Bank of Florida Corp. Records Deferred Tax Asset Valuation Allowance & Revises Fourth Quarter & Year-End 2009 Financial Results
12 3월 2010 - 8:00PM
Business Wire
Bank of Florida Corporation (NASDAQ: BOFL) announced that it has
recorded a $38.8 million valuation allowance on its deferred tax
assets for the quarter ended December 31, 2009. Consequently, the
carrying value of the Company’s deferred tax asset has decreased by
approximately the same amount.
As a result of the valuation allowance, income tax expense was
$26.8 million in the fourth quarter of 2009, compared to the
previously reported tax benefit of $12.0 million. Income tax
expense was $10.8 million for the year ended December 31, 2009,
compared to the previously reported tax benefit of $28.0 million.
The net loss available to common shareholders for the fourth
quarter of 2009 was $58.6 million, or $4.58 per diluted share, as
opposed to the previously reported $19.8 million, or $1.55 per
diluted share. The net loss for the year ended December 31, 2009
was to $147.6 million, or $11.54 per diluted share, as opposed to
the previously reported $108.8 million, or $8.51 per diluted
share.
“Following an additional review of our deferred tax asset, we
determined that a valuation allowance was necessary given our
expectations for loan loss provisions, loan workout expenses, and
net charge-offs in 2010,” said Chief Executive Officer Michael L.
McMullan. “Should economic conditions improve and our
credit-related expenses begin to moderate, we could place greater
emphasis on our taxable earnings forecast, which would support the
realization of some or all of our deferred tax asset.”
Bank of Florida Corporation
Bank of Florida Corporation. (Nasdaq: BOFL) is a $1.4
billion-asset multi-bank holding Company located in Naples,
Florida. Bank of Florida Corporation is the parent company for Bank
of Florida - Southwest in Collier and Lee Counties; Bank of Florida
– Southeast in Broward, Miami-Dade and Palm Beach Counties; Bank of
Florida – Tampa Bay in Hillsborough and Pinellas Counties; and Bank
of Florida Trust Company, collectively referred to as the
“Company”. Investor information may be found on the Company’s web
site, http://www.bankofflorida.com, by clicking on "Investor
Relations." To receive an email alert of all company press
releases, SEC filings, and events, select the “Email Notification”
section.
Certain of the statements made herein are “forward-looking
statements”, within the meaning and protections of Section 27A
of the Securities Act of 1933, as amended and Section 21E of
the Securities Exchange Act of 1934, as amended, or the Exchange
Act.
Forward-looking statements include statements with respect to
our beliefs, plans, objectives, goals, expectations, anticipations,
assumptions, estimates, intentions, and future performance, and
involve known and unknown risks, uncertainties and other factors,
which may be beyond our control, and which may cause the actual
results, performance, capital, ownership or achievements of the
Company to be materially different from future results, performance
or achievements expressed or implied by such forward-looking
statements.
All statements other than statements of historical fact are
statements that could be forward-looking statements. You can
identify these forward-looking statements through our use of words
such as “may,” “will,” “anticipate,” “assume,” “should,”
“indicate,” “would,” “believe,” “contemplate,” “expect,”
“estimate,” “continue,” “plan,” “point to,” “project,” “could,”
“intend,” “target” and other similar words and expressions of the
future. Statements and predictions regarding provisions for loan
losses, levels of the allowance for loan losses, levels of
non-performing loans and assets, migration of loans into
non-performing status and problem loan and asset resolutions
(including foreclosures), and pipelines of assets under management
are forward looking statements. Many of these are not within our
control.
All written or oral forward-looking statements attributable to
us are expressly qualified in their entirety by this cautionary
notice, including, without limitation, those risks and
uncertainties described in our annual report on Form 10-K for
the year ended December 31, 2008 and in our quarterly report
on Form 10-Q for the period ending September 30, 2009
under “Special Cautionary Notice Regarding Forward-Looking
Statements” and “Risk Factors,” and otherwise in our SEC reports
and filings, including the 8-K to which this is an exhibit. Such
reports are available upon request from the Company, or from the
Securities and Exchange Commission, including through the SEC’s
Internet website at http://www.sec.gov.
Bank of Florida Corporation has filed a registration statement
(including a prospectus) (SEC File Number 333-161252) with the SEC
for the offering to which this communication relates. Before you
invest, you should read the prospectus in that registration
statement and other documents the issuer has filed with the SEC for
more complete information about the issuer and this offering. You
may get these documents for free by visiting EDGAR on the SEC Web
site at www.sec.gov. Alternatively, the issuer will arrange to send
you the prospectus if you request it by calling (239) 254-2100.
We have no obligation and do not undertake to update, revise or
correct any of the forward-looking statements after the date
hereof, or after the respective dates on which any such statements
otherwise are made.
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