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This excerpt taken from the CITZ 8-K filed Feb 1, 2008. Asset
Quality
The
Company’s provision for losses on loans was $1.1 million for the fourth quarter
of 2007 compared to $884,000 for the third quarter of 2007 and $338,000 for
the
comparable 2006 period. The increase in the provision during the
fourth quarter was primarily the result of $4.2 million in net charge-offs
realized when the Company sold $12.8 million of loans with previously identified
impairment reserves totaling $4.0 million. In addition, the Company
also identified as impaired a $7.5 million land development loan which required
an impairment reserve totaling $827,000.
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