City Bank Announces Quarterly Loss Due to Impact of National Economic Downturn and Year-to-Date Earnings for the First Nine Months of 2008.
Business Wire (October 24, 2008)
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City Bank Announces Quarterly Loss Due to Impact of National Economic Downturn and Year-to-Date Earnings for the First Nine Months of 2008.
LYNNWOOD, Wash. -- City Bank (NASDAQ:CTBK) today announced for the quarter ended September 30, 2008, a net loss of $10.96 million, or $.69 per diluted share due to a $28.00 million provision for loan losses. The Bank also announced earnings of $4.04 million for the nine months ended September 30, 2008, reflecting a decrease of 87.09% from $31.31 million for the same period in 2007 The Bank's diluted net income per share of $0.26 for the nine months ended 2008 reflects a decrease of 86.80% from $1.97 for the same period in 2007.
City Bank's President and CEO Conrad Hanson noted, "The banking industry as a whole is in a period of ...Try vLex for FREE for 3 days
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