Superior Bancorp in Birmingham, Ala., said Monday that its second-quarter earnings fell 58% from a year earlier, to $841,000.
However, earnings per share of 8 cents beat the average analyst estimate by 5 cents, according to Thomson Reuters.
The $3 billion-asset Superior said nonperforming loans rose 237% from a year earlier, to $37 million.
Its loan-loss provision jumped nearly 500%, to $6 million.
Deposits grew 16% from a year earlier, to $2.2 billion. Superior said its acquisition of People's Community Bancshares Inc. in Sarasota, Fla., in July accounted for the bulk of that growth.
The quarter also included the completion of a 20-branch expansion in Alabama and Florida that began in September 2006, Superior said. It now has 75 branches.
Superior's shares fell 17% Monday, to $7.09.
