Bank of Florida Corp. Reports Fourth Quarter
and Year-End 2009 Financial Results
February 01, 2010 09:03 AM Eastern Time
NAPLES, Fla.--(EON: Enhanced Online News)--Bank of Florida Corporation (NASDAQ: BOFL) announced
financial results for the full year and fourth quarter ended December 31, 2009. The net loss for the year ended
December 31, 2009 was $108.7 million or $8.51 per diluted share. Full year 2009 results were most significantly
impacted by the $62.0 million goodwill impairment charge recorded during the third quarter of 2009. Excluding this
charge, the net loss was $46.7 million or $3.66 per diluted share. This compares to a net loss $13.2 million or $1.03
per share for the year ended December 31, 2008. In addition to the goodwill impairment charge, the increase in the
net loss for the full year ended December 31, 2009 was primarily due to a $49.2 million increase in the provision for
Full Year 2009 Highlights
l Tangible Common Equity totaled $76,169, or 5.30% of tangible assets, at December 31, 2009.
l Tangible Common Equity and reserves totaled $118,232, or 8.22% of tangible assets, at December 31,
l Total core deposits, which include demand deposits, NOW, MMDA, Savings, CDs less than $100,000 and
reciprocal CDARs, increased 10%.
l Land, construction and development loans decreased 34% to $223.8 million from $336.8 million at
December 31, 2008.
l Net interest margin decreased 49 basis points to 2.85% for the year-ended December 31, 2009 from 3.34%
for the year-ended December 31, 2008.
l Assets under administration at Bank of Florida Trust Company totaled $740.5 million, an increase of $245.9
million, or 50%, compared to December 31, 2008.
The net loss for the fourth quarter of 2009 was $19.8 million or $1.55 per diluted share. This compares to a net loss
of $78.1 million, or $6.10 per diluted share, in the third quarter of 2009. Excluding the $62.0 million goodwill
impairment charge recorded in the third quarter of 2009, the net loss for the