Entegra Financial in Franklin, N.C., has taken a hit to earnings in the wake of First NBC Bank Holding’s failure.
The $1.4 billion-asset company disclosed in a regulatory filing Tuesday that it held $700,000 in subordinated debt from First NBC, a New Orleans company that regulators closed on Friday.
Entegra recorded an impairment charge for the debt, and said it expects the decision to reduce its first-quarter earnings by $441,000, or 7 cents a share.
Entegra recently reported earnings of $1.7 million, or 27 cents a share.