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Accounting for bad loans leaves many banks seeing red

December 22, 2008

Nearly two-thirds of Tampa Bay area banks lost money in the third quarter.

Earnings plummeted as the expense of setting aside funds for loans that could go bad doubled compared to the third quarter of 2007. The number of past-due loans increased more than 300 percent in the same time period, as did the number of loans written off as uncollectible.

The numbers reflect the local economy, said veteran banker Tramm Hudson, currently a bank consultant in Sarasota. “Banks reflect their customers and right now, folks in the Tampa Bay region are hurting,” Hudson said.

Forty-two of the 65 banks in the seven county Bay area were unprofitable in the three months ended Sept. 30, reports filed with the Federal Deposit Insurance Corp. show. Combined, the 65 banks lost $8.6 million in the third quarter, compared to $16.1 million in net income for the 58 banks that were in operation in the same period in 2007.

Source:http://www.bizjournals.com/tampabay