[股票融资要求]PFF Bancorp Reports Third Quarter Results and Suspe
RANCHO CUCAMONGA, Calif., Jan. 29 /PRNewswire-FirstCall/ -- PFF Bancorp, Inc. (NYSE: PFB - News; the "Company") the holding company for PFF Bank & Trust (the "Bank"), Diversified Builder Services, Inc. ("DBS") and Glencrest Investment Advisors, Inc. ("Glencrest"), today reported a net loss of $14.7 million, or $0.65 per diluted share, for the quarter ended December 31, 2007 compared to net earnings of $13.6 million, or $0.55 per diluted share, for the comparable period of 2006.
During our fiscal third quarter we recorded a $35.0 million provision for loan and lease losses attributable principally to the residential construction and land segments of our portfolio. DBS loans accounted for $5.0 million of the $35.0 million consolidated provision. Approximately $20.0 million of the provision recorded during the third quarter was attributable to the initial identification of problem credits as criticized or classified and the remainder of the provision was attributable to changes in the valuation allowances assigned to previously criticized or classified assets. Consistent with the previous two quarters, the significant provision for loan and lease losses reflects continued downward pressure on valuations of residential real estate. During the third quarter, based on the impact of current market conditions and collateral values, $56.6 million of loans and leases were charged-off. The $56.6 million of charge-offs during the third quarter included $30.0 million of specific valuation allowances established in previous quarters. The composition of the charge-offs during the third quarter was as follows: (i) first trust deeds secured by residential construction and land of $40.9 million; (ii) one-to-four family residential properties of $3.3 million; (III) commercial business loans of $11.8 million; and (iv) consumer loans of $575,000. The one-to-four family residential and commercial business loan charge-offs were attributable principally to the single borrower relationship described in our September 30, 2007 Form 10-Q and were substantially provided for during the previous quarter. At December 31, 2007, our allowance for loan and lease losses ("ALLL") was $72.8 million or 1.81 percent of net loans and leases.
During the third quarter, we also recorded a $2.5 million provision for estimated losses assigned to our total exposure to undrawn letters of credit which was comprised of 41 letters of credit aggregating $24.1 million at December 31, 2007. This allowance is included in accrued expenses and other liabilities and the provision was recorded in other general and administrative expense.
The disbursed balance of assets classified special mention, substandard and doubtful increased $127.6 million, $126.6 million and $14.4 million, respectively, between September 30 and December 31, 2007, to $305.4 million, $404.9 million and $14.4 million, respectively, net of specific loss allowances of $37.6 million at September 30, 2007 and $975,000 at December 31, 2007. These increases were principally due to increases in classified residential construction and land loans. The composition of our criticized and classified assets and non-accrual loans at December 31, 2007 is provided under the Selected Ratios and Other Data section of this release.
Non-accrual loans were $235.2 million, or 5.84 percent of net loans and leases at December 31, 2007. The balance of non-accrual loans were reduced by the charge-off of specific reserves during the third quarter. Net of specific valuation allowances of $975,000 and $37.6 million at December 31 and September 30, 2007, respectively, non-accrual loans were $234.2 million or 5.81 percent of net loans and leases at December 31, 2007, compared to $190.1 million or 4.61 percent of net loans and leases at September 30, 2007.
During the third quarter, 61 loans totaling $76.6 million were placed on non-accrual, 10 loans totaling $12.6 million were restored to accrual status and charge-offs against non-accrual loans totaled $55.0 million. Included in non-accrual loans at December 31, 2007 are $44.0 million in loans that are current or less than ninety days past due, but are exhibiting weaknesses in the underlying collateral or borrower strength.
During the third quarter, 8 construction and land loans with aggregate principal balances totaling $37.9 million were restructured in order to maximize the recovery of our investment in these properties. These restructures resulted in charge-offs of $3.1 million. One of these loans totaling $9.7 million was restored to accrual status through restructure. The remainder of the loans will be restored to accrual status after the passage of a sufficient period of time (generally six months) to provide evidence of performance under the new terms. Subsequent to December 31, 2007, an additional 12 loans with aggregate principal balances totaling $58.6 million have been restructured. Charge-offs of $20.5 million attributable to these post December 31, 2007, restructures are included in the $56.6 million of total charge-offs recorded for the quarter ended December 31, 2007. In 19 of the 20 restructures prior or subsequent to December 31, 2007, the existing or new borrowers contributed additional cash to the projects in the form of principal paydowns, past due interest payments, deposits to interest reserves and/or development costs.