Reply to a comment

Reply to this comment

marco writes:

This was from November 15 2008

Marco Community Bancorp Inc. narrowed its losses in the third quarter.

The company _ the parent of Marco Community Bank _ reported a net loss of $495,000, or 17 cents a share, for the quarter ending Sept. 30. That compared to a loss of $602,000, or 19 cents a share,

a year ago.

In a filing with the Securities and Exchange Commission, the company said the “decrease in the net loss is primarily due to the decrease in the provision for loan losses, somewhat offset by a decrease in the income tax benefit.”

Interest income in the quarter totaled $1.8 million, down from $2.6 million a year ago. Interest income on loans decreased primarily because of a higher level of nonaccrual loans. Also, no new credit has been given to borrowers to pay the interest or principal that is currently due.

Interest expense declined to $958,000 in the quarter, down from $1.5 million a year ago. That was primarily due to a $20.9 million decrease in average deposit balances.

The allowance for loans losses was $5.7 million as of Sept. 30. It was increased by $150,000 in the third quarter.

The company said in its filing that there may be adjustments in the future in the allowance for loan losses if economic conditions should change.

Charge-offs in the quarter totaled $531,000, up from $74,000 a year ago

Share your thoughts

Comments are the sole responsibility of the person posting them. You agree not to post comments that are off topic, defamatory, obscene, abusive, threatening or an invasion of privacy. Violators may be banned. Click here for our full user agreement.

Comments can be shared on Facebook and Yahoo!. Add both options by connecting your profiles.

Features