Impairment charge pushes Bank of Florida loss to $108 million
Bank of Florida Corp. reported a net loss for the year ended Dec. 31 of $108.7 million, or $8.51 a share, compared with a net loss of $13.2 million, or $1.03 a share for 2008.
The financial results for 2009 were mostly significantly impacted by a $62 million goodwill impairment charge recorded during the third quarter, the company said in a release. The increase in the net loss for 2009 also was due to a $49.2 million increase in the provision for loan losses, the release said.
For the fourth quarter, Bank of Florida reported a net loss of $19.8 million, or $1.55 a share, compared with a net loss of $10 million, or 78 cents a share, in the year-ago period.
Bank of Florida (NASDAQ: BOFL) is a $1.4 billion-asset multibank holding company headquartered in Naples. One of its subsidiaries, Bank of Florida-Tampa Bay, has $252 million in assets and two offices in Hillsborough and Pinellas counties.
Filed under: legal by Specialist