Security Bank Corp. in Macon, Ga., is warning that it might take a goodwill impairment charge in the second quarter.
The $2.8 billion-asset company — which lost $24.2 million in the first quarter because of credit quality trouble — could not estimate the size of the potential charge.
"We think it is appropriate to re-evaluate the possible impairment of goodwill on our books," Rett Walker, Security's president and chief executive officer, said in a June 26 press release. "However, we are uncertain at this time as to the amount of any charge which might be recognized in the second quarter."
Mr. Walker said the company expects to remain well-capitalized.
Security raised $68 million in capital over the past four months, including $40 million from the Cincinnati private equity firm FSI Group LLC.
The mention of its potential goodwill impairment came in a press release announcing that it won approval for two proposals relating to the FSI transaction at a special shareholders meeting.
