Frontier Financial has reported a net loss of $89.5 million, or $1.90 per diluted share, for the fourth quarter ended December 31, 2008, compared to a net income of $18 million, or $0.40 per diluted share, for the same quarter of 2007.
Net interest income for the fourth quarter of 2008, was $33.9 million, compared to $49.5 million, for the same quarter of 2007, a decrease of $15.7 million, or 31.6%.
For the year ended December 31, 2008, net loss totalled $89.7 million, compared to net income of $73.9 million for the year ended December 31, 2007.
For the year ended December 31, 2008, net interest income totalled $166.9 million, compared to $186.6 million for the same period of 2007, a decrease of $19.7 million, or 10.6%.
Patrick Fahey, chairman and CEO of Frontier Financial, said: The board of directors, in responding to these challenging and unprecedented times, has taken a number of corrective actions. The leadership of the corporation was restructured to enhance the effort to rebalance the bank to a portfolio with a much smaller concentration in real estate lending and an increase in commercial and industrial business and consumer loans.
