Extract
City Bank Announces 2nd Quarter 2009 Results.
(Home Sales in Excess of $250 Million Year-to-Date)
LYNNWOOD, Wash. -- City Bank (NASDAQ:CTBK) today announced a net loss of $22.76 million for the quarter ended June 30, 2009, or $1.44 per diluted share compared to a reported net income of $5.32 million, or $.34 per diluted share for the same quarter in the prior year. The Bank also announced a net loss of $30.78 million or $1.95 per share for the six months ended June 30, 2009 compared to a net income of $15.00 million or $.95 per share for the same period in 2008. The primary causes for the net loss were a non-cash provision for loan losses of $11.25 million and non-cash valuation adjustment for foreclosed real estate of $5.94 million for the three months ended June 30, 2009. These ...See the full content of this document
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