Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - CORUS BANKSHARES INC | c97490e8vk.htm |
Exhibit 99
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CORUS BANKSHARES, INC.
PRELIMINARY BALANCE SHEETS
(Unaudited)
ITEM 1. FINANCIAL STATEMENTS
CORUS BANKSHARES, INC.
PRELIMINARY BALANCE SHEETS
(Unaudited)
| September 30 | December 31 | |||||||
| (dollars in thousands, except per share data) | 2009 * | 2008 | ||||||
Assets |
||||||||
Cash and cash equivalents |
$ | 461 | $ | 48,188 | ||||
Securities available-for-sale, at fair value
(amortized cost $39,445 and $3,394) |
39,388 | 2,839 | ||||||
Loans, net of unearned income |
10,413 | 3,824 | ||||||
Less: Allowance for loan losses |
(3,658 | ) | — | |||||
Loans, net |
6,755 | 3,824 | ||||||
Investment in Trust Preferred Securities |
— | 12,147 | ||||||
Taxes receivable |
154,512 | 5,865 | ||||||
Other assets |
12,067 | 11,439 | ||||||
Assets from discontinued operations |
— | 8,331,868 | ||||||
Total Assets |
$ | 213,183 | $ | 8,416,170 | ||||
Liabilities and Shareholders’ (Deficit)/Equity |
||||||||
Liabilities: |
||||||||
Subordinated debentures relating to Trust Preferred Securities |
$ | 408,344 | $ | 409,414 | ||||
Taxes payable to FDIC as receiver for Corus Bank |
109,455 | — | ||||||
Other liabilities |
7,187 | 13,750 | ||||||
Liabilities from discontinued operations |
— | 7,710,441 | ||||||
Total Liabilities |
524,986 | 8,133,605 | ||||||
Total Shareholders’ (Deficit)/Equity |
(311,803 | ) | 282,565 | |||||
Total Liabilities and Shareholders’ (Deficit)/Equity |
$ | 213,183 | $ | 8,416,170 | ||||
| * | Preliminary |
CORUS BANKSHARES, INC.
PRELIMINARY STATEMENTS OF INCOME
(Unaudited)
PRELIMINARY STATEMENTS OF INCOME
(Unaudited)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30 | September 30 | |||||||||||||||
| (dollars in thousands) | 2009 * | 2008 | 2009 * | 2008 | ||||||||||||
Income: |
||||||||||||||||
Interest, points and fees on loans |
$ | — | $ | 236 | $ | 36 | $ | 2,052 | ||||||||
Investments |
24 | 181 | 163 | 1,909 | ||||||||||||
Securities gains/(losses), net |
— | — | — | 25,917 | ||||||||||||
Other income |
— | 1,996 | 146 | 6,075 | ||||||||||||
Total Income |
24 | 2,413 | 345 | 35,953 | ||||||||||||
Expense: |
||||||||||||||||
Interest expense |
3,014 | 5,541 | 10,620 | 19,076 | ||||||||||||
Provision for credit losses |
3,658 | 5,200 | 6,682 | 18,250 | ||||||||||||
Other expenses |
2,418 | 120 | 6,637 | 649 | ||||||||||||
Total Expense |
9,090 | 10,861 | 23,939 | 37,975 | ||||||||||||
Loss Before Income Taxes |
(9,066 | ) | (8,448 | ) | (23,594 | ) | (2,022 | ) | ||||||||
Income tax expense/(benefit) |
(600 | ) | (1,548 | ) | (5,928 | ) | 624 | |||||||||
Loss from continuing operations |
(8,466 | ) | (6,900 | ) | (17,666 | ) | (2,646 | ) | ||||||||
Discontinued Operations (1) |
||||||||||||||||
Loss from discontinued operations before income taxes |
(32,858 | ) | (160,492 | ) | (816,578 | ) | (187,224 | ) | ||||||||
Non-cash gain from disposition of Corus Bank, N.A. |
251,905 | — | 251,905 | — | ||||||||||||
Income tax expense/(benefit) |
695 | (39,389 | ) | 6,431 | (50,192 | ) | ||||||||||
Income (loss) from discontinued operations |
218,352 | (121,103 | ) | (571,104 | ) | (137,032 | ) | |||||||||
Net Income (Loss) |
$ | 209,886 | $ | (128,003 | ) | $ | (588,770 | ) | $ | (139,678 | ) | |||||
| * | Preliminary |
|
| (1) | The results from discontinued operations in 2009 include activity up to and including September 11, 2009. |