Horizon Bancorp announced that it has taken a provision for loan losses of $3.137 million for the third quarter of 2008. This compares to a provision of $1.490 million for the second quarter of 2008. This increase is primarily due to the deterioration of three commercial loans in Horizon's loan portfolio. Horizon's commercial loan portfolio totaled approximately $305 million as of September 30, 2008.
Horizon assesses the adequacy of its Allowance for Loan and Lease Losses ("ALLL") by reviewing the performance of all of its loan portfolios. As a result of the current assessment, we determined that there has been recent deterioration in the commercial and indirect loan portfolios.
Source
Subscribe to:
Post Comments (Atom)
1 comment:
I got your comment, unfortunately, my audience is majority from western Nations, if I had many Philippines viewers- I would look further into promotion of the event.
Post a Comment