal yearend from Sept. 30 to Dec. 31.)
After the markets closed Wednesday, the $1 billion-asset company said the losses were caused primarily to higher provisions for loan losses.
For the quarter, Peoples' loan-loss provisions jumped 589%, to $6.2 million. For the full year, they climbed 385% over fiscal 2005, to $17.5 million.
After the provisions, fourth-quarter net interest income dropped 92%, to $413,000.
Peoples' stock fell 4.3% Thursday and closed at $17.64 a share.
