PFF Shares Hit Low on Q2 Earnings

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Shares in PFF Bancorp Inc. plunged nearly 18 percent Tuesday after the company reported a greater-than-expected loss due to loan losses during the quarter.


The holding company for PFF Bank & Trust reported a second-quarter net loss of $7.5 million (-33 cents per share), tumbling far from a profit of $14 million (56 cents) for the same period a year earlier. The earnings fell far short of analysts expectations of 38 cents per share, according to Reuters Estimates.


The loss reflects hits taken due to bad loans caused by downward pricing pressure and slowing sales rates for both new and existing residential real estate loans, the company said.


Net interest income for the Rancho Cucamonga-based community bank also fell 15 percent to $39 million.


Shares in PFF Bancorp closed down 17.9 percent, or $2.49, to $11.45 — hitting a new 52-week low along the way of $11.17 in early trading.

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