United Community Bancorp, a bank holding company, has reported that 1ts net loss was $154 million for the second quarter of 2007, compared to net income of $560 million for the second quarter of 2006.
The company said that the decrease in net income was primarily the result of a $195 million increase in the provision for loan losses and the absence of a $634 million gain on sale of investments for the quarter ended December 31, 2007.
Net interest income was $2.5 million for the quarter ended December 31, 2007, compared to $2.6 million for the second quarter of 2006.
For the six-month period ended December 31, 2007, net interest income was $5.1 million, compared to $5.5 million for the six-month period of 2006. Net loss was $399 million for the six-month period of 2007, compared to net income of $1.2 million for the six-month period of 2006.