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Bill Freehling is a business writer for The Free Lance-Star and Fredericksburg.com. This blog is on Fredericksburg-area business. Send an e-mail to Bill Freehling.

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StellarOne Corp. loses $7.7 million in third quarter

StellarOne Corp., the parent company of StellarOne Bank, today reported a third-quarter net loss of $7.7 million. The company had a $2 million net gain in the third quarter of 2008. StellarOne has been hit hard by loan losses at Smith Mountain Lake in southwest Virginia. The company had $20.1 million in loan loss provisions during the third-quarter.  Company officials said on the earnings conference call today that StellarOne easily has the capital to absorb the losses, and it’s being conservative just in case economic conditions worsen.

Click here to read the full earnings report, and see tomorrow’s FLS Business section for more.

As of this writing, StellarOne’s stock price was up about 2.25 percent today.

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Permalink: http://news.fredericksburg.com/businessbrowser/2009/10/28/stellarone-corp-loses-77-million-in-third-quarter/

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