SI Financial Group (SIFI) in Willimantic, Conn., said it will report a third-quarter loss of up to $750,000 because of a rise in its loan-loss provision.
Processing Content
The $957 million-asset company said that losses on securities and a writedown for certain assets will also contribute to the expected quarterly loss.
SI Financial said that its third-quarter provision totaled $1.3 million and included $925,000 of chargeoffs tied to two commercial real estate loans, among other issues.
The company also said that its troubled debt-restructurings for the quarter totaled $6.3 million, or a 24% increase from the end of 2011.
