Presidentand CEO C. R. Cloutier said that the company has delayed its original plans torepay its Small BusinessLending Fund capital, according to an April 27 earnings release.
"Giventhe current environment, we believe it is prudent to conserve capital,"Cloutier said.
In therelease, the company gave an update on its energy lending. The company said thatduring the first quarter, three loan relationships totaling $8.4 million weredowngraded to special mention and five loan relationships totaling $15.0million were downgraded to substandard. It disclosed one energy-relatedcharge-off totaling $786,000 during the quarter. There was one energy-relatedimpairment totaling $252,000 identified during the first quarter.
TheLafayette, La.-based company reported net earnings available to commonshareholders of $1.9 million, or 17 cents per share, for the first quarter,compared to $1.3 million, or 12 cents per share, for the first quarter of 2015.