Florida’s Centennial Bank Adds to Loan Loss Reserve, Addresses Payment Deferrals for Hurricane Impacted Customers
Main Street Monday — Florida’s Centennial Bank Adds to Loan Loss Reserve, Addresses Payment Deferrals for Hurricane Impacted Customers
October 14, 2024
Centennial Bank
SBA 7(a) | Rank $ | Rank # | Gross Loan Approval | # Loans | Average Loan Size |
FY 2024 | 250 | 347 | $16.2 Million | 17 | $950,006 |
FY 2023 | 232 | 348 | $17.2 Million | 15 | $1,146,667 |
FY 2022 | 179 | 232 | $25.3 Million | 26 | $973,931 |
Source: Coleman/Lumous/SBA Data
Centennial Bank’s parent company, HOMB, announces additional loan loss reserves of approximately $16.7 million due to Hurricane Helene.
Says Chairman John Allison, “Due to the widespread devastation of Helene, it will take time to get clarity from customers on damages incurred, needed deferrals or potential losses on a little over $1 billion worth of loans in the path of the storm,” said John Allison, Chairman of HOMB.
“We always like to get out in front and be prepared for events like this, and I’m proud that we have the strength in our balance sheet to prepare for unfortunate events such as this,” continued Allison. “We will also be evaluating the impact of Hurricane Milton which made landfall on October 9, 2024 and marched straight across the state of Florida in our footprint. This event could result in a substantial increase to hurricane related loan reserves for the fourth quarter,” adds John.
The bank has operated in Florida for many years, and “there is no substitute for experience.” Hurricane mode at Centennial Bank includes generators, satellite phones at branches in the region, a toll-free number for employees to call to mark themselves safe and a reserve for potential losses on loans.
Centennial Bank has 76 branches in Arkansas, 78 branches in Florida, 58 branches in Texas, 5 branches in Alabama and one branch in New York City.