Peoples Community Bancorp Inc. in West Chester, Ohio, reported its eighth loss in as many quarters.
The $770 million-asset Peoples Community, which is operating under a cease-and-desist order from the Office of Thrift Supervision, lost $13.6 million, or $2.82 a share, in the second quarter, according to a Securities and Exchange Commission filing last week.
It attributed the loss to a $12.5 million goodwill impairment charge resulting from its earnings trouble, the poor performance of financial stocks this year, and declining real estate values, particularly in the Cincinnati area.
Nonperforming assets surged 314% from a year earlier, to $52.2 million, or 6.78% of its assets. But the provision for loan losses shrank 15%, to $1.8 million.
Peoples Community had previously disclosed that it has entered a forbearance agreement with Integra Bank Corp. of Evansville, Ind., on a $17.5 million line of credit that came due June 30. Peoples now has up to 45 extra days to arrange repayment.
Peoples' shares, which have lost 85% of their value over the past 52 weeks, slipped 0.45% Monday, to $2.22.
