PFF Bancorp Inc. in Rancho Cucamonga, Calif., said Monday that it had revised its quarterly earnings downward after further increasing its provisions for losses on loans to residential developers.
The $4.5 billion-asset PFF said net income for its fiscal 2008 first quarter, which ended June 30, was $1.3 million; on July 26 it reported net income of $1.8 million for the quarter. A credit review resulted in a $900,000 increase in PFF's loan-loss provision, to $21.8 million, the company said.
PFF also put a number of additional loans on nonaccrual status, which resulted in a $1.3 million reduction in its interest income, to $83.8 million, from its previously reported figure.
For the first quarter of fiscal 2007 PFF reported earnings of $15.4 million.
