Seacoast Banking Corp. of Florida in Stuart has revised its fourth-quarter earnings, widening its loss.
The $2.2 billion-asset company said late Tuesday that the loss rose to $39.1 million from $37.1 million after it made an additional $2 million provision. That addition, which brought the total provision for the quarter to $39.5 million, was related to a loan participation in which Seacoast in February was appointed to be the lead bank.
"The prior lead bank could not provide the company with the appraisal, which had purportedly supported the fair value as of Dec. 31," Seacoast said in a press release.
Seacoast said after the release of its earnings report in January that it completed an analysis of the value of the real estate securing the loan participation. It said it then increased its loan-loss allowance to reflect the updated fair value of the collateral, less estimated selling costs.
Also, Seacoast was listed among participants in the Troubled Asset Relief Program that failed to pay dividends to the Treasury Department in February.