Three regional banks released their quarterly and 2008 earnings reports today: Rainier Pacific, Columbia and Frontier.
I’ll be listening to conference calls from Frontier and Columbia, and I’ll report what I hear, but here’s the basics of today’s releases.
Net income of $1.8 million for the quarter, compared to $7.3 million for the same quarter in 2007. The results a loan loss provision of $13.3 million plus an additional impairment of $1 million due to the continuing decline of investments in Freddie Mac and Fannie Mae.
Net income for the year was $6 million, compared to $32.4 million in 2007.
Nonperforming assets were $109.6 million at the end of the year, compared to $78.2 million at the end of September and $14.6 million at then end of 2007
Net loss of $89.5 for the quarter compared to income of $18 million the year before. Contributing to the loss were a $77.1 million noncash impairment charge to goodwill and a $44.4 million provision for loan losses.
For the year – a net loss of $89.7 million, compared to a net income of $73.9 million for 2007.
Nonperforming assets at the end of the year were $446 million, or 10.87 percent of total assets. This compares to $208.9 million, or 4.9 percent of total assets at the end of September.
Most non-performing loans were residential, 42 percent, and land development, 41 percent.
Net loss of $2 million for the quarter compared to net income of $910,000 for the same quarter in 2007. For the year, Rainier Pacific saw a loss of $2.5 million compared to net income of $3.9 million in 2007.
The quarterly loss was due in most part to a pre-tax impairment of $2.8 million related to holdings of securities and a higher loan loss provision.
Like the other banks, Rainier Pacific explained the weak numbers much in terms of the slowdown in the residential housing market.
I’ll be updating this report later this afternoon. Right now, on the market: Columbia stock is down 31 cents to $9.45, Rainier Pacific is down 5 cents to $1.53 and Frontier has slipped more than 21 percent, down 60 cents to $2.20.