Several small and medium-sized Chinese banks that delayed filing their 2018 annual reports after the government takeover of a small private bank started to release earnings, showing lower profits as a result of charges for asset impairments.

As of Wednesday, nine city and rural commercial banks filed delayed 2018 annual reports, most of which showed growth in operating revenue but declines in profits.

The net profits of Anhui Tongcheng Rural Commercial Bank and Bank of Jilin shrank by more than half as write-offs for asset impairments more than tripled.

The credit ratings of the two rural banks were downgraded earlier this year for reasons including bad loans, inadequate bad-loan provisions and poor corporate governance.

Anhui Tongcheng Rural Commercial Bank’s operating revenue increased by 22% in 2018, but its profit declined by 56% from the prior year. Nonperforming loans increased to 1.69 billion yuan ($250 million) from 420 million yuan at the end of 2017.

The bad-loan ratio of the bank soared to 12.25% at the end of 2018 from 3.03% a year earlier. Its loss provision ratio slumped to 25.2% in 2018 from 145.26% in 2017. The lender’s capital adequacy ratio also dropped sharply to 2.28% at the end of 2018 from 14.06% a year earlier.

Regulators seized Baoshang Bank last month, citing serious credit risks. The sudden takeover of the Inner Mongolia-based lender raised concerns about other small banks. More than 20 city and rural banks delayed filing their 2018 reports.

Related: Opinion: Baoshang Bank Takeover Exposes Funding Conundrum of Small Banks