The rating outlook for Citizens Republic Bancorp Inc. and its principal subsidiaries has been revised from Stable to Negative by Fitch Ratings, which cited increased losses and nonperforming loans related to a commercial real estate loan portfolio acquired from Republic Bancorp.CRBC has estimated that net chargeoffs in the second quarter will total $20-25 million, and it has announced a provision for loan losses of $30-35 million. The company reported that it detected "deterioration" in the commercial real estate loan portfolio in the second quarter and downgraded the risk rating of 180 CRE loans with outstanding balances of approximately $145 million. Fitch said nonperforming assets may increase further "if CRBC identifies additional credit concerns." The CRE loan portfolio was acquired from Republic Bancorp as a result of a merger in December 2006, the rating agency said. Fitch can be found on the Web at http://www.fitchratings.com.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28 -
The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28