Willow Financial Bancorp Inc. of Wayne, Pa., said Monday that it had pared back its exposure to bad loans through the sale of a loan and real estate worth $6.5 million.
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The $1.5 billion-asset Willow said its nonperformers as a proportion of assets would drop below 0.25%. In its fiscal third quarter, which ended March 30, nonperformers were 0.59% of assets. One of the loans covered a portfolio of single-family rental properties, and the other was for a golf course that constituted Willow's entire "other real estate owned" portfolio.
Willow did not disclose the sale price of the two loans in its release, and calls to the company were not returned by press time.
