Frontier Financial Corp. today announced its third quarter loss as $141.1 million, or $2.99 per diluted share, compared to a net loss of $50 million for second quarter 2009. One year ago, the third-quarter net loss was $17.8 million.
For the first nine months of this year, the financial institution reported a net loss of $224.9 million, or $4.77 per diluted share, compared to a net loss of $221 thousand for the same period a year ago.
As first indicated to the SEC in September, Frontier did make provision for loan losses and charge-offs totaling $140 million and $98 million, respectively, for the third quarter of 2009.
The bank holding company continues to seek additional investment of capital, under orders from regulators.
“Based on the numerous discussions with investors we have had since the termination of the (earlier proposed SP Acquisitions) merger, we are optimistic we will be successful in raising additional capital,” said Patrick M. Fahey, Frontier Financial chairman and CEO.