Ohio Legacy, a bank holding company, has reported net loss of $838,000, or $0.38 per share, for the fourth quarter ended December 31, 2007, compared to a net loss of $87,000, or $0.04 per share, during the fourth quarter of 2006.
The company said that during the fourth quarter its loan loss provision expense was $336,000. Severance expense associated with changes in the company’s management structure was $232,000. Other real estate owned valuation write-downs equaled $516,000. Net interest margin showed improvement since the completion of the sale of the company’s Millersburg office, the company said.
According to Ohio Legacy, these developments represent the efforts of the management to rectify the credit problems, balance sheet issues and top-line revenue growth challenges that face the company.
For the full-year ended December 31, 2007, loss was $2.3 million, or $1.04 per share, compared to earnings of $87,000, or $0.04 per share, for 2006.