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Saturday, Oct. 31, 2009

Atlantic Southern reports third-quarter loss of $8.3M

Macon-based Atlantic Southern Financial Group on Friday reported a third-quarter net operating loss of $8.3 million, or $1.97 per share, compared to a net loss of $347,000, or 8 cents per share, for the third quarter of 2008.

The loss was primarily driven by elevated credit costs, including an $11.4 million provision allowed for loan losses, according to a news release.

“We continue our strategy of aggressively addressing problem credits,” President and CEO Mark Stevens said in the release.

The net interest income for the third quarter of 2009 was $4 million, compared to $6 million for the same period a year ago, The company’s non-performing assets increased by about $54.4 million, or almost 174 percent, to about $85.7 million as of Sept. 30, compared to $31.3 million as of Dec. 31, 2008. This increase, the bank said, is largely due to “commercial real estate and residential construction and land development real estate being placed on non-accrual.”

During the third quarter of 2009, the company charged off about $11.8 million primarily due to the impairment of several real estate loans, the release stated.