AmericanWest Ban Corp. (AWBC) filed Quarterly Report for the period ended 2009-06-30.
AmericanWest Bancorporation is a multi-bank holding company and also owns USB Insurance. AmericanWest Ban Corp. has a market cap of $7.8 million; its shares were traded at around $0.4501 with and P/S ratio of 0.1. AmericanWest Ban Corp. had an annual average earning growth of 5.2% over the past 10 years.
Highlight of Business Operations:
The Company reported a net loss of $10.5 million, or $0.61 per share, for the three months ended June 30, 2009 as compared to a net loss of $6.2 million, or $0.36 per share, for the same period in 2008. The Company reported a net loss of $25.1 million, or $1.46 per share, for the six months ended June 30, 2009 as compared to a net loss (excluding a $27.0 million goodwill impairment charge) of $10.8 million, or $0.63 per share, for the same period in 2008 and a net loss of $37.8 million, or $2.19 per share, inclusive of the goodwill impairment charge.
The Company recognized a provision for loan losses of $11.8 million, or 3.07% of average loans on an annualized basis, for the three months ended June 30, 2009, as compared to $16.4 million, or 3.68% of average loans annualized, for the three months ended June 30, 2008. For the quarter ended June 30, 2009, net charge-offs were $19.8 million, or 5.15% of average gross loans annualized, as compared to $11.7 million, or 2.63%, for the second quarter of 2008. The Company recognized a provision for loan losses of $25.5 million, or 3.26% of average loans on an annualized basis, for the six months ended June 30, 2009, as compared to $29.2 million, or 3.29% of average loans annualized, for the six months ended June 30, 2008. For the six months ended June 30, 2009, net charge-offs were $37.5 million, or 4.80% of average loans annualized, as compared to $22.7 million, or 2.56% of average loans annualized, for the same period of the prior year.
Net interest income for the second quarter of 2009 was $13.9 million, a decrease of $5.6 million from the second quarter of 2008. Interest income for the second quarter of 2009 was $22.3 million, a decrease of $8.4 million from the same period of the prior year. The decrease in interest income is related mainly to the decline in the yield on average earning assets of 123 basis points as well as a decline in average earning assets of $203.5 million. Interest expense for the second quarter of 2009 was $8.4 million, a decrease of $2.8 million from the similar period of the prior year. The decrease in interest expense from the first quarter of 2008 is a result of a decrease in the cost of funds of 61 basis points and a decrease in average interest bearing liabilities of $90.8 million.
Rate This Article: |
  |