Homeland Community Bank in McMinnville, Tenn., has missed its deadline for filing its 2011 annual report because regulators have questioned its allowance and provision for loan losses.
The $133 million-asset bank said in a filing with the Federal Deposit Insurance Corp. last week that is in talks with FDIC examiners about its levels of loss provisions for the fourth quarter. The bank reported a credit to its loss provision in the fourth quarter in its previously filed call report, but it said in the FDIC filing that it expects the provision will be at least as much the $296,000 it set aside for losses in the fourth quarter of 2010.
Homeland said in the filing that it expects to report fourth-quarter net income of $438,000, up from $54,000 a year earlier. Its full-year 2011 profit is projected at $1.35 million, up from $538,000 a year earlier.
Homeland, founded in 2003, is also well capitalized, reporting a total risk-based capital-to-assets ratio of 14.06% on Dec. 31.
