CommunityOne Bancorp on Friday said third-quarter profits fell 23 percent from a year ago, after the Charlotte-based community bank took a $2.1 million charge related to the departure of its chief executive officer.
CommunityOne reported net income of $1.8 million, or 8 cents per share, when including severance payments for former CEO Brian Simpson. His departure was announced last month in a move to slim the bank’s executive ranks.
The bank’s results included a $1.7 million gain resulting from continued improvement in loan-loss rates. In the same period a year ago, the bank set aside $1.8 million as a cushion against loan losses.
In a statement, CEO Bob Reid, formerly the bank’s president, said the quality of the bank’s loan book “continues to track ahead of plan and we expect that to continue.”
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CommunityOne was formed by the 2011 merger of Asheboro-based FNB United Corp and Granite Falls-based Bank of Granite.