Levy Bancorp Shows Loss of $2.3 Million in Quarter
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Levy Bancorp, the parent company of Bank of A. Levy, reported a loss of $2.3 million for the second quarter ended June 30, primarily because of losses in commercial real estate. Last year in its second quarter the bank posted a $1.2-million profit.
The latest loss contrasts with profits of $1.7 million in the first quarter. The company said the loss was the result of a $1.9-million increase in provisions for future loan losses as well as loan charge-offs in commercial real estate.
With the latest results, the company showed a loss of $640,000 for the six months ended June 30. The company’s assets totaled $897 million as of June 30, compared with $915 million on Dec. 31, 1991, and $645 million a year ago.
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