Bank of Kentucky 1Q
The Bank of Kentucky 1Q Roundup: “The provision for loan losses increased by $2,975,000 (195%) in the first quarter of 2010, as compared to the same period in 2009. Contributing to this increase were higher levels of charge-offs in the first quarter of 2010, as compared to the same period in 2009, and management’s concerns over the declining housing market, falling real estate values and overall deteriorating economic conditions. The Company recorded $4,046,000 in net charge-offs in the first quarter of 2010 as compared to $682,000 in the first quarter of 2009. The Company’s non-performing loans as a percentage of total loans were 1.91% as of March 31, 2010, as compared to .84% as of March 31, 2009, and the annualized net charge-offs to average loans increased from .27% in the first quarter of 2009 to 1.41% in the first quarter of 2010.”
Read more.