Horizon Financial Corp. in Bellingham, Wash., said Thursday that it swung to a loss in the first quarter and that Dennis Jones, the president and chief operating of its bank, had resigned.
The $1.47 billion-asset company lost $25.7 million. A year earlier it had made $3.8 million. The loss was largely attributable to a $40 million loan-loss provision — 20 times what was set aside a year earlier. Nonperforming assets jumped 625 basis points from a year earlier and 144 basis points from yearend, to 7.13% of total assets on March 31.