Gibraltar Private Bank & Trust’s losses more than tripled in the third quarter as it paid the price for reducing its amount of problem loans.
Federal regulators issued a cease and desist order against the Coral Gables-based bank in October for having an excessive level of problem assets and inadequate anti-money laundering compliance programs. The bank has added staff to deal with those issues.
Gibraltar reported a $2.6 million loss in the third quarter, deeper than its $805,000 loss in the second quarter. Although its net interest income increased to $15.8 million from $13.3 million, which was offset by expenses from problem loans as it cleared them off its books.
The bank took an $8.6 million reserve for loan losses in the third quarter, up from $2.6 million. Its bad loan charge-offs increased to $8.8 million from $3.6 million.
Read more: Losses triple for Gibraltar Private Bank | South Florida Business Journal
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