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Because of dividends owed to the federal government for a $30 million capital infusion under the Troubled Assets Relied Program, the company posted a net quarterly loss affecting shareholders of $289,000, or 1 cent a share, during the January-March quarter.
Bank executives said nonpayment of residential real estate development loans at Smith Mountain Lake continued to diminish the bank's results. They described plans during a conference call Monday to auction off homes to close out delinquent loans.
Shareholders were scheduled to receive an update Tuesday at the bank's annual meeting in Charlottesville. The meeting was expected to draw a number of people from the New River Valley because StellarOne was formed last year through the combination of FNB Corp. of Christiansburg and Culpeper-based Virginia Financial Group.
It's unclear what happened at the meeting. Jeffrey Farrar, chief financial officer, said beforehand that the meeting was not open to reporters.
Like many banks, StellarOne is feeling the pressure of the times.
It recently slashed its dividend by 75 percent to 4 cents a share.
O.R. Barham, chief executive of StellarOne, said the cut, expected to save $10 million a year, is the bank's way to "deal with current asset quality challenges and the unpredictability of the current recession."
Meanwhile, the bank is tying up loose ends from the 2008 merger, which resulted in the two banks combining into one company based in Charlottesville with banking operations headquartered in Christiansburg.
StellarOne is asking $598,500 for the former home of former FNB CEO William Heath in Riner. After Heath ascended to chairman of the combined company, the bank paid $614,729 for the home last summer.
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