Three weeks after reporting a second-quarter profit of $651,000, PSB Group Inc. in Madison Heights, Mich., now says it lost $339,000 in the quarter.
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The $507 million-asset parent of Peoples State Bank said Tuesday that it revised its earnings after an in-depth loan review found that its housing and construction portfolio had weakened considerably. The revision reflects an increase in its loan-loss provision to $1.5 million.
PSB is one of a number of Michigan banking companies that reported either a loss or a significant decline in profits for the second quarter. Like its competitors, PSB attributed the loan problems to the overall weakness of Michigan economy.
In late trading Tuesday, PSB's shares were up 1.4%, to $18.25.
