Superior Bancorp in Birmingham, Ala., said Monday that its third-quarter earnings rose 78% from a year earlier, to $1.5 million.
However, earnings per share were flat, at 4 cents.
During the quarter Superior closed its deal to acquire the $323 million-asset People's Community Bancshares Inc. of Sarasota, Fla., boosting its assets to $2.9 billion. The acquisition was Superior's second for in a less than a year. In November it bought the $325 million-asset Kensington Bankshares Inc. of Tampa.
Superior's nonperforming asset rate nearly doubled from Dec. 31, to 1.24% of total loans. It attributed the increase to two commercial real estate credits, worth about $8.4 million, it inherited in the acquisitions.
The net loan chargeoff rate for the first nine months of the year was unchanged from the full-year rate for last year, at 0.2%.
