Commonwealth Business Bank in Los Angeles said its second-quarter loss improved slightly from a year earlier.
The $367.3 million-asset company posted a loss of $538,000, compared with a loss of $562,000 in the second quarter of 2009.
Commonwealth's provision for loan losses increased 30% from a year earlier, to $2.7 million from $1.4 million.
Its net loan chargeoffs increased to 2.95% of average loans on an annualized basis, from 2.9% in the previous quarter and 2.29% a year earlier, it said last week.
As of June 30, nonperforming loans were 2.61% of gross loans, compared with 0.09% on Dec. 31.
The company was well capitalized at the midway point of the year, with a leverage ratio of 12.67%.
