| The primary causes for the net loss were a reduction in interest income of $16.73 million, a non-cash provision for loan losses of $25.42 million and non-cash valuation adjustment for foreclosed real estate of $669 thousand for the three months ended September 30, 2009. The non-cash charges, totaling $26.09 million, represent the Bank’s estimate of changes in the appraised value of loan collateral and foreclosed real estate due to the ongoing disruptions in residential construction sales. :theflyonthewall.com |
