Shares of Centennial Bank Holdings Inc. of Denver surged 5% Wednesday, to $5.50, after the company said it would unload $31.5 million of nonperforming real estate loans in northern Colorado.
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The $2.6 billion-asset Centennial announced late Tuesday that its third-quarter net income fell 74% from a year earlier, to $1.5 million, primarily as a result of a fivefold increase in its loan-loss provision, to $8 million.
A deal to sell off the loans lowered Centennial's nonperforming assets 45% from the end of the second quarter, to $20.2 million, and cut its nonperformer ratio by nearly half, to 0.77% of total assets.
