Things have gotten so bad at Florida’s Seacoast Banking (SBCF) that it no longer has any goodwill. Really.
A week after the bank announced a $13.2 million second-quarter loss, the struggling lender said it has taken an impairment charge on its remaining $49.8 million in goodwill. Seacoast, in a regulatory filing, says: “The charge will eliminate the Company’s goodwill asset.”
It’s a bit surprising that Seacoast didn’t take the impairment charge when it announced earnings. But the bank says it wasn’t quite done with its calcuations.
Goodwill must be a hard thing to give up–especially when there’s so little to go around in the banking world these days.